EXHIBIT 23.2




                         Consent of Independent Auditors




We consent to the reference to our firm under the caption "Experts" and to
the use of our reports dated March 15, 2002, in the Registration Statement
(Form S-11 No. 333-63656) and related Prospectus of Cornerstone Realty Fund,
LLC for the registration of 100,000 units.

                                        /s/ ERNST & YOUNG LLP

Irvine, California

April 22, 2002