INVESTOR ADVISORY

    Charles E. Smith Residential Realty, Inc. (NYSE: SRW) will report
operating results for the first quarter (ended March 31, 1997) on Tuesday,
April 29, 1997.  You are invited to participate in a teleconference on
Wednesday, April 30, 1997, at 11:00 AM (Eastern Time) to review the financial
results.
    Ernest Gerardi, Jr., President and Chief Operating Officer, and Denny
Minami, Senior Vice President and Chief Financial Officer, will be on the call
and available to answer your questions.
    The quarterly news release will be distributed over PR Newswire and to the
company's fax lists after the market closes on April 29. If you would like to
participate in the teleconference, please call 1-800-759-6338 shortly before
11:00 AM on Wednesday, April 30 and identify yourself as a participant in the
Charles E. Smith Residential Realty teleconference.
    The call is expected to last no longer than 45 minutes.  If you are unable
to join the call at 11:00 AM, a replay will be available from 9:00 AM to 5:00
PM (Eastern Time) on Thursday, May 1, 1997.  To access this service, please
call 1-800-835-2663 and ask for the Charles E. Smith Residential Realty
teleconference replay.
    Charles E. Smith Residential Realty, Inc. is a self-managed Real Estate
Investment Trust that owns, acquires, develops, and manages multifamily
residential properties; and provides related real estate services to other
property owners in the greater Washington, DC region. Investor information
including press releases about Charles E. Smith Residential Realty is
available on the company's Web site at. http://www.smithreit.com ... and also
through PR Newswire's Company News On-Call by fax, 800-758-5804, ext. 101271,
or at http://www.prnewswire.com.

    CONTACT:  Denny Minami, 703-769-1020, or Bruce Snyder, 703-769-1029, both
of Charles E. Smith Residential Realty.

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