FORM 10-Q---QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF

                       THE SECURITIES EXCHANGE ACT OF 1934

                        Quarterly or Transitional Report

                      U.S. SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                                    Form 10-Q

(Mark One)
[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
    ACT OF 1934

                    For the quarterly period ended June 30, 2000


[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
    ACT OF 1934


                For the transition period from _________to _________

                         Commission file number 0-10831

                   CONSOLIDATED CAPITAL INSTITUTIONAL PROPERTIES
               (Exact name of registrant as specified in its charter)



         California                                             94-2744492
(State or other jurisdiction of                              (I.R.S. Employer
 incorporation or organization)                             Identification No.)

                          55 Beattie Place, P.O. Box 1089
                        Greenville, South Carolina 29602
                     (Address of principal executive offices)

                                 (864) 239-1000

                           (Issuer's telephone number)

Check  whether the issuer (1) filed all reports  required to be filed by Section
13 or 15(d) of the  Exchange  Act during the past 12 months (or for such shorter
period that the registrant was required to file such reports),  and (2) has been
subject to such filing requirements for the past 90 days. Yes X No___

                         PART I - FINANCIAL INFORMATION

ITEM 1.     FINANCIAL STATEMENTS
a)

                   CONSOLIDATED CAPITAL INSTITUTIONAL PROPERTIES
                           CONSOLIDATED BALANCE SHEETS

                          (in thousands, except unit data)

<TABLE>
<CAPTION>

                                                             June 30,    December 31,
                                                               2000          1999
                                                           (Unaudited)      (Note)
Assets

<S>                                                          <C>           <C>
   Cash and cash equivalents                                 $  6,499      $ 11,175
   Receivables and deposits                                       731         1,078
   Restricted escrows                                             538           600
   Other assets                                                 1,923         1,641

   Investment in Master Loan                                   67,698        67,865
      Less: allowance for impairment loss                     (17,417)      (17,417)
                                                               50,281        50,448
   Investment properties:
      Land                                                      3,564         3,564
      Building and related personal property                   38,357        37,115
                                                               41,921        40,679
      Less:  accumulated depreciation                         (11,458)       (9,953)
                                                               30,463        30,726
                                                             $ 90,435      $ 95,668
Liabilities and Partners' (Deficit) Capital
Liabilities

   Accounts payable                                           $ 191          $ 108
   Tenant security deposit liabilities                            621           574
   Accrued property taxes                                          33            --
   Other liabilities                                              595           627
   Mortgage note payable                                       26,928        27,074
                                                               28,368        28,383
Partners' (Deficit) Capital

   General partner                                                (44)          (58)
   Limited partners (199,045.2 units issued and
      outstanding)                                             62,111        67,343
                                                               62,067        67,285
                                                             $ 90,435      $ 95,668

Note: The balance sheet at December 31, 1999,  has been derived from the audited
      financial   statements  at  that  date,  but  does  not  include  all  the
      information  and  footnotes  required  by  generally  accepted  accounting
      principles for complete financial statements.

            See Accompanying Notes to Consolidated Financial Statements

</TABLE>



b)

                   CONSOLIDATED CAPITAL INSTITUTIONAL PROPERTIES
                      CONSOLIDATED STATEMENTS OF OPERATIONS

                                   (Unaudited)

                          (in thousands, except unit data)
<TABLE>
<CAPTION>


                                         Three Months Ended       Six Months Ended
                                              June 30,                June 30,
                                          2000        1999        2000        1999
Revenues:
<S>                                      <C>         <C>         <C>         <C>
   Rental income                         $ 2,640     $ 2,463     $ 5,227     $ 4,919
   Interest income on investment
       in Master Loan to affiliate         1,000         252       1,000       1,053
   Interest income                           101          69         215         141
   Other income                              222         177         367         309
         Total revenues                    3,963       2,961       6,809       6,422

Expenses:
   Operating                               1,147       1,050       2,308       2,208
   Depreciation                              767         689       1,505       1,263
   General and administrative                199         181         299         297
   Property taxes                            143          81         286         224
   Interest                                  480         491         959         962
         Total expenses                    2,736       2,492       5,357       4,954

Net income                               $ 1,227     $   469     $ 1,452     $ 1,468

Net income allocated

    to general partner (1%)              $    12     $     5     $    14     $    15
Net income allocated

    to limited partners (99%)              1,215         464       1,438       1,453

                                         $ 1,227     $   469     $ 1,452     $ 1,468

Net income per Limited

    Partnership Unit                     $  6.10     $  2.33     $  7.22     $  7.30

Distributions per Limited

    Partnership Unit                     $  5.97     $    --     $ 33.51     $  9.29

            See Accompanying Notes to Consolidated Financial Statements
</TABLE>

c)

                   CONSOLIDATED CAPITAL INSTITUTIONAL PROPERTIES
         CONSOLIDATED STATEMENTS OF CHANGES IN PARTNERS' (DEFICIT) CAPITAL
                                   (Unaudited)

                          (in thousands, except unit data)


<TABLE>
<CAPTION>

                                      Limited
                                     Partnership     General      Limited
                                        Units        Partner     Partners      Total

<S>                                  <C>            <C>          <C>         <C>
Original capital contributions       200,342.0      $     1      $200,342    $200,343

Partners' (deficit) capital
   at December 31, 1998              199,045.2      $   (96)     $ 86,230    $ 86,134

Distributions to partners                   --           --        (1,850)     (1,850)

Net income for the six months
   ended June 30, 1999                      --           15         1,453       1,468

Partners' (deficit) capital
   at June 30, 1999                  199,045.2      $   (81)     $ 85,833    $ 85,752

Partners' (deficit) capital at
   December 31, 1999                 199,045.2      $   (58)     $ 67,343    $ 67,285

Distributions to partners                   --           --        (6,670)     (6,670)

Net income for the six months
   ended June 30, 2000                      --           14         1,438       1,452

Partners' (deficit) capital at
   June 30, 2000                     199,045.2     $    (44)     $ 62,111    $ 62,067

            See Accompanying Notes to Consolidated Financial Statements
</TABLE>

d)
                   CONSOLIDATED CAPITAL INSTITUTIONAL PROPERTIES
                      CONSOLIDATED STATEMENTS OF CASH FLOWS

                                   (Unaudited)

                                   (in thousands)
<TABLE>
<CAPTION>

                                                                  Six Months Ended
                                                                        June 30,

                                                                  2000        1999
Cash flows from operating activities:

<S>                                                             <C>          <C>
  Net income                                                    $ 1,452      $ 1,468
  Adjustments to reconcile net income to net cash
   provided by operating activities:
   Depreciation and amortization                                   1,564       1,327
   Change in accounts:
      Receivables and deposits                                       347         (24)
      Other assets                                                  (341)       (505)
      Accounts payable                                                83        (186)
      Tenant security deposit liabilities                             47          20
      Accrued property taxes                                          33         (29)
      Other liabilities                                              (32)       (125)
       Net cash provided by operating activities                   3,153       1,946

Cash flows from investing activities:

  Net receipts from (deposits to) restricted escrows                  62        (134)
  Property improvements and replacements                          (1,242)     (1,027)
  Lease commissions paid                                              --         (74)
  Principal receipts on Master Loan                                  167         124
       Net cash used in investing activities                      (1,013)     (1,111)

Cash flows from financing activities:

  Distributions to partners                                       (6,670)     (1,850)
  Payments on notes payable                                         (146)       (145)
  Loan costs paid                                                     --          (8)
       Net cash used in financing activities                      (6,816)     (2,003)

Net decrease in cash and cash equivalents                         (4,676)     (1,168)
Cash and cash equivalents at beginning of period                  11,175       8,683
Cash and cash equivalents at end of period                      $ 6,499     $  7,515

Supplemental disclosure of cash flow information:

  Cash paid for interest                                         $ 931      $    933

            See Accompanying Notes to Consolidated Financial Statements
</TABLE>

e)

                   CONSOLIDATED CAPITAL INSTITUTIONAL PROPERTIES
                     NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                                   (Unaudited)

Note A - Basis of Presentation

The accompanying  unaudited  consolidated  financial  statements of Consolidated
Capital  Institutional  Properties (the "Partnership" or "Registrant") have been
prepared in accordance with generally accepted accounting principles for interim
financial  information and with the  instructions to Form 10-Q and Article 10 of
Regulation  S-X.  Accordingly,  they do not include all of the  information  and
footnotes  required by generally  accepted  accounting  principles  for complete
financial  statements.  In the opinion of ConCap  Equities,  Inc.  (the "General
Partner"),  all adjustments (consisting of normal recurring accruals) considered
necessary for a fair presentation have been included.  Operating results for the
three and six month periods ended June 30, 2000, are not necessarily  indicative
of the results  that may be expected  for the fiscal  year ending  December  31,
2000. For further  information,  refer to the consolidated  financial statements
and footnotes thereto included in the  Partnership's  Annual Report on Form 10-K
for the fiscal year ended December 31, 1999.

Principles of Consolidation

The Partnership's financial statements include the accounts of Kennedy Boulevard
Associates, I, L.P., a Pennsylvania Limited Partnership ("KBA-I, L.P."), Kennedy
Boulevard  Associates  II, L.P. a  Pennsylvania  Limited  Partnership  ("KBA-II,
L.P."),   Kennedy  Boulevard   Associates  III,  L.P.  a  Pennsylvania   Limited
Partnership   ("KBA-III,   L.P."),  Kennedy  Boulevard  Associates  IV,  L.P.  a
Pennsylvania Limited Partnership ("KBA-IV,  L.P.") and Kennedy Boulevard GP I, a
Pennsylvania Partnership. The general partners of each of the affiliated Limited
and  General  Partnerships  are  Limited  Liability  Corporations  of which  the
Partnership is the sole member.  The Limited  Partners of each of the affiliated
limited  and  general  partnerships  are  either  the  Partnership  or a Limited
Liability  Corporation of which the  Partnership is the sole member.  Therefore,
the Partnership  controls the affiliated  Limited and General  Partnerships  and
consolidation is appropriate.  KBA-I, L.P. holds title to The Sterling Apartment
Home and Commerce Center ("Sterling").

Note B - Transfer of Control

Pursuant  to a series  of  transactions  which  closed  on  October  1, 1998 and
February 26, 1999,  Insignia Financial Group, Inc. and Insignia Properties Trust
merged into Apartment  Investment and Management Company  ("AIMCO"),  a publicly
traded real estate investment trust, with AIMCO being the surviving  corporation
(the "Insignia Merger").  As a result, AIMCO acquired 100% ownership interest in
the General Partner.  The General Partner does not believe that this transaction
has had or will have a material  effect on the  affairs  and  operations  of the
Partnership.

Note C - Related Party Transactions

The Partnership has no employees and is dependent on the General Partner and its
affiliates for the management and administration of all Partnership  activities.
The Partnership  Agreement  provides for (i) certain  payments to affiliates for
services and (ii)  reimbursement of certain  expenses  incurred by affiliates on
behalf of the  Partnership.  The  following  payments  were made to the  General
Partner and its affiliates during the six months ended June 30, 2000 and 1999:

                                                                2000      1999
                                                                (in thousands)

 Property management fees (included in operating expenses)      $ 279     $ 266
 Reimbursement for services of affiliates (included in
  operating, and general and administrative expenses
  and investment properties)                                      167       126

During the six months  ended June 30, 2000 and 1999,  affiliates  of the General
Partner  were  entitled to receive 5% of gross  receipts  from the  Registrant's
properties for providing property  management  services.  The Registrant paid to
such  affiliates  approximately  $279,000  and $266,000 for the six months ended
June 30, 2000 and 1999, respectively.

An  affiliate  of the General  Partner  received  reimbursement  of  accountable
administrative expenses amounting to approximately $167,000 and $126,000 for the
six months ended June 30, 2000 and 1999, respectively.

AIMCO and its affiliates  currently own 117,301.80 limited  partnership units in
the Partnership  representing 58.93% of the outstanding units. A number of these
units were acquired  pursuant to tender offers made by AIMCO or its  affiliates.
It is possible  that AIMCO or its  affiliates  will make one or more  additional
offers to acquire  additional limited  partnership  interests in the Partnership
for cash or in exchange for units in the operating  partnership of AIMCO.  Under
the  Partnership  Agreement,  unitholders  holding a  majority  of the Units are
entitled to take action with respect to a variety of matters. As a result of its
ownership  of  58.93%  of the  outstanding  units,  AIMCO  is in a  position  to
influence all voting  decisions with respect to the  Registrant.  When voting on
matters,  AIMCO would in all  likelihood  vote the Units it acquired in a manner
favorable to the interest of the General  Partner  because of their  affiliation
with the General Partner.

Note D - Net Investment in Master Loan

The Partnership was formed for the benefit of its limited partners to lend funds
to  Consolidated   Capital  Equity  Partners  ("CCEP"),   a  California  general
partnership.  The Partnership loaned funds to CCEP subject to a nonrecourse note
with a  participation  interest  (the  "Master  Loan").  At June 30,  2000,  the
recorded  investment  in the Master Loan was  considered  to be  impaired  under
Statement of Financial  Accounting Standard No. 114 ("SFAS 114"),  Accounting by
Creditors for Impairment of a Loan. The  Partnership  measures the impairment of
the loan  based  upon the fair  value  of the  collateral  due to the fact  that
repayment of the loan is expected to be provided solely by the  collateral.  For
the  six  months  ended  June  30,  2000  and  1999,  the  Partnership  recorded
approximately $1,000,000 and $1,053,000,  respectively, of interest income based
upon  "Excess  Cash Flow"  generated  (as defined in the terms of the New Master
Loan Agreement).

The  fair  value of the  collateral  properties  was  determined  using  the net
operating  income of the  collateral  properties  capitalized  at a rate  deemed
reasonable for the type of property adjusted for market conditions, the physical
condition of the property and other factors,  or by obtaining an appraisal by an
independent  third  party.  This  methodology  has not changed from that used in
prior  calculations  performed by the General  Partner in  determining  the fair
value of the  collateral  properties.  There was no change in the  provision for
impairment  loss for the six months  ended June 30,  2000 and 1999.  The General
Partner evaluates the net realizable value on a semi-annual basis.

Interest,  calculated on the accrual basis,  due to the Partnership  pursuant to
the terms of the Master Loan Agreement,  but not recognized in the  consolidated
statements  of  operations   due  to  the   impairment  of  the  loan,   totaled
approximately $20,210,000 and $19,108,000 for the six months ended June 30, 2000
and 1999,  respectively.  Interest  income is  recognized  on the cash  basis as
allowed under SFAS 114. At June 30, 2000, and December 31, 1999, such cumulative
unrecognized interest totaling  approximately  $287,185,000 and $266,975,000 was
not included in the balance of the  investment in Master Loan. In addition,  six
of the properties are collateralized by first mortgages  totaling  approximately
$22,398,000  which are superior to the Master Loan.  Accordingly,  this fact has
been taken into consideration in determining the fair value of the Master Loan.

During the six months  ended June 30, 2000 and 1999,  the  Partnership  received
approximately $167,000 and $124,000,  respectively, in principal payments on the
Master Loan. This amount represents cash received on certain investments held by
CCEP,  which are required to be  transferred to the  Partnership  per the Master
Loan Agreement.

Note E - Commitment

The  Partnership is required by the  Partnership  Agreement to maintain  working
capital reserves for  contingencies of not less than 5% of Net Invested Capital,
as defined in the Partnership Agreement. In the event expenditures are made from
this  reserve,  operating  revenue  shall be allocated  to such  reserves to the
extent necessary to maintain the foregoing level.  Reserves,  including cash and
cash equivalents and tenant security deposits totaling approximately $7,121,000,
were greater than the reserve  requirement of  approximately  $4,626,000 at June
30, 2000.

Note F - Distributions

Distributions  from surplus cash of  approximately  $6,670,000  were paid to the
limited  partners  ($33.51 per limited  partnership  unit) during the six months
ended June 30, 2000.  During the six months ended June 30, 1999, the Partnership
paid approximately  $1,850,000 in distributions from surplus cash to the limited
partners ($9.29 per limited  partnership unit).  Included in the amounts at June
30, 2000 are payments to both the Pennsylvania and North Carolina Departments of
Revenue for withholding  taxes related to income  generated by the  Registrant's
investment  properties located in those states.  Included in the amounts at June
30,  1999  are  payments  to  the  North  Carolina  Department  of  Revenue  for
withholding  taxes related to income  generated by the  Registrant's  investment
property located in that state.

Note G - Segment Reporting

Description  of the types of products  and  services  from which the  reportable
segment derives its revenues:

The  Partnership  has  two  reportable  segments:   residential  properties  and
commercial properties.  The Partnership's  residential property segment consists
of one apartment complex located in North Carolina and one multiple-use facility
consisting of apartment units and commercial space located in Pennsylvania.  The
Partnership rents apartment units to tenants for terms that are typically twelve
months or less. The commercial property leases space to various medical offices,
various career services facilities, and a credit union at terms ranging from two
months to fifteen years.

Measurement of segment profit or loss:

The  Partnership  evaluates  performance  based on segment  profit (loss) before
depreciation. The accounting policies of the reportable segments are the same as
those  described in the  Partnership's  Annual  Report on Form 10-K for the year
ended December 31, 1999.

Factors management used to identify the enterprise's reportable segment:

The  Partnership's  reportable  segments are  investment  properties  that offer
different  products  and  services.  The  reportable  segments  are each managed
separately  because they  provide  distinct  services  with  different  types of
products and customers.

Segment  information for the three and six month periods ended June 30, 2000 and
1999 is shown in the tables below (in  thousands).  The "Other" column  includes
Partnership administration related items and income and expense not allocated to
the reportable segment.

<TABLE>
<CAPTION>

   Three Months Ended June 30, 2000    Residential  Commercial    Other      Totals
<S>                                      <C>           <C>         <C>      <C>
  Rental income                          $ 2,253       $  387      $ --     $ 2,640
  Interest income                             33           13        55         101
  Other income                               166           56        --         222
  Interest income on investment in
    Master Loan                               --           --     1,000       1,000
  Interest expense                           421           59        --         480
  Depreciation                               745           22        --         767
  General and administrative
    expense                                   --           --       199         199
  Segment profit                             262          109       856       1,227
</TABLE>

<TABLE>
<CAPTION>

    Six Months Ended June 30, 2000     Residential  Commercial    Other      Totals
<S>                                      <C>           <C>         <C>      <C>
  Rental income                          $ 4,463       $  764      $ --     $ 5,227
  Interest income                             42           14       159         215
  Other income                               256          111        --         367
  Interest income on investment in
    Master Loan                               --           --     1,000       1,000
  Interest expense                           841          118        --         959
  Depreciation                             1,463           42        --       1,505
  General and administrative
    expense                                   --           --       299         299
  Segment profit                             372          220       860       1,452
  Total assets                            32,490        1,713    56,232      90,435
  Capital expenditures for
    investment properties                  1,223           19        --       1,242
</TABLE>

<TABLE>
<CAPTION>

  Three Months Ended June 30, 1999   Residential  Commercial     Other     Totals
<S>                                    <C>           <C>         <C>       <C>
Rental income                          $ 2,110       $  353      $ --      $ 2,463
Interest income                              5            1         63          69
Other income                               132           45         --         177
Interest income on investment
  in Master Loan                            --           --        252         252
Interest expense                           432           59         --         491
Depreciation                               667           22         --         689
General and administrative
  expense                                   --           --        181         181
Segment profit                             211          124        134         469
</TABLE>

<TABLE>
<CAPTION>

  Six Months Ended June 30, 1999    Residential  Commercial     Other     Totals
<S>                                    <C>           <C>       <C>         <C>
Rental income                          $ 4,240       $  679    $    --     $ 4,919
Interest income                             15            2        124         141
Other income                               240           69         --         309
Interest income on investment
  in Master Loan                            --           --      1,053       1,053
Interest expense                           844          118         --         962
Depreciation                             1,228           35         --       1,263
General and administrative
  expense                                   --           --        297         297
Segment profit                             413          175        880       1,468
Total assets                            34,663        1,638     78,034     114,335
Capital expenditures for
  investment properties                  1,012           15         --       1,027
</TABLE>

Note H - Legal Proceedings

In March 1998, several putative unit holders of limited partnership units of the
Partnership  commenced an action  entitled  Rosalie  Nuanes,  et al. v. Insignia
Financial  Group,  Inc., et al. in the Superior Court of the State of California
for the County of San Mateo. The plaintiffs  named as defendants,  among others,
the   Partnership,   its  General  Partner  and  several  of  their   affiliated
partnerships  and corporate  entities.  The action  purports to assert claims on
behalf of a class of limited  partners and derivatively on behalf of a number of
limited  partnerships  (including  the  Partnership)  which are named as nominal
defendants,  challenging the acquisition of interests in certain general partner
entities by Insignia Financial Group, Inc. and entities which were, at one time,
affiliates of Insignia; past tender offers by the Insignia affiliates to acquire
limited  partnership  units;  the  management  of  partnerships  by the Insignia
affiliates;  and the Insignia  Merger.  The plaintiffs seek monetary damages and
equitable relief, including judicial dissolution of the Partnership. On June 25,
1998,  the General  Partner filed a motion seeking  dismissal of the action.  In
lieu  of  responding  to the  motion,  the  plaintiffs  have  filed  an  amended
complaint.  The General Partner filed  demurrers to the amended  complaint which
were heard February 1999.

Pending the ruling on such  demurrers,  settlement  negotiations  commenced.  On
November 2, 1999,  the parties  executed and filed a Stipulation  of Settlement,
settling claims,  subject to final court approval,  on behalf of the Partnership
and all limited  partners  who owned  units as of November 3, 1999.  Preliminary
approval of the settlement  was obtained on November 3, 1999 from the Court,  at
which time the Court set a final approval  hearing for December 10, 1999.  Prior
to the December 10, 1999 hearing,  the Court received various  objections to the
settlement, including a challenge to the Court's preliminary approval based upon
the alleged lack of authority of prior lead counsel to enter the settlement.  On
December  14,  1999,  the General  Partner  and its  affiliates  terminated  the
proposed settlement.  In February 2000, counsel for some of the named plaintiffs
filed a motion to disqualify plaintiff's lead and liaison counsel who negotiated
the settlement.  On June 27, 2000, the Court entered an order disqualifying them
from the case. The Court will entertain applications for lead counsel which must
be filed by August 4, 2000. The Court has scheduled a hearing on August 21, 2000
to address the issue of appointing  lead counsel.  The General  Partner does not
anticipate  that  costs  associated  with  this  case  will be  material  to the
Partnership's overall operations.

The  Partnership is unaware of any other pending or outstanding  litigation that
is not of a routine nature arising in the ordinary course of business.

Note I - Subsequent Event

On July  21,  2000,  CCEP  sold  Shirewood  Townhomes,  located  in  Shreveport,
Louisiana,   to  an   unaffiliated   third  party  for  net  sales  proceeds  of
approximately  $4,526,000,  after payment of closing costs. CCEP used all of the
proceeds from the sale to paydown the Master Loan principal,  as required by the
Master  Loan  Agreement.  The  sale  resulted  in a gain on  sale of  investment
property of approximately $3,030,000.

ITEM 2. MANAGEMENT'S  DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS
        OF OPERATIONS

The  matters  discussed  in  this  Form  10-Q  contain  certain  forward-looking
statements  and  involve  risks and  uncertainties  (including  changing  market
conditions,   competitive  and  regulatory   matters,   etc.)  detailed  in  the
disclosures  contained  in  this  Form  10-Q  and the  other  filings  with  the
Securities and Exchange Commission made by the Registrant from time to time. The
discussion of the  Registrant's  business and results of  operations,  including
forward-looking  statements  pertaining  to such  matters,  does not  take  into
account the effects of any changes to the  Registrant's  business and results of
operations.  Accordingly,  actual  results  could differ  materially  from those
projected in the forward-looking  statements as a result of a number of factors,
including those identified herein.

The Partnership's investment properties consist of two properties,  The Loft and
The Sterling Apartment Homes and Commerce Center ("The Sterling").  The Sterling
is a multiple-use facility which consists of an apartment complex and commercial
space.  The following  table sets forth the average  occupancy of the properties
for the six months ended June 30, 2000 and 1999:

                                                   Average Occupancy

      Property                                      2000       1999

      The Loft Apartments                           93%        96%
        Raleigh, North Carolina

      The Sterling Apartment Homes                  92%        93%
      The Sterling Commerce Center                  89%        88%
        Philadelphia, Pennsylvania

The decrease in occupancy at The Loft Apartments is attributed to a large number
of new apartment complexes in the area.

Results of Operations

The  Partnership's  net  income  for the six  months  ended  June  30,  2000 was
approximately  $1,452,000 compared to net income of approximately $1,468,000 for
the  corresponding  period  in 1999.  The  Partnership  recorded  net  income of
approximately  $1,227,000  for the three months ended June 30, 2000  compared to
net income of approximately  $469,000 for the corresponding  period in 1999. The
decrease in net income for the six month  period  ended June 30,  2000  compared
with the six month period ended June 30, 1999 was  primarily  due to an increase
in total  expenses,  partially  offset by an  increase  in total  revenues.  The
increase in net income for the three month period  ended June 30, 2000  compared
with the  three  month  period  ended  June 30,  1999 was  primarily  due to the
increase in interest income related to the Master Loan and an increase in rental
revenues  offset  slightly  by an increase in total  expenses.  The  increase in
interest  income  related to the Master  Loan is a factor of the method  used to
recognize  income.  Income is only  recognized to the extent that actual cash is
received. The receipt of cash is dependent on the corresponding cash flow of the
properties,  which secure the Master Loan.  Cash flow for these  properties  was
lower for the six months ended June 30, 1999 as a result of capital expenditures
at the properties. The increase in rental income was due to increases in average
rental rates at the  Registrant's  investment  properties  offset  slightly by a
decrease in occupancy at The Loft Apartments and The Sterling  Apartment  Homes.
The  increase  in  interest  income is the  result of  increased  levels of cash
maintained in interest bearing accounts.

The increase in total  expenses for the three and six months ended June 30, 2000
is primarily  due to an increase in  depreciation,  property  tax and  operating
expenses.  The  increase  in  operating  expense is the result of an increase in
property  expenses,  slightly  offset  by a  decrease  in  maintenance  expense.
Property expenses increased due to an increase in the cost of utility expense at
The  Sterling.  Maintenance  expenses  decreased due to decreases in repairs and
supplies at The Sterling.  Depreciation  expense  increased due to major capital
improvements  and  replacements  at The Sterling  during  1999.  The increase in
property  tax expense is due to the receipt in 1999 of a property tax refund for
The Sterling.

Included  in general  and  administrative  expenses  for the three and six month
periods  ended  June 30,  2000 and 1999  are  management  reimbursements  to the
General  Partner  allowed under the Partnership  Agreement.  In addition,  costs
associated  with the  quarterly  and annual  communications  with  investors and
regulatory  agencies and the annual audit required by the Partnership  Agreement
are also included.

As part of the ongoing  business plan of the  Partnership,  the General  Partner
monitors the rental market  environment of each of its investment  properties to
assess the feasibility of increasing rents,  maintaining or increasing occupancy
levels and protecting  the  Partnership  from increases in expenses.  As part of
this plan,  the General  Partner  attempts to protect the  Partnership  from the
burden of  inflation-related  increases  in  expenses  by  increasing  rents and
maintaining a high overall  occupancy  level.  However,  due to changing  market
conditions,  which  can  result  in the use of  rental  concessions  and  rental
reductions to offset softening market conditions, there is no guarantee that the
General Partner will be able to sustain such a plan.

Liquidity and Capital Resources

At June 30, 2000, the Partnership had cash and cash equivalents of approximately
$6,499,000 as compared to  approximately  $7,515,000 at June 30, 1999.  Cash and
cash  equivalents  decreased  approximately  $4,676,000 for the six months ended
June 30, 2000 from the Partnership's year ended December 31, 1999. This decrease
was  primarily  due to  approximately  $6,816,000  of net cash used in financing
activities and, to a lesser extent, to approximately $1,013,000 of net cash used
in investing  activities which was partially offset by approximately  $3,153,000
of net cash provided by operating activities.  Cash used in investing activities
consisted primarily of property  improvements and replacements  partially offset
by  principal  repayments  received on the Master Loan and,  net  receipts  from
escrow  accounts  maintained  by the  mortgage  lender.  Cash used in  financing
activities  consisted  primarily of  distributions  to partners and, to a lesser
extent, payments of principal made on the mortgages encumbering the Registrant's
properties.  The Registrant invests its working capital reserves in money market
accounts.

The  Partnership is required by the  Partnership  Agreement to maintain  working
capital reserves for  contingencies of not less than 5% of Net Invested Capital,
as defined  by the  Partnership  Agreement.  Reserves,  including  cash and cash
equivalents and tenant security deposits totaling approximately $7,121,000, were
greater than the reserve  requirement  of  approximately  $4,626,000 at June 30,
2000.

The sufficiency of existing  liquid assets to meet future  liquidity and capital
expenditure   requirements   is  directly   related  to  the  level  of  capital
expenditures  required at the various  properties  to  adequately  maintain  the
physical  assets and other operating needs of the Partnership and to comply with
Federal,   state,  and  local,  legal  and  regulatory   requirements.   Capital
improvements planned for each of the Registrant's properties are detailed below.

The Loft

The Partnership has budgeted,  but is not limited to, approximately  $93,000 for
capital  improvements  during the current year  consisting of floor covering and
mini-blinds replacements,  appliances, HVAC condensing units, and water heaters.
During  the  six  months  ended  June  30,  2000,  the   Partnership   completed
approximately $46,000 of budgeted capital improvements,  consisting primarily of
appliances,  floor  covering  replacement  and  mini-blind  replacements.  These
improvements were funded from cash flow.

The Sterling

The Partnership has budgeted,  but is not limited to,  approximately  $1,379,000
for capital  improvements  during the current  year  consisting  of  appliances,
cabinet replacements,  interior building  improvements,  electrical and plumbing
upgrades, and floor covering replacements.  During the six months ended June 30,
2000, the Partnership  completed  approximately  $1,196,000 of budgeted  capital
improvements  consisting  primarily of plumbing  and  electrical  upgrades,  air
conditioning  units,  appliance and cabinet  replacements and interior  building
improvements.  These  improvements  were  funded  primarily  from  cash flow and
replacement reserves.

The  additional  capital  improvements  planned  for  2000 at the  Partnership's
properties will be made only to the extent of cash available from operations and
Partnership  reserves. To the extent that such budgeted capital improvements are
completed,  the Registrant's  distributable  cash flow, if any, may be adversely
affected at least in the short term.

The  Registrant's  current assets are thought to be sufficient for any near-term
needs  (exclusive  of capital  improvements)  of the  Registrant.  The  mortgage
indebtedness of approximately $26,928,000 requires monthly payments of principal
and interest and balloon payments of approximately $3,903,000 and $19,975,000 on
December 1, 2005 and October 1, 2008,  respectively.  The General  Partner  will
attempt to refinance such indebtedness  and/or sell the properties prior to such
maturity dates. If the properties  cannot be refinanced or sold for a sufficient
amount, the Registrant may risk losing such properties through foreclosure.

Distributions  from surplus cash of  approximately  $6,670,000  were paid to the
limited  partners  ($33.51 per limited  partnership  unit) during the six months
ended June 30, 2000.  During the six months ended June 30, 1999, the Partnership
paid approximately  $1,850,000 in distributions from surplus cash to the limited
partners ($9.29 per limited  partnership unit).  Included in the amounts at June
30, 2000 are payments to both the Pennsylvania and North Carolina Departments of
Revenue for withholding  taxes related to income  generated by the  Registrant's
investment  properties located in those states.  Included in the amounts at June
30,  1999,  are  payments  to the  North  Carolina  Department  of  Revenue  for
withholding  taxes related to income  generated by the  Registrant's  investment
property located in that state. The Registrant's distribution policy is reviewed
on a semi-annual  basis.  Future cash distributions will depend on the levels of
net cash generated from operations,  the availability of cash reserves,  and the
timing of debt  maturities,  refinancings,  and/or property sales.  Furthermore,
cash reserves are subject to the requirement of the Partnership  Agreement which
requires that the  Partnership  maintain  reserves equal to 5% of Net Investment
Capital. There can be no assurance,  however, that the Partnership will generate
sufficient   funds  from   operations,   after   planned   capital   improvement
expenditures,  to  permit  further  distributions  to its  partners  during  the
remainder of 2000 or subsequent periods.

CCEP Property Operations

For the six months  ended June 30, 2000,  CCEP's net loss totaled  approximately
$19,794,000  on total revenues of  approximately  $10,008,000.  CCEP  recognizes
interest expense on the Master Loan Agreement  obligation  according to the note
terms,  although  payments to the Partnership are required only to the extent of
Excess Cash Flow, as defined therein.  During the six months ended June 30, 2000
and 1999,  CCEP's  statement  of  operations  includes  total  interest  expense
attributable to the Master Loan of  approximately  $21,210,000 and  $20,161,000,
respectively,  all but  approximately  $1,000,000 and $1,053,000,  respectively,
represents interest accrued in excess of required payments.  CCEP is expected to
continue to generate  operating losses as a result of such interest accruals and
noncash charges for depreciation.

During  the  six  months  ended  June  30,  2000,   the   Partnership   received
approximately  $167,000 in principal  payments on the Master Loan. These amounts
were  received  on  certain  investments  by  CCEP,  which  are  required  to be
transferred to the Partnership per the Master Loan Agreement.

Subsequently  on July 21,  2000,  CCEP  sold  Shirewood  Townhomes,  located  in
Shreveport,  Louisiana, to an unaffiliated third party for net sales proceeds of
approximately  $4,526,000,  after payment of closing costs. CCEP used all of the
proceeds from the sale to paydown the Master Loan principal,  as required by the
Master  Loan  Agreement.  The  sale  resulted  in a gain on  sale of  investment
property of approximately $3,030,000.

Item 3.     Quantitative and Qualitative Disclosures about Market Risk

The  Partnership is exposed to market risks  associated  with its Master Loan to
Affiliate  ("Loan).  Receipts  (interest  income) on the Loan are based upon the
operations  and  cash  flow  of  the  underlying   investment   properties  that
collateralize the Loan. Both the income and expenses of operating the investment
properties are subject to factors outside the Partnership's  control, such as an
oversupply  of similar  properties  resulting  from  overbuilding,  increases in
unemployment or population  shifts,  reduced  availability of permanent mortgage
financing, changes in zoning laws, or changes in the patterns or needs of users.
The  investment  properties  are also  susceptible to the impact of economic and
other  conditions  outside of the  control of the  Partnership  as well as being
affected  by current  trends in the market area in which they  operate.  In this
regard, the General Partner of the Partnership  closely monitors the performance
of the properties  collateralizing  the loans. Based upon the fact that the loan
is considered impaired under Statement of Financial Accounting Standard No. 114,
Accounting by Creditors for Impairment of a Loan,  interest rate fluctuations do
not offset the recognition of income, as income is only recognized to the extent
of cash flow.  Therefore,  market risk  factors do not offset the  Partnership's
results of operations as it relates to the Loan.

The  Partnership  is exposed to market  risks from  adverse  changes in interest
rates. In this regard, changes in U.S. interest rates affect the interest earned
on the  Partnership's  cash and cash equivalents as well as interest paid on its
indebtedness.  As a policy,  the  Partnership  does not engage in speculative or
leveraged transactions,  nor does it hold or issue financial instruments for its
borrowing activities used to maintain liquidity and fund business operations. To
mitigate the impact of  fluctuations  in U.S.  interest  rates,  the Partnership
maintains  its debt as fixed rate in nature by borrowing  on a long-term  basis.
Based on interest  rates at June 30,  2000,  a 1% increase or decrease in market
interest rates would not have a material impact on the Partnership.

The following table  summarizes the  Partnership's  debt obligations at December
31, 1999.  The interest rates  represent the  weighted-average  rates.  The fair
value of the debt  obligations  approximate  the  recorded  value as of June 30,
2000.

                      Principal Amount by Expected Maturity

                                             Fixed Rate Debt

                           Long-term Average Interest

                               Debt             Rate 6.86%
                                              (in thousands)

                               2000            $    151
                               2001                 323
                               2002                 346
                               2003                 371
                               2004                 393
                            Thereafter           25,344
                              Total            $ 26,928

                           PART II - OTHER INFORMATION

ITEM 1.     LEGAL PROCEEDINGS

In March 1998, several putative unit holders of limited partnership units of the
Partnership  commenced an action  entitled  Rosalie  Nuanes,  et al. v. Insignia
Financial  Group,  Inc., et al. in the Superior Court of the State of California
for the County of San Mateo. The plaintiffs  named as defendants,  among others,
the   Partnership,   its  General  Partner  and  several  of  their   affiliated
partnerships  and corporate  entities.  The action  purports to assert claims on
behalf of a class of limited  partners and derivatively on behalf of a number of
limited  partnerships  (including  the  Partnership)  which are named as nominal
defendants,  challenging the acquisition of interests in certain general partner
entities by Insignia Financial Group, Inc. and entities which were, at one time,
affiliates of Insignia; past tender offers by the Insignia affiliates to acquire
limited  partnership  units;  the  management  of  partnerships  by the Insignia
affiliates;  and the Insignia  Merger.  The plaintiffs seek monetary damages and
equitable relief, including judicial dissolution of the Partnership. On June 25,
1998,  the General  Partner filed a motion seeking  dismissal of the action.  In
lieu  of  responding  to the  motion,  the  plaintiffs  have  filed  an  amended
complaint.  The General Partner filed  demurrers to the amended  complaint which
were heard February 1999.

Pending the ruling on such  demurrers,  settlement  negotiations  commenced.  On
November 2, 1999,  the parties  executed and filed a Stipulation  of Settlement,
settling claims,  subject to final court approval,  on behalf of the Partnership
and all limited  partners  who owned  units as of November 3, 1999.  Preliminary
approval of the settlement  was obtained on November 3, 1999 from the Court,  at
which time the Court set a final approval  hearing for December 10, 1999.  Prior
to the December 10, 1999 hearing,  the Court received various  objections to the
settlement, including a challenge to the Court's preliminary approval based upon
the alleged lack of authority of prior lead counsel to enter the settlement.  On
December  14,  1999,  the General  Partner  and its  affiliates  terminated  the
proposed settlement.  In February 2000, counsel for some of the named plaintiffs
filed a motion to disqualify plaintiff's lead and liaison counsel who negotiated
the settlement.  On June 27, 2000, the Court entered an order disqualifying them
from the case. The Court will entertain applications for lead counsel which must
be filed by August 4, 2000. The Court has scheduled a hearing on August 21, 2000
to address the issue of appointing  lead counsel.  The General  Partner does not
anticipate  that  costs  associated  with  this  case  will be  material  to the
Partnership's overall operations.

ITEM 6.     EXHIBITS AND REPORTS ON FORM 8-K

            a)    Exhibits:

                  S-K Reference

                  Number            Description

                  27    Financial  Data  Schedule,  is filed as an  exhibit to
                        this report.

                  99.1  Consolidated Capital Equity Partners,  L.P., unaudited
                        financial  statements  for the six  months  ended June
                        30, 2000 and 1999.

            b)    Reports on Form 8-K during the quarter ended June 30, 2000:

                  None.

                                   SIGNATURES

Pursuant  to the  requirements  of the  Securities  Exchange  Act of  1934,  the
registrant  has duly  caused  this  report  to be  signed  on its  behalf by the
undersigned, thereunto duly authorized.

                                 CONSOLIDATED CAPITAL INSTITUTIONAL PROPERTIES
                                 By:     CONCAP EQUITIES, INC.
                                         Its General Partner

                                 By:     /s/Patrick J. Foye
                                         Patrick J. Foye
                                         Executive Vice President

                                 By:     /s/Martha L. Long
                                         Martha L. Long
                                         Senior Vice President and
                                         Controller

                              Date: August 10, 2000

<PAGE>

                                  EXHIBIT 99.1

                     CONSOLIDATED CAPITAL EQUITY PARTNERS, L.P.


                    UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

                            FOR THE SIX MONTHS ENDED

                             June 30, 2000 and 1999

                            EXHIBIT 99.1 (Continued)

                         PART I - FINANCIAL INFORMATION

ITEM 1.     FINANCIAL STATEMENTS

a)
                     CONSOLIDATED CAPITAL EQUITY PARTNERS, L.P.
                           CONSOLIDATED BALANCE SHEETS

                          (in thousands, except unit data)
<TABLE>
<CAPTION>

                                                             June 30,    December 31,
                                                               2000          1999
                                                               ----          ----
                                                           (Unaudited)      (Note)
Assets

<S>                                                        <C>           <C>
   Cash and cash equivalents                               $  3,823      $   2,865
   Receivables and deposits                                   1,392          1,359
   Restricted escrows                                           353            718
   Other assets                                                 715            761
   Investment properties:
      Land                                                    8,290          8,290
      Building and related personal property                 87,984         85,969
                                                             96,274         94,259
      Less accumulated depreciation                         (74,249)       (71,592)
                                                             22,025         22,667
                                                          $  28,308      $  28,370

Liabilities and Partners' Deficit
Liabilities

   Accounts payable                                       $     213      $     493
   Tenant security deposit liabilities                          506            466
   Accrued property taxes                                       634            435
   Other liabilities                                            443            555
   Mortgage notes                                            22,398         22,556
   Master loan and interest payable                         354,883        334,840

                                                            379,077        359,345

Partners' Deficit

   General partner                                           (3,508)        (3,310)
   Limited partners                                        (347,261)      (327,665)
                                                           (350,769)      (330,975)
                                                          $  28,308      $  28,370


Note: The balance sheet at December 31, 1999,  has been derived from the audited
      financial   statements  at  that  date,  but  does  not  include  all  the
      information  and  footnotes  required  by  generally  accepted  accounting
      principles for complete financial statements.

            See Accompanying Notes to Consolidated Financial Statements
</TABLE>


                            EXHIBIT 99.1 (Continued)

b)
                     CONSOLIDATED CAPITAL EQUITY PARTNERS, L.P.
                      CONSOLIDATED STATEMENTS OF OPERATIONS

                                   (Unaudited)

                                   (in thousands)

<TABLE>
<CAPTION>

                                             Three Months Ended       Six Months Ended
                                                  June 30,                June 30,
                                              2000        1999        2000        1999
 Revenues:                                              (restated)              (restated)
<S>                                        <C>         <C>         <C>         <C>
   Rental income                           $  4,603    $  4,450    $  9,158    $  8,905
   Other income                                 469         293         850         674
            Total revenues                    5,072       4,743      10,008       9,579

Expenses:
   Operating                                  2,145       2,043       4,144       4,088
   General and administrative                   157         150         318         288
   Depreciation                               1,343       1,200       2,657       2,341
   Interest                                  11,012      10,483      22,030      20,994
   Property taxes                               327         333         653         622
            Total expenses                   14,984      14,209      29,802      28,333
Loss from continuing operations              (9,912)     (9,466)    (19,794)    (18,754)

Income from discontinued operations              --         117          --         185

Net loss                                   $ (9,912)   $ (9,349)   $(19,794)   $(18,569)

Net loss allocated to general
 partner (1%)                              $    (99)   $    (94)   $   (198)   $   (186)
Net loss allocated to limited
 partners (99%)                              (9,813)     (9,255)    (19,596)    (18,383)
                                           $ (9,912)   $ (9,349)   $(19,794)   $(18,569)


            See Accompanying Notes to Consolidated Financial Statements
</TABLE>

                            EXHIBIT 99.1 (Continued)

c)

                     CONSOLIDATED CAPITAL EQUITY PARTNERS, L.P.
              CONSOLIDATED STATEMENTS OF CHANGES IN PARTNERS' DEFICIT
                                   (Unaudited)

                                   (in thousands)


                                      General        Limited
                                      Partners       Partners        Total

Partners' deficit at
   December 31, 1998                 $ (3,108)      $(307,679)     $(310,787)

Return of capital                          --          (1,350)        (1,350)

Net loss for the six months
   ended June 30, 1999                   (186)        (18,383)       (18,569)

Partners' deficit
   at June 30, 1999                  $ (3,294)      $(327,412)     $(330,706)

Partners' deficit
   at December 31, 1999              $ (3,310)      $(327,665)     $(330,975)

Net loss for the six months
   ended June 30, 2000                   (198)        (19,596)       (19,794)

Partners' deficit at
   June 30, 2000                     $ (3,508)      $(347,261)     $(350,769)

            See Accompanying Notes to Consolidated Financial Statements

                            EXHIBIT 99.1 (Continued)

d)
                     CONSOLIDATED CAPITAL EQUITY PARTNERS, L.P.
                      CONSOLIDATED STATEMENTS OF CASH FLOWS

                                   (Unaudited)

                                   (in thousands)
<TABLE>
<CAPTION>

                                                                  Six Months Ended
                                                                        June 30,

                                                                  2000        1999

Cash flows from operating activities:

<S>                                                             <C>         <C>
  Net loss                                                      $(19,794)   $(18,569)
  Adjustments to reconcile net loss to net cash
   provided by operating activities:
   Depreciation and amortization                                   2,696       2,736
  Change in accounts:
      Receivables and deposits                                       (33)       (208)
      Other assets                                                     7        (116)
      Accounts payable                                              (280)        215
      Tenant security deposit liabilities                             40          39
      Accrued property taxes                                         199         312
      Other liabilities                                             (112)        (15)
      Accrued interest on Master Loan                             20,210      19,108

       Net cash provided by operating activities                   2,933       3,502

Cash flows from investing activities:

  Property improvements and replacements                          (2,015)     (1,170)
  Lease commissions paid                                              --        (138)
  Net receipts from (deposits to) restricted escrows                 365         (60)

       Net cash used in investing activities                      (1,650)     (1,368)

Cash flows from financing activities:

  Principal payments on Master Loan                                 (167)       (124)
  Principal payments on notes payable                               (158)       (146)
  Return of capital                                                   --      (1,350)
  Proceeds from note payable to affiliate                             --         650

       Net cash used in financing activities                        (325)       (970)

Net increase in cash and cash equivalents                            958       1,164
Cash and cash equivalents at beginning of period                   2,865       1,992
Cash and cash equivalents at end of period                      $  3,823    $  3,156
Supplemental disclosure of cash flow information:
  Cash paid for interest                                        $  1,781    $  1,845

          See Accompanying Notes to Consolidated Financial Statements
</TABLE>

e)

                     CONSOLIDATED CAPITAL EQUITY PARTNERS, L.P.
                     NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                                   (Unaudited)

Note A - Going Concern

The  Partnership's  financial  statements  have been prepared  assuming that the
Partnership will continue as a going concern. The Partnership continues to incur
operating losses, suffers from inadequate liquidity,  has an accumulated deficit
and is unable to repay the Master Loan balance,  which matures in November 2000.
The  Partnership  realized a net loss of  approximately  $19,794,000 for the six
months ended June 30,  2000.  The General  Partner  expects the  Partnership  to
continue to incur such losses from  operations.  The Partnership  generated cash
from operations of approximately $2,933,000 during the six months ended June 30,
2000;   however,   this  was  primarily  the  result  of  accruing  interest  of
approximately $20,210,000 on its Master Loan indebtedness.

The  Partnership's  indebtedness to CCIP under the Master Loan of  approximately
$354,883,000,   including  accrued  interest,  matures  in  November  2000.  The
Partnership  has not received  notice as to the maturity of the Master Loan. The
holder of the note has two options,  which include foreclosing on the properties
that collateralize the Master Loan or extending the term of the note. Currently,
the Partnership  does not have the means with which to satisfy this  obligation.
No  other  sources  of  additional   financing  have  been   identified  by  the
Partnership,  nor does the  General  Partner  have any other plans to remedy the
liquidity problems the Partnership is currently experiencing.  At June 30, 2000,
partners' deficit was approximately $350,769,000.

The General Partner expects revenues from the eleven investment  properties will
be  sufficient  over the next  twelve  months  to meet  all  property  operating
expenses,   mortgage   debt  service   requirements   and  capital   expenditure
requirements.  However,  these cash flows will be  insufficient to repay to CCIP
the Master Loan  balance,  including  accrued  interest,  in the event it is not
renegotiated.

As a result of the above,  there is  substantial  doubt about the  Partnership's
ability to continue as a going concern. The consolidated financial statements do
not  include  any  adjustments  to reflect the  possible  future  effects on the
recoverability  and  classification of assets or amounts and  classifications of
liabilities that may result from these uncertainties.

Note B - Basis of Presentation

The accompanying  unaudited  consolidated  financial  statements of Consolidated
Capital Equity Partners,  L.P. ("CCEP" or the "Partnership")  have been prepared
in  accordance  with  generally  accepted  accounting   principles  for  interim
financial information.  Accordingly,  they do not include all of the information
and footnotes required by generally accepted accounting  principles for complete
financial  statements.  In the opinion of ConCap  Holdings,  Inc.  (the "General
Partner"),  all adjustments (consisting of normal recurring accruals) considered
necessary for a fair presentation have been included.  Operating results for the
three and six month periods ended June 30, 2000, are not necessarily  indicative
of the results  that may be expected  for the fiscal  year ending  December  31,
2000.

Certain  reclassifications  have been made to the 1999 information to conform to
the 2000 presentation.

Consolidation

As of December  31,  1998,  CCEP owned a 75%  interest in a limited  partnership
("Western  Can,  Ltd.")  which  owned  444 De Haro,  an office  building  in San
Francisco,  California.  No minority  interest  liability was  reflected,  as of
December 31, 1998, for the 25% minority interest because Western Can, Ltd. had a
net capital deficit and no minority  liability  existed with respect to CCEP. In
May 1999, a limited  partner in Western Can, Ltd.  withdrew in connection with a
settlement  with CCEP pursuant to which the partner was paid $1,350,000 by CCEP.
This settlement  effectively terminated Western Can Ltd. as CCEP became the sole
limited  partner.  CCEP's  investment  in Western Can, Ltd. is  consolidated  in
CCEP's financial statements. In September 1999, 444 DeHaro was sold (see "Note D
- Discontinued Segment").

Note C - Transfer of Control

Pursuant  to a series  of  transactions  which  closed  on  October  1, 1998 and
February 26, 1999,  Insignia Financial Group, Inc. and Insignia Properties Trust
merged into Apartment  Investment and Management Company  ("AIMCO"),  a publicly
traded real estate investment trust, with AIMCO being the surviving  corporation
(the "Insignia Merger").  As a result, AIMCO acquired 100% ownership interest in
the General Partner.  The General Partner does not believe that this transaction
has had or will have a material  effect on the  affairs  and  operations  of the
Partnership.

Note D - Discontinued Segment

In September 1999, 444 De Haro located in San Francisco,  California was sold to
an unaffiliated  third party. 444 DeHaro was the only remaining  property in the
commercial  segment of the  Partnership.  Due to the sale of this property,  the
results of  operations  of the  property  have been  classified  as "Income from
Discontinued  Operations"  for the three and six  months  ended  June 30,  1999.
Revenues  from 444 DeHaro were  approximately  $507,000 and  $1,018,000  for the
three and six months  ended June 30,  1999.  No  revenues  from 444 DeHaro  were
recorded during the three or six months ended June 30, 2000.

Note E - Related Party Transactions

The Partnership has no employees and is dependent on the General Partner and its
affiliates for the management and administration of all Partnership  activities.
The Partnership  Agreement  provides for (i) certain  payments to affiliates for
services and (ii)  reimbursement of certain  expenses  incurred by affiliates on
behalf of the  Partnership.  The  following  payments  were made to the  General
Partner and affiliates during the six months ended June 30, 2000 and 1999:

<TABLE>
<CAPTION>

                                                                  2000      1999
                                                                  ----      ----
                                                                  (in thousands)

<S>                                                               <C>       <C>
 Property management fees (included in operating expenses)        $ 502     $ 484
 Investment advisory fees (included in general
   and administrative expense)                                       90        90
 Reimbursement for services of affiliates (included in
   operating, general and administrative expenses
   and investment properties)                                       179       173
 Note payable to affiliate                                           --       650
</TABLE>

During the six months  ended June 30, 2000 and 1999,  affiliates  of the General
Partner were  entitled to receive 5% of gross  receipts  from the  Partnership's
residential   properties  for  providing  property  management   services.   The
Partnership paid to such affiliates  approximately $502,000 and $484,000 for the
six months ended June 30, 2000 and 1999, respectively.

The Partnership is also subject to an Investment  Advisory Agreement between the
Partnership and an affiliate of the General Partner. This agreement provides for
an annual fee, payable in monthly  installments,  to an affiliate of the General
Partner  for  advising  and  consulting  services  for  CCEP's  properties.  The
Partnership  paid to such  affiliates  approximately  $90,000  for  both the six
months ended June 30, 2000 and 1999.

An  affiliate  of the General  Partner  received  reimbursement  of  accountable
administrative expenses amounting to approximately $179,000 and $173,000 for the
six months ended June 30, 2000 and 1999, respectively.

In addition to the compensation  and  reimbursements  described above,  interest
payments are made to and loan  advances are received from  Consolidated  Capital
Institutional  Properties  ("CCIP")  pursuant to the Master Loan  Agreement (the
"Master  Loan"),  which is described more fully in the 1999 annual report.  Such
interest payments totaled approximately $1,053,000 for the six months ended June
30, 1999 and  approximately  $1,000,000  for the six months ended June 30, 2000.
There were no advances  on the Master Loan during the six months  ended June 30,
2000 or 1999.  During the six months  ended  June 30,  2000 and 1999,  CCEP paid
approximately $167,000 and $124,000 respectively,  to CCIP as principal payments
on the Master Loan. These amounts were from cash received on certain investments
by CCEP,  which are  required to be  transferred  to CCIP as per the Master Loan
Agreement.

Note F - Master Loan and Accrued Interest Payable

The Master Loan principal and accrued interest payable balances at June 30, 2000
and  December  31,  1999,  are  approximately   $354,883,000  and  $334,840,000,
respectively.

Terms of Master Loan Agreement

Under the terms of the Master Loan,  interest  accrues at a fluctuating rate per
annum  adjusted  annually  on  July  15 by the  percentage  change  in the  U.S.
Department of Commerce  Implicit Price  Deflator for the Gross National  Product
subject to an interest  rate ceiling of 12.5%.  Payments are  currently  payable
quarterly  in an amount equal to "Excess  Cash Flow",  generally  defined in the
Master Loan as net cash flow from operations after  third-party debt service and
capital  expenditures.  Any unpaid  interest is added to  principal,  compounded
annually,  and is payable at the loan's maturity. Any net proceeds from the sale
or refinancing  of any of CCEP's  properties are paid to CCIP under the terms of
the Master Loan Agreement.  The Master Loan Agreement  matures in November 2000.
The  Partnership  has not received notice as to the maturity of the Master Loan.
The  holder  of the  note  has two  options  which  include  foreclosing  on the
properties  that  collateralize  the Master Loan or  extending  the terms of the
note.

During the six months ended June 30, 2000, CCEP paid  approximately  $167,000 to
CCIP as  principal  payments  on the  Master  Loan.  This  amount  was from cash
received on certain investments by CCEP, which are required to be transferred to
CCIP per the Master  Loan  Agreement.  There were no advances on the Master Loan
for the six months ended June 30, 2000 or 1999.

Note G - Subsequent Event

On  July  21,  2000  the  Partnership  sold  Shirewood  Townhomes,   located  in
Shreveport,  Louisiana, to an unaffiliated third party for net sales proceeds of
approximately  $4,526,000,  after payment of closing costs. The Partnership used
all of the  proceeds  from the sale of the  property to pay down the Master Loan
principal as required by the Master Loan Agreement.  The sale resulted in a gain
on sale of investment property of approximately $3,030,000.