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

                       THE SECURITIES EXCHANGE ACT OF 1934

                        Quarterly or Transitional Report

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

                                    Form 10-Q

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

                 For the quarterly period ended September 30, 2000


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


                For the transition period from _________to _________

                         Commission file number 0-10831

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



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

                          55 Beattie Place, P.O. Box 1089
                        Greenville, South Carolina 29602

                      (Address of principal executive offices)

                                 (864) 239-1000

                           (Issuer's telephone number)

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



                         PART I - FINANCIAL INFORMATION

ITEM 1.     FINANCIAL STATEMENTS
a)

                   CONSOLIDATED CAPITAL INSTITUTIONAL PROPERTIES
                           CONSOLIDATED BALANCE SHEETS

                          (in thousands, except unit data)

<TABLE>
<CAPTION>

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

<S>                                                          <C>           <C>
   Cash and cash equivalents                                 $ 7,092       $ 11,175
   Receivables and deposits                                       791         1,078
   Restricted escrows                                             310           600
   Other assets                                                 1,832         1,641

   Investment in Master Loan                                   63,157        67,865
      Less: allowance for impairment loss                      (3,176)      (17,417)
                                                               59,981        50,448
   Investment properties:
      Land                                                      3,564         3,564
      Building and related personal property                   38,583        37,115
                                                               42,147        40,679
      Less:  accumulated depreciation                         (12,222)       (9,953)
                                                               29,925        30,726
                                                             $ 99,931      $ 95,668
Liabilities and Partners' (Deficit) Capital
Liabilities

   Accounts payable                                          $    172      $    108
   Tenant security deposit liabilities                            639           574
   Accrued property taxes                                          70            --
   Other liabilities                                              629           627
   Mortgage note payable                                       26,859        27,074
                                                               28,369        28,383
Partners' (Deficit) Capital

   General partner                                                114           (58)
   Limited partners (199,045.2 units issued and
      outstanding)                                             71,448        67,343
                                                               71,562        67,285
                                                             $ 99,931      $ 95,668

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

            See Accompanying Notes to Consolidated Financial Statements
</TABLE>


<PAGE>



<TABLE>
<CAPTION>

b)

                   CONSOLIDATED CAPITAL INSTITUTIONAL PROPERTIES
                      CONSOLIDATED STATEMENTS OF OPERATIONS

                                   (Unaudited)

                          (in thousands, except unit data)

                                         Three Months Ended       Nine Months Ended
                                            September 30,           September 30,
                                          2000        1999        2000        1999
Revenues:
<S>                                      <C>         <C>         <C>         <C>
   Rental income                         $ 2,781     $ 2,470     $ 8,008     $ 7,389
   Interest income on investment
       in Master Loan to affiliate         1,000       1,691       2,000       2,744
    Reduction of provision for
      impairment loss                     14,241          --      14,241          --
   Interest income                            84          54         299         195
   Other income                              201         145         568         454
   Property tax refunds                      210          --         210          61
         Total revenues                   18,517       4,360      25,326      10,843

Expenses:
   Operating                               1,123         936       3,431       3,144
   Depreciation                              764         711       2,269       1,974
   General and administrative                274         120         573         417
   Property taxes                            163         142         449         427
   Interest                                  492         485       1,451       1,447
         Total expenses                    2,816       2,394       8,173       7,409

Net income                               $15,701     $ 1,966     $17,153     $ 3,434

Net income allocated

    to general partner (1%)              $   157     $    19     $   172     $    34
Net income allocated

    to limited partners (99%)             15,544       1,947      16,981       3,400

                                         $15,701     $ 1,966     $17,153     $ 3,434

Net income per Limited

    Partnership Unit                     $ 78.09     $  9.78     $ 85.31     $ 17.08

Distributions per Limited

    Partnership Unit                     $ 31.17     $104.35     $ 64.69     $113.64


            See Accompanying Notes to Consolidated Financial Statements

</TABLE>

<PAGE>


c)

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

                          (in thousands, except unit data)


<TABLE>
<CAPTION>

                                     Limited
                                     Partnership     General      Limited
                                        Units        Partner     Partners      Total

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

Partners' (deficit) capital

   at December 31, 1998              199,045.2      $   (96)     $ 86,230    $ 86,134

Distributions to partners                   --           --       (22,621)    (22,621)

Net income for the nine months
   ended September 30, 1999                 --           34         3,400       3,434

Partners' (deficit) capital

   at September 30, 1999             199,045.2      $   (62)     $ 67,009    $ 66,947

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

Distributions to partners                   --           --       (12,876)    (12,876)

Net income for the nine months
   ended September 30, 2000                 --          172        16,981      17,153

Partners' capital at

   September 30, 2000                199,045.2     $    114      $ 71,448    $ 71,562


            See Accompanying Notes to Consolidated Financial Statements
</TABLE>


<PAGE>


d)
                   CONSOLIDATED CAPITAL INSTITUTIONAL PROPERTIES
                      CONSOLIDATED STATEMENTS OF CASH FLOWS

                                   (Unaudited)

                                   (in thousands)
<TABLE>
<CAPTION>

                                                                 Nine Months Ended
                                                                   September 30,

                                                                  2000        1999
Cash flows from operating activities:

<S>                                                             <C>          <C>
  Net income                                                    $ 17,153     $ 3,434
  Adjustments to reconcile net income to net cash
   provided by operating activities:
   Depreciation and amortization                                   2,356       2,067
   Reduction of provision for impairment loss                    (14,241)        --
   Change in accounts:
      Receivables and deposits                                       287          58
      Other assets                                                  (212)       (517)
      Accounts payable                                                64        (230)
      Tenant security deposit liabilities                             65          71
      Accrued property taxes                                          70         (13)
      Other liabilities                                                2        (117)
       Net cash provided by operating activities                   5,544       4,753

Cash flows from investing activities:

  Net receipts from restricted escrows                               290       1,351
  Property improvements and replacements                          (1,468)     (1,752)
  Principal receipts on Master Loan                                4,708      20,153
  Lease commissions paid                                             (59)         --
       Net cash provided by investing activities                   3,471      19,752

Cash flows from financing activities:

  Distributions to partners                                      (12,876)     (2,246)
  Payments on notes payable                                         (215)       (213)
  Loan costs paid                                                     (7)         (8)
       Net cash used in financing activities                     (13,098)     (2,467)

Net (decrease) increase in cash and cash equivalents              (4,083)     22,038
Cash and cash equivalents at beginning of period                  11,175       8,683
Cash and cash equivalents at end of period                      $ 7,092     $ 30,721

Supplemental disclosure of cash flow information:

  Cash paid for interest                                        $ 1,401     $  1,404

Supplemental disclosure of non-cash activity:

As of September 30, 1999,  distributions  payable was adjusted by  approximately
$20,375 relating to non-cash activity.

            See Accompanying Notes to Consolidated Financial Statements
</TABLE>


<PAGE>






e)

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

Note A - Basis of Presentation

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

Reclassifications

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

Principles of Consolidation

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

Note B - Transfer of Control

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


<PAGE>





Note C - Related Party Transactions

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

                                                                2000      1999
                                                                (in thousands)

 Property management fees (included in operating expenses)      $ 429     $ 395
 Reimbursement for services of affiliates (included in
  operating, and general and administrative expenses
  and investment properties)                                      398       187

During the nine months  ended  September  30, 2000 and 1999,  affiliates  of the
General  Partner  were  entitled  to  receive  5% of  gross  receipts  from  the
Registrant's   properties  for  providing  property  management  services.   The
Registrant paid to such affiliates  approximately  $429,000 and $395,000 for the
nine months ended September 30, 2000 and 1999, respectively.

An  affiliate  of the General  Partner  received  reimbursement  of  accountable
administrative expenses amounting to approximately $398,000 and $187,000 for the
nine months ended September 30, 2000 and 1999, respectively.

In addition to its  indirect  ownership of the general  partner  interest in the
Partnership,   AIMCO  and  its  affiliates   currently  own  123,837.50  limited
partnership  units in the  Partnership  representing  62.214% of the outstanding
units.  A number of these units were acquired  pursuant to tender offers made by
AIMCO or its  affiliates.  It is possible that AIMCO or its affiliates will make
one  or  more  additional  offers  to  acquire  additional  limited  partnership
interests in the  Partnership for cash or in exchange for units in the operating
partnership of AIMCO.  Under the Partnership  Agreement,  unitholders  holding a
majority of the Units are  entitled to take action with  respect to a variety of
matters, which would include without limitation, voting on certain amendments to
the Partnership  Agreement and voting to remove the General Partner. As a result
of its ownership of 62.214% of the outstanding  units, AIMCO is in a position to
influence all voting  decisions with respect to the  Registrant.  When voting on
matters,  AIMCO would in all  likelihood  vote the Units it acquired in a manner
favorable to the interest of the General  Partner  because of their  affiliation
with the General Partner.


<PAGE>



Note D - Net Investment in Master Loan

The Partnership was formed for the benefit of its limited partners to lend funds
to  Consolidated   Capital  Equity  Partners  ("CCEP"),   a  California  general
partnership.  The Partnership loaned funds to CCEP subject to a nonrecourse note
with a participation  interest (the "Master  Loan").  At September 30, 2000, the
recorded  investment  in the Master Loan was  considered  to be  impaired  under
Statement of Financial  Accounting Standard No. 114 ("SFAS 114"),  Accounting by
Creditors for Impairment of a Loan. The  Partnership  measures the impairment of
the loan  based  upon the fair  value  of the  collateral  due to the fact  that
repayment of the loan is expected to be provided solely by the  collateral.  For
the nine months ended  September  30, 2000 and 1999,  the  Partnership  recorded
approximately $2,000,000 and $2,744,000,  respectively, of interest income based
upon  "Excess  Cash Flow"  generated  (as defined in the terms of the New Master
Loan Agreement).

The  fair  value of the  collateral  properties  was  determined  using  the net
operating  income of the  collateral  properties  capitalized  at a rate  deemed
reasonable for the type of property adjusted for market conditions, the physical
condition of the property and other factors,  or by obtaining an appraisal by an
independent  third  party.  This  methodology  has not changed from that used in
prior  calculations  performed by the General  Partner in  determining  the fair
value of the collateral  properties.  During the nine months ended September 30,
2000,  a reduction in the  provision  for  impairment  loss was  recognized  for
approximately  $14,241,000 due to an increase in the net realizable value of the
collateral properties.  There was no change in the provision for impairment loss
for the nine months ended September 30, 1999. The General Partner  evaluates the
net  realizable  value on a semi-annual  basis.  The General  Partner has seen a
consistent  increase in the net realizable  value of the collateral  properties,
taken  as a whole,  over  the past two  years.  The  increase  is  deemed  to be
attributable to major capital  improvement  projects and the concerted effort to
complete  deferred  maintenance  items that have been  ongoing over the past few
years at the various  properties.  This has enabled the  properties  to increase
their respective occupancy levels or, in some cases, to maintain the properties'
high  occupancy  levels.  The vast majority of this work was funded by cash flow
from the  collateral  properties  themselves as no amounts have been borrowed on
the  master  loan or from  other  sources in the past few years in order to fund
such  improvements.  The  General  Partner  attributes  the  increase in the net
realizable  value of the collateral  properties  securing the Master Loan to the
increase in  occupancy  and/or  average  rental  rates of such  properties.  The
increase  in  occupancy  at the  properties  is  attributable  to  approximately
$6,847,000 of combined capital  improvements  made at most of the properties for
the past twenty one months.  These  improvements have been funded primarily from
property  operations and cash flows.  During the nine months ended September 30,
2000 and 1999,  the  Partnership  made no  advances to CCEP as an advance on the
Master Loan.

Based upon the  consistent  increase in net  realizable  value of the collateral
properties,  the General  Partner  determined  the  increase to be  permanent in
nature and accordingly,  reduced the allowance for impairment loss on the master
loan during the nine months ended September 30, 2000.


<PAGE>



Interest,  calculated on the accrual basis,  due to the Partnership  pursuant to
the terms of the Master Loan Agreement,  but not recognized in the  consolidated
statements  of  operations   due  to  the   impairment  of  the  loan,   totaled
approximately  $29,681,000  and  $27,471,000 for the nine months ended September
30, 2000 and 1999, respectively. Interest income is recognized on the cash basis
as allowed  under SFAS 114. At September 30, 2000,  and December 31, 1999,  such
cumulative   unrecognized  interest  totaling  approximately   $296,656,000  and
$266,975,000  was not included in the balance of the  investment in Master Loan.
In addition,  eight of the  properties  are  collateralized  by first  mortgages
totaling approximately  $40,590,000 at September 30, 2000, which are superior to
the Master Loan.  During the nine months ended September 30, 2000, CCEP incurred
new first mortgage debt on two properties and refinanced  first mortgage debt on
three properties. Accordingly, these facts have been taken into consideration in
determining the fair value of the Master Loan.

During  the nine  months  ended  September  30,  2000 the  Partnership  received
approximately $4,708,000 as principal payments on the Master Loan. Approximately
$182,000  was from cash  received  on  certain  investments  by CCEP,  which are
required  to be  transferred  to CCIP as per the Master Loan  Agreement  and the
remaining, $4,526,000 resulted from the receipt of net proceeds from the sale of
Shirewood  Townhomes by CCEP on July 21, 2000.  Subsequent to September 30, 2000
the Partnership received approximately  $28,770,000 as principal payments on the
Master Loan.

During the nine months  ended  September  30,  1999,  the  Partnership  received
approximately   $20,153,000   as   principal   payments  on  the  Master   Loan.
Approximately  $153,000 was from cash received on certain  investments  by CCEP,
which are required to be  transferred  to CCIP as per the Master Loan  Agreement
and the  remaining,  $20,000,000  resulted from the receipt of net proceeds from
the sale of 444 De Haro.

Note E - Commitment

Until  October  17,  2000,  the  Partnership  was  required  by the  Partnership
Agreement to maintain  working capital  reserves for  contingencies  of not less
than 5% of Net Invested Capital, as defined in the Partnership Agreement. In the
event  expenditures were made from this reserve,  operating  revenues were to be
allocated  to such reserve to the extent  necessary  to maintain  the  foregoing
level.  Reserves,  including  cash and securities  available for sale,  totaling
approximately   $7,092,000,   were  greater  than  the  reserve  requirement  of
approximately  $4,315,000  at September  30, 2000.  On September  16, 2000,  the
Partnership  sought  the  vote of  limited  partners  to amend  the  Partnership
Agreement to eliminate the requirement for the Partnership to maintain  reserves
equal  to at  least  5% of the  limited  partner's  capital  contributions  less
distributions  to limited  partners  and instead  permit the General  Partner to
determine  reasonable  reserve  requirements  of the  Partnership.  The vote was
sought  pursuant to a Consent  Solicitation  that expired on October 16, 2000 at
which  time the  amendment  was  approved  by the  requisite  percent of limited
partnership interests.  Upon expiration of the consent period, a total number of
140,565.90  units had voted of which  136,767.20 units had voted in favor of the
amendment, 2,805.70 voted against the amendment and 993.00 units abstained.


<PAGE>



Note F - Distributions

Distributions  from surplus cash of  approximately  $12,876,000 were paid to the
limited  partners ($64.69 per limited  partnership  unit) during the nine months
ended  September 30, 2000.  During the nine months ended September 30, 1999, the
Partnership paid approximately  $2,246,000 in distributions from surplus cash to
the limited  partners  ($11.28  per  limited  partnership  unit).  In  addition,
distributions totaling  approximately  $20,375,000 were declared as of September
30, 1999 and paid from  surplus  funds in October  1999 to the limited  partners
(approximately $102.36 per limited partnership unit). Included in the amounts at
September  30, 2000 are  payments to both the  Pennsylvania  and North  Carolina
Departments of Revenue for withholding  taxes related to income generated by the
Registrant's  investment  properties  located in those  states.  Included in the
amounts at September 30, 1999 are payments to the North  Carolina  Department of
Revenue for withholding  taxes related to income  generated by the  Registrant's
investment property located in that state. Subsequent to September 30, 2000, the
Partnership  declared  and paid to the  limited  partners  a  distribution  from
surplus  cash of  approximately  $35,004,000  ($175.86  per limited  partnership
unit).  Approximately $28,770,000 of which was from the receipt of net financing
and refinancing proceeds from CCEP subsequent to September 30, 2000.

Note G - Segment Reporting

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

The  Partnership  has  two  reportable  segments:   residential  properties  and
commercial properties.  The Partnership's  residential property segment consists
of one apartment complex located in North Carolina and one multiple-use facility
consisting of apartment units and commercial space located in Pennsylvania.  The
Partnership rents apartment units to tenants for terms that are typically twelve
months or less.

The commercial property leases space to various medical offices,  various career
services  facilities,  and a credit  union at terms  ranging  from two months to
fifteen years.

Measurement of segment profit or loss:

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

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

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


<PAGE>



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

<TABLE>
<CAPTION>

  Three Months Ended September 30, 2000
                                         Residential  Commercial    Other     Totals

<S>                                        <C>           <C>         <C>      <C>
  Rental income                            $ 2,395       $ 386       $ --     $ 2,781
  Interest income                               23            5        56          84
  Other income                                 134           66         1         201
  Property tax refunds                         179           31        --         210
  Interest income on investment in
    Master Loan                                 --           --     1,000       1,000
  Reduction of provision for
   impairment loss                              --           --    14,241      14,241
  Interest expense                             433           59        --         492
  Depreciation                                 743           21        --         764
  General and administrative
    expense                                     --           --       274         274
  Segment profit                               577          100     15,024     15,701
</TABLE>

<TABLE>
<CAPTION>

  Nine Months Ended September 30, 2000
                                       Residential  Commercial    Other      Totals

<S>                                      <C>          <C>          <C>      <C>
  Rental income                          $ 6,858      $ 1,150      $ --     $ 8,008
  Interest income                             65           19       215         299
  Other income                               390          177         1         568
  Property tax refunds                       179           31        --         210
  Interest income on investment in
    Master Loan                               --           --     2,000       2,000
   Reduction of provision for
    impairment loss                            --           --    14,241      14,241
  Interest expense                         1,274          177        --       1,451
  Depreciation                             2,206           63        --       2,269
  General and administrative
    expense                                   --           --       573         573
  Segment profit                             949          320     15,884     17,153
  Total assets                            32,915        1,950    65,066      99,931
  Capital expenditures for
    investment properties                  1,449           19        --       1,468
</TABLE>


<PAGE>

<TABLE>
<CAPTION>


Three Months Ended September 30, 1999
                                    Residential  Commercial     Other     Totals
<S>                                    <C>           <C>         <C>       <C>
Rental income                          $ 2,085       $ 385       $ --      $ 2,470
Interest income                              5            2         47          54
Other income                               103           42         --         145
Interest income on investment
  in Master Loan                            --           --      1,691       1,691
Interest expense                           446           39         --         485
Depreciation                               684           27         --         711
General and administrative
  expense                                   --           --        120         120
Segment profit                             156          192      1,618       1,966
</TABLE>

<TABLE>
<CAPTION>


Nine Months Ended September 30, 1999
                                   Residential  Commercial     Other     Totals
<S>                                    <C>          <C>          <C>       <C>
Rental income                          $ 6,325      $ 1,064      $ --      $ 7,389
Interest income                             20            4        171         195
Other income                               343          111         --         454
Property tax refunds                        52            9         --          61
Interest income on investment
  in Master Loan                            --           --      2,744       2,744
Interest expense                         1,290          157         --       1,447
Depreciation                             1,912           62         --       1,974
General and administrative
  expense                                   --           --        417         417
Segment profit                             569          367      2,498       3,434
Total assets                            34,718        1,860     79,290     115,868
Capital expenditures
  for investment properties              1,716           36         --       1,752
</TABLE>

Note H - Legal Proceedings

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

Pending the ruling on such  demurrers,  settlement  negotiations  commenced.  On
November 2, 1999,  the parties  executed and filed a Stipulation  of Settlement,
settling claims,  subject to final court approval,  on behalf of the Partnership
and all limited  partners  who owned  units as of November 3, 1999.  Preliminary
approval of the settlement  was obtained on November 3, 1999 from the Court,  at
which time the Court set a final approval  hearing for December 10, 1999.  Prior
to the December 10, 1999 hearing,  the Court received various  objections to the
settlement, including a challenge to the Court's preliminary approval based upon
the alleged lack of authority of prior lead counsel to enter the settlement.  On
December  14,  1999,  the General  Partner  and its  affiliates  terminated  the
proposed settlement.  In February 2000, counsel for some of the named plaintiffs
filed a motion to disqualify plaintiff's lead and liaison counsel who negotiated
the settlement.  On June 27, 2000, the Court entered an order disqualifying them
from the case.  The Court is considering  applications  for lead counsel and has
currently  scheduled a hearing on the matter for November 20, 2000.  The General
Partner  does not  anticipate  that  costs  associated  with  this  case will be
material to the Partnership's overall operations.

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


<PAGE>




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

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

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

                                                   Average Occupancy

      Property                                      2000       1999

      The Loft Apartments                           93%        96%
        Raleigh, North Carolina

      The Sterling Apartment Homes                  93%        91%
      The Sterling Commerce Center                  89%        88%
        Philadelphia, Pennsylvania

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

Results of Operations

The  Partnership's  net income for the nine months ended  September 30, 2000 was
approximately $17,153,000 compared to net income of approximately $3,434,000 for
the  corresponding  period  in 1999.  The  Partnership  recorded  net  income of
approximately $15,701,000 for the three months ended September 30, 2000 compared
to net income of approximately  $1,966,000 for the corresponding period in 1999.
The  increase in net income for the three and nine months  ended  September  30,
2000  compared  with the  corresponding  period in 1999 was primarily due to the
$14,241,000  reduction of provision  for  impairment  loss  recognized  in 2000.
During the nine months ended  September  30, 2000, a reduction in the  provision
for  impairment  loss was  recognized for  approximately  $14,241,000  due to an
increase in the net realizable value of the collateral properties.  There was no
change in the provision for impairment  loss for the nine months ended September
30,  1999.  The  General  Partner  evaluates  the  net  realizable  value  on  a
semi-annual basis. The General Partner has seen a consistent increase in the net
realizable value of the collateral  properties,  taken as a whole, over the past
two  years.  The  increase  is  deemed  to  be  attributable  to  major  capital
improvement  projects and the concerted effort to complete deferred  maintenance
items that have been ongoing over the past few years at the various  properties.
This has enabled the properties to increase their  respective  occupancy  levels
or, in some cases, to maintain the properties' high occupancy  levels.  The vast
majority  of this work was  funded by cash flow from the  collateral  properties
themselves  as no amounts  have been  borrowed  on the master loan or from other
sources in the past few years in order to fund such  improvements.  The  General
Partner  attributes the increase in the net  realizable  value of the collateral
properties  securing the Master Loan to the increase in occupancy and/or average
rental rates of such properties.  The increase in occupancy at the properties is
attributable to approximately  $6,847,000 of combined capital  improvements made
at most of the  properties  for the past twenty one months.  These  improvements
have been funded primarily from property  operations and cash flows.  During the
nine months ended September 30, 2000 and 1999, the Partnership  made no advances
to CCEP as an advance on the Master Loan.

Excluding the reduction of provision for impairment loss, the  partnership's net
income for the three and nine months ended September 30, 2000 was  approximately
$1,460,000 and $2,912,000 as compared to approximately $1,966,000 and $3,434,000
for the three and nine months  ended  September  30,  1999.  The decrease in net
income for the nine month period ended September 30, 2000 compared with the nine
month period ended  September 30, 1999 was primarily due to an increase in total
expenses, partially offset by an increase in total revenues. The decrease in net
income for the three month period ended  September  30, 2000  compared  with the
three month period ended  September 30, 1999 was primarily due to an increase in
total expenses and a decrease in total revenues.  The increase in total revenues
for the nine months ended  September 30, 2000 is  attributable to an increase in
rental income, interest income, other income and property tax refunds which more
than  offset the  decrease in interest  income on  investment  in Master Loan to
affiliate.  The decrease in total revenues for the three months ended  September
30, 2000 is due to the decrease in interest  income on investment in Master Loan
to affiliate more than offsetting the increases in the other components of total
revenues. The decrease in interest income related to the Master Loan is a factor
of the method used to recognize income.  Income is only recognized to the extent
that  actual  cash  is  received.  The  receipt  of  cash  is  dependent  on the
corresponding  cash flow of the  properties,  which secure the Master Loan. Cash
flow for these properties was lower for the nine months ended September 30, 2000
as a result of capital  expenditures at the  properties.  The increase in rental
income for the three and nine months ended September 30, 2000 as compared to the
same  periods  in 1999,  was due to  increases  in average  rental  rates at the
Registrant's investment properties offset slightly by a decrease in occupancy at
The Loft  Apartments.  In  addition,  there has been a decrease  in  concessions
offered at The  Sterling as a result of the complex  nearing  completion  of its
renovation. The increase in interest income is the result of increased levels of
cash maintained in interest  bearing  accounts.  The increase in real estate tax
refunds is due to The Sterling  receiving  refunds on prior year tax bills which
had been under appeal.

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

General  and  administrative  expenses  increased  for the three and nine  month
periods  ended  September  30,  2000 and 1999 due to an increase in the costs of
services  included  in the  management  reimbursements  to the  General  Partner
allowed under the Partnership Agreement. In addition,  costs associated with the
quarterly and annual  communications  with investors and regulatory agencies and
the annual audit required by the Partnership Agreement are also included.

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

Liquidity and Capital Resources

At  September  30,  2000,  the  Partnership  had cash and  cash  equivalents  of
approximately  $7,092,000 as compared to approximately  $30,721,000 at September
30, 1999. Cash and cash equivalents decreased  approximately  $4,083,000 for the
nine months ended September 30, 2000 from the Partnership's  year ended December
31, 1999.  This decrease was primarily due to  approximately  $13,098,000 of net
cash used in financing activities offset by approximately $3,471,000 of net cash
provided  by  investing  activities  and  approximately  $5,544,000  of net cash
provided  by  operating  activities.   Cash  provided  by  investing  activities
consisted primarily of principal  repayments received on the Master Loan and net
receipts from escrow accounts maintained by the mortgage lender partially offset
by property  improvements and replacements and lease commissions paid. Cash used
in financing activities consisted primarily of distributions to partners and, to
a lesser  extent,  payments of principal made on the mortgages  encumbering  the
Registrant's properties and other loan costs. The Registrant invests its working
capital reserves in money market accounts.


<PAGE>



Until  October  17,  2000,  the  Partnership  was  required  by the  Partnership
Agreement to maintain  working capital  reserves for  contingencies  of not less
than 5% of Net Invested Capital, as defined in the Partnership Agreement. In the
event  expenditures were made from this reserve,  operating  revenues were to be
allocated  to such reserve to the extent  necessary  to maintain  the  foregoing
level.  Reserves,  including  cash and securities  available for sale,  totaling
approximately   $7,092,000,   were  greater  than  the  reserve  requirement  of
approximately  $4,315,000  at September  30, 2000.  On September  16, 2000,  the
Partnership  sought  the  vote of  limited  partners  to amend  the  Partnership
Agreement to eliminate the requirement for the Partnership to maintain  reserves
equal  to at  least  5% of the  limited  partner's  capital  contributions  less
distributions  to limited  partners  and instead  permit the General  Partner to
determine  reasonable  reserve  requirements  of the  Partnership.  The vote was
sought  pursuant to a Consent  Solicitation  that expired on October 16, 2000 at
which  time the  amendment  was  approved  by the  requisite  percent of limited
partnership interests.  Upon expiration of the consent period, a total number of
140,565.90  units had voted of which  136,767.20 units had voted in favor of the
amendment, 2,805.70 voted against the amendment and 993.00 units abstained.

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

The Loft

The Partnership has budgeted,  but is not limited to, approximately  $93,000 for
capital  improvements  during the current year  consisting of floor covering and
mini-blinds replacements,  appliances, HVAC condensing units, and water heaters.
During the nine months ended  September  30,  2000,  the  Partnership  completed
approximately $77,000 of budgeted capital improvements,  consisting primarily of
appliances,  floor  covering  replacement  and  mini-blind  replacements.  These
improvements were funded from cash flow and replacement reserves.

The Sterling

The Partnership has budgeted,  but is not limited to,  approximately  $2,610,000
for capital  improvements  during the current  year  consisting  of  appliances,
cabinet replacements,  interior building  improvements,  electrical and plumbing
upgrades,  and  floor  covering  replacements.  During  the  nine  months  ended
September  30, 2000,  the  Partnership  completed  approximately  $1,391,000  of
budgeted capital  improvements  consisting  primarily of plumbing and electrical
upgrades,  air  conditioning  units,  appliance  and  cabinet  replacements  and
interior building  improvements.  These  improvements were funded primarily from
cash flow and replacement reserves.

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

The  Registrant's  current assets are thought to be sufficient for any near-term
needs  (exclusive  of capital  improvements)  of the  Registrant.  The  mortgage
indebtedness of approximately $26,859,000 requires monthly payments of principal
and interest and balloon payments of approximately $3,903,000 and $19,975,000 on
December 1, 2005 and October 1, 2008,  respectively.  The General  Partner  will
attempt to refinance such indebtedness  and/or sell the properties prior to such
maturity dates. If the properties  cannot be refinanced or sold for a sufficient
amount, the Registrant may risk losing such properties through foreclosure.

Distributions  from surplus cash of  approximately  $12,876,000 were paid to the
limited  partners ($64.68 per limited  partnership  unit) during the nine months
ended  September 30, 2000.  During the nine months ended September 30, 1999, the
Partnership paid approximately  $2,246,000 in distributions from surplus cash to
the limited  partners  ($11.28  per  limited  partnership  unit).  In  addition,
distributions totaling  approximately  $20,375,000 were declared as of September
30, 1999 and paid from  surplus  funds in October  1999 to the limited  partners
(approximately $102.36 per limited partnership unit). Included in the amounts at
September  30, 2000 are  payments to both the  Pennsylvania  and North  Carolina
Departments of Revenue for withholding  taxes related to income generated by the
Registrant's  investment  properties  located in those  states.  Included in the
amounts at September 30, 1999, are payments to the North Carolina  Department of
Revenue for withholding  taxes related to income  generated by the  Registrant's
investment property located in that state. Subsequent to September 30, 2000, the
Partnership  declared  and paid to the  limited  partners  a  distribution  from
surplus  cash of  approximately  $35,004,000  ($175.86  per limited  partnership
unit).  Approximately $28,770,000 of which was from the receipt of net financing
and  refinancing  proceeds  from CCEP  subsequent  to September  30,  2000.  The
Registrant's  distribution  policy is reviewed on a quarterly 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,  however,  that
the Partnership will generate  sufficient  funds from operations,  after planned
capital  improvement  expenditures,  to  permit  further  distributions  to  its
partners during the remainder of 2000 or subsequent periods.

CCEP Property Operations

For  the  nine  months  ended  September  30,  2000,  CCEP's  net  loss  totaled
approximately  $26,957,000  on total  revenues of  approximately  $17,835,000 of
which  approximately  $3,024,000  is from  the  gain  on  sale of one of  CCEP's
investment  properties.  CCEP  recognizes  interest  expense on the Master  Loan
Agreement  obligation  according  to the note  terms,  although  payments to the
Partnership  are  required  only to the extent of Excess  Cash Flow,  as defined
therein.  During the nine  months  ended  September  30,  2000 and 1999,  CCEP's
statement of operations  includes total  interest  expense  attributable  to the
Master Loan of approximately $31,680,000 and $30,215,000,  respectively, all but
approximately  $2,000,000  and  $2,744,000,  respectively,  represents  interest
accrued in excess of required payments. CCEP is expected to continue to generate
operating  losses as a result of such interest  accruals and noncash charges for
depreciation.

During the nine months  ended  September  30,  2000,  the  Partnership  received
approximately $4,708,000 in principal payments on the Master Loan. Approximately
$182,000  was from cash  received  on  certain  investments  by CCEP,  which are
required to be transferred to the  Partnership per the Master Loan Agreement and
the remaining $4,526,000 resulted from the receipt of net proceeds from the sale
of Shirewood  Townhomes by CCEP on July 21, 2000.  Subsequent  to September  30,
2000 the Partnership received approximately $28,770,000 as principal payments on
the Master Loan.


<PAGE>



On July  21,  2000,  CCEP  sold  Shirewood  Townhomes,  located  in  Shreveport,
Louisiana,   to  an   unaffiliated   third  party  for  net  sales  proceeds  of
approximately  $4,526,000,  after payment of closing costs. CCEP used all of the
proceeds from the sale to paydown the Master Loan principal,  as required by the
Master  Loan  Agreement.  The  sale  resulted  in a gain on  sale of  investment
property of approximately $3,024,000.


<PAGE>


Item 3.     Quantitative and Qualitative Disclosures about Market Risk

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

The  Partnership  is exposed to market  risks from  adverse  changes in interest
rates. In this regard, changes in U.S. interest rates affect the interest earned
on the  Partnership's  cash and cash equivalents as well as interest paid on its
indebtedness.  As a policy,  the  Partnership  does not engage in speculative or
leveraged transactions,  nor does it hold or issue financial instruments for its
borrowing activities used to maintain liquidity and fund business operations. To
mitigate the impact of  fluctuations  in U.S.  interest  rates,  the Partnership
maintains  its debt as fixed rate in nature by borrowing  on a long-term  basis.
Based on interest  rates at September  30, 2000,  an increase or decrease of 100
basis points in market  interest  rates would not have a material  impact on the
Partnership.

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

                      Principal Amount by Expected Maturity

                                             Fixed Rate Debt

                           Long-term Average Interest

                               Debt             Rate 6.86%
                                              (in thousands)

                               2000            $     82
                               2001                 323
                               2002                 346
                               2003                 371
                               2004                 393
                            Thereafter           25,344
                              Total            $ 26,859



<PAGE>


                           PART II - OTHER INFORMATION

ITEM 1.     LEGAL PROCEEDINGS

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

Pending the ruling on such  demurrers,  settlement  negotiations  commenced.  On
November 2, 1999,  the parties  executed and filed a Stipulation  of Settlement,
settling claims,  subject to final court approval,  on behalf of the Partnership
and all limited  partners  who owned  units as of November 3, 1999.  Preliminary
approval of the settlement  was obtained on November 3, 1999 from the Court,  at
which time the Court set a final approval  hearing for December 10, 1999.  Prior
to the December 10, 1999 hearing,  the Court received various  objections to the
settlement, including a challenge to the Court's preliminary approval based upon
the alleged lack of authority of prior lead counsel to enter the settlement.  On
December  14,  1999,  the General  Partner  and its  affiliates  terminated  the
proposed settlement.  In February 2000, counsel for some of the named plaintiffs
filed a motion to disqualify plaintiff's lead and liaison counsel who negotiated
the settlement.  On June 27, 2000, the Court entered an order disqualifying them
from the case.  The Court is considering  applications  for lead counsel and has
currently  scheduled a hearing on the matter for November 20, 2000.  The General
Partner  does not  anticipate  that  costs  associated  with  this  case will be
material to the Partnership's overall operations.

Item 4.     Submission of Matters to a Vote of Security Holders

On September 16, 2000, the  Partnership  sought the vote of limited  partners to
amend the Partnership Agreement to eliminate the requirement for the Partnership
to  maintain  reserves  equal to at least 5% of the  limited  partners'  capital
contributions  less  distributions  to limited  partners and instead  permit the
General Partner to determine reasonable reserve requirements of the Partnership.
The vote was sought pursuant to a Consent  Solicitation  that expired on October
16, 2000 at which time the amendment  was approved by the  requisite  percent of
limited partnership interests. Upon expiration of the consent period, a total of
140,565.90  units had voted of which  136,767.20 units had voted in favor of the
amendment,   2,805.70  units  voted  against  the  amendment  and  993.00  units
abstained.


<PAGE>



ITEM 6.     EXHIBITS AND REPORTS ON FORM 8-K

            a)    Exhibits:

                  S-K Reference

                        Number            Description

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

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

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

     Current  report on Form 8-K filed  August  7, 2000  disclosing  the sale of
Shirewood  Townhomes,  one  of  Consolidated  Capital  Equity  Partners,  L.P.'s
properties.


<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.
                                         Its General Partner

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

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

                                 Date:  November 14, 2000


<PAGE>







                                  EXHIBIT 99.1

                     CONSOLIDATED CAPITAL EQUITY PARTNERS, L.P.


                    UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

                            FOR THE NINE MONTHS ENDED

                           September 30, 2000 and 1999


                            EXHIBIT 99.1 (Continued)

                         PART I - FINANCIAL INFORMATION

ITEM 1.     FINANCIAL STATEMENTS
a)
                     CONSOLIDATED CAPITAL EQUITY PARTNERS, L.P.
                           CONSOLIDATED BALANCE SHEETS

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

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

<S>                                                             <C>           <C>
   Cash and cash equivalents                                    $ 20,446      $   2,865
   Receivables and deposits                                        2,306          1,359
   Restricted escrows                                                387            718
   Other assets                                                    1,277            761
   Investment properties:
      Land                                                         7,796          8,290
      Building and related personal property                      82,293         85,969
                                                                  90,089         94,259
      Less accumulated depreciation                              (69,701)       (71,592)
                                                                  20,388         22,667
                                                               $  44,804      $  28,370
Liabilities and Partners' Deficit
Liabilities

   Accounts payable                                            $     514      $     493
   Tenant security deposit liabilities                               483            466
   Accrued property taxes                                            890            435
   Other liabilities                                                 447            555
   Mortgage notes                                                 40,590         22,556
   Master loan and interest payable                              359,812        334,840
                                                                 402,736        359,345
Partners' Deficit

   General partner                                                (3,580)        (3,310)
   Limited partners                                             (354,352)      (327,665)
                                                                (357,932)      (330,975)
                                                               $  44,804      $  28,370

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

            See Accompanying Notes to Consolidated Financial Statements
</TABLE>


<PAGE>




                            EXHIBIT 99.1 (Continued)

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

                                   (Unaudited)

                                   (in thousands)

<TABLE>
<CAPTION>

                                             Three Months Ended       Nine Months Ended
                                                September 30,           September 30,
                                              2000        1999        2000        1999
Revenues:                                              (restated)              (restated)
<S>                                        <C>         <C>         <C>         <C>
   Rental income                           $  4,360    $  4,455    $ 13,518    $ 13,360
   Other income                                 443         295       1,293         969
   Gain on sale of investment property        3,024          --       3,024          --
            Total revenues                    7,827       4,750      17,835      14,329

Expenses:
   Operating                                  2,092       2,090       6,236       6,179
   General and administrative                   242         166         560         453
   Depreciation                               1,072       1,197       3,729       3,538
   Interest                                  10,890      10,466      32,920      31,460
   Property taxes                               287         296         940         917
            Total expenses                   14,583      14,215      44,385      42,547

Loss from continuing operations              (6,756)     (9,465)    (26,550)    (25,218)
(Loss) income from discontinued
  operations                                     --        (172)         --          12
Gain on sale of discontinued operations          --      16,690          --      16,690
(Loss) income before extraordinary
  item                                       (6,756)      7,053     (26,550)    (11,516)
Extraordinary loss on early
  extinguishment of debt                       (407)         --        (407)         --

Net (loss) income                          $ (7,163)   $  7,053    $(26,957)   $(11,516)

Net (loss) income allocated to general
 partner (1%)                              $    (72)   $     71    $   (270)   $   (115)
Net (loss) income allocated to limited
 partners (99%)                              (7,091)      6,982     (26,687)    (11,401)

                                           $ (7,163)   $  7,053    $(26,957)   $(11,516)


            See Accompanying Notes to Consolidated Financial Statements
</TABLE>


<PAGE>


                            EXHIBIT 99.1 (Continued)

c)

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

                                   (in thousands)


                                      General        Limited
                                      Partners       Partners        Total

Partners' deficit at

   December 31, 1998                 $ (3,108)      $(307,679)    $(310,787)

Net loss for the nine months
   ended September 30, 1999              (115)        (11,401)       (11,516)

Partners' deficit

   at September 30, 1999             $ (3,223)      $(319,080)     $(322,303)

Partners' deficit

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

Net loss for the nine months
   ended September 30, 2000              (270)        (26,687)       (26,957)

Partners' deficit at

   September 30, 2000                $ (3,580)      $(354,352)     $(357,932)


            See Accompanying Notes to Consolidated Financial Statements


<PAGE>


                            EXHIBIT 99.1 (Continued)

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

                                   (Unaudited)

                                   (in thousands)
<TABLE>
<CAPTION>

                                                                 Nine Months Ended
                                                                   September 30,

                                                                  2000        1999
Cash flows from operating activities:

<S>                                                             <C>         <C>
  Net loss                                                      $(26,957)   $(11,516)
  Adjustments to reconcile net loss to net cash
   provided by operating activities:
   Depreciation and amortization                                   3,788       4,088
   Gain on sale of discontinued operations                            --     (16,690)
   Extraordinary loss on early extinguishment of debt                407          --
   Gain on sale of investment property                            (3,024)         --
  Change in accounts:
      Receivables and deposits                                      (947)       (446)
      Other assets                                                    (5)     (1,390)
      Accounts payable                                                21         (94)
      Tenant security deposit liabilities                             17        (110)
      Accrued property taxes                                         455         619
      Other liabilities                                             (108)        499
      Accrued interest on Master Loan                             29,680      27,471

       Net cash provided by operating activities                   3,327       2,431

Cash flows from investing activities:

  Property improvements and replacements                          (2,945)     (2,212)
  Proceeds from sale of investment property                        4,526      21,900
  Net receipts from restricted escrows                               324         160
  Lease commission paid                                               --        (144)

       Net cash provided by investing activities                   1,905      19,704

Cash flows from financing activities:

  Principal payments on Master Loan                               (4,708)    (20,153)
  Principal payments on notes payable                               (238)       (223)
  Proceeds from refinancing                                       24,325          --
  Payoff of mortgage notes payable                                (6,053)         --
  Debt extinguishment cost                                          (251)         --
  Loan cost paid                                                    (726)         --

       Net cash provided by (used in) financing
       activities                                                 12,349     (20,376)

Net increase in cash and cash equivalents                         17,581       1,759
Cash and cash equivalents at beginning of period                   2,865       1,992
Cash and cash equivalents at end of period                      $ 20,446    $  3,751

Supplemental disclosure of cash flow information:

  Cash paid for interest                                        $  3,216    $  3,930


            See Accompanying Notes to Consolidated Financial Statements
</TABLE>


<PAGE>



e)

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

Note A - Going Concern

The  Partnership's  financial  statements  have been prepared  assuming that the
Partnership will continue as a going concern. The Partnership continues to incur
operating losses, suffers from inadequate liquidity,  has an accumulated deficit
and is unable to repay the Master Loan balance,  which matures in November 2000.
The Partnership  realized a net loss of  approximately  $26,957,000 for the nine
months ended  September 30, 2000. The General Partner expects the Partnership to
continue to incur such losses from  operations.  The Partnership  generated cash
from  operations  of  approximately  $3,327,000  during  the nine  months  ended
September 30, 2000; however,  this was primarily the result of accruing interest
of approximately $29,680,000 on its Master Loan indebtedness.

The  Partnership's  indebtedness to CCIP under the Master Loan of  approximately
$359,812,000,   including  accrued  interest,  matures  in  November  2000.  The
Partnership  has not received  notice as to the maturity of the Master Loan. The
holder of the note has two options,  which include foreclosing on the properties
that collateralize the Master Loan or extending the term of the note. Currently,
the Partnership  does not have the means with which to satisfy this  obligation.
No  other  sources  of  additional   financing  have  been   identified  by  the
Partnership,  nor does the  General  Partner  have any other plans to remedy the
liquidity problems the Partnership is currently  experiencing.  At September 30,
2000, partners' deficit was approximately $357,932,000.

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

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

Note B - Basis of Presentation

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


<PAGE>

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

Consolidation

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

Note C - Transfer of Control

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

Note D - Discontinued Segment

In September 1999, 444 De Haro located in San Francisco,  California was sold to
an unaffiliated third party for approximately  $23,250,000.  In conjunction with
the sale, a fee of approximately  $698,000 was accrued to the General Partner in
accordance  with the  Partnership  Agreement.  This fee was paid in 2000.  After
payment of closing  costs and the fee to the General  Partner,  the net proceeds
received by the  Partnership  were  approximately  $21,900,000.  The sale of the
property resulted in a gain on sale of discontinued  operations of approximately
$16,690,000 after writing off the undepreciated value of the property and CCEP's
investment in Western Can, Ltd (as discussed above). As required by the terms of
the Master Loan Agreement (see Note F), the Partnership  remitted $20,000,000 of
the net sale  proceeds to CCIP during the nine months ended  September 30, 1999.
444 DeHaro was the only  remaining  property  in the  commercial  segment of the
Partnership.  Due to the sale of this property, the results of operations of the
property have been  classified as "(Loss) Income from  Discontinued  Operations"
for the three and nine months ended September 30, 1999. Revenues from 444 DeHaro
were  approximately  $261,000 and $1,279,000 for the three and nine months ended
September 30, 1999.  No revenues from 444 DeHaro were recorded  during the three
or nine months ended September 30, 2000.


<PAGE>



Note E - Related Party Transactions

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

                                                                2000      1999
                                                                (in thousands)

 Property management fees (included in operating expenses)     $ 744     $ 725
 Investment advisory fees (included in general
   and administrative expense)                                   134       134
 Reimbursement for services of affiliates (included in
   operating, general and administrative expenses
   and investment properties)                                    369       279
 Due to affiliates (included in other liabilities)                73        --

During the nine months  ended  September  30, 2000 and 1999,  affiliates  of the
General  Partner  were  entitled  to  receive  5% of  gross  receipts  from  the
Partnership's residential properties for providing property management services.
The Partnership paid to such affiliates  approximately $744,000 and $725,000 for
the nine months ended September 30, 2000 and 1999, respectively.

The Partnership is also subject to an Investment  Advisory Agreement between the
Partnership and an affiliate of the General Partner. This agreement provides for
an annual fee, payable in monthly  installments,  to an affiliate of the General
Partner  for  advising  and  consulting  services  for  CCEP's  properties.  The
Partnership  paid to such  affiliates  approximately  $134,000 for both the nine
months ended September 30, 2000 and 1999.

An  affiliate  of the General  Partner  received  reimbursement  of  accountable
administrative expenses amounting to approximately $369,000 and $279,000 for the
nine months ended  September 30, 2000 and 1999,  respectively.  At September 30,
2000,  approximately  $73,000 of the  current  year  expense  was accrued and is
included in other liabilities in the accompanying consolidated balance sheet.

In addition to the compensation  and  reimbursements  described above,  interest
payments are made to and loan  advances are received from  Consolidated  Capital
Institutional  Properties  ("CCIP")  pursuant to the Master Loan  Agreement (the
"Master  Loan"),  which is described more fully in the 1999 annual report.  Such
interest  payments  totaled  approximately  $2,744,000 for the nine months ended
September  30,  1999 and  approximately  $2,000,000  for the nine  months  ended
September  30,  2000.  There were no advances on the Master Loan during the nine
months ended September 30, 2000 or 1999.  During the nine months ended September
30, 2000 CCEP paid approximately $4,708,000 to CCIP as principal payments on the
Master  Loan.   Approximately   $182,000  was  from  cash  received  on  certain
investments  by CCEP,  which are required to be  transferred  to CCIP as per the
Master Loan Agreement and the remaining, $4,526,000 resulted from the receipt of
net proceeds from the sale of Shirewood Townhomes (see "Note G").

During  the nine  months  ended  September  30,  1999,  CCEP paid  approximately
$20,153,000  to CCIP as  principal  payments on the Master  Loan.  Approximately
$153,000  was from cash  received  on  certain  investments  by CCEP,  which are
required  to be  transferred  to CCIP as per the Master Loan  Agreement  and the
remaining,  $20,000,000  resulted from the receipt of net proceeds from the sale
of 444 De Haro.

Note F - Master Loan and Accrued Interest Payable

The Master Loan principal and accrued interest payable balances at September 30,
2000 and December 31, 1999, are  approximately  $359,812,000  and  $334,840,000,
respectively.

Terms of Master Loan Agreement

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

During  the nine  months  ended  September  30,  2000,  CCEP paid  approximately
$4,708,000  to CCIP as  principal  payments  on the Master  Loan.  Approximately
$182,000  was from cash  received  on  certain  investments  by CCEP,  which are
required  to be  transferred  to CCIP as per the Master Loan  Agreement  and the
remaining, $4,526,000 resulted from the receipt of net proceeds from the sale of
Shirewood  Townhomes.  There were no  advances  on the Master  Loan for the nine
months ended September 30, 2000 or 1999.

Subsequent to September 30, 2000, CCEP paid approximately $28,770,000 to CCIP as
principal  payments  to the  Master  Loan in  connection  with  the  transaction
discussed in Notes H and I below.


<PAGE>



Note G - Sale of Property

On  July  21,  2000  the  Partnership  sold  Shirewood  Townhomes,   located  in
Shreveport,  Louisiana, to an unaffiliated third party for net sales proceeds of
approximately  $4,526,000,  after payment of closing costs. The Partnership used
all of the  proceeds  from the sale of the  property to pay down the Master Loan
principal as required by the Master Loan Agreement.  The sale resulted in a gain
on sale of investment property of approximately  $3,024,000. In conjunction with
the sale, a fee of  approximately  $133,000  was paid to the General  Partner in
accordance with the Partnership Agreement.

Note H - Refinancings/Financings and Extraordinary Loss

On September 29, 2000, the Partnership  refinanced the mortgage  encumbering The
Dunes  Apartments.   The  refinancing  replaced  indebtedness  of  approximately
$1,945,000  with a new  mortgage in the amount of  $4,120,000.  The new mortgage
carries a stated interest rate of 7.81%. Interest on the old mortgage was 6.95%.
Principal and interest  payments on the mortgage loan of  approximately  $34,000
are due monthly  until the loan matures on February 1, 2010.  Total  capitalized
loan costs were  approximately  $116,000 at September 30, 2000. The  Partnership
recognized  an  extraordinary  loss  on the  early  extinguishment  of  debt  of
approximately  $134,000  due to the  write-off of  unamortized  loan costs and a
prepayment penalty.

On September 29, 2000, the Partnership  refinanced the mortgage encumbering Palm
Lake  Apartments.   The  refinancing  replaced   indebtedness  of  approximately
$1,653,000  with a new  mortgage in the amount of  $3,000,000.  The new mortgage
carries a stated interest rate of 7.86%. Interest on the old mortgage was 6.95%.
Principal and interest  payments on the mortgage loan of  approximately  $25,000
are due monthly  until the loan matures on February 1, 2010.  Total  capitalized
loan costs were  approximately  $94,000 at September 30, 2000.  The  Partnership
recognized  an  extraordinary  loss  on the  early  extinguishment  of  debt  of
approximately  $118,000  due to the  write-off of  unamortized  loan costs and a
prepayment penalty.

On September 29, 2000, the Partnership refinanced the mortgage encumbering Tates
Creek Village Apartments. The refinancing replaced indebtedness of approximately
$2,455,000  with a new  mortgage in the amount of  $4,225,000.  The new mortgage
carries a stated interest rate of 7.78%. Interest on the old mortgage was 6.95%.
Principal and interest  payments on the mortgage loan of  approximately  $35,000
are due monthly until the loan matures on April 1, 2010. Total  capitalized loan
costs were  approximately  $106,000  at  September  30,  2000.  The  Partnership
recognized  an  extraordinary  loss  on the  early  extinguishment  of  debt  of
approximately  $155,000  due to the  write-off of  unamortized  loan costs and a
prepayment penalty.

On September 29, 2000, the Partnership  financed a mortgage  encumbering Society
Park Apartments.  The mortgage debt totaled  $5,330,000.  The mortgage carries a
stated interest rate of 7.80%.  Principal and interest  payments on the mortgage
loan of approximately $44,000 are due monthly until the loan matures on February
1, 2010. Total capitalized loan costs were  approximately  $159,000 at September
30, 2000.

On September 29, 2000, the Partnership  financed a mortgage  encumbering Regency
Oaks Apartments.  The mortgage debt totaled  $7,650,000.  The mortgage carries a
stated interest rate of 7.80%.  Principal and interest  payments on the mortgage
loan of approximately $63,000 are due monthly until the loan matures on February
1, 2010. Total capitalized loan costs were  approximately  $217,000 at September
30, 2000.


<PAGE>




Included in the loan costs  capitalized  associated with the above  transactions
was a 1% fee of approximately $243,000 paid to the General Partner in accordance
with the terms of the Partnership Agreement.

Note I - Subsequent Events

On  October  3,  2000,  the  Partnership  refinanced  the  mortgage  encumbering
Plantation  Gardens  Apartments.   The  refinancing  replaced   indebtedness  of
approximately  $6,704,000  with a new mortgage in the amount of $9,700,000.  The
new  mortgage  carries  a stated  interest  rate of 7.83%.  Interest  on the old
mortgage  was 6.95%.  Principal  and interest  payments on the mortgage  loan of
approximately  $80,000 are due monthly  until the loan matures on March 1, 2010.
Total  capitalized  loan  costs were  approximately  $229,000.  The  Partnership
recognized  an  extraordinary  loss  on the  early  extinguishment  of  debt  of
approximately  $428,000  due to the  write-off of  unamortized  loan costs and a
prepayment penalty during the fourth quarter of 2000.

On October 3, 2000, the Partnership  refinanced the mortgage  encumbering Indian
Creek  Apartments.   The  refinancing  replaced  indebtedness  of  approximately
$4,438,000  with a new  mortgage in the amount of  $8,750,000.  The new mortgage
carries a stated interest rate of 7.83%. Interest on the old mortgage was 6.95%.
Principal and interest  payments on the mortgage loan of  approximately  $72,000
are due monthly  until the loan  matures on January 1, 2010.  Total  capitalized
loan  costs  were  approximately   $199,000.   The  Partnership   recognized  an
extraordinary loss on the early extinguishment of debt of approximately $260,000
due to the write-off of unamortized  loan costs and a prepayment  penalty during
the fourth quarter of 2000.

On October 3, 2000, the Partnership  financed a mortgage  encumbering  Silverado
Apartments.  The new mortgage is in the amount of  $3,525,000.  The new mortgage
carries a stated interest rate of 7.87%.  Principal and interest payments on the
mortgage loan of approximately $29,000 are due monthly until the loan matures on
November 1, 2010. Total capitalized loan costs were approximately $110,000.

On October 11, 2000, the  Partnership  refinanced the mortgage  encumbering  The
Knolls  Apartments.  The  refinancing  replaced  indebtedness  of  approximately
$5,116,000  with a new  mortgage in the amount of  $9,900,000.  The new mortgage
carries a stated interest rate of 7.78%. Interest on the old mortgage was 6.95%.
Principal and interest  payments on the mortgage loan of  approximately  $81,000
are due monthly until the loan matures on March 1, 2010. Total  capitalized loan
costs were approximately  $228,000.  The Partnership recognized an extraordinary
loss on the early  extinguishment  of debt of approximately  $315,000 due to the
write-off of unamortized  loan costs and a prepayment  penalty during the fourth
quarter of 2000.

Included in the loan costs  capitalized  associated with the above  transactions
was a 1% fee of approximately $319,000 paid to the General Partner in accordance
with the terms of the Partnership Agreement.