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 March 31, 2002


[ ] 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>

                                                            March 31,    December 31,
                                                               2002          2001
                                                           (Unaudited)      (Note)
Assets
<S>                                                           <C>            <C>
   Cash and cash equivalents                                  $ 879          $ 922
   Receivables and deposits                                       298           488
   Restricted escrows                                             390           392
   Other assets                                                 1,262           604
   Investment in Master Loan                                   26,430        26,430
   Investment properties:
      Land                                                      3,564         3,564
      Building and related personal property                   39,763        39,658
                                                               43,327        43,222
      Less:  Accumulated depreciation                         (16,688)      (15,969)
                                                               26,639        27,253
                                                             $ 55,898      $ 56,089
Liabilities and Partners' Capital
Liabilities
   Accounts payable                                           $ 163          $ 126
   Tenant security deposit liabilities                            538           566
   Accrued property taxes                                          23            --
   Other liabilities                                              783           603
   Mortgage notes payable                                      26,368        26,457
                                                               27,875        27,752
Partners' Capital
   General partner                                                119            123
   Limited partners (199,045.2 units issued and
      outstanding)                                             27,904        28,214
                                                               28,023        28,337
                                                             $ 55,898      $ 56,089

Note: The balance  sheet at December  31, 2001 has been derived from the audited
      consolidated  financial  statements at that date, but does not include all
      the information and footnotes required by accounting  principles generally
      accepted in the United States for complete financial statements.


            See Accompanying Notes to Consolidated Financial Statements
</TABLE>

<PAGE>




b)

                   CONSOLIDATED CAPITAL INSTITUTIONAL PROPERTIES
                      CONSOLIDATED STATEMENTS OF OPERATIONS
                                   (Unaudited)
                        (in thousands, except per unit data)


<TABLE>
<CAPTION>



                                                               Three Months Ended
                                                                   March 31,
                                                                2002        2001
Revenues:
<S>                                                           <C>         <C>
   Rental income                                              $ 2,708     $ 2,805
   Interest income on investment in
     Master Loan to affiliate                                      --       1,900
   Reduction of provision for impairment loss (Note C)             --       3,176
   Other income                                                   221         270
      Total revenues                                            2,929       8,151
Expenses:
   Operating                                                    1,245       1,304
   General and administrative                                     152         171
   Depreciation                                                   719         775
   Interest                                                       463         485
   Property taxes                                                 208         210
      Total expenses                                            2,787       2,945

Net income                                                    $   142     $ 5,206

Net income allocated to general partner (1%)                  $     1     $    52

Net income allocated to limited partners (99%)                    141       5,154
                                                              $   142     $ 5,206

Net income per limited partnership unit                       $  0.71     $ 25.89

Distributions per limited partnership unit                    $  2.27     $ 39.02


            See Accompanying Notes to Consolidated Financial Statements
</TABLE>

<PAGE>


c)

                   CONSOLIDATED CAPITAL INSTITUTIONAL PROPERTIES
              CONSOLIDATED STATEMENTS OF CHANGES IN PARTNERS' 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' capital
   at December 31, 2000              199,045.2      $   118      $ 36,898    $ 37,016

Distributions to partners                   --           --        (7,767)     (7,767)

Net income for the three months
   ended March 31, 2001                     --           52         5,154       5,206

Partners' capital
   at March 31, 2001                 199,045.2      $   170      $ 34,285    $ 34,455

Partners' capital at
   December 31, 2001                 199,045.2      $   123      $ 28,214    $ 28,337

Distributions to partners                   --           (5)         (451)       (456)

Net income for the three months
   ended March 31, 2002                     --            1           141         142

Partners' capital at
   March 31, 2002                    199,045.2     $    119      $ 27,904    $ 28,023


            See Accompanying Notes to Consolidated Financial Statements
</TABLE>

<PAGE>


d)
                   CONSOLIDATED CAPITAL INSTITUTIONAL PROPERTIES
                      CONSOLIDATED STATEMENTS OF CASH FLOWS
                                   (Unaudited)
                                   (in thousands)


<TABLE>
<CAPTION>

                                                                 Three Months Ended
                                                                       March 31,
                                                                  2002        2001
Cash flows from operating activities:
<S>                                                              <C>         <C>
  Net income                                                     $ 142       $ 5,206
  Adjustments to reconcile net income to net cash
   provided by operating activities:
   Depreciation and amortization                                     738         806
   Reduction of provision for impairment loss                         --      (3,176)
   Change in accounts:
      Receivables and deposits                                       190         109
      Other assets                                                  (677)       (566)
      Accounts payable                                                37         (61)
      Tenant security deposit liabilities                            (28)         (1)
      Accrued property taxes                                          23          24
      Other liabilities                                              180         143
       Net cash provided by operating activities                     605       2,484

Cash flows from investing activities:
  Net withdrawals from restricted escrows                              2          95
  Property improvements and replacements                            (105)        (52)
  Principal receipts on Master Loan                                   --       6,785
       Net cash (used in) provided by investing activities          (103)      6,828

Cash flows from financing activities:
  Distributions to partners                                         (456)     (7,767)
  Payments on mortgage notes payable                                 (89)        (66)
       Net cash used in financing activities                        (545)     (7,833)

Net (decrease) increase in cash and cash equivalents                 (43)      1,479
Cash and cash equivalents at beginning of period                     922       2,036
Cash and cash equivalents at end of period                       $ 879       $ 3,515

Supplemental disclosure of cash flow information:
  Cash paid for interest                                         $ 449        $ 455


            See Accompanying Notes to Consolidated Financial Statements
</TABLE>

<PAGE>




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"),  which is ultimately  owned by Apartment  Investment  and  Management
Company  ("AIMCO"),   a  publicly  traded  real  estate  investment  trust,  all
adjustments (consisting of normal recurring accruals) considered necessary for a
fair  presentation  have been  included.  Operating  results for the three month
period ended March 31, 2002 are not  necessarily  indicative of the results that
may be expected  for the fiscal  year  ending  December  31,  2002.  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, 2001.

Segment Reporting: Statement of Financial Accounting Standards ("SFAS") SFAS No.
131,  "Disclosure  about  Segments of an  Enterprise  and  Related  Information"
established  standards  for the way  that  public  business  enterprises  report
information about operating segments in annual financial statements and requires
that those enterprises  report selected  information about operating segments in
interim financial reports. It also established standards for related disclosures
about products and services,  geographic areas, and major customers.  (See "Note
D" for detailed disclosure of the Partnership's segments).

Reclassifications:   Certain  reclassifications  have  been  made  to  the  2001
information to conform to the 2002 presentation.  These reclassifications had no
impact on net income or partners' capital as previously reported.

Note B - 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.

Affiliates of the General  Partner are entitled to receive 5% of gross  receipts
from the Registrant's properties for providing property management services. The
Registrant paid to such affiliates  approximately  $143,000 and $153,000 for the
three months ended March 31, 2002 and 2001,  respectively,  which is included in
operating expenses.

An  affiliate  of the General  Partner  received  reimbursement  of  accountable
administrative expenses amounting to approximately $112,000 and $139,000 for the
three months ended March 31, 2002 and 2001, respectively.

Beginning in 2001, the  Partnership  began insuring its properties up to certain
limits through coverage provided by AIMCO which is generally  self-insured for a
portion of losses and  liabilities  related  to workers  compensation,  property
casualty and vehicle liability. The Partnership insures its properties above the
AIMCO  limits  through  insurance  policies  obtained  by  AIMCO  from  insurers
unaffiliated  with the General Partner.  During the three months ended March 31,
2002  and  2001,  the  Partnership  was  charged  by  AIMCO  and its  affiliates
approximately $98,000 and $60,000, respectively, for insurance coverage and fees
associated with policy claims administration.

Note C - 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 general partner of CCEP is an affiliate of the General Partner.
The  Partnership  loaned  funds to CCEP  subject  to a  nonrecourse  note with a
participation  interest  (the "Master  Loan").  At March 31, 2002,  the recorded
investment  in the Master  Loan was  considered  to be  impaired  under 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, as repayment
of the loan is expected to be provided solely by the  collateral.  For the three
months ended March 31, 2001, the Partnership recorded approximately  $1,900,000,
of interest  income based upon "Excess Cash Flow"  generated  (as defined in the
terms of the New Master Loan  Agreement).  There was no interest income recorded
for the three months ended March 31, 2002.

The fair value of the collateral properties which on a combined basis secure the
Master Loan 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.
The  approximate  $3,176,000  reduction in the  provision  for  impairment  loss
recognized  during the three  months  ended March 31, 2001 is  attributed  to an
increase in the net  realizable  value of the  collateral  properties and to the
payment of  principal  of the Master  Loan from the sales  proceeds  of Magnolia
Trace in January 2001.  There was no change in the provision for impairment loss
during the three months ended March 31, 2002. The General Partner  evaluates the
net realizable value on a semi-annual  basis or as circumstance  dictate that it
should be analyzed.

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  $11,769,000  and $10,640,000 for the three months ended March 31,
2002 and 2001, respectively.  Interest income is recognized on the cash basis as
required by SFAS 114. At March 31, 2002 and December 31, 2001,  such  cumulative
unrecognized interest totaling  approximately  $356,793,000 and $345,024,000 was
not included in the balance of the  investment in Master Loan. In addition,  all
of  the  collateral  properties  are  encumbered  by  first  mortgages  totaling
approximately $54,511,000 which are senior to the Master Loan. Accordingly, this
fact has been  taken into  consideration  in  determining  the fair value of the
Master Loan.

During the three months ended March 31, 2002,  the  Partnership  did not receive
any payments on the Master  Loan.  During the three months ended March 31, 2001,
the Partnership received approximately  $6,785,000, in principal payments on the
Master  Loan.  During  the three  months  ended  March 31,  2001,  approximately
$5,987,000  was received  representing  net  proceeds  from the sale of Magnolia
Trace and approximately  $789,000 was received representing  additional proceeds
from the refinancing of the mortgages  encumbering nine of investment properties
in 2000.  Approximately  $9,000 was received during the three months ended March
31, 2001 representing  cash received on certain  investments held by CCEP, which
are required to be transferred to the Partnership per the Master Loan Agreement.

Terms of the Master Loan Agreement

The  Master  Loan  matured  in  November  2000.  The  General  Partner  had been
negotiating with CCEP with respect to its options which included  foreclosing on
the properties which collateralize the Master Loan or extending the terms of the
loan.  The General  Partner  has decided to  foreclose  on the  properties  that
collateralize  the Master  Loan.  The General  Partner will begin the process of
foreclosure or executing deeds in lieu of foreclosure  during the second quarter
of 2002 on all the  properties in CCEP. As the deeds are executed,  title in the
properties owned by CCEP will be transferred to the Partnership,  subject to the
existing  liens on such  properties,  including the first mortgage  loans.  As a
result,  the  Partnership  will become  responsible  for the  operations of such
properties.

Note D - 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 consist 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  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, 2001.

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 months ended March 31, 2002 and 2001 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 segments.

<TABLE>
<CAPTION>

                2002                 Residential  Commercial     Other     Totals
<S>                                    <C>           <C>         <C>       <C>
Rental income                          $ 2,445       $ 263       $ --      $ 2,708
Other income                               191           29          1         221
Interest expense                           406           57         --         463
Depreciation                               698           21         --         719
General and administrative
  expenses                                  --           --        152         152
Segment profit (loss)                      373          (80)      (151)        142
Total assets                            27,722        1,302     26,874      55,898
Capital expenditures for
  investment properties                     97            8         --         105
</TABLE>

<TABLE>
<CAPTION>

                2001                 Residential  Commercial     Other     Totals
<S>                                    <C>           <C>         <C>       <C>
Rental income                          $ 2,407       $ 398       $ --      $ 2,805
Other income                               190           79          1         270
Interest income on investment
   in Master Loan                           --           --      1,900       1,900
Reduction of provision for
  impairment loss                           --           --      3,176       3,176
Interest expense                           410           75         --         485
Depreciation                               752           23         --         775
General and administrative
  expenses                                  --           --        171         171
Segment profit                             238           62      4,906       5,206
Total assets                            33,110        2,014    27,737       62,861
Capital expenditures for
  investment properties                     31           21         --          52
</TABLE>

Note E - 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. (the "Nuanes action") 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, among other things, the acquisition of
interests in certain General Partner entities by Insignia  Financial Group, Inc.
("Insignia") and entities which were, at one time, affiliates of Insignia;  past
tender offers by the Insignia  affiliates to acquire limited  partnership units;
management of the  partnerships  by the Insignia  affiliates;  and the series of
transactions  which  closed on October 1, 1998 and  February  26,  1999  whereby
Insignia and Insignia  Properties Trust,  respectively,  were merged into AIMCO.
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  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 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 and an appeal was taken  from the order on  October  5,  2000.  On
December 4, 2000, the Court  appointed the law firm of Lieff Cabraser  Heimann &
Bernstein  LLP as new  lead  counsel  for  plaintiffs  and the  putative  class.
Plaintiffs  filed a third  amended  complaint on January 19,  2001.  On March 2,
2001,  the  General  Partner  and its  affiliates  filed a demurrer to the third
amended  complaint.  On May 14, 2001,  the Court heard the demurrer to the third
amended  complaint.  On July 10,  2001,  the Court  issued  an order  sustaining
defendants'  demurrer on certain grounds.  On July 20, 2001,  Plaintiffs filed a
motion for  reconsideration  of the Court's July 10, 2001 order granting in part
and denying in part defendants' demurrer. On September 7, 2001, Plaintiffs filed
a fourth amended class and derivative action  complaint.  On September 12, 2001,
the Court denied Plaintiffs' motion for reconsideration. On October 5, 2001, the
General Partner and affiliated defendants filed a demurrer to the fourth amended
complaint,  which was heard on December 11, 2001. On February 2, 2002, the Court
served its order granting in part the demurrer.  The Court has dismissed without
leave  to amend  certain  of the  plaintiffs'  claims.  On  February  11,  2002,
plaintiffs  filed a motion seeking to certify a putative class  comprised of all
non-affiliated  persons  who own or have owned  units in the  partnerships.  The
General Partner and affiliated  defendants oppose the motion. On April 29, 2002,
the Court heard argument on the motion and ordered further  briefing after which
time the matter will be taken under submission. The Court has set the matter for
trial in January 2003.

During the third  quarter of 2001, a complaint  (the "Heller  action") was filed
against  the same  defendants  that are named in the  Nuanes  action,  captioned
Heller v. Insignia Financial Group. On or about August 6, 2001, plaintiffs filed
a first amended  complaint.  The first amended complaint in the Heller action is
brought as a purported  derivative  action,  and asserts  claims for among other
things  breach  of  fiduciary  duty;  unfair  competition;   conversion,  unjust
enrichment;  and judicial  dissolution.  Plaintiffs in the Nuanes action filed a
motion to  consolidate  the Heller action with the Nuanes action and stated that
the Heller action was filed in order to preserve the derivative claims that were
dismissed  without  leave to amend in the Nuanes action by the Court order dated
July 10, 2001. On October 5, 2001, the General Partner and affiliated defendants
moved to strike the first  amended  complaint in its entirety for  violating the
Court's  July 10, 2001 order  granting  in part and denying in part  defendants'
demurrer in the Nuanes action, or  alternatively,  to strike certain portions of
the  complaint  based on the statute of  limitations.  Other  defendants  in the
action demurred to the fourth amended complaint,  and,  alternatively,  moved to
strike the  complaint.  On December  11, 2001,  the court heard  argument on the
motions and took the matters under  submission.  On February 4, 2002,  the Court
served  notice of its order  granting  defendants'  motion to strike  the Heller
complaint  as a violation  of its July 10, 2001 order in the Nuanes  action.  On
March 27, 2002, the plaintiffs  filed a notice  appealing the order striking the
complaint.

The  General  Partner  does not  anticipate  that any  costs,  whether  legal or
settlement  costs,   associated  with  these  cases  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.


<PAGE>




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
Apartments  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 three months ended March 31, 2002
and 2001:

                                                   Average Occupancy
      Property                                      2002       2001

      The Loft Apartments                           94%        90%
        Raleigh, North Carolina

      The Sterling Apartment Homes                  93%        95%
      The Sterling Commerce Center                  54%        90%
        Philadelphia, Pennsylvania

The increase in occupancy at The Loft  Apartments is due to increased  marketing
efforts at the  property.  The decrease in  occupancy  at The Sterling  Commerce
Center  is due to the  loss  of a  major  tenant  in  late  December  2001.  The
Partnership is actively seeking a tenant to lease the space formerly occupied by
this major tenant.

Results of Operations

The  Partnership's  net income for the three  months  ended  March 31,  2002 was
approximately  $142,000  compared to net income of approximately  $5,206,000 for
the  corresponding  period in 2001.  The  decrease  in net  income for the three
months ended March 31, 2002 was primarily due to the $3,176,000 reduction of the
provision  for  impairment  loss  on the  investment  in  the  Master  Loan  and
approximately  $1,900,000 of interest  payments  received on the Master Loan and
therefore recognized as income. No such payments were received in 2002. Interest
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. The reduction of the provision for impairment loss
on the Master Loan was recognized due to an increase in the net realizable value
of the  collateral  properties  and payment of principal on the Master Loan from
the sales  proceeds of Magnolia  Trace  during the three  months ended March 31,
2001. The General  Partner  evaluates the net realizable  value on a semi-annual
basis or when circumstances dictate that it should be analyzed.

Excluding the reduction of provision for impairment loss and the interest income
on the Master  Loan,  the  Partnership's  net income for the three  months ended
March 31, 2002 and 2001 was approximately  $142,000 and $130,000,  respectively.
The  increase for the three months ended March 31, 2002 was due to a decrease in
total  expenses which was largely  offset by a decrease in total  revenues.  The
decrease in total  revenues is due to decreases in rental and other income.  The
decrease in rental  revenue is due to a decrease in  occupancy  at The  Sterling
Commerce  Center and The  Sterling  Apartment  Homes and a  decrease  in average
rental rates at The Loft Apartments. This was partially offset by an increase in
occupancy at The Loft  Apartments and an increase in average rental rates at The
Sterling Commerce Center and The Sterling Apartment Homes. The decrease in other
income is due to a decrease in interest income. Interest income decreased due to
lower average cash balances in interest bearing accounts.

Total expenses decreased due to decreases in operating,  depreciation,  interest
and general and administrative  expenses.  Operating expenses decreased due to a
decrease  in utility and  maintenance  expenses  at The  Sterling.  Depreciation
expense  decreased due to capital  improvements and replacements  becoming fully
amortized during the past year at The Sterling.  Interest expense decreased as a
result  of  scheduled  principal  payments  on  the  mortgages  encumbering  the
investment properties.

General and  administrative  expenses decreased for the three months ended March
31, 2002 due to a decrease in the costs of services  included in the  management
reimbursements  to the General Partner allowed under the Partnership  Agreement.
In addition to these  reimbursements,  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  March  31,  2002,  the  Partnership   had  cash  and  cash   equivalents  of
approximately  $879,000 compared to approximately  $3,515,000 at March 31, 2001.
Cash and cash  equivalents  decreased  approximately  $43,000 since December 31,
2001 due to  approximately  $545,000  and $103,000 of net cash used in financing
and  investing  activities,  respectively,  partially  offset  by  approximately
$605,000  of cash  provided  by  operating  activities.  Cash used in  investing
activities consisted of property improvements and replacement slightly offset by
net withdrawals from escrow accounts  maintained by the mortgage  lenders.  Cash
used  in  financing  activities  consisted  of  distributions  to  partners  and
principal   payments  made  on  the  mortgages   encumbering  the   Registrant's
properties.  The  Registrant  invests its working  capital  reserves in interest
bearing accounts.

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  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.


<PAGE>



The Loft

The Partnership budgeted  approximately $111,000 for capital improvements during
2002 consisting of floor covering  replacements,  water submetering and swimming
pool improvements. During the three months ended March 31, 2002, the Partnership
completed approximately $52,000 of capital improvements, consisting primarily of
floor covering  replacements,  water submetering and swimming pool improvements.
These  improvements  were  funded  from  operating  cash  flow  and  replacement
reserves.  Additional  improvements  may be  considered  and will  depend on the
physical  condition  of  the  property  as  well  as  replacement  reserves  and
anticipated cash flow generated by the property.

The Sterling

The  Partnership  budgeted  approximately  $1,684,000  for capital  improvements
during 2002 consisting  primarily of window replacement and, to a lesser extent,
appliance and floor covering  replacements.  During the three months ended March
31,  2002,  the   Partnership   completed   approximately   $53,000  of  capital
improvements  consisting  primarily of parking area resurfacing,  floor covering
replacements and office computers. These improvements were funded primarily from
operating cash flow.  Additional  improvements may be considered and will depend
on the physical  condition of the property as well as  replacement  reserves and
anticipated cash flow generated by the property.

The additional capital improvements 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 $26,368,000 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 date. If the  properties  cannot be refinanced or sold for a sufficient
amount, the Registrant may risk losing such properties through foreclosure.

The Partnership  distributed the following amounts during the three months ended
March 31, 2002 and 2001 (in thousands, except per unit data):

<TABLE>
<CAPTION>

                     Three Months     Per Limited      Three Months     Per Limited
                        Ended         Partnership         Ended         Partnership
                    March 31, 2002        Unit        March 31, 2001        Unit

<S>                    <C>              <C>              <C>               <C>
Operations             $  456           $ 2.27           $   --            $   --
Sale (1)                   --               --            5,987             30.08
Refinancing (2)            --               --              789              3.96
Surplus (3)                --               --              991              4.98
                       $  456           $ 2.27           $7,767            $39.02
</TABLE>

(1)   From the sale of Magnolia Trace Apartments owned by CCEP and received as a
      principal payment on the Master Loan.

(2)   From  refinancings  of all CCEP  properties  and  received  as a principal
      payment on the Master Loan.

(3)   Consists of receipt of principal and interest  payments on the Master Loan
      from operations of the collateral properties.

The Registrant's cash available for distribution is reviewed on a monthly 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. There can be no assurance 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 2002 or subsequent periods.

In addition to its  indirect  ownership of the general  partner  interest in the
Partnership,  AIMCO and its affiliates owned 126,615 limited  partnership  units
(the "Units") in the Partnership representing 63.61% of the outstanding Units at
March 31, 2002. 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  which  would  include  voting on certain  amendments  to the
Partnership  Agreement and voting to remove the General Partner.  As a result of
its  ownership  of 63.61% of the  outstanding  Units,  AIMCO is in a position to
control 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 its affiliation with
the General Partner.

CCEP Property Operations

CCIP has decided to  foreclose on the  properties  that  collaterize  the Master
Loan.  During the three months ended March 31, 2002, CCIP will begin the process
of  foreclosure  or  executing  deeds in lieu of  foreclosure.  As the deeds are
executed,  title in the  properties  currently  owned by CCEP  will be vested in
CCIP,  subject  to the  existing  liens on the  properties  including  the first
mortgage  loans.  When CCEP no longer  has title to the  properties,  it will be
dissolved.

As a result of the decision to  liquidate,  CCEP changed its basis of accounting
for its  financial  statements at March 31, 2002,  to the  liquidation  basis of
accounting.  Consequently,  assets have been valued at estimated net  realizable
value and liabilities are presented at their estimated  settlement amounts.  The
valuation of assets and  liabilities  necessarily  requires  many  estimates and
assumptions  and  there  are  substantial  uncertainties  in  carrying  out  the
liquidation.  The actual  realization  of assets and  settlement of  liabilities
could be higher or lower than amounts  indicated and is based upon  estimates of
the  General  Partner  of CCEP  as of the  date  of the  consolidated  financial
statements.

For the three months ended March 31, 2002, CCEP's net loss totaled approximately
$11,442,000  on total  revenues of  approximately  $4,371,000.  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 three months ended March 31,
2002 and 2001,  CCEP's  statement of operations  includes total interest expense
attributable to the Master Loan of  approximately  $11,769,000 and  $10,640,000,
respectively,  which 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 three months ended March 31, 2001, CCEP paid approximately $6,785,000
in principal payments on the Master Loan. These amounts were paid from the sales
proceeds of one of CCEP's  investment  properties and on certain  investments by
CCEP,  which are required to be  transferred to the  Partnership  per the Master
Loan  Agreement.  No payments  were made during the three months ended March 31,
2002.


<PAGE>



Item 3.     Quantitative and Qualitative Disclosures about Market Risk

The  Partnership  is exposed to market  risks  associated  with its Master Loan.
Receipts  (interest  income) on the Loan are based upon the  operations and cash
flow of the underlying investment properties that collateralize the Master 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.  Because the Master 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 affect the recognition of income,
as income is only recognized to the extent of cash flow. Therefore,  market risk
factors do not affect the  Partnership's  results of operations as it relates to
the Master 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 March 31,  2002,  a 100  basis  point  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 March 31,
2002. The interest rates represent the weighted-average rates. The fair value of
the debt obligations approximated the recorded value as of March 31, 2002.

                      Principal Amount by Expected Maturity

                                             Fixed Rate Debt
                           Long-term Average Interest
                               Debt             Rate 6.80%
                                              (in thousands)

                               2002            $    257
                               2003                 371
                               2004                 393
                               2005               4,320
                               2006                 362
                            Thereafter           20,665
                              Total            $ 26,368



<PAGE>


                           PART II - OTHER INFORMATION


ITEM 1.     LEGAL PROCEEDINGS

In March 1998, several putative  unitholders of limited partnership units of the
Partnership  commenced an action  entitled  Rosalie  Nuanes,  et al. v. Insignia
Financial Group, Inc., et al. (the "Nuanes action") 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, among other things, the acquisition of
interests in certain General Partner entities by Insignia  Financial Group, Inc.
("Insignia") and entities which were, at one time, affiliates of Insignia;  past
tender offers by the Insignia  affiliates to acquire limited  partnership units;
management of the  partnerships  by the Insignia  affiliates;  and the series of
transactions  which  closed on October 1, 1998 and  February  26,  1999  whereby
Insignia and Insignia  Properties Trust,  respectively,  were merged into AIMCO.
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  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 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 and an appeal was taken  from the order on  October  5,  2000.  On
December 4, 2000, the Court  appointed the law firm of Lieff Cabraser  Heimann &
Bernstein  LLP as new  lead  counsel  for  plaintiffs  and the  putative  class.
Plaintiffs  filed a third  amended  complaint on January 19,  2001.  On March 2,
2001,  the  General  Partner  and its  affiliates  filed a demurrer to the third
amended  complaint.  On May 14, 2001,  the Court heard the demurrer to the third
amended  complaint.  On July 10,  2001,  the Court  issued  an order  sustaining
defendants'  demurrer on certain grounds.  On July 20, 2001,  Plaintiffs filed a
motion for  reconsideration  of the Court's July 10, 2001 order granting in part
and denying in part defendants' demurrer. On September 7, 2001, Plaintiffs filed
a fourth amended class and derivative action  complaint.  On September 12, 2001,
the Court denied Plaintiffs' motion for reconsideration. On October 5, 2001, the
General Partner and affiliated defendants filed a demurrer to the fourth amended
complaint,  which was heard on December 11, 2001. On February 2, 2002, the Court
served its order granting in part the demurrer.  The Court has dismissed without
leave  to amend  certain  of the  plaintiffs'  claims.  On  February  11,  2002,
plaintiffs  filed a motion seeking to certify a putative class  comprised of all
non-affiliated  persons  who own or have owned  units in the  partnerships.  The
General Partner and affiliated  defendants oppose the motion. On April 29, 2002,
the Court heard argument on the motion and ordered further  briefing after which
time the matter will be taken under submission. The Court has set the matter for
trial in January 2003.

During the third  quarter of 2001, a complaint  (the "Heller  action") was filed
against  the same  defendants  that are named in the  Nuanes  action,  captioned
Heller v. Insignia Financial Group. On or about August 6, 2001, plaintiffs filed
a first amended  complaint.  The first amended complaint in the Heller action is
brought as a purported  derivative  action,  and asserts  claims for among other
things  breach  of  fiduciary  duty;  unfair  competition;   conversion,  unjust
enrichment;  and judicial  dissolution.  Plaintiffs in the Nuanes action filed a
motion to  consolidate  the Heller action with the Nuanes action and stated that
the Heller action was filed in order to preserve the derivative claims that were
dismissed  without  leave to amend in the Nuanes action by the Court order dated
July 10, 2001. On October 5, 2001, the General Partner and affiliated defendants
moved to strike the first  amended  complaint in its entirety for  violating the
Court's  July 10, 2001 order  granting  in part and denying in part  defendants'
demurrer in the Nuanes action, or  alternatively,  to strike certain portions of
the  complaint  based on the statute of  limitations.  Other  defendants  in the
action demurred to the fourth amended complaint,  and,  alternatively,  moved to
strike the  complaint.  On December  11, 2001,  the court heard  argument on the
motions and took the matters under  submission.  On February 4, 2002,  the Court
served  notice of its order  granting  defendants'  motion to strike  the Heller
complaint  as a violation  of its July 10, 2001 order in the Nuanes  action.  On
March 27, 2002, the plaintiffs  filed a notice  appealing the order striking the
complaint.

The  General  Partner  does not  anticipate  that any  costs,  whether  legal or
settlement  costs,   associated  with  these  cases  will  be  material  to  the
Partnership's overall operations.


<PAGE>



ITEM 6.     EXHIBITS AND REPORTS ON FORM 8-K

            a)    Exhibits:

                  S-K Reference
                        Number            Description

               99.1 Consolidated   Capital  Equity  Partners,   L.P.,  unaudited
                    financial  statements  for the three  months ended March 31,
                    2002 and 2001.

            b)    Reports on Form 8-K during the quarter ended March 31, 2002:

                  None.


<PAGE>



                                   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.
                                         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:   May 15, 2002


<PAGE>








                                  EXHIBIT 99.1

                     CONSOLIDATED CAPITAL EQUITY PARTNERS, L.P.

                    UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

                           FOR THE THREE MONTHS ENDED

                             March 31, 2002 and 2001


ITEM 1.     FINANCIAL STATEMENTS


a)

                     CONSOLIDATED CAPITAL EQUITY PARTNERS, L.P.
              CONSOLIDATED STATEMENT OF NET LIABILITIES IN LIQUIDATION
                                   (Unaudited)
                                   (in thousands)

                                 March 31, 2002



Assets
  Cash and cash equivalents                                      $ 1,205
  Receivables and deposits                                           224
  Restricted escrow                                                  625
  Other assets                                                       342
  Investment in affiliated partnerships (Note F)                   1,371
  Investment properties                                           94,660
                                                                  98,427
Liabilities
  Accounts payable                                                   314
  Tenant security deposit liabilities                                440
  Accrued property taxes                                             370
  Other liabilities                                                  727
  Mortgage notes payable                                          54,511
  Master Loan and interest payable                                42,065
                                                                  98,427

Net liabilities in liquidation                                     $ --


            See Accompanying Notes to Consolidated Financial Statements

<PAGE>



                            EXHIBIT 99.1 (Continued)


b)
                     CONSOLIDATED CAPITAL EQUITY PARTNERS, L.P.
                           CONSOLIDATED BALANCE SHEET
                                   (in thousands)

                                                          December 31,
                                                              2001
                                                             (Note)
Assets
   Cash and cash equivalents                               $  1,321
   Receivables and deposits                                     280
   Restricted escrows                                           615
   Other assets                                               1,514
   Investment properties:
      Land                                                    6,904
      Building and related personal property                 80,399
                                                             87,303
      Less accumulated depreciation                         (68,315)
                                                             18,988
                                                          $  22,718
Liabilities and Partners' Deficit
Liabilities
   Accounts payable                                       $     527
   Tenant security deposit liabilities                          440
   Accrued property taxes                                       256
   Other liabilities                                            564
   Mortgage notes                                            54,834
   Master loan and interest payable (Note D)                371,455
                                                            428,076
Partners' Deficit
   General partner                                           (4,054)
   Limited partners                                        (401,304)
                                                           (405,358)
                                                          $  22,718



Note: The balance  sheet at December  31, 2001 has been derived from the audited
      consolidated  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

<PAGE>




                            EXHIBIT 99.1 (Continued)
c)
                     CONSOLIDATED CAPITAL EQUITY PARTNERS, L.P.
                      CONSOLIDATED STATEMENTS OF OPERATIONS
                                   (Unaudited)
                                   (in thousands)


                                                         Three Months Ended
                                                              March 31,
                                                          2002         2001
                                                                    (restated)
Revenues:
   Rental income                                        $  3,877    $  4,123
   Other income                                              494         422
      Total revenues                                       4,371       4,545
Expenses:
   Operating                                               1,839       1,840
   General and administrative                                228         184
   Depreciation                                              564       1,020
   Property taxes                                            307         294
   Interest                                               12,875      11,777
      Total expenses                                      15,813      15,115

Loss from continuing operations                          (11,442)    (10,570)
Loss from discontinued operations                             --         (35)
Gain on sale of discontinued operations (Note D)              --       4,377

Net loss                                                $(11,442)   $ (6,228)

Net loss allocated to general partner (1%)              $   (114)   $    (62)
Net loss allocated to limited partners (99%)             (11,328)     (6,166)
                                                        $(11,442)   $ (6,228)


            See Accompanying Notes to Consolidated Financial Statements

<PAGE>


                            EXHIBIT 99.1 (Continued)
d)

                     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, 2000                 $ (3,685)      $(364,783)    $(368,468)

Net loss for the three months
   ended March 31, 2001                   (62)         (6,166)        (6,228)

Partners' deficit
   at March 31, 2001                 $ (3,747)      $(370,949)     $(374,696)

Partners' deficit
   at December 31, 2001              $ (4,054)      $(401,304)     $(405,358)

Net loss for the three months
   ended March 31, 2002                  (114)        (11,328)       (11,442)

Partners' deficit at
   March 31, 2002                    $ (4,168)      $(412,632)     $(416,800)

Adjustment to liquidation basis
   (Note E)                                                          416,800

Net liabilities in liquidation
  of March 31, 2002                                               $      --


            See Accompanying Notes to Consolidated Financial Statements

<PAGE>


                            EXHIBIT 99.1 (Continued)
e)
                     CONSOLIDATED CAPITAL EQUITY PARTNERS, L.P.
                      CONSOLIDATED STATEMENTS OF CASH FLOWS
                                   (Unaudited)
                                   (in thousands)

<TABLE>
<CAPTION>

                                                                 Three Months Ended
                                                                       March 31,
                                                                  2002        2001
Cash flows from operating activities:
<S>                                                             <C>          <C>
  Net loss                                                      $(11,442)    $ (6,228)
  Adjustments to reconcile net loss to net cash
   provided by (used in) operating activities:
   Depreciation and amortization                                     604        1,095
   Gain on sale of discontinued operations                            --       (4,377)
   Change in accounts:
      Receivables and deposits                                        56          318
      Other assets                                                  (430)        (143)
      Accounts payable                                                36         (246)
      Tenant security deposit liabilities                             --           20
      Accrued property taxes                                         114          150
      Other liabilities                                              163          (63)
      Accrued interest on Master Loan                             11,769        8,740
       Net cash provided by (used in) operating activities           870         (734)

Cash flows from investing activities:
  Property improvements and replacements                            (617)        (676)
  Proceeds from sale of investment property                           --        6,019
  Net deposits to restricted escrows                                 (10)        (111)

       Net cash (used in) provided by investing activities          (627)       5,232

Cash flows from financing activities:
  Principal payments on Master Loan                                   --       (6,785)
  Principal payments on notes payable                               (323)        (298)
  Loan costs paid                                                    (36)         (39)
       Net cash used in financing activities                        (359)      (7,122)

Net decrease in cash and cash equivalents                           (116)      (2,624)
Cash and cash equivalents at beginning of period                   1,321        5,894
Cash and cash equivalents at end of period                      $  1,205     $  3,270
Supplemental disclosure of cash flow information:
  Cash paid for interest                                        $  1,068     $  2,993


            See Accompanying Notes to Consolidated Financial Statements
</TABLE>

<PAGE>




e)

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


Note A - Basis of Presentation

On March 31, 2002, Consolidated Capital Equity Partners, L.P. ("the Partnership"
or "CCEP")  adopted the  liquidation  basis of accounting due to the Partnership
receiving  notification  from Consolidated  Capital  Investment  Partners,  L.P.
("CCIP"),  the  holder of the  nonrecourse  note  ("Master  Loan") and a related
party,  of its intention to exercise its remedy under the Master Loan  agreement
and to foreclose or to execute a deed in lieu of  foreclosure  on the investment
properties  held by the  Partnership.  The Master Loan matured in November 2000.
The  Partnership  does not have the means to satisfy  its  obligation  under the
Master Loan. No other sources of additional  financing  have been  identified by
the Partnership, nor does ConCap Holdings, Inc. (the "General Partner") have any
other plans to remedy the liquidity  problems the  Partnership is  experiencing.
Upon  completion  of the  foreclosures  or  execution  of the  deeds  in lieu of
foreclosure, the Partnership will cease to exist as a going concern, and it will
be terminated.

As a result of the  decision  to  liquidate  the  Partnership,  the  Partnership
changed its basis of accounting for consolidated  financial  statements at March
31, 2002, to the liquidation basis of accounting. Consequently, assets have been
valued at estimated net realizable  value and liabilities are presented at their
estimated   settlement  amounts,   including  estimated  costs  associated  with
completing  the   liquidation   and  estimated   operations  of  the  investment
properties.  The valuation of assets and liabilities requires many estimates and
assumptions.  There are substantial uncertainties in completing the liquidation.
The actual  realization of assets and settlement of liabilities  could be higher
or lower than amounts indicated.

The General Partner is ultimately  owned by Apartment  Investment and Management
Company ("AIMCO"), a publicly traded real estate investment trust.

Note B - 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.

Affiliates of the General  Partner are entitled to receive 5% of gross  receipts
from the Partnership's  properties for providing property  management  services.
The Partnership paid to such affiliates  approximately $231,000 and $230,000 for
the three months ended March 31, 2002 and 2001, respectively,  which is included
in operating expenses and loss from discontinued operations.

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  $66,000 and $63,000 for the
three months ended March 31, 2002 and 2001,  respectively,  which is included in
general and administrative expenses.

An  affiliate  of the General  Partner  received  reimbursement  of  accountable
administrative  expenses amounting to approximately $148,000 and $94,000 for the
three months ended March 31, 2002 and 2001,  respectively,  which is included in
general and administrative expenses and investment properties. Included in these
amounts are fees  related to  construction  management  services  provided by an
affiliate of the General  Partner of  approximately  $39,000 and $18,000 for the
three  months  ended March 31,  2002 and 2001,  respectively.  The  construction
management  service fees are  calculated  based on a percentage  of current year
additions to investment properties.

In connection  with the sale of Magnolia Trace in January 2001, the  Partnership
paid a fee  of  $206,000  in  compensation  for  its  role  in  the  sale.  This
Partnership fee is included in gain on sale of discontinued operations.

In addition to the compensation  and  reimbursements  described above,  interest
payments are made to and loan  advances are received  from CCIP  pursuant to the
Master Loan which is described more fully in the 2001 annual report.  There were
no interest  payments  made during the three months  ended March 31, 2002.  Such
interest  payments totaled  approximately  $1,900,000 for the three months ended
March 31, 2001.

There were no advances on the Master  Loan during the three  months  ended March
31,  2002 or 2001.  During  the three  months  ended  March  31,  2001 CCEP paid
approximately $6,785,000 to CCIP as principal payments on the Master Loan. There
were no principal payments made on the Master Loan during the three months ended
March 31, 2002.

Beginning in 2001, the  Partnership  began insuring its properties up to certain
limits through coverage provided by AIMCO which is generally  self-insured for a
portion of losses and  liabilities  related  to workers  compensation,  property
casualty and vehicle liability. The Partnership insures its properties above the
AIMCO  limits  through  insurance  policies  obtained  by  AIMCO  from  insurers
unaffiliated  with the General Partner.  During the three months ended March 31,
2002  and  2001,  the  Partnership  was  charged  by  AIMCO  and its  affiliates
approximately  $224,000 and $259,000,  respectively,  for insurance coverage and
fees associated with policy claims administration.

Note C - Master Loan and Accrued Interest Payable

The Master Loan  principal and accrued  interest  payable  balances at March 31,
2002 and December 31, 2001, are  approximately  $383,224,000  and  $371,455,000,
respectively.

Until  foreclosure  is  complete,  interest  will accrue on the Master Loan 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,   and  compounded  annually.  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.

During the three months ended March 31,  2002,  CCEP did not make any  principal
payments on the Master  Loan to CCIP.  During the three  months  ended March 31,
2001, CCEP paid  approximately  $6,785,000 to CCIP as principal  payments on the
Master  Loan.  There were no advances  on the Master  Loan for the three  months
ended March 31, 2002 or 2001.

Note D - Sale of Property

Effective  January 1, 2002,  the  Partnership  adopted  Statement  of  Financial
Accounting  Standards  No. 144,  "Accounting  for the  Impairment or Disposal of
Long-Lived Assets", which established standards for the way that public business
enterprises  report  information  about long-lived  assets that are either being
held for sale or have  already  been  disposed  of by sale or other  means.  The
standard  requires  that results of  operations  for a long-lived  asset that is
being  held  for  sale  or  has  already  been  disposed  of  be  reported  as a
discontinued  operation  on  the  statement  of  operations.  As a  result,  the
accompanying  consolidated  statements  of  operations  have been restated as of
January  1,  2001 to  reflect  the  operations  of  Magnolia  Trace as loss from
discontinued  operations.  The Partnership  recognized a loss from  discontinued
operations for the three months ended March 31, 2001 of approximately $35,000 on
revenues of approximately $39,000.

On January 19, 2001,  the  Partnership  sold  Magnolia  Trace,  located in Baton
Rouge,  Louisiana,  to an  unaffiliated  third  party for net sales  proceeds of
approximately  $6,019,000,  after payment of closing costs. The Partnership used
all of the  proceeds  from the sale of the  property  as a payment on the Master
Loan principal as required by the Master Loan Agreement.  The sale resulted in a
gain  on  sale  of  discontinued  operations  of  approximately  $4,377,000.  In
conjunction  with the  sale,  a fee of  approximately  $206,000  was paid to the
General Partner in accordance with the Partnership Agreement.

Note E - Adjustment to Liquidation Basis of Accounting

At March 31, 2002,  in  accordance  with the  liquidation  basis of  accounting,
assets were adjusted to their  estimated net  realizable  value and  liabilities
were adjusted to their estimated  settlement amount. The net adjustment required
to  convert  to the  liquidation  basis  of  accounting  was a  decrease  in net
liabilities of approximately  $416,800,000 which is included in the Statement of
Changes in Partners' Deficit/Net Liabilities In Liquidation. The adjustments are
summarized as follows:

                                                                  Increase in
                                                                   Net Assets
                                                                 (in thousands)
 Adjustment of book value of property and
   improvements to estimated net realizable value                   $ 75,868
 Adjustment for estimated net realizable value of
   investment in affiliated partnerships                               1,371
 Adjustment of master loan and accrued interest to
   estimated settlement amount                                       341,159
 Adjustment of other assets and liabilities, net                      (1,598)
 Decrease in net liabilities                                        $416,800


<PAGE>



Note F - Investment in Affiliated Partnerships

The Partnership has investments in the following affiliated partnerships:

<TABLE>
<CAPTION>

                                                                        Estimated
                                                      Ownership       Net Realizable
Partnership                    Type of Ownership      Percentage          Value

Consolidated Capital            Non-controlling
<S>                                                     <C>                <C>
  Growth Fund                   General Partner         0.40%              $ 47
Consolidated Capital            Non-controlling
  Properties III                General Partner         1.85%                 27
Consolidated Capital            Non-controlling
  Properties IV                 General Partner         1.85%              1,297
                                                                          $1,371
</TABLE>

Prior to the adoption of the  liquidation  basis of accounting,  the Partnership
did  not  recognize  an  investment  in  these  affiliated  partnerships  in its
consolidated  financial statements as these investment balances had been reduced
to  zero as a  result  of the  receipt  of  distributions  from  the  affiliated
partnerships  in  prior  periods   exceeding  the  investment   balance  of  the
Partnership.   However,  due  to  the  adoption  of  the  liquidation  basis  of
accounting, the investments in these affiliated partnerships have been valued at
their  estimated  fair value and included in the  Consolidated  Statement of Net
Liabilities in Liquidation as of March 31, 2002.