Page 3 of 9
                         United States*
               Securities and Exchange Commission
                     Washington, D.C.  20549


                          Schedule 13G


            Under the Securities Exchange Act of 1934

                   (Amendment No. __________)*

                     JDN Realty Corporation
                        (Name of Issuer)

                          Common Stock
                 (Title of Class of Securities)

                            465917102
                         (CUSIP Number)


                        December 31, 1998
          (Date of Event Which Requires Filling of this
                           Statement)

Check the appropriate box to designate the rule pursuant to which
this Schedule is filed:

      X    Rule 13d-1(b)

          Rule 13d-1(c)

          Rule 13d-1(d)

*The  remainder  of this cover page shall be  filled  out  for  a
reporting  person's initial filing on this form with  respect  to
the subject class of securities, and for any subsequent amendment
containing information which would alter the disclosures provided
in a prior cover page.

The  information  required in the remainder of  this  cover  page
shall  not be deemed to be "filed" for the purpose of Section  18
of  the  Securities  Exchange Act of 1934  ("Act")  or  otherwise
subject  to the liabilities of that section of the Act but  shall
be  subject to all other provisions of the Act (however, see  the
Notes).

CUSIP No. 465917102


    1.  Names of Reporting Persons. Nike Securities L.P.

         I.R.S.  Identification Nos. of above  persons  (entities
only). 36-3768815



     2.   Check  the Appropriate Box if a Member of a Group  (See
Instructions)

         (a)

         (b)


    3.  SEC Use Only


    4.  Citizenship or Place of Organization  Illinois, U.S.A.


Number of    5.  Sole Voting Power  0
Shares Bene-
ficially     6.  Shared Voting Power 1,717,578
Owned by
Each
Reporting    7.  Sole Dispositive Power 0
Person
With:
             8.  Shared Dispositive Power 1,717,578

     9.   Aggregate  Amount Beneficially Owned by Each  Reporting
Person 1,717,578

    10.   Check  if  the  Aggregate Amount in Row  (11)  Excludes
Certain Shares (See Instructions)

   11.  Percent of Class Represented by Amount in Row (11) 5.3%


   12.  Type of Reporting Person (See Instructions) BD




CUSIP No. 465917102


    1.  Names of Reporting Persons. First Trust Advisors L.P.

         I.R.S.  Identification Nos. of above  persons  (entities
only). 36-3788904



     2.   Check  the Appropriate Box if a Member of a Group  (See
Instructions)

         (a)

         (b)


    3.  SEC Use Only


    4.  Citizenship or Place of Organization  Illinois, U.S.A.


Number of    5.  Sole Voting Power0
Shares Bene-
ficially     6.  Shared Voting Power  1,717,578
Owned by
Each
Reporting    7.  Sole Dispositive Power 0
Person
With:
             8.  Shared Dispositive Power 1,717,578

     9.   Aggregate  Amount Beneficially Owned by Each  Reporting
Person 1,717,578

    10.   Check  if  the  Aggregate Amount in Row  (11)  Excludes
Certain Shares (See Instructions)

   11.  Percent of Class Represented by Amount in Row (11) 5.3%


   12.  Type of Reporting Person (See Instructions) IA



CUSIP No. 465917102


    1.  Names of Reporting Persons. Nike Securities Corporation

         I.R.S.  Identification Nos. of above  persons  (entities
only). 36-3772451



     2.   Check  the Appropriate Box if a Member of a Group  (See
Instructions)

         (a)

         (b)


    3.  SEC Use Only


    4.  Citizenship or Place of Organization  Illinois, U.S.A.


Number of    5.  Sole Voting Power  0
Shares Bene-
ficially     6.  Shared Voting Power 1,717,578
Owned by
Each
Reporting    7.  Sole Dispositive Power 0
Person
With:
             8.  Shared Dispositive Power 1,717,578

     9.   Aggregate  Amount Beneficially Owned by Each  Reporting
Person 1,717,578

    10.   Check  if  the  Aggregate Amount in Row  (11)  Excludes
Certain Shares (See Instructions)

   11.  Percent of Class Represented by Amount in Row (11) 5.3%


   12.  Type of Reporting Person (See Instructions) HC


Item 1.

   (a)  Name of Issuer - JDN Realty Corporation

   (b)  Address of issuer's Principal Executive Offices

        JDN Realty Corporation
        359 East Paces Ferry Road, Suite 400
        Atlanta, Georgia 30305

Item 2.

   (a)  Name of Person Filing

        Nike Securities L.P.
        First Trust Advisors L.P.
        Nike Securities Corporation

    (b)   Address  of  Principal Business  Office  or,  if  none,
Residence

        1001 Warrenville Road
        Lisle, Illinois 60532

   (c)  Citizenship

        Illinois, U.S.A.

   (d)  Title of Class of Securities

        Common Stock

   (e)  CUSIP Number

        465917102

Item 3.   If this statement is filed pursuant to Sec. 240.13d-1(b)
     or 240.13d-2(b) or (c), check whether the person filing is a
     :

           (a)   X       Broker   or   dealer   registered   under
           section 15 of the Act (15 U.S.C. 78o).

           (b)        Bank as defined in section 3(a)(6)  of  the
           Act (15 U.S.C. 78c).

           (c)          Insurance   company   as    defined    in
           section 3(a)(19) of the Act (15 U.S.C. 78c).

           (d)          Investment   company   registered   under
           section  8  of  the  Investment Company  Act  of  1940
           (15 U.S.C. 80a-8).

           (e)   X    An  investment adviser in  accordance  with
           Sec. 240.13d-1(b)(1)(ii)(E).

           (f)        An employee benefit plant or endowment fund
           in accordance with Sec. 140.13d-1(b)(1)(ii)(F).

           (g)   X     A  parent holding company or control person
           in accordance with Sec. 240.13d-1(b)(1)(ii)(G).

           (h)         A  savings  associations  as  defined   in
           Section  3(b)  of  the Federal Deposit  Insurance  Act
           (12 U.S.C. 1813).

           (i)        A  church  plan that is excluded  from  the
           definition    of    an   investment   company    under
           section  3(c)(14)  of the Investment  Company  Act  of
           1940 (15 U.S.C. 80a-3).

           (j)         Group,   in   accordance  with   Sec. 240.13d-
           1(b)1(ii)(J).

Item 4.   Ownership

     Provide  the  following information regarding the  aggregate
number  and  percentage of the class of securities of the  issuer
identified in Item 1.

         (a)   Amount beneficially owned: 1,717,578

         (b)   Percent of class:  5.3%

         (c)   Number of shares as to which the person has:

               (i)    Sole  power to vote or to direct  the  vote
          ___0__.

              (ii)    Shared power to vote or to direct the  vote
          1,717,578

             (iii)    Sole  power to dispose  or  to  direct  the
          disposition of __0___.

              (iv)    Shared  power to dispose or to  direct  the
          disposition of  1,717,578

     Instruction.   For  computations regarding securities  which
represent a right to acquire an underlying security see Sec. 204.13d-
3(d)(1).

Item 5.   Ownership of Five Percent or Less of a Class

     If  this statement is being filed to report the fact that as
of  the  date hereof the reporting person has ceased  to  be  the
beneficial  owner  of  more than five percent  of  the  class  of
securities, check the following .

Instruction:  Dissolution of a group requires a response to  this
item.

Item 6.   Ownership of More than Five Percent on Behalf of
     Another Person

   
     Nike  Securities L.P. is sponsor of several unit  investment
trusts which hold shares of common stock of the issuer.  No  unit
investment  trust sponsored by Nike Securities L.P. holds  5%  or
more of the issuer's common stock.  First Trust Advisors L.P.  is
an  affiliate  of  Nike  Securities L.P. and  acts  as  portfolio
supervisor  of  the unit investment trusts which hold  shares  of
common  stock of the issuer.  Nike Securities Corporation is  the
parent of both Nike Securities L.P. and First Trust Advisors L.P.

Item 7.   Identification and Classification of the Subsidiary
     Which Acquired the Security Being Reported on By the Parent
     Holding Company

     If  a  parent  holding  company  has  filed  this  schedule,
pursuant to Rule 13d-1(b)(ii)(G), so indicate under Item 3(g) and
attach   an  exhibit  stating  the  identity  and  the   Item   3
classification  of the relevant subsidiary.  If a parent  holding
company  has  filed this schedule pursuant to  Rule  13d-1(c)  or
Rule  13d-1(d),  attach an exhibit stating the identification  of
the relevant subsidiary.

Item 8.   Identification and Classification of Members of the
     Group

     Not Applicable.

Item 9.   Notice of Dissolution of Group

     Not Applicable.

Item 10.  Certification

          By  signing below I certify that, to the best
          of  my  knowledge and belief, the  securities
          referred to above were acquired and are  held
          in  the ordinary course of business and  were
          not acquired and are not held for the purpose
          of   or  with  the  effect  of  changing   or
          influencing the control of the issuer of  the
          securities and were not acquired and are  not
          held  in  connection with or as a participant
          in  any  transaction having that  purpose  or
          effect.

                            Signature

     After reasonable inquiry and to the best of my knowledge and
belief,  I  certify  that  the  information  set  forth  in  this
statement is true, complete and correct.

 NIKE SECURITIES L.P.
  February 12, 1999

  James A. Bowen/President


  FIRST TRUST ADVISORS, L.P.
  February 12, 1999

  Ronald D. McAlister/President


  NIKE SECURITIES CORPORATIOIN
  February 12, 1999
  Robert D. Van Kampen by
  Robert M. Porcellino*

   
_______________________________
*
An executed copy of the related power of attorney was filed with the
Securities and Exchange Commission with Amendment No. 1 to form S-6 of
the First Trust Combined Series 258 (file no. 33-63483) and the same
is hereby incorporated herein by reference.