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Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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MIC-Info: RSA-MD5,RSA,
 D8vYNapmgpErSbXENQbHtwgtc6br/SDRwHuJLqIJHbgi7NeloBvxJhkh9y2B9HO8
 uzQ1oRvi1Eg1v2LHV78Lcg==

<SEC-DOCUMENT>0001209191-04-003670.txt : 20040120
<SEC-HEADER>0001209191-04-003670.hdr.sgml : 20040119
<ACCEPTANCE-DATETIME>20040120152004
ACCESSION NUMBER:		0001209191-04-003670
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20040115
FILED AS OF DATE:		20040120

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			SCHAFRAN LAWRENCE G
		CENTRAL INDEX KEY:			0001207572

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-22999
		FILM NUMBER:		04532497

	MAIL ADDRESS:	
		STREET 1:		1775 BROADWAY 23RD FLR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10019

ISSUER:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			TARRAGON REALTY INVESTORS INC
		CENTRAL INDEX KEY:			0001038217
		STANDARD INDUSTRIAL CLASSIFICATION:	REAL ESTATE INVESTMENT TRUSTS [6798]
		IRS NUMBER:				942432628
		STATE OF INCORPORATION:			NV
		FISCAL YEAR END:			1231

	BUSINESS ADDRESS:	
		STREET 1:		3100 MONTICELLO AVE
		STREET 2:		STE 200
		CITY:			DALLAS
		STATE:			TX
		ZIP:			75205
		BUSINESS PHONE:		2145992200

	MAIL ADDRESS:	
		STREET 1:		3100 MONTICELLO AVENUE
		STREET 2:		SUITE 200
		CITY:			DALLAS
		STATE:			TX
		ZIP:			75205
</SEC-HEADER>
<DOCUMENT>
<TYPE>4
<SEQUENCE>1
<FILENAME>bod11661_bod7lgs.xml
<DESCRIPTION>MAIN DOCUMENT DESCRIPTION
<TEXT>
<XML>
<?xml version="1.0"?><ownershipDocument><schemaVersion>X0201</schemaVersion>    <documentType>4</documentType><periodOfReport>2004-01-15</periodOfReport><notSubjectToSection16>0</notSubjectToSection16><issuer><issuerCik>0001038217</issuerCik><issuerName>TARRAGON REALTY INVESTORS INC</issuerName>        <issuerTradingSymbol>TARR</issuerTradingSymbol></issuer><reportingOwner><reportingOwnerId><rptOwnerCik>0001207572</rptOwnerCik><rptOwnerName>SCHAFRAN LAWRENCE G</rptOwnerName></reportingOwnerId><reportingOwnerAddress><rptOwnerStreet1>54 RIVERSIDE DR., #14B</rptOwnerStreet1><rptOwnerStreet2></rptOwnerStreet2><rptOwnerCity>NEW YORK</rptOwnerCity><rptOwnerState>NY</rptOwnerState><rptOwnerZipCode>10024</rptOwnerZipCode><rptOwnerStateDescription></rptOwnerStateDescription></reportingOwnerAddress><reportingOwnerRelationship><isDirector>1</isDirector><isOfficer>0</isOfficer><isTenPercentOwner>0</isTenPercentOwner><isOther>0</isOther></reportingOwnerRelationship></reportingOwner><nonDerivativeTable><nonDerivativeTrans
action><securityTitle><value>Common Stock</value></securityTitle><transactionDate><value>2004-01-15</value></transactionDate><transactionCoding><transactionFormType>4</transactionFormType><transactionCode>J</transactionCode><equitySwapInvolved>0</equitySwapInvolved></transactionCoding><transactionAmounts><transactionShares><value>10500</value><footnoteId id="F1" /></transactionShares><transactionPricePerShare><footnoteId id="F1" /></transactionPricePerShare><transactionAcquiredDisposedCode><value>A</value></transactionAcquiredDisposedCode></transactionAmounts><postTransactionAmounts><sharesOwnedFollowingTransaction><value>52503</value></sharesOwnedFollowingTransaction></postTransactionAmounts><ownershipNature><directOrIndirectOwnership><value>D</value></directOrIndirectOwnership></ownershipNature></nonDerivativeTransaction></nonDerivativeTable><derivativeTable><derivativeTransaction><securityTitle><value>Stock Option</value></securityTitle><conversionOrExercisePrice><value>13.19</value></conversionOrExercise
Price><transactionDate><value>2004-01-15</value></transactionDate><transactionCoding><transactionFormType>4</transactionFormType><transactionCode>J</transactionCode><equitySwapInvolved>0</equitySwapInvolved></transactionCoding><transactionAmounts><transactionShares><value>500</value><footnoteId id="F2" /></transactionShares><transactionPricePerShare><footnoteId id="F2" /></transactionPricePerShare><transactionAcquiredDisposedCode><value>A</value></transactionAcquiredDisposedCode></transactionAmounts><exerciseDate><value>2004-01-02</value></exerciseDate><expirationDate><value>2014-01-01</value></expirationDate><underlyingSecurity><underlyingSecurityTitle><value>Common Stock</value></underlyingSecurityTitle><underlyingSecurityShares><value>2500</value></underlyingSecurityShares></underlyingSecurity><postTransactionAmounts><sharesOwnedFollowingTransaction><value>2500</value></sharesOwnedFollowingTransaction></postTransactionAmounts><ownershipNature><directOrIndirectOwnership><value>D</value></directOrIndirectOw
nership></ownershipNature></derivativeTransaction></derivativeTable><footnotes><footnote id="F1">Shares acquired as a result of a 5-for-4 stock split by the Issuer, effective January 15, 2004.</footnote><footnote id="F2">Options adjusted to reflect the 5-for-4 stock split by the Issuer, effective January 15, 2004.</footnote></footnotes><ownerSignature><signatureName>/s/ Kathryn Mansfield for Lawrence G. Schafran</signatureName><signatureDate>2004-01-15</signatureDate></ownerSignature></ownershipDocument>

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