UNITED STATES
                       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, 2003


[ ] 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___

Indicate  by check mark  whether  the  Registrant  is an  accelerated  filer (as
defined in Rule 120-2 of the Exchange Act). Yes _____ No __X__

<PAGE>

                         PART I - FINANCIAL INFORMATION

ITEM 1.     Financial Statements


                   CONSOLIDATED CAPITAL INSTITUTIONAL PROPERTIES
                           CONSOLIDATED BALANCE SHEETS
                        (in thousands, except unit data)
<TABLE>
<CAPTION>

                                                             June 30,    December 31,
                                                               2003          2002
                                                           (Unaudited)      (Note)
Assets
<S>                                                           <C>           <C>
   Cash and cash equivalents                                  $   602       $ 3,175
   Receivables and deposits                                       341           493
   Restricted escrows                                           1,150         1,114
   Other assets                                                 1,273           592
   Investment in affiliated partnerships                          987           894
   Investment in Master Loan to affiliate                      14,123        14,144
   Investment properties:
      Land                                                     14,272        14,272
      Buildings and related personal property                  68,474        67,805
                                                               82,746        82,077
      Less:  Accumulated depreciation                         (21,168)      (19,158)
                                                               61,578        62,919
                                                             $ 80,054      $ 83,331
Liabilities and Partners' Capital
Liabilities
   Accounts payable                                           $   264         $ 176
   Tenant security deposit liabilities                            688           689
   Accrued property taxes                                         269           326
   Other liabilities                                              924         1,408
   Mortgage notes payable                                      52,024        52,649
                                                               54,169        55,248
Partners' Capital
   General partner                                                119            125
   Limited partners (199,043.2 units issued and
      outstanding)                                             25,766        27,958
                                                               25,885        28,083
                                                             $ 80,054      $ 83,331

Note: The consolidated  balance sheet at December 31, 2002 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>

<PAGE>
                   CONSOLIDATED CAPITAL INSTITUTIONAL PROPERTIES
                      CONSOLIDATED STATEMENTS OF OPERATIONS
                                   (Unaudited)
                      (in thousands, except per unit data)
<TABLE>
<CAPTION>

                                            Three Months Ended       Six Months Ended
                                                 June 30,                June 30,
                                             2003        2002        2003        2002

<S>                                         <C>         <C>         <C>         <C>
Rental income                               $ 4,103     $ 2,679     $ 8,161     $ 5,387
Interest income on investment in
  Master Loan to affiliate                       --         386          --         386
Other income                                    353         184         667         405
Casualty gain                                    25          --          25          --
        Total revenues                        4,481       3,249       8,853       6,178

Operating                                     2,008       1,127       4,101       2,372
General and administrative                      269         237         527         389
Depreciation                                  1,010         767       2,029       1,486
Interest                                        916         471       1,828         934
Property taxes                                  310         208         573         416
        Total expenses                        4,513       2,810       9,058       5,597

(Loss) income from operations               $   (32)    $   439     $  (205)    $   581

Equity in income from investment                 --          --         350          --
Net (loss) income                           $   (32)    $   439     $   145     $   581

Net (loss) income allocated to general
  partner (1%)                              $    --     $     4     $     1     $     6

Net (loss) income allocated to limited
  partners (99%)                                (32)        435         144         575

                                            $   (32)    $   439     $   145     $   581

Net (loss) income per limited
  partnership unit                          $ (0.16)    $  2.19     $  0.72     $  2.89

Distributions per limited
  partnership unit                          $  1.75     $  4.64     $ 11.74     $  6.91

            See Accompanying Notes to Consolidated Financial Statements

</TABLE>

<PAGE>

                   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, 2001                 199,045.2      $   123      $ 28,214    $ 28,337

Distributions to partners                   --          (10)       (1,375)     (1,385)

Net income for the six months
   ended June 30, 2002                      --            6           575         581

Partners' capital at
   June 30, 2002                     199,045.2     $    119      $ 27,414    $ 27,533

Partners' capital
   at December 31, 2002              199,043.2      $   125      $ 27,958    $ 28,083

Distributions to partners                   --           (7)       (2,336)     (2,343)

Net income for the six
   months ended June 30, 2003               --            1           144         145

Partners' capital
   at June 30, 2003                  199,043.2      $   119      $ 25,766    $ 25,885


            See Accompanying Notes to Consolidated Financial Statements

</TABLE>

<PAGE>

                   CONSOLIDATED CAPITAL INSTITUTIONAL PROPERTIES
                      CONSOLIDATED STATEMENTS OF CASH FLOWS
                                   (Unaudited)
                                 (in thousands)
<TABLE>
<CAPTION>

                                                                  Six Months Ended
                                                                        June 30,
                                                                  2003         2002
Cash flows from operating activities:
<S>                                                              <C>          <C>
  Net income                                                     $ 145        $ 581
  Adjustments to reconcile net income to net cash
   provided by operating activities:
     Depreciation                                                  2,029       1,486
     Amortization of loan costs, lease commissions and
      mortgage premiums                                              (30)         28
     Casualty gain                                                   (25)         --
     Equity in income from investment                               (350)         --
     Change in accounts:
      Receivables and deposits                                       158         125
      Other assets                                                  (684)       (431)
      Accounts payable                                                88          --
      Tenant security deposit liabilities                             (1)        (52)
      Accrued property taxes                                         (57)         46
      Other liabilities                                             (484)         65
      Net cash provided by operating activities                      789       1,848

Cash flows from investing activities:
  Net deposits to restricted escrows                                 (36)        (25)
  Property improvements and replacements                            (737)       (102)
  Insurance proceeds received                                         73          --
  Principal receipts on Master Loan to affiliate                      15          --
  Distributions from affiliated partnerships                         258          --
      Net cash used in investing activities                         (427)       (127)

Cash flows from financing activities:
  Distributions to partners                                       (2,343)     (1,385)
  Payments on mortgage notes payable                                (554)       (172)
  Lease commissions paid                                             (38)         --
  Advances from general partner                                       32          --
  Repayment of advances from general partner                         (32)         --
      Net cash used in financing activities                       (2,935)     (1,557)

Net (decrease) increase in cash and cash equivalents              (2,573)        164
Cash and cash equivalents at beginning of period                   3,175         922
Cash and cash equivalents at end of period                       $ 602       $ 1,086

Supplemental disclosure of cash flow information:
  Cash paid for interest                                        $ 2,040       $ 905

            See Accompanying Notes to Consolidated Financial Statements

</TABLE>

<PAGE>

                   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 and six
month periods ended June 30, 2003 are not necessarily  indicative of the results
that may be expected for the fiscal year ending  December 31, 2003.  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, 2002.

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
E" for detailed disclosure of the Partnership's segments).

Reclassifications:   Certain  reclassifications  have  been  made  to  the  2002
information to conform to the 2003 presentation.

Recent Accounting Pronouncements

In January 2003, the FASB issued Interpretation No. 46 ("FIN 46"), Consolidation
of Variable Interest Entities.  FIN 46 requires the consolidation of entities in
which an enterprise absorbs a majority of the entity's expected losses, receives
a majority of the entity's expected  residual  returns,  or both, as a result of
ownership,  contractual or other financial interests in the entity. Prior to the
issuance of FIN 46,  entities were generally  consolidated by an enterprise when
it had a controlling  financial  interest through ownership of a majority voting
interest in the entity. FIN 46 applied immediately to variable interest entities
created  after  January 31, 2003,  and with respect to variable  interests  held
before February 1, 2003, FIN 46 will apply beginning July 1, 2003.

The Partnership has not entered into any partnership  investments  subsequent to
January  31,  2003.  The  Partnership  is  in  the  process  of  evaluating  its
investments in unconsolidated  partnerships that may be deemed variable interest
entities under the provisions of FIN 46. The  Partnership has not yet determined
the anticipated  impact of adopting FIN 46 for its  partnership  agreements that
existed as of January 31, 2003. However, FIN 46 may require the consolidation of
the  assets,   liabilities  and  operations  of  certain  of  the  Partnership's
unconsolidated  partnership  investments.  Although  the  Partnership  does  not
believe  the full  adoption of FIN 46 will have an impact on net  earnings,  the
Partnership  cannot  make  any  definitive  conclusion  until it  completes  its
evaluation.

Note B - Net Investment in Master Loan

The Partnership was initially  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").  The loans were made to, and the
real  properties  that secure the Master Loan were  purchased  and are owned by,
CCEP.

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  began the  process  of
foreclosure or executing  deeds in lieu of foreclosure  during the third quarter
of 2002 on all the properties in CCEP.  During August 2002, the General  Partner
executed deeds in lieu of foreclosure on four of the active  properties of CCEP.
In addition,  one of the properties  held by CCEP was sold in December 2002. The
foreclosure process on the remaining four properties held by CCEP is expected to
be completed during the third quarter of 2003. As the deeds were executed, title
in the properties  previously owned by CCEP were transferred to the Partnership,
subject to the existing liens on such  properties,  including the first mortgage
loans. As a result, the Partnership assumed responsibility for the operations of
such  properties.  The results of operations of the  foreclosed  properties  are
reflected in the  accompanying  consolidated  statements of  operations  for the
three and six month periods ending June 30, 2003.

At June 30, 2003,  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 six months  ended June 30,  2003 there was no interest
income recorded by the  Partnership.  For the six months ended June 30, 2002 the
Partnership  recorded  approximately  $386,000  of  interest  income  based upon
"Excess  Cash Flow" (as defined in the terms of the New Master  Loan  Agreement)
generated by CCEP and paid to the Partnership.

The fair value of all 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.  There was no provision  for  impairment  loss during the six months
ended June 30, 2003 and 2002. The General  Partner  evaluates the net realizable
value on a  semi-annual  basis or as  circumstances  dictate  that it  should be
analyzed.

The  principal  balance  of the  Master  Loan  due to  the  Partnership  totaled
approximately  $14,123,000  and  $14,144,000  at June 30, 2003 and  December 31,
2002,  respectively.  This  amount  represents  the  fair  market  value  of the
remaining  properties  held  by  CCEP,  less  the  net  liabilities  owed by the
properties.  Interest,  calculated on the accrual basis,  due to the Partnership
pursuant to the terms of the Master Loan  Agreement,  but not  recognized in the
income  statements  due to the  impairment  of the loan,  totaled  approximately
$881,000,  and  $23,528,000  for the six months  ended  June 30,  2003 and 2002,
respectively.  Interest  income is  recognized  on the cash basis as required by
SFAS 114. At June 30, 2003 and December 31, 2002, such  cumulative  unrecognized
interest totaling approximately  $1,343,000 and $462,000 was not included in the
balance of the investment in Master Loan. Cumulative  unrecognized interest owed
on the Master Loan of approximately $376,239,000 was forgiven by the Partnership
during the third  quarter  of 2002.  The  remaining  collateral  properties  are
encumbered by first mortgages totaling approximately  $22,977,000 as of June 30,
2003,   which  are  senior  to  the  Master  Loan.  This  has  been  taken  into
consideration in determining the fair value of the Master Loan.

During the six months  ended June 30,  2003 and 2002,  the  Partnership  made no
advances to CCEP on the Master  Loan.  During the six months ended June 30, 2003
the Partnership  received principal payments on the Master Loan of approximately
$15,000 from escrows  released by the mortgage  lender of Society Park which was
sold during 2002.  No principal  payments  were  received  during the six months
ended June 30, 2002.

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.

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 $453,000 and $286,000 for
the six months ended June 30, 2003 and 2002, respectively,  which is included in
operating expenses.

An  affiliate  of the General  Partner  received  reimbursement  of  accountable
administrative expenses amounting to approximately $248,000 and $225,000 for the
six months  ended June 30,  2003 and 2002,  respectively  which is  included  in
general and administrative expenses.

In accordance with the Partnership  Agreement,  the General Partner advanced the
Partnership  approximately  $32,000 for  expenses  at four of the  Partnership's
properties during the six months ended June 30, 2003. This advance was repaid in
full prior to June 30, 2003.  Interest was charged at the prime rate plus 2% and
amounted to less than $1,000 for the six months ended June 30, 2003.  There were
no loans from the General Partner or associated  interest expense during the six
months ended June 30, 2002.

The  Partnership  insures 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 six months ended June 30, 2003 and 2002, the Partnership was
charged  by  AIMCO  and its  affiliates  approximately  $212,000  and  $256,000,
respectively,  for  insurance  coverage and fees  associated  with policy claims
administration.

Note D - Investment in Affiliated Partnerships

The Partnership has investments in the following affiliated partnerships:
<TABLE>
<CAPTION>

                                                     Ownership    Investment Balance
Partnership                    Type of Ownership     Percentage      June 30, 2003

Consolidated Capital            Non-controlling
<S>                                                    <C>                <C>
  Growth Fund                    General Partner       0.40%              $  40
Consolidated Capital            Non-controlling
  Properties III                 General Partner       1.85%                 24
Consolidated Capital            Non-controlling
  Properties IV                  General Partner       1.85%                923
                                                                          $ 987
</TABLE>

These  investments were assumed during the foreclosure of investment  properties
from  CCEP  (see  "Note  B") and  are  accounted  for on the  equity  method  of
accounting.  Distributions from the affiliated partnerships are accounted for as
a reduction of the investment balance until the investment balance is reduced to
zero.  When  the  investment  balance  has  been  reduced  to  zero,  subsequent
distributions  received are recognized as income in the accompanying  statements
of  operations.  During the six  months  ended June 30,  2003,  the  Partnership
received  distributions  of  approximately  $258,000 from two of the  affiliated
partnerships,  of which approximately $243,000 related to the sale of a property
in Consolidated Capital Growth Fund. Of this amount,  approximately $236,000 was
recognized  as equity in income  from  investment  once the  investment  balance
allocated  to that  property  had been  reduced to zero.  The  Partnership  also
recognized equity in income from investment of approximately $114,000 related to
the sale of a property in  Consolidated  Capital  Properties  IV.  There were no
distributions associated with this sale.

Note E - 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  property.  The  Partnership's  property
segments consist of five apartment complexes one each in North Carolina,  Texas,
Colorado,  Kansas,  and Kentucky and one  multiple  use facility  consisting  of
apartment units and commercial  space in  Pennsylvania.  The  Partnership  rents
apartment units to tenants for terms that are typically less than twelve months.
The commercial property leases space to various medical offices,  career service
facilities, and retail shops at terms ranging from month to month to five years.

Measurement of segment profit and 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  summary  of
significant accounting policies.

Factors  management used to identify the enterprise's  reportable  segment:  The
Partnership's  reportable  segments are business units  (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 months ended June 30, 2003 and 2002 is
shown  in  the  tables  below  (in  thousands).   The  "Other"  Column  includes
partnership administration related items and income and expense not allocated to
reportable segments.
<TABLE>
<CAPTION>

     For the three months ended
            June 30, 2003              Residential  Commercial    Other      Totals
<S>                                      <C>           <C>         <C>       <C>
Rental income                            $ 3,860       $ 243       $ --      $ 4,103
Other income                                 324           29         --         353
Interest expense                             860           56         --         916
Depreciation                                 968           42         --       1,010
General and administrative expense            --           --        269         269
Segment profit (loss)                        391         (154)      (269)        (32)

      For the six months ended
            June 30, 2003              Residential  Commercial    Other      Totals
Rental income                            $ 7,660       $ 501       $ --     $ 8,161
Other income                                 611           56         --        667
Equity in income from investment              --           --        350        350
Interest expense                           1,716          112         --      1,828
Depreciation                               1,945           84         --      2,029
General and administrative expense            --           --        527        527
Segment profit (loss)                        628         (306)      (177)       145
Total assets                              63,855          881     15,318     80,054
Capital expenditures                         681           55         --        736

     For the three months ended
            June 30, 2002              Residential  Commercial    Other      Totals
Rental income                            $ 2,396       $ 283       $ --     $ 2,679
Other income                                 157           26          1        184
Interest income on investment
  in Master Loan                              --           --        386        386
Interest expense                             414           57         --        471
Depreciation                                 701           66         --        767
General and administrative expense            --           --        237        237
Segment profit (loss)                        392         (103)       150        439

      For the six months ended
            June 30, 2002              Residential  Commercial    Other      Totals
Rental income                            $ 4,841       $ 546       $ --     $ 5,387
Other income                                 348           55          2        405
Interest income on investment
   in Master Loan                             --           --        386        386
Interest expense                             820          114         --        934
Depreciation                               1,399           87         --      1,486
General and administrative expense            --           --        389        389
Segment profit (loss)                        765         (183)        (1)       581
Total assets                              27,158        1,187     26,827     55,172
Capital expenditures                          90           12         --        102
</TABLE>

Note F - Casualty Gain

During  the six  months  ended  June 30,  2003,  there  was a  casualty  gain of
approximately  $25,000  recorded at The  Sterling  Apartment  Home related to an
electrical fire that damaged two units.  This gain was the result of the receipt
of  insurance  proceeds of  approximately  $73,000,  net of the write off of net
fixed assets of approximately $48,000.

Note G - 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 purported to
assert  claims on behalf of a class of  limited  partners  and  derivatively  on
behalf of a number of limited partnerships  (including the Partnership) that 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 that 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 sought 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  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 opposed the motion. On April 29, 2002,
the Court held a hearing on plaintiffs' motion for class  certification and took
the matter under submission after further briefing, as ordered by the court, was
submitted by the parties.  On July 10, 2002, the Court entered an order vacating
the trial date of  January  13,  2003 (as well as the  pre-trial  and  discovery
cut-off dates) and stayed the case in its entirety  through  November 7, 2002 so
that the parties could have an opportunity to discuss settlement. On October 30,
2002, the court entered an order  extending the stay in effect  through  January
10, 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  Heller  action  was  brought  as a  purported
derivative  action,  and  asserted  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.  Before  completing
briefing on the appeal, the parties stayed further  proceedings in the appeal in
light of a settlement.

On January 8, 2003,  the parties filed a  Stipulation  of Settlement in proposed
settlement of the Nuanes action and the Heller action described below.

In general  terms,  the  proposed  settlement  provides  for  certification  for
settlement  purposes of a settlement class consisting of all limited partners in
this  Partnership and others (the  "Partnerships")  as of December 20, 2002, the
dismissal  with  prejudice  and  release  of claims  in the  Nuanes  and  Heller
litigation,  payment by AIMCO of $9.9  million  (which shall be  distributed  to
settlement  class  members  after  deduction of attorney fees and costs of class
counsel and certain costs of settlement) and up to $1 million toward the cost of
independent  appraisals of the  Partnerships'  properties  by a Court  appointed
appraiser.  An affiliate of the General Partner has also agreed to make a tender
offer to purchase all of the partnership  interests in the  Partnerships  within
one year of final approval,  if it is granted,  and to provide partners with the
independent  appraisals at the time of these  tenders.  The proposed  settlement
also  provided  for the  limitation  of the  allowable  costs  which the General
Partner or its affiliates  will charge the  Partnerships in connection with this
litigation  and  imposes  limits  on the  class  counsel  fees and costs in this
litigation.  On April 11,  2003,  notice was  distributed  to  limited  partners
providing the details of the proposed settlement.

On June 13, 2003, the Court granted final approval of the settlement and entered
judgment in both the Nuanes and Heller actions.

The  General  Partner  does not  anticipate  that any costs to the  Partnership,
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.

ITEM 2. Management's  Discussion and Analysis Of Financial Condition and Results
        of Operations

The matters discussed in this report contain certain forward-looking statements,
including, without limitation, statements regarding future financial performance
and the effect of government  regulations.  Actual results may differ materially
from those described in the forward-looking statements and will be affected by a
variety of risks and factors including,  without limitation:  national and local
economic  conditions;  the terms of  governmental  regulations  that  affect the
Registrant and interpretations of those regulations; the competitive environment
in which the Registrant operates;  financing risks, including the risk that cash
flows from operations may be insufficient to meet required payments of principal
and interest;  real estate risks, including variations of real estate values and
the general  economic  climate in local markets and  competition  for tenants in
such markets;  litigation,  including  costs  associated  with  prosecuting  and
defending  claims  and  any  adverse   outcomes,   and  possible   environmental
liabilities.   Readers  should  carefully  review  the  Registrant's   financial
statements and the notes thereto,  as well as the risk factors  described in the
documents  the  Registrant  files  from  time to time  with the  Securities  and
Exchange Commission.

The Partnership's investment properties consist of six properties.  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, 2003 and 2002:

                                                   Average Occupancy
      Property                                      2003       2002

      The Loft Apartments (2)                       80%        92%
        Raleigh, North Carolina
      The Sterling Apartment Homes                  92%        91%
      The Sterling Commerce Center (1)              55%        55%
        Philadelphia, Pennsylvania
      Silverado Apartments (2), (4)                 93%        96%
         El Paso, Texas
      The Knolls Apartments (2), (4)                83%        93%
         Colorado Springs, Colorado
      Indian Creek Village Apartments (3),(4)       91%        89%
         Overland Park, Kansas
      Tates Creek Village Apartments (4)            88%        88%
         Lexington, Kentucky

(1)   The General Partner  attributes the low occupancy at The Sterling Commerce
      Center  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.

(2)   The General  Partner  attributes  the  decrease in  occupancy  at The Loft
      Apartments,  The  Knolls  Apartments,  and  Silverado  Apartments  to  the
      competitive market of the apartment industry in the properties' respective
      locations.

(3)   The General  Partner  attributes the increase in occupancy at Indian Creek
      Village Apartments to an increase in marketing outreach and promotions.

(4)   The Partnership  acquired these investment  properties through foreclosure
      during the third quarter of 2002 (see discussion below).

Results of Operations

The  Partnership's  net  income  for the six  months  ended  June  30,  2003 was
approximately  $145,000 compared to net income of approximately $581,000 for the
corresponding  period in 2002.  The  Partnership  recognized  a net loss for the
three months ended June 30, 2003 of approximately $32,000 compared to net income
of approximately  $439,000 for the corresponding period in 2002. The decrease in
net income for the three and six months  ended June 30,  2003 as compared to the
three and six months  ended June 30,  2002 is  primarily  due to an  increase in
total  expenses and a decrease of  approximately  $386,000 in interest  payments
received and  therefore  recognized  on the Master Loan  partially  offset by an
increase  in total  revenues  and the  recognition  of  equity  in  income  from
investment.  Interest  income on investment in Master Loan 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.

Total  expenses  increased  largely due to the  foreclosure  of four  properties
(Silverado,   The  Knolls,   Indian  Creek  Village,  and  Tates  Creek  Village
Apartments)  during August 2002.  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 decided to foreclose on the
properties  that  collateralize  the Master Loan. The General  Partner began the
process of  foreclosure  or executing  deeds in lieu of  foreclosure  during the
third  quarter of 2002 on all the  properties in CCEP.  During August 2002,  the
General  Partner  executed  deeds in lieu of  foreclosure  on four of the active
properties  of CCEP.  In  addition,  one  property  held by CCEP was sold during
December  2002 (see "CCEP  Property  Operations"  for further  discussion).  The
foreclosure process on the remaining four properties held by CCEP is expected to
be completed during the third quarter of 2003. As the deeds are executed,  title
in the properties  previously  owned by CCEP are transferred to the Partnership,
subject to the existing liens on such  properties,  including the first mortgage
loans. As a result, the Partnership assumed responsibility for the operations of
such properties during the third quarter of 2002.

Exclusive  of the item  related to the  Master  Loan and the  operations  of the
foreclosed properties,  the Partnership recognized net income for the six months
ended  June  30,  2003  of  approximately  $22,000  compared  to net  income  of
approximately  $195,000 for the corresponding  period in 2002. The Partnership's
net loss for the three  months  ended June 30, 2003 was  approximately  $241,000
compared to net income of approximately  $53,000 for the corresponding period in
2002.  The  decrease  in net income for the six  months  ended June 30,  2003 as
compared to the six months ended June 30, 2002 is  primarily  due to an increase
in total expenses and a decrease in total revenues partially offset by equity in
income from  investment.  The  decrease in net income for the three months ended
June 30, 2003 as compared to the three  months  ended June 30, 2002 is primarily
due to a decrease in total revenues and an increase in total expenses.

Total  expenses  increased  during the three and six months  ended June 30, 2003
primarily due to increases in operating  expenses and general and administrative
expenses  partially  offset by a decrease  in  depreciation  expense.  Operating
expenses  increased  primarily  due to an increase in property  and  maintenance
expenses.  Property expenses increased due to an increase in utility expenses at
The Sterling Apartment Homes and Commerce Center and increased contract security
patrol expenses at The Sterling  Commerce Center  partially offset by a decrease
in  salaries  and  other  related  benefits  at The  Sterling  Apartment  Homes.
Maintenance expenses increased primarily due to an increase in contract services
at  Sterling  Apartment  Homes  and The Loft  Apartments.  Depreciation  expense
decreased  during  the three and six months  ended June 30,  2003 due to capital
improvements and replacements becoming fully depreciated during the past year at
The Sterling.

General and administrative  expense increased for the three and six months ended
June 30, 2003 due to the timing of the payment of a business  privilege tax paid
to the city of Philadelphia  during the six months ended June 30, 2003. Included
in general and  administrative  expenses for the three and six months ended June
30, 2003 and 2002 are costs of the services  provided by the General  Partner as
allowed under the  Partnership  Agreement  associated with its management of the
Partnership.  Also included are costs  associated  with the quarterly and annual
communications  with  investors  and  regulatory  agencies  and the annual audit
required by the Partnership Agreement.

Excluding the operations of the  foreclosed  properties and items related to the
Master  Loan,  the  decrease in total  revenues  during the three and six months
ended June 30, 2003 is primarily due to a decrease in rental  income,  and other
income partially  offset by a casualty gain at The Sterling  Apartment Homes (as
discussed in Item 1. Financial Statements "Note F"). Rental income decreased for
both periods  primarily due to a decrease in rental rates at Sterling  Apartment
Homes and Commerce Center and The Loft Apartments and a decrease in occupancy at
The Loft Apartments. The decrease is also due to an increase in bad debt expense
and concession  related  expenses at The Sterling  Apartment  Homes and Commerce
Center and The Lofts  Apartments.  These  decreases were partially  offset by an
increase in  occupancy at The Sterling  Apartment  Homes.  The decrease in other
income is primarily due to a decrease in utility  reimbursements at The Sterling
Apartment Homes.

The equity in income from  investment  for the six months ended June 30, 2003 is
primarily  due  to  the  recognition  of  the  Partnership's   earnings  on  its
investments  in  affiliated  partnerships  assumed  during  the  foreclosure  of
investment  properties  from CCEP as  discussed  above.  These  investments  are
accounted  for on the  equity  method  of  accounting.  Distributions  from  the
affiliated  partnerships  are  accounted  for as a reduction  of the  investment
balance until the  investment  balance is reduced to zero.  When the  investment
balance  has  been  reduced  to  zero,  subsequent  distributions  received  are
recognized as income in the  accompanying  statements of operations.  During the
six months  ended June 30,  2003,  the  Partnership  received  distributions  of
approximately  $258,000  from  two  of the  affiliated  partnerships,  of  which
approximately $243,000 related to the sale of a property in Consolidated Capital
Growth Fund. Of this amount,  approximately $236,000 was recognized as equity in
income from  investment once the investment  balance  allocated to that property
had been reduced to zero. The Partnership also recognized  equity in income from
investment  of  approximately  $114,000  related  to the sale of a  property  in
Consolidated Capital Properties IV. There were no distributions  associated with
this sale.

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, 2003, the Partnership had cash and cash equivalents of approximately
$602,000  compared to  approximately  $1,086,000 at June 30, 2002. Cash and cash
equivalents  decreased  approximately  $2,573,000 since December 31, 2002 due to
approximately  $2,935,000  and  $427,000  of net  cash  used  in  financing  and
investing activities,  respectively,  partially offset by approximately $789,000
of cash  provided by operating  activities.  Cash used in  financing  activities
consisted of distributions to partners, principal payments made on the mortgages
encumbering the Registrant's properties, lease commissions paid and repayment of
advances from general partner, slightly offset by advances from general partner.
Cash  used in  investing  activities  consisted  of  property  improvements  and
replacements  and net  deposits to escrow  accounts  maintained  by the mortgage
lenders partially offset by distributions received from affiliated partnerships,
insurance  proceeds and principal  receipts on the Master Loan. The  Partnership
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 various  properties  to  adequately  maintain  the
physical  assets and other  operating needs of the Registrant and to comply with
Federal, state, and local legal and regulatory requirements. The General Partner
monitors  developments  in the area of legal and  regulatory  compliance  and is
studying  new  federal  laws,  including  the  Sarbanes-Oxley  Act of 2002.  The
Sarbanes-Oxley Act of 2002 mandates or suggests  additional  compliance measures
with regard to governance,  disclosure, audit and other areas. In light of these
changes,  the Partnership  expects that it will incur higher expenses related to
compliance,  including  increased  legal and audit  fees.  Capital  improvements
planned for each of the Partnership's properties are detailed below.

The Loft

During  the  six  months  ended  June  30,  2003,  the   Partnership   completed
approximately  $49,000 of capital  improvements,  consisting  primarily of floor
covering and roof  replacements.  These  improvements were funded from operating
cash flow.  The  Partnership  evaluates  the  capital  improvement  needs of the
property during the year and currently expects to complete an additional $15,000
in capital  improvements  during the remainder of 2003. The  additional  capital
improvements  will  consist  primarily  of  roof  replacement,   floor  covering
replacement,  and other building  improvements.  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 Apartment Homes and Commerce Center

During  the  six  months  ended  June  30,  2003,  the   Partnership   completed
approximately  $240,000 of capital  improvements  consisting  primarily of floor
covering  replacements and air conditioning  upgrades.  These  improvements were
funded  from  operating  cash flow and  replacement  reserves.  The  Partnership
evaluates  the capital  improvement  needs of the  property  during the year and
currently  expects to complete  an  additional  $79,000 in capital  improvements
during the remainder of 2003. The additional  capital  improvements will consist
primarily  of  additional  floor  covering  and  appliance  replacements,   HVAC
replacement and heating and electrical upgrades.  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.

Silverado Apartments

During  the  six  months  ended  June  30,  2003,  the   Partnership   completed
approximately $27,000 of capital improvements at Silverado Apartments consisting
primarily of floor covering  replacements.  These  improvements were funded from
operating cash flow. The Partnership  evaluates the capital improvement needs of
the property  during the year and  currently  expects to complete an  additional
$65,000 in capital  improvements  during the remainder of 2003.  The  additional
capital  improvements  will consist  primarily of air conditioning  renovations,
floor covering and appliance  replacements,  and exterior  painting.  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 Knolls Apartments

During  the  six  months  ended  June  30,  2003,  the   Partnership   completed
approximately   $289,000  of  capital  improvements  at  The  Knolls  Apartments
consisting  primarily of major  landscaping,  structural  improvements and floor
covering  and  appliance  replacements.  These  improvements  were  funded  from
operating cash flow. The Partnership  evaluates the capital improvement needs of
the property  during the year and  currently  expects to complete an  additional
$19,000 in capital  improvements  during the remainder of 2003.  The  additional
capital  improvements will consist primarily of floor covering  replacements and
other property improvements.  Additional improvements may be considered and will
depend on the physical  condition of the  property as well as  anticipated  cash
flow generated by the property.

Indian Creek Village Apartments

During  the  six  months  ended  June  30,  2003,  the   Partnership   completed
approximately $76,000 of capital improvements at Indian Creek Village Apartments
consisting  primarily of floor covering  replacements.  These  improvements were
funded  from  operating  cash  flow.  The  Partnership   evaluates  the  capital
improvement  needs of the  property  during  the year and  currently  expects to
complete an additional $50,000 in capital  improvements  during the remainder of
2003. The additional  capital  improvements will consist primarily of additional
floor covering  replacements,  exterior painting and air conditioning  upgrades.
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.

Tates Creek Village Apartments

During  the  six  months  ended  June  30,  2003,  the   Partnership   completed
approximately  $56,000 of capital improvements at Tates Creek Village Apartments
consisting  primarily  of  plumbing   improvements  and  air  conditioning  unit
replacements.  These  improvements  were funded from  operating  cash flow.  The
Partnership  evaluates the capital  improvement needs of the property during the
year and  currently  expects  to  complete  an  additional  $24,000  in  capital
improvements  during the remainder of 2003. The additional capital  improvements
will consist  primarily of additional floor covering and appliance  replacements
and  air  conditioning  unit  replacements.   Additional   improvements  may  be
considered and will depend on the physical  condition of the property as well as
replacement reserve 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
Partnership's  distributable  cash flow,  if any, may be  adversely  affected at
least in the short term.

The  Partnership's  assets are thought to be sufficient for any near-term  needs
(exclusive of capital improvements) of the Registrant. The mortgage indebtedness
of approximately $52,024,000 requires monthly payments of principal and interest
and balloon payments of approximately $3,903,000, $19,975,000 and $18,907,000 on
December 1, 2005,  October 1, 2008 and during  2010,  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 Partnership  may risk losing such properties  through
foreclosure.

The Partnership  distributed  the following  amounts during the six months ended
June 30, 2003 and 2002 (in thousands, except per unit data):
<TABLE>
<CAPTION>

                      Six Months      Per Limited       Six Months      Per Limited
                        Ended         Partnership         Ended         Partnership
                    June 30, 2003         Unit        June 30, 2002         Unit

<S>                    <C>              <C>              <C>               <C>
Operations             $  712           $ 3.55           $  999            $ 4.97
Sale (1)                1,631             8.19               --                --
Surplus (2)                --               --              386              1.94
                       $2,343           $11.74           $1,385            $ 6.91
</TABLE>

(1)   From the sale of Society Park  Apartments  owned by CCEP and received as a
      principal payment on the Master Loan.
(2)   Consists of receipt of interest payment on the Master Loan from operations
      of the collateral properties.

The  Partnership'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 2003 or subsequent periods.

Other

In addition to its indirect  ownership of the general  partner  interests in the
Partnership, AIMCO and its affiliates owned 129,695.10 limited partnership units
(the "Units") in the Partnership representing 65.16% of the outstanding Units at
June 30, 2003. 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 acquire  additional Units in exchange for cash or a combination of cash and
units in the operating  partnership of AIMCO either through private purchases or
tender offers.  Pursuant to the  Partnership  Agreement,  unitholders  holding a
majority of the Units are  entitled to take action with  respect to a variety of
matters that would include, but are not limited to, voting on certain amendments
to the  Partnership  Agreement  and voting to remove the General  Partner.  As a
result  of its  ownership  of  65.16% of the  outstanding  Units,  AIMCO and its
affiliates are in a position to control all voting decisions with respect to the
Partnership.  Although the General Partner owes fiduciary  duties to the limited
partners of the  Partnership,  the General Partner also owes fiduciary duties to
AIMCO as its sole stockholder.  As a result,  the duties of the General Partner,
as managing  general  partner,  to the Partnership and its limited  partners may
come into conflict with the duties of the General  Partner to AIMCO, as its sole
stockholder.

Recent Accounting Pronouncements

In January 2003, the FASB issued Interpretation No. 46 ("FIN 46"), Consolidation
of Variable Interest Entities.  FIN 46 requires the consolidation of entities in
which an enterprise absorbs a majority of the entity's expected losses, receives
a majority of the entity's expected  residual  returns,  or both, as a result of
ownership,  contractual or other financial interests in the entity. Prior to the
issuance of FIN 46,  entities were generally  consolidated by an enterprise when
it had a controlling  financial  interest through ownership of a majority voting
interest in the entity. FIN 46 applied immediately to variable interest entities
created  after  January 31, 2003,  and with respect to variable  interests  held
before February 1, 2003, FIN 46 will apply beginning July 1, 2003.

The Partnership has not entered into any partnership  investments  subsequent to
January  31,  2003.  The  Partnership  is  in  the  process  of  evaluating  its
investments in unconsolidated  partnerships that may be deemed variable interest
entities under the provisions of FIN 46. The  Partnership has not yet determined
the anticipated  impact of adopting FIN 46 for its  partnership  agreements that
existed as of January 31, 2003. However, FIN 46 may require the consolidation of
the  assets,   liabilities  and  operations  of  certain  of  the  Partnership's
unconsolidated  partnership  investments.  Although  the  Partnership  does  not
believe  the full  adoption of FIN 46 will have an impact on net  earnings,  the
Partnership  cannot  make  any  definitive  conclusion  until it  completes  its
evaluation.

Critical Accounting Policies and Estimates

The consolidated financial statements are prepared in accordance with accounting
principles generally accepted in the United States which require the Partnership
to  make  estimates  and  assumptions.  The  Partnership  believes  that  of its
significant  accounting  policies,  the following may involve a higher degree of
judgment and complexity.

Impairment of Long-Lived Assets

Investment properties are recorded at cost less accumulated depreciation, unless
considered impaired,  and the investment properties foreclosed upon in the third
quarter  of 2002 were  recorded  at their fair  market  value at the time of the
foreclosure.  If events or circumstances  indicate that the carrying amount of a
property  may be  impaired,  the  Partnership  will  make an  assessment  of its
recoverability  by  estimating  the  undiscounted  future cash flows,  excluding
interest charges, of the property.  If the carrying amount exceeds the aggregate
future cash flows,  the  Partnership  would  recognize an impairment loss to the
extent the carrying amount exceeds the fair value of the property.

Real  property  investments  are  subject  to varying  degrees of risk.  Several
factors  may  adversely  affect  the  economic  performance  and  value  of  the
Partnership's  investment  properties.  These  factors  include  changes  in the
national,  regional and local economic  climate;  local  conditions,  such as an
oversupply  of  multifamily   properties;   competition   from  other  available
multifamily  property  owners and changes in market  rental  rates.  Any adverse
changes in these factors could cause an impairment in the Partnership's assets.

Revenue Recognition

The Partnership generally leases apartment units for twelve-month terms or less.
Rental income  attributable to leases is recognized  monthly as it is earned and
the Partnership  fully reserves all  outstanding  balances over thirty days. The
Partnership will offer rental concessions during  particularly slow months or in
response to heavy  competition  from other  similar  complexes in the area.  Any
concessions  given at the inception of the lease are amortized  over the life of
the lease.

The Partnership  leases certain  commercial space to tenants under various lease
terms.  The leases are accounted for as operating leases in accordance with SFAS
No. 13,  "Accounting  for  Leases".  Some of the leases  contain  stated  rental
increases during their term. For leases with fixed rental  increases,  rents are
recognized on a straight-line  basis over the terms of the leases. For all other
leases, minimum rents are recognized over the terms of the leases.

Investment in Master Loan to Affiliates and Interest Income Recognition

The  investment  in the Master Loan is evaluated for  impairment  based upon the
fair value of the  collateral  properties as the collateral is the sole basis of
repayment of the loan. The fair value of the remaining collateral  properties is
based on the fair  market  value of  those  properties.  If the fair  value of a
collateral property increases or decreases for other than temporary  conditions,
then the allowance on the Master Loan is adjusted appropriately.

The  investment in the Master Loan is  considered to be impaired  under SFAS No.
114, "Accounting by Creditors for Impairment of a Loan". Due to this impairment,
interest income is recognized on the cash basis of accounting.

CCEP Property Operations

During  the  year  ended  December  31,  2002,  CCIP  foreclosed  on four of the
properties that collaterized the Master Loan (see "Item 1. Financial  Statements
- Note B" for further discussion).  During the third quarter of 2002, CCIP began
the process of foreclosure  or executing  deeds in lieu of  foreclosure.  During
August 2002, the General  Partner  executed deeds in lieu of foreclosure on four
of the active  properties  of CCEP.  In addition,  one property held by CCEP was
sold in December 2002. The foreclosure  process on the remaining four properties
held by CCEP is expected to be completed  during the third  quarter of 2003.  As
the deeds are executed,  title in the  properties  previously  owned by CCEP are
vested in CCIP,  subject to the existing liens on the  properties  including the
first mortgage loans.  When CCEP no longer has title to any 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.

During  the period  from  January  1, 2003 to June 30,  2003,  the net change in
liabilities remained constant,  but was affected by an increase in cash and cash
equivalents,  tenant security  deposit  liabilities,  accrued property taxes and
Master Loan and interest  payable and decreases in other  liabilities,  mortgage
notes  payable  and  accounts  payable  due to the  foreclosure  of  four of the
investment  properties  held by CCEP as discussed in "Results of Operations" and
the sale of Society Park Apartments as discussed below.

On December 27, 2002, the Partnership sold Society Park  Apartments,  located in
Tampa,  Florida,  to an  unaffiliated  third  party  for net sales  proceeds  of
approximately  $1,631,000,  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.  In  conjunction  with the
sale,  a fee of  approximately  $218,000  was earned by the  General  Partner in
accordance  with the  Partnership  Agreement.  The fee was paid  during  the six
months ended June 30, 2003.

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 June 30, 2003, 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 June 30,
2003. The interest rates represent the weighted-average rates. The fair value of
the debt obligations approximated the recorded value as of June 30, 2003.

                      Principal Amount by Expected Maturity

                                             Fixed Rate Debt
                           Long-term         Average Interest
                               Debt             Rate 7.12%
                                              (in thousands)

                               2003            $    520
                               2004               1,118
                               2005               5,105
                               2006               1,210
                               2007               1,304
                            Thereafter           41,490
                              Total            $ 50,747

ITEM 4.     Controls and Procedures

(a) Disclosure Controls and Procedures.  The Partnership's management,  with the
participation of the principal executive officer and principal financial officer
of the General Partner,  who are the equivalent of the  Partnership's  principal
executive officer and principal financial officer,  respectively,  has evaluated
the  effectiveness of the Partnership's  disclosure  controls and procedures (as
such term is defined  in Rules  13a-15(e)  and  15d-15(e)  under the  Securities
Exchange  Act of 1934,  as amended  (the  "Exchange  Act")) as of the end of the
period covered by this report. Based on such evaluation, the principal executive
officer and  principal  financial  officer of the General  Partner,  who are the
equivalent  of the  Partnership's  principal  executive  officer  and  principal
financial  officer,  respectively,  have  concluded  that, as of the end of such
period, the Partnership's disclosure controls and procedures are effective.

(b) Internal Control Over Financial  Reporting.  There have not been any changes
in the Partnership's  internal control over financial reporting (as such term is
defined in Rules  13a-15(f)  and  15d-15(f)  under the Exchange  Act) during the
fiscal quarter to which this report relates that have  materially  affected,  or
are reasonably likely to materially affect,  the Partnership's  internal control
over financial reporting.

                           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. (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 purported to
assert  claims on behalf of a class of  limited  partners  and  derivatively  on
behalf of a number of limited partnerships  (including the Partnership) that 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 that 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 sought 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  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 opposed the motion. On April 29, 2002,
the Court held a hearing on plaintiffs' motion for class  certification and took
the matter under submission after further briefing, as ordered by the court, was
submitted by the parties.  On July 10, 2002, the Court entered an order vacating
the trial date of  January  13,  2003 (as well as the  pre-trial  and  discovery
cut-off dates) and stayed the case in its entirety  through  November 7, 2002 so
that the parties could have an opportunity to discuss settlement. On October 30,
2002, the court entered an order  extending the stay in effect  through  January
10, 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  Heller  action  was  brought  as a  purported
derivative  action,  and  asserted  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.  Before  completing
briefing on the appeal, the parties stayed further  proceedings in the appeal in
light of a settlement.

On January 8, 2003,  the parties filed a  Stipulation  of Settlement in proposed
settlement of the Nuanes action and the Heller action described below.

In general  terms,  the  proposed  settlement  provides  for  certification  for
settlement  purposes of a settlement class consisting of all limited partners in
this  Partnership and others (the  "Partnerships")  as of December 20, 2002, the
dismissal  with  prejudice  and  release  of claims  in the  Nuanes  and  Heller
litigation,  payment by AIMCO of $9.9  million  (which shall be  distributed  to
settlement  class  members  after  deduction of attorney fees and costs of class
counsel and certain costs of settlement) and up to $1 million toward the cost of
independent  appraisals of the  Partnerships'  properties  by a Court  appointed
appraiser.  An affiliate of the General Partner has also agreed to make a tender
offer to purchase all of the partnership  interests in the  Partnerships  within
one year of final approval,  if it is granted,  and to provide partners with the
independent  appraisals at the time of these  tenders.  The proposed  settlement
also  provided  for the  limitation  of the  allowable  costs  which the General
Partner or its affiliates  will charge the  Partnerships in connection with this
litigation  and  imposes  limits  on the  class  counsel  fees and costs in this
litigation.  On April 11,  2003,  notice was  distributed  to  limited  partners
providing the details of the proposed settlement.

On June 13, 2003, the Court granted final approval of the settlement and entered
judgment in both the Nuanes and Heller actions.

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

                        Exhibit 3.1       Certificate     of     Limited
                                          Partnership,   as   amended   to  date
                                          (Exhibit 3 to the Registrant's  Annual
                                          Report on Form 10-K for the year ended
                                          December  31,  1991,  is  incorporated
                                          herein by reference).


                        Exhibit 3.2       Agreement of Limited  Partnership,
                                          incorporated   by   reference  to  the
                                          Registration    Statement    of    the
                                          Registrant  (File No.  2-72384)  filed
                                          April 23, 1981, as amended to date.

                        Exhibit 3.3       Fee  Owner's  Limited  Partnership
                                          Agreement   dated  November  14,  1990
                                          (incorporated by reference to the 1990
                                          Annual Report).


                        Exhibit 31.1      Certification  of  equivalent of
                                          Chief  Executive  Officer  pursuant to
                                          Securities    Exchange    Act    Rules
                                          13a-14(a)/15d-14(a),     as    Adopted
                                          Pursuant   to   Section   302  of  the
                                          Sarbanes-Oxley Act of 2002.

                        Exhibit 31.2      Certification  of  equivalent of
                                          Chief  Financial  Officer  pursuant to
                                          Securities    Exchange    Act    Rules
                                          13a-14(a)/15d-14(a),     as    Adopted
                                          Pursuant   to   Section   302  of  the
                                          Sarbanes-Oxley Act of 2002.

                        Exhibit 32.1      Certification Pursuant to 18  U.S.C.
                                          Section  1350,  as  Adopted Pursuant
                                          to Section 906 of the  Sarbanes-Oxley
                                          Act of 2002.


                        Exhibit 99        Consolidated Capital Equity Partners,
                                          L.P., unaudited financial statements
                                          for the three and six months ended
                                          June 30, 2003 and 2002.

            b) Reports on Form 8-K filed during the quarter ended June 30, 2003:

                  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/Thomas C. Novosel
                                         Thomas C. Novosel
                                         Senior Vice President and
                                         Chief Accounting Officer

                              Date: August 13, 2003


<PAGE>



Exhibit 31.1


                                  CERTIFICATION


I, Patrick J. Foye, certify that:


1.    I have reviewed this quarterly report on Form 10-Q of Consolidated Capital
      Institutional Properties;

2.    Based on my knowledge,  this report does not contain any untrue  statement
      of a material fact or omit to state a material fact  necessary to make the
      statements made, in light of the circumstances under which such statements
      were made,  not  misleading  with  respect  to the period  covered by this
      report;

3.    Based on my  knowledge,  the  financial  statements,  and other  financial
      information  included  in this  report,  fairly  present  in all  material
      respects the financial condition,  results of operations and cash flows of
      the registrant as of, and for, the periods presented in this report;

4.    The  registrant's  other  certifying  officer(s) and I are responsible for
      establishing  and  maintaining  disclosure  controls  and  procedures  (as
      defined in Exchange Act Rules  13a-15(e) and 15d-15(e)) for the registrant
      and have:

      (a)   Designed such  disclosure  controls and  procedures,  or caused such
            disclosure   controls  and  procedures  to  be  designed  under  our
            supervision,  to ensure that  material  information  relating to the
            registrant,  including its consolidated subsidiaries,  is made known
            to us by others  within  those  entities,  particularly  during  the
            period in which this report is being prepared;

      (b)   Evaluated the effectiveness of the registrant's  disclosure controls
            and  procedures and presented in this report our  conclusions  about
            the effectiveness of the disclosure  controls and procedures,  as of
            the  end  of the  period  covered  by  this  report  based  on  such
            evaluation; and

      (c)   Disclosed  in this  report any change in the  registrant's  internal
            control  over   financial   reporting   that  occurred   during  the
            registrant's  most recent fiscal  quarter (the  registrant's  fourth
            fiscal  quarter in the case of an annual report) that has materially
            affected,   or  is  reasonably  likely  to  materially  affect,  the
            registrant's internal control over financial reporting; and

5.    The registrant's other certifying  officer(s) and I have disclosed,  based
      on  our  most  recent   evaluation  of  internal  control  over  financial
      reporting,  to the  registrant's  auditors and the audit  committee of the
      registrant's  board of directors  (or persons  performing  the  equivalent
      functions):

      (a)   All significant  deficiencies and material  weaknesses in the design
            or operation of internal control over financial  reporting which are
            reasonably  likely to adversely affect the  registrant's  ability to
            record, process, summarize and report financial information; and


      (b)   Any fraud,  whether or not  material,  that  involves  management or
            other  employees  who have a  significant  role in the  registrant's
            internal control over financial reporting.


Date: August 13, 2003

                                /s/Patrick J. Foye
                                Patrick J. Foye
                                Executive  Vice  President  of ConCap  Equities,
                                Inc.,  equivalent of the chief executive officer
                                of the Partnership


<PAGE>



Exhibit 31.2


                                  CERTIFICATION


I, Paul J. McAuliffe, certify that:


1.    I have reviewed this quarterly report on Form 10-Q of Consolidated Capital
      Institutional Properties;

2.    Based on my knowledge,  this report does not contain any untrue  statement
      of a material fact or omit to state a material fact  necessary to make the
      statements made, in light of the circumstances under which such statements
      were made,  not  misleading  with  respect  to the period  covered by this
      report;

3.    Based on my  knowledge,  the  financial  statements,  and other  financial
      information  included  in this  report,  fairly  present  in all  material
      respects the financial condition,  results of operations and cash flows of
      the registrant as of, and for, the periods presented in this report;

4.    The  registrant's  other  certifying  officer(s) and I are responsible for
      establishing  and  maintaining  disclosure  controls  and  procedures  (as
      defined in Exchange Act Rules  13a-15(e) and 15d-15(e)) for the registrant
      and have:

      (a)   Designed such  disclosure  controls and  procedures,  or caused such
            disclosure   controls  and  procedures  to  be  designed  under  our
            supervision,  to ensure that  material  information  relating to the
            registrant,  including its consolidated subsidiaries,  is made known
            to us by others  within  those  entities,  particularly  during  the
            period in which this report is being prepared;

      (b)   Evaluated the effectiveness of the registrant's  disclosure controls
            and  procedures and presented in this report our  conclusions  about
            the effectiveness of the disclosure  controls and procedures,  as of
            the  end  of the  period  covered  by  this  report  based  on  such
            evaluation; and

      (c)   Disclosed  in this  report any change in the  registrant's  internal
            control  over   financial   reporting   that  occurred   during  the
            registrant's  most recent fiscal  quarter (the  registrant's  fourth
            fiscal  quarter in the case of an annual report) that has materially
            affected,   or  is  reasonably  likely  to  materially  affect,  the
            registrant's internal control over financial reporting; and

5.    The registrant's other certifying  officer(s) and I have disclosed,  based
      on  our  most  recent   evaluation  of  internal  control  over  financial
      reporting,  to the  registrant's  auditors and the audit  committee of the
      registrant's  board of directors  (or persons  performing  the  equivalent
      functions):

      (a)  All significant deficiencies and material weaknesses in the design or
           operation of internal  control  over  financial  reporting  which are
           reasonably  likely to adversely  affect the  registrant's  ability to
           record, process, summarize and report financial information; and

      (b)  Any fraud, whether or not material, that involves management or other
           employees who have a significant  role in the  registrant's  internal
           control over financial reporting.

Date: August 13, 2003

                               /s/Paul J. McAuliffe
                               Paul J. McAuliffe
                               Executive  Vice  President  and Chief  Financial
                               Officer of ConCap Equities,  Inc., equivalent of
                               the chief financial officer of the Partnership


<PAGE>


Exhibit 32.1


                          Certification of CEO and CFO
                       Pursuant to 18 U.S.C. Section 1350,
                             As Adopted Pursuant to
                  Section 906 of the Sarbanes-Oxley Act of 2002



In connection  with the Quarterly  Report on Form 10-Q of  Consolidated  Capital
Institutional  Properties (the  "Partnership"),  for the quarterly  period ended
June 30, 2003 as filed with the Securities  and Exchange  Commission on the date
hereof (the "Report"), Patrick J. Foye, as the equivalent of the chief executive
officer of the  Partnership,  and Paul J.  McAuliffe,  as the  equivalent of the
chief financial officer of the Partnership,  each hereby certifies,  pursuant to
18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley
Act of 2002, that, to the best of his knowledge:

      (1)   The Report fully complies with the  requirements of Section 13(a) or
            15(d) of the Securities Exchange Act of 1934; and

      (2)   The  information  contained in the Report  fairly  presents,  in all
            material respects, the financial condition and results of operations
            of the Partnership.


                                           /s/Patrick J. Foye
                                    Name:  Patrick J. Foye
                                    Date:  August 13, 2003


                                           /s/Paul J. McAuliffe
                                    Name:  Paul J. McAuliffe
                                    Date:  August 13, 2003


This  certification is furnished with this Report pursuant to Section 906 of the
Sarbanes-Oxley  Act of 2002 and shall not be deemed filed by the Partnership for
purposes of Section 18 of the Securities Exchange Act of 1934, as amended.



<PAGE>

                                   EXHIBIT 99

                   CONSOLIDATED CAPITAL EQUITY PARTNERS, L.P.

                         UNAUDITED FINANCIAL STATEMENTS

                       FOR THE THREE AND SIX MONTHS ENDED

                             June 30, 2003 and 2002


<PAGE>

ITEM 1.     Financial Statements



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

<TABLE>
<CAPTION>

                                                     June 30,          December 31,
                                                       2003                2002
                                                   (Unaudited)             (Note)
Assets
<S>                                                   <C>                 <C>
  Cash and cash equivalents                           $ 988               $ 963
  Receivables and deposits                               206                 264
  Other assets                                           274                  90
  Investment properties                               38,500              38,500
                                                      39,968              39,817
Liabilities
  Accounts payable                                       183                 338
  Tenant security deposit liabilities                    302                 272
  Due to affiliates                                      970                 929
  Accrued property taxes                                 390                  --
  Other liabilities                                      167                 876
  Mortgage notes payable                              22,977              23,290
  Master Loan and interest payable                    14,979              14,112
                                                      39,968              39,817

Net liabilities in liquidation                         $ --                $ --

Note: The Statement of Net  Liabilities  in Liquidation at December 31, 2002 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 Financial Statements

</TABLE>

<PAGE>

                             Exhibit 99 (continued)

               STATEMENT OF CHANGES IN NET LIABILITIES IN LIQUIDATION
                                   (Unaudited)
                                 (in thousands)

                  Period from January 1, 2003 to June 30, 2003


Net liabilities in liquidation at December 31, 2002                    $     --

Changes in net liabilities in liquidation attributed to:
   Increase in cash and cash equivalents                                     25
   Decrease in receivables and deposits                                     (58)
   Increase in other assets                                                 184
   Decrease in accounts payable                                             155
   Increase in tenant security deposit liabilities                          (30)
   Increase in due to affiliates                                            (41)
   Increase in accrued taxes                                               (390)
   Decrease in other liabilities                                            709
   Decrease in mortgage notes payable                                       313
   Increase in Master Loan and interest payable                            (867)
Net liabilities in liquidation at June 30, 2003                        $     --


                   See Accompanying Notes to Financial Statements

<PAGE>

                             EXHIBIT 99 (Continued)

                   CONSOLIDATED CAPITAL EQUITY PARTNERS, L.P.
                             STATEMENT OF OPERATIONS
                                   (Unaudited)
                                 (in thousands)


                                                            Period from
                                                         January 1, 2002 to
                                                          March 31, 2002
                                                            (restated)
Revenues:
   Rental income                                            $  1,874
   Other income                                                  275
      Total revenues                                           2,149
Expenses:
   Operating                                                     898
   General and administrative                                    228
   Depreciation                                                  263
   Property taxes                                                167
   Interest                                                   12,252
      Total expenses                                          13,808

Loss from continuing operations                              (11,659)
Income from discontinued operations                              217

Net loss                                                    $(11,442)

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

                   See Accompanying Notes to Financial Statements


<PAGE>




                             EXHIBIT 99 (Continued)

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


                                      General        Limited
                                      Partners       Partners        Total

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
  at March 31, 2002                                               $      --

                   See Accompanying Notes to Financial Statements


<PAGE>


                             EXHIBIT 99 (Continued)

                   CONSOLIDATED CAPITAL EQUITY PARTNERS, L.P.
                             STATEMENT OF CASH FLOWS
                                   (Unaudited)
                                 (in thousands)

                                                                 Period from
                                                              January 1, 2002 to
                                                                March 31,2002
Cash flows from operating activities:
  Net loss                                                         $(11,442)
  Adjustments to reconcile net loss to net cash
   provided by operating activities:
   Depreciation and amortization                                        604
   Change in accounts:
      Receivables and deposits                                           56
      Other assets                                                     (430)
      Accounts payable                                                   36
      Accrued property taxes                                            114
      Other liabilities                                                 163
      Accrued interest on Master Loan                                11,769
       Net cash provided by operating activities                        870

Cash flows from investing activities:
  Property improvements and replacements                               (617)
  Net deposits to restricted escrows                                    (10)

       Net cash used in investing activities                           (627)

Cash flows from financing activities:
  Principal payments on notes payable                                  (323)
  Loan costs paid                                                       (36)
       Net cash used in financing activities                           (359)

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


                   See Accompanying Notes to Financial Statements


<PAGE>


                     CONSOLIDATED CAPITAL EQUITY PARTNERS, L.P.
                          NOTES TO 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  as a result of 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  deeds in lieu of  foreclosure  on the
investment  properties  held by the  Partnership.  The  Master  Loan  matured in
November 2000. The  Partnership did not have the means with which to satisfy its
obligation under the Master Loan. No other sources of additional  financing have
been identified by the Partnership,  nor did ConCap Holdings, Inc. (the "General
Partner") have any other plans to remedy the liquidity  problems the Partnership
was  experiencing.  CCIP executed deeds in lieu of foreclosure  during the third
quarter  of 2002  on  four  of the  active  properties  of the  Partnership.  In
addition,  one of the  properties  was sold in December  2002.  The  foreclosure
process on the remaining four  properties held by the Partnership is expected to
be  completed  during  the  third  quarter  of  2003.  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 dissolved.  The General
Partner is  ultimately  owned by Apartment  Investment  and  Management  Company
("AIMCO"), a publicly traded real estate investment trust.

As a result of the  decision  to  liquidate  the  Partnership,  the  Partnership
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,  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 and is based upon  estimates of the General  Partner as of the date of
the financial statements.

Note B - Master Loan and Accrued Interest Payable

The Master  Loan  principal  and  interest  payable  balance at June 30, 2003 is
approximately $14,979,000.

Terms of Master Loan Agreement

The  General  Partner  had been in  negotiations  with CCIP with  respect to its
options  which  included  CCIP  foreclosing  on the  properties  in  CCEP  which
collateralize  the Master Loan or extending  the terms of the Master Loan.  CCIP
decided to foreclose on the properties  that  collaterize  the Master Loan. CCIP
began the process of  executing  deeds in lieu of  foreclosure  during the third
quarter of 2002 on all the  investment  properties  of the  Partnership.  During
August 2002 the General Partner executed deeds in lieu of foreclosure on four of
the active  properties of CCEP. In addition,  one of the properties  held by the
Partnership was sold in December 2002. The foreclosure  process on the remaining
four  properties  held by CCEP is  expected  to be  completed  during  the third
quarter of 2003. As the deeds are executed,  title in the properties  previously
owned by the  Partnership  are vested in CCIP,  subject to the existing liens on
the properties including the first mortgage loans. As a result,  during the year
ended December 31, 2002, CCIP assumed  responsibility  for the operations of the
foreclosed  properties.  When CCEP no longer  has title to any  properties,  the
Partnership will be dissolved.

Until the process of  foreclosure  or executing  deeds in lieu of foreclosure on
all the properties currently held by CCEP is completed,  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 six months  ended June 30,  2003,  the  Partnership  paid a principal
payment on the Master Loan of approximately  $15,000. No principal payments were
made during the six months ended June 30, 2002.

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.

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 $205,000 and $458,000 for
the six months ended June 30, 2003 and 2002, 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  $65,000 and $115,000 for the
six months  ended June 30,  2003 and 2002,  respectively,  which is  included in
general and administrative expenses.

An  affiliate  of the General  Partner  received  reimbursement  of  accountable
administrative expenses amounting to approximately $142,000 and $264,000 for the
six months  ended June 30,  2003 and 2002,  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  $29,000 and $47,000 for the
six  months  ended  June  30,  2003 and  2002,  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 Society Park in December  2002 the  Partnership
paid the General  Partner a fee of $218,000 during the six months ended June 30,
2003 as compensation  for its role in the sale. This fee was included in gain on
sale of discontinued operations at December 31, 2002.

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 2002 annual report.  There were
no interest  payments made during the six months ended June 30, 2003. A $386,000
interest  payment was made on the Master  Loan during the six months  ended June
30, 2002.

There were no advances  on the Master Loan during the six months  ended June 30,
2003 or 2002.  There were also no  principal  payments  made on the Master  Loan
during the six months ended June 30, 2002. A $15,000  principal payment was made
on the Master Loan during the six months ended June 30, 2003.

The  Partnership  insures 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 six months  ended June 30, 2003 and 2002,  the  Partnership
paid AIMCO and its affiliates approximately $103,000 and $155,000, respectively,
for insurance coverage and fees associated with policy claims administration.

Note D - Sale of Property

On December 27, 2002, the Partnership sold Society Park  Apartments,  located in
Tampa,  Florida,  to an  unaffiliated  third  party  for net sales  proceeds  of
approximately  $1,631,000,  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  $727,000.  In conjunction with
the sale, a fee of  approximately  $218,000 was earned by the General Partner in
accordance  with the  Partnership  Agreement.  The fee was paid  during  the six
months ended June 30, 2003.

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