EXHIBIT 28.1

                   CONSOLIDATED CAPITAL EQUITY PARTNERS, L.P.


                   UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

                       FOR THE THREE AND NINE MONTHS ENDED

                           SEPTEMBER 30, 1995 AND 1994




                            EXHIBIT 28.1 (Continued)

                         PART I - FINANCIAL INFORMATION


ITEM 1.  FINANCIAL STATEMENTS

a)                 CONSOLIDATED CAPITAL EQUITY PARTNERS, L.P.

                           CONSOLIDATED BALANCE SHEET
                                   (Unaudited)
                                 (in thousands)
<TABLE>
<CAPTION>
                                                 September 30,   December 31,
                                                     1995            1994   
<S>                                               <C>           <C>
 Assets                                                                   
      Cash                                         $   2,229     $   3,393
      Securities available for sale                       --           195
      Prepaid expenses and other assets                3,000         1,254
      Investments in limited partnerships              1,508         2,508
      Investment properties:                                              
        Land                                          10,452        10,831
        Building and related personal                                     
            equipment                                 92,882        93,660
                                                     103,334       104,491

            Less accumulated depreciation            (67,149)      (63,288)
                                                      36,185        41,203
            Real estate assets of property                                
                  in-substance foreclosed             21,251        20,722
            Less accumulated depreciation             (1,906)       (1,122)
                                                      19,345        19,600
                                                                         
                                                   $  62,267     $  68,153
                                                                          
 Liabilities and Partners' Capital (Deficit)                              
      Accounts payable and accrued expenses        $   3,131     $   2,038
      Mortgage notes and interest payable              4,250         4,700
      Master loan and interest payable               258,653       238,486
      Due to affiliates                                   51           969
                                                     266,085       246,193

 Partners' Capital (Deficit)                                              
      General partner                                 (2,038)       (1,780)
      Limited partners                              (201,780)     (176,260)
                                                    (203,818)     (178,040)
                                                                          
                                                   $  62,267     $  68,153


</TABLE>
[FN]

           See Accompanying Notes to Consolidated Financial Statements

                            EXHIBIT 28.1 (Continued)

b)                 CONSOLIDATED CAPITAL EQUITY PARTNERS, L.P.

                      CONSOLIDATED STATEMENTS OF OPERATIONS
                                   (Unaudited)
                        (in thousands, except unit data)

<TABLE>
<CAPTION>
                                                                              
                                       Three Months Ended          Nine Months Ended
                                         September 30,               September 30,
                                       1995         1994         1995          1994     

<S>                                 <C>          <C>          <C>           <C>
 Revenues:                                                                           
    Rental income                    $ 6,695      $ 5,766      $ 18,824      $ 16,964
    Interest and distribution                                                        
       income on investments              43           34           101            50
          Total revenues               6,738        5,800        18,925        17,014
 Expenses:                                                                           
    Property operations                4,606        4,277        12,225        11,814
    Depreciation and                                                                 
       amortization                    1,655        1,589         4,862         4,568
    Interest                           7,655        6,945        22,985        20,629
    Administrative                       169          261           843           650
    Write-down of investment
       properties and investment                                                     
       in limited partnerships         3,814           --         3,814            --
          Total expenses              17,899       13,072        44,729        37,661
                                                                                     
    Loss on disposition of                                                           
       property                          (10)          --           (19)           --
    Casualty gain                         --           --            45            --
                                                                                   
          Net loss                  $(11,171)     $(7,272)     $(25,778)     $(20,647)
                                                                                     
 Net loss allocated                                                                  
    to general partner (1%)         $   (112)     $   (73)     $   (258)     $   (206)
 Net loss allocated                                                                  
    to limited partners (99%)        (11,059)      (7,199)      (25,520)      (20,441)
                                    $(11,171)     $(7,272)     $(25,778)     $(20,647)


</TABLE>
[FN]

           See Accompanying Notes to Consolidated Financial Statements

                            EXHIBIT 28.1 (Continued)

c)                 CONSOLIDATED CAPITAL EQUITY PARTNERS, L.P.

        CONSOLIDATED STATEMENT OF CHANGES IN PARTNERS' CAPITAL (DEFICIT) 
                                  (Unaudited) 

              For the Nine Months Ended September 30, 1995 and 1994
                                 (in thousands)

<TABLE>
<CAPTION>
                                                                            
                                                 
                                      General       Limited
                                      Partners      Partners           Total  
<S>                                  <C>            <C>             <C>
 Partners' deficit at                                                         
    December 31, 1993                 $ (1,507)      $(149,178)      $(150,685)  
 Net loss for the nine months                                                 
    ended September 30, 1994              (206)        (20,441)        (20,647)
 Partners' deficit at                                                         
    September 30, 1994                $ (1,713)      $(169,619)      $(171,332)
 Partners' deficit at                                                         
    December 31, 1994                 $ (1,780)      $(176,260)      $(178,040)
 Net loss for the nine months                                                 
    ended September 30, 1995              (258)        (25,520)        (25,778)
 Partners' deficit at                                                         
    September 30, 1995                $ (2,038)      $(201,780)      $(203,818)

</TABLE>
[FN]

           See Accompanying Notes to Consolidated Financial Statements

                            EXHIBIT 28.1 (Continued)

d)                 CONSOLIDATED CAPITAL EQUITY PARTNERS, L.P.

                      CONSOLIDATED STATEMENTS OF CASH FLOWS
                                   (Unaudited)
                                 (in thousands)

<TABLE>
<CAPTION>
                                                                              
                                                         Nine Months Ended
                                                           September 30,
                                                        1995            1994  
<S>                                                 <C>             <C>
 Cash flows from operating activities:                                       
    Net loss                                         $(25,778)       $(20,647)
    Adjustments to reconcile net loss to net                                 
     cash provided by operating activities:                                  
     Depreciation and amortization                      4,862           4,568
     Loss on disposition of property                       19              --
     Write-down of investment properties and                                 
       investment in limited partnerships               3,814              --
     Casualty gain                                        (45)             --
     Change in accounts:                                                     
         Prepaid expenses and other assets             (1,817)           (247)
         Accounts payable and accrued expenses          1,151             428
         Interest on master loan                       20,167          18,606
         Due to affiliates                               (918)            230
         Interest payable                                  11              --
             Net cash provided by operating                                  
               activities                               1,466           2,938
 Cash flows from investing activities:                                       
    Property improvements and replacements             (2,365)         (1,736)
    Proceeds from sale of real estate                      --             130
    Proceeds from sale of securities available                               
     for sale                                             195              --
    Purchase of securities available for sale              --            (195)
                                                                             
             Net cash used in investing                                      
               activities                              (2,170)         (1,801)
 Cash flows used in financing activities:                                    
    Advances on Master Loan                                --              40
    Payments on notes payable                            (460)           (480)
             Net cash used in financing                                      
               activities                                (460)           (440)
                                                                             
 Net (decrease) increase in cash                       (1,164)            697
                                                                             
 Cash at beginning of period                            3,393           2,429
 Cash at end of period                                $ 2,229         $ 3,126
 Supplemental disclosure of cash flow                                        
    information:                                                             
     Cash paid for interest                           $ 3,721         $ 1,837


</TABLE>
[FN]

           See Accompanying Notes to Consolidated Financial Statements

e)                 CONSOLIDATED CAPITAL EQUITY PARTNERS, L.P.

                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                                   (Unaudited)


Note A - Basis of Presentation

   The accompanying unaudited financial statements have been prepared in
accordance with generally accepted accounting principles for interim financial
information.  Accordingly, they do not include all of the information and
footnotes required by generally accepted accounting principles for complete
financial statements.  In the opinion of the General Partner, all adjustments
(consisting of normal recurring accruals) considered necessary for a fair
presentation have been included.  Operating results for the three and nine month
periods ended September 30, 1995, are not necessarily indicative of the results
that may be expected for the fiscal year ending December 31, 1995.  

   Certain reclassifications have been made to the 1994 information to conform
to the 1995 presentation.

Consolidation

   Consolidated Capital Equity Partners, L.P. ("Partnership") owns a 75%
interest in a limited partnership ("Western Can, Ltd.") which owns 444 De Haro,
an office building in San Francisco, California.  The Partnership's investment
in Western Can, Ltd. is consolidated in the Partnership's financial statements. 
No minority interest liability has been reflected for the 25% minority interest
because Western Can, Ltd. has a net capital deficit and no minority liability
exists with respect to the Partnership.

   The assets and liabilities at September 30, 1995, and December 31, 1994, and
operations for the nine months ended September 30, 1995 and 1994, of Carlton
House are consolidated in the Partnership's financial statements pursuant to
accounting guidelines regarding notes receivable in-substance foreclosed.

Investments in Limited Partnerships

   The investments in limited partnerships represent certain interest in three
affiliated limited partnerships that were contributed by EP's general partners
to the Partnership.  These investments are stated at the lower of estimated fair
value of the interests at the time of contribution to the Partnership or the
current estimated fair value of the interests.  The Partnership wrote this
investment down $1 million to its estimated fair value during the third quarter
of 1995.

Accounting Change - Investments

   In March 1995, the Financial Accounting Standards Board ("FASB") issued
Statement No. 121, "Accounting for the Impairment of Long-Lived Assets and for
Long-Lived Assets to Be Disposed Of", which requires impairment losses to be
recognized for long-lived assets used in operations when indicators of
impairment are present and the undiscounted cash flows estimated to be generated
by those assets are less than the assets' carrying amount.  Statement 121 also
addresses the accounting for long-lived assets that are expected to be disposed
of.  The Partnership adopted Statement 121 at September 30, 1995.

Note B - Related Party Transactions

   The Partnership paid property management fees based upon collected gross
rental revenues for property management services in each of the nine month
periods ended September 30, 1995 and 1994.  For the nine months ended September
30, 1994, a portion of such property management fees were paid to the property
management companies performing day-to-day property management services and a
portion was paid to Partnership Services, Inc. ("PSI") for advisory services
related to day-to-day property operations.  Coventry Properties, Inc.
("Coventry"), an affiliate of the General Partner, provided day-to-day property
management responsibilities for four of the Partnership's properties under the
same management fee arrangement as the unaffiliated  management companies.  In
late December 1994, an affiliate of Insignia Financial Group, Inc. ("Insignia")
assumed day-to-day property management responsibilities for all of the
Partnership's properties.  Fees paid to affiliates of Insignia during the nine
months ended September 30, 1995, and fees paid to Coventry and PSI for the nine
months ended September 30, 1994, are reflected in the following table.

   Also, the Partnership is subject to an Investment Advisory Agreement between
the Partnership and an affiliate of ConCap Holdings, Inc. ("CHI").  This
agreement provides for an annual fee, payable in monthly installments, to an
affiliate of CHI for advising and consulting services for the Partnership's
properties.  Advisory fees paid pursuant to this agreement are reflected in the
following table:

                                                          
                                                  For the Nine Months Ended 
                                                         September 30,      
                                                    1995              1994  
                                                          
                                                         (in thousands)     
                                                                              
     Property management fees                      $966                $326
     Investment advisory fees                       199                 193
     Lease commissions                              186                  70
                                                          
   Property management fees increased for the nine months ended September 30,
1995, compared to the nine months ended September 30, 1994, due to the fact that
all but four of the Partnership's investment properties were managed by
unaffiliated management companies during the nine months ended September 30,
1994.  All of the Partnership's investment properties were managed by an
affiliate of Insignia during the nine months ended September 30, 1995.

   The Partnership Agreement ("Agreement") also provides for reimbursement to
the General Partner and its affiliates for costs incurred in connection with the
administration of Partnership activities.  The General Partner and its current
and former affiliates, which includes Coventry, received reimbursements for the
nine months ended September 30, 1995 and 1994, as reflected in the following
table:

                                                          
                                                  For the Nine Months Ended 
                                                          September 30,      
                                                   1995                1994 
                                                          
                                                         (in thousands)     
                                                                              
    Reimbursement for services of affiliates       $362                $227  


Note B - Related Party Transactions (continued)

   Reimbursements for services of affiliates increased during the nine months
ended September 30, 1995, compared to the nine months ended September 30, 1994,
due to increased expense reimbursements related to the combined efforts of the
Dallas and Greenville offices during the transition period that ended June 30,
1995.  These increased costs related to the transition efforts which were
incurred to minimize any disruption in the year-end reporting function including
the financial reporting and K-1 preparation and distribution.  Administrative
expenses began decreasing in the third quarter of 1995 as the transition efforts
are now complete.

   In addition to the compensation and reimbursements described above, interest
payments are made to and loan advances are received from Consolidated Capital
Institutional Properties ("CCIP") pursuant to the Master Loan Agreement, which
is described more fully in the 1994 Annual Report.  Such interest payments
totalled approximately $2.5 million and approximately $1.5 million for the nine
months ended September 30, 1995 and 1994, respectively.  The Partnership
received advances under the Master Loan Agreement totalling $40,000 in February
1994.  (See further discussion in Note C).  No advances under the Master Loan
Agreement were made during the nine months ended September 30, 1995.

   On July 1, 1995, the Partnership began insuring its properties under a master
policy through an agency and insurer unaffiliated with the General Partner.  An
affiliate of the General Partner acquired, in the acquisition of a business,
certain financial obligations from an insurance agency which was later acquired
by the agent who placed the current year's master policy.  The current agent
assumed the financial obligations to the affiliate of the General Partner, who
receives payments on these obligations from the agent.  The amount of the
Partnership's insurance premiums accruing to the benefit of the affiliate of the
General Partner by virtue of the agent's obligations is not significant.

Note C - Master Loan and Accrued Interest Payable

   The Master Loan principal and accrued interest payable balances at September
30, 1995, and December 31, 1994, are $258.7 million and $238.5 million,
respectively.

Terms of Master Loan Agreement

   Under the terms of the Master Loan Agreement, interest accrues at a
fluctuating rate per annum adjusted annually on July 15 by the percentage change
in the U.S. Department of Commerce Implicit Price Deflator for the Gross
National Product subject to an interest rate ceiling of 12.5%.  The interest
rates for each of the three and nine month periods ended September 30, 1995 and
1994 was 12.5%.  Interest payments are currently payable quarterly in an amount
equal to "Excess Cash Flow", generally defined in the Master Loan Agreement as
net cash flow from operations after third-party debt service.  If such Excess
Cash Flow payments are less than the current accrued interest during the
quarterly period, the unpaid interest is added to principal, compounded
annually, and is payable at the loan's maturity.  If such Excess Cash Flow
payments are greater than the currently payable interest, the excess amount is
applied to the principal balance of the loan.  Any net proceeds from sale or
refinancing of any of the Partnership's properties are paid to CCIP under the
terms of the Master Loan Agreement.  The Master Loan Agreement matures in
November 2000.

Note C - Master Loan and Accrued Interest Payable - continued

   Effective January 1, 1993, the Partnership and CCIP amended the Master Loan
Agreement to stipulate that Excess Cash Flow would be computed net of capital
improvements.  Such expenditures were formerly funded from advances on the
Master Loan from CCIP to the Partnership.  This amendment and change in the
definition of Excess Cash Flow has had the effect of reducing Master Loan
payments to CCIP by the amount of the Partnership's capital expenditures since
such amounts were previously excluded from Excess Cash Flow.  The amendment will
have no effect on the computation of interest expense on the Master Loan for the
Partnership.

   In February 1994, the Partnership advanced approximately $589,000 to New
Carlton House Partners ("NCHP"), as an advance on the note receivable ("Carlton
House Note") secured by a deed of trust on the Carlton House Apartment and
Office Building ("Carlton House"), to pay Carlton House's 1994 property taxes. 
In February 1994, CCIP advanced $40,000 to the Partnership as an advance on the
Master Loan.  CCEP then advanced $40,000 to NCHP as an advance on the Carlton
House Note to pay the remaining balance of 1993 property taxes.  The notes
payable are all nonrecourse, collateralized by deeds of trust on the real
property.  The notes payable bear interest at rates ranging from 8.0% to 10.5%
per annum and mature between 1998 and 2007.

Note D - Note Receivable Deemed In-Substance Foreclosed

   The Partnership holds the Carlton House Note which is secured by a deed of
trust on Carlton House with a scheduled maturity in 1995.  According to the note
terms, interest accrues at 10% and compounds monthly on principal plus accrued
but unpaid interest.  The note receivable has been in default since 1991.   As
described more fully in the 1994 audited financial statements, the required debt
service payments were reduced to only the amount of net cash flow from the
Carlton House. In 1995 and 1994 no interest income was recognized as no cash
related to the note receivable was received by the Partnership.

   As more fully described in the 1994 audited financial statements, the Carlton
House Note is deemed in-substance foreclosed.  Summarized below are the assets,
liabilities, partner's equity and the results of operations of the Carlton House
that are included in the Partnership's financial statements for the nine months
ended September 30, 1995 and 1994, prepared on the same basis as the
Partnership's financial statements.  Any intercompany balances between the
Partnership and the Carlton House have been eliminated in the Partnership's
consolidated financial statements and the summarized financial statements set
forth below:
                                                                              
                                                  September 30,   December 31,
                                                      1995            1994   
 Assets                                                  (in thousands)
    Cash and cash equivalents                       $   1,086     $   1,519
    Securities available for sale                          --           195
    Prepaid expenses and other assets                     644           103
 Real estate:                                                              
     Land                                               3,805         3,805
     Building and improvements                         17,446        16,917
                                                       21,251        20,722
     Less accumulated depreciation                     (1,906)       (1,122)
                                                       19,345        19,600
         Total assets                               $  21,075     $  21,417

Note D - Note Receivable Deemed In-Substance Foreclosed - continued

                                                                              
                                                  September 30,    December 31,
                                                      1995             1994   
                                                          (in thousands)

 Liabilities and Partners' Deficit                                          
    Master loan and interest payable                 $      17     $      16
    Due to affiliates                                      763           763
    Other liabilities                                      578           467
         Total liabilities                               1,358         1,246
                                                                            
 Partners' equity                                       19,717        20,171
         Total liabilities and partners' equity      $  21,075     $  21,417


                                                          
                                                   For the Nine Months Ended
                                                          September 30,
                                                      1995          1994   
                                                         (in thousands)

 Revenues:                                                                
    Rental revenue                                   $ 4,502       $ 3,498
    Interest income on investments                        22           -- 
         Total revenues                                4,524         3,498
                                                                         
 Expenses:                                                                
     Property operations                               3,358         3,136
     Depreciation and amortization                       791           672
     Interest                                            731             3
     Administrative                                       98            25
         Total expenses                                4,978         3,836
             Net income (loss)                       $  (454)      $  (338)


Note E - Accounting for the Impairment of Long-Lived Assets

   At September 30, 1995, the Partnership adopted FASB Statement 121.  Estimated
fair value of the investment properties was determined using net operating
income of the property capitalized at a rate deemed reasonable for the type of
property, adjusted for market conditions, physical condition of the property and
other factors to assess whether any permanent impairment in value has occurred. 
Estimated fair value of the investments in limited partnerships was determined
using the estimated value of the limited partnership units in each partnership
and the estimated future distributions.  As a result of the Partnership's
continuing evaluation of its investments, an impairment loss of approximately
$3.8 million was recorded based on the individual property's operating results
and expected cash flows and the estimated value of the limited partnership units
owned by the Partnership.