FORM 10-Q--QUARTERLY REPORT UNDER SECTION 13 OR 15(D)
                     OF THE SECURITIES EXCHANGE ACT OF 1934

                                 UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549


                                   FORM 10-Q
(Mark One)

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

                 For the quarterly period ended March 31, 1999

                                       or

[ ]  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)

                  Registrant's telephone number (864) 239-1000

Indicate by check mark whether the registrant (1) has filed all reports required
to be filed by Section 13 or 15 (d) of the Securities Exchange Act of 1934
during the preceding 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
                                  (Unaudited)
                        (in thousands, except unit data)


                                                   March 31,  December 31,

                                                     1999         1998

                                                  (Unaudited)    (Note)

Assets

  Cash and cash equivalents                        $  7,230    $  8,683

  Receivables and deposits                              597         985

  Restricted escrows                                  1,994       1,912

  Other assets                                        1,757       1,243

  Investment in Master Loan                          88,457      88,578

     Less:  allowance for impairment loss           (17,417)    (17,417)

                                                     71,040      71,161

  Investment properties:

     Land                                             3,564       3,564

     Building and related personal property          35,482      34,932

                                                     39,046      38,496

     Less:  accumulated depreciation                 (7,872)     (7,298)

                                                     31,174      31,198

                                                   $113,792    $115,182
Liabilities and Partners' (Deficit) Capital

Liabilities

  Accounts payable                                 $    101    $    431

  Tenant security deposits                              525         504

  Accrued property taxes                                 16          62

  Other liabilities                                     585         691

  Mortgage note payable                              27,282      27,360

                                                     28,509      29,048
Partners' (Deficit) Capital

  General Partner                                       (86)        (96)

  Limited Partners (199,045.20 units issued and

  outstanding at March 31, 1999, and

  December 31, 1998)                                 85,369      86,230

                                                     85,283      86,134

                                                   $113,792    $115,182


Note:    The balance sheet at December 31, 1998, 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


b)
                 CONSOLIDATED CAPITAL INSTITUTIONAL PROPERTIES

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





                                                   Three Months Ended

                                                        March 31,

                                                     1999       1998

Revenues:

  Rental income                                    $ 2,456    $ 2,181

  Interest income on investment in

     Master Loan to affiliate                          800      1,640

  Interest income                                       72         89

  Other income                                         133        128

       Total revenues                                3,461      4,038

Expenses:

  Operating                                          1,158      1,400

  Depreciation                                         574        544

  General and administrative                           116        131

  Property taxes                                       143        187

  Interest                                             471         80

       Total expenses                                2,462      2,342

Net income                                         $   999    $ 1,696

Net income allocated to general partner (1%)       $    10    $    17

Net income allocated to limited partners (99%)         989      1,679

                                                   $   999    $ 1,696

Net income per Limited Partnership Unit            $  4.97    $  8.43

Distributions per Limited Partnership Unit         $  9.29    $  8.94


          See Accompanying Notes to Consolidated Financial Statements

c)
                 CONSOLIDATED CAPITAL INSTITUTIONAL PROPERTIES

       CONSOLIDATED STATEMENTS OF CHANGES IN PARTNERS' (DEFICIT) CAPITAL
                                  (Unaudited)
                        (in thousands, except unit data)





                                 Limited

                               Partnership  General    Limited

                                  Units     Partner    Partners    Total


Original capital contributions    200,342   $     1   $200,342   $200,343

Partners' (deficit) capital at

  December 31, 1997               199,052   $  (364)  $ 86,520   $ 86,156

Distributions                          --       (18)    (1,780)    (1,798)

Net income for the three months

  ended March 31, 1998                 --        17      1,679      1,696

Partners' (deficit) capital at

  March 31, 1998                  199,052   $  (365)  $ 86,419   $ 86,054

Partners' (deficit) capital at

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

Distributions                          --        --     (1,850)    (1,850)

Net income for the three months

  ended March 31, 1999                 --        10        989        999

Partners' (deficit) capital at

  March 31, 1999                199,045.2   $   (86)  $ 85,369   $ 85,283


          See Accompanying Notes to Consolidated Financial Statements
d)
                 CONSOLIDATED CAPITAL INSTITUTIONAL PROPERTIES

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



                                                       Three Months Ended

                                                           March 31,

                                                       1999         1998

Cash flows from operating activities:

  Net income                                          $    999     $  1,696

Adjustments to reconcile net income to net cash

    provided by operating activities:

    Depreciation and amortization                          604          554

    Casualty loss                                           --           14

    Change in accounts:

      Receivables and deposits                             388          470

      Other assets                                        (536)        (388)

      Interest receivable on Master Loan                    --       (1,036)

      Accounts payable                                    (330)         (51)

      Tenant security deposit liabilities                   21           61

      Accrued property taxes                               (46)          17

      Other liabilities                                   (106)         (75)

          Net cash provided by operating

            activities                                     994        1,262

Cash flows from investing activities:

  Property improvements and replacements                  (550)      (1,178)

  Principal receipts on Master Loan                        121          375

  Net deposits to restricted escrows                       (82)         (60)

          Net cash used in

            investing activities                          (511)        (863)

Cash flows from financing activities:

  Distributions to partners                             (1,850)      (1,798)

  Payments on notes payable                                (78)         (13)

  Loan costs paid                                           (8)          --

          Net cash used in

            financing activities                        (1,936)      (1,811)


Net decrease in cash and cash equivalents               (1,453)      (1,412)


Cash and cash equivalents at beginning of period         8,683        8,691

Cash and cash equivalents at end of period            $  7,230     $  7,279

Supplemental disclosure of cash flow information:

  Cash paid for interest                              $    461     $     77


          See Accompanying Notes to Consolidated Financial Statements


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 month period ended March 31, 1999, are not necessarily indicative of the
results that may be expected for the fiscal year ending December 31, 1999.  For
further information, refer to the consolidated financial statements and
footnotes thereto included in the annual report on Form 10-K for the year ended
December 31, 1998, for the Partnership.

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 a 100% ownership interest
in the General Partner.  The General Partner does not believe that this
transaction will have a material effect on the affairs and operations of the
Partnership.

NOTE C - RELATED PARTY TRANSACTIONS

The Partnership has no employees and is dependent on the General Partner and its
affiliates for the management and administration of all Partnership activities.
The Partnership Agreement provides for (i) certain payments to affiliates for
services and (ii) reimbursement of certain expenses incurred by affiliates on
behalf of the Partnership.  The following payments were made to the General
Partner and affiliates during the three months ended March 31, 1999 and 1998:


                                                              Three Months
                                                                  Ended

                                                                March 31,

                                                              1999     1998

                                                             (in thousands)


  Property management fees (included in operating expenses)  $133     $117

  Reimbursement for services of affiliates  (included in

    operating, general and administrative expenses, other

    assets and investment properties)                          69      101


Included in "Reimbursement for services of affiliates" for the three months
March 31, 1998 is approximately $31,000 in reimbursements for construction
oversight costs and approximately $4,000 of lease commissions.  No such costs
were incurred for the three months ended March 31, 1999.

During the three months ended March 31, 1999 and 1998, affiliates of the General
Partner, were entitled to receive 5% of gross receipts from both of the
Registrant's properties for providing property management services.  The 
Registrant paid to such affiliates approximately $133,000 and $117,000 for the
three months ended March 31, 1999 and 1998, respectively.

An affiliate of the General Partner received reimbursement of accountable
administrative expenses amounting to approximately $69,000 and $101,000 for the
three months ended March 31, 1999 and 1998, respectively.

On October 30, 1997, an affiliate of the General Partner (the "Purchaser")
commenced a tender offer for limited partnership interests in the Partnership.
The Purchaser offered to purchase up to 45,000 of the outstanding units of
limited partnership interest in the Partnership, at $400 per Unit, net to the
seller in cash. During December 1997, the Purchaser acquired 27,330 units at
$400 per Unit related to this tender offer.  In February 1998, the Purchaser
acquired an additional 1,570.5 units at $400 per Unit as a result of this tender
offer.

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 March 31, 1999, 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 three months ended March 31, 1999 and 1998, the Partnership recorded
approximately $800,000 and $1,640,000, respectively, of interest income based
upon cash generated as a result of improved operations at the properties which
secure the loan.

Interest, calculated on the accrual basis, due to the Partnership pursuant to
the terms of the Master Loan Agreement, but not recognized in the income
statements due to the impairment of the loan, totaled approximately $9,293,000
and $9,181,000 for the three months ended March 31, 1999 and 1998, respectively.

Interest income is recognized on the cash basis as allowed under SFAS 114.  At
March 31, 1999, and December 31, 1998, such cumulative unrecognized interest
totaling approximately $239,288,000 and $229,995,000 was not included in the
balance of the investment in Master Loan.  In addition, six of the properties
are collateralized by first mortgages totaling approximately $22,783,000 which
are superior to the Master Loan. Accordingly, this fact has been taken into
consideration in determining the fair value of the Master Loan.

During the three months ended March 31, 1999, the Partnership made no advances
to CCEP as an advance on the Master Loan.

During the three months ended March 31, 1999, the Partnership received
approximately $121,000 as principal payments on the Master Loan.  Such payments
represent cash received on certain investments by CCEP, which are required to be
transferred to the Partnership per the Master Loan Agreement.  Approximately
$800,000 of interest payments were also made during the three months ended March
31, 1999.

NOTE E - COMMITMENT

The Partnership is required by the Partnership Agreement to maintain working
capital reserves for contingencies of not less than 5% of Net Invested Capital,
as defined in the Partnership Agreement.  In the event expenditures are made
from this reserve, operating revenue shall be allocated to such reserves to the
extent necessary to maintain the foregoing level.  Reserves, including cash and
cash equivalents and tenant security deposits totaling approximately $7,754,000,
were greater than the reserve requirement of approximately $5,998,000 at March
31, 1999.

NOTE F - SEGMENT REPORTING

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

The Partnership has two reportable segments: residential properties and
commercial properties.  The Partnership's property segments consist of one
apartment complex in North Carolina and one multiple use facility consisting of
apartment units and commercial space in Pennsylvania.  The Partnership rents
apartment units to tenants for terms that are typically less than twelve months.
The commercial property leases space to various medical offices, 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 net income.  The accounting
policies of the reportable segments are the same as those described in the
summary of significant accounting policies in the Partnership's annual report on
Form 10-K for the year ended December 31, 1998.

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

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

Segment information for the three months ended March 31, 1999 and 1998 is shown
in the tables below (in thousands).  The "Other" column includes Partnership
administration related items and income and expense not allocated to reportable
segments.

               1999                RESIDENTIAL COMMERCIAL    OTHER     TOTALS

Rental income                        $ 2,130     $   326    $    --   $ 2,456
Interest income                           10           1         61        72
Other income                             109          24         --       133
Interest expense                         412          59         --       471
Depreciation                             561          13         --       574
General and administrative expense        --          --        116       116
Interest income on investment in
 Master Loan                              --          --        800       800
Segment profit                           203          51        745       999
Total assets                          34,461       1,422     77,909   113,792
Capital expenditures for
  investment properties                  549           1         --       550

               1998                RESIDENTIAL COMMERCIAL    OTHER     TOTALS

Rental income                         $1,890     $   291    $    --     2,181
Interest income                            9           1         79        89
Other income                             107          21         --       128
Interest expense                          80          --         --        80
Depreciation                             533          11         --       544
General and administrative expense        --          --        131       131
Interest income on investment
 in Master Loan                           --          --      1,640     1,640
Segment profit                            54          54      1,588     1,696
Total assets                          32,460         719     58,286    91,465
Capital expenditures for
  investment properties                1,024         154         --     1,178

NOTE G - LEGAL PROCEEDINGS

In March 1998, several putative unit holders of limited partnership units of the
Partnership commenced an action entitled Rosalie Nuanes, et al. v. Insignia
Financial Group, Inc., et al. in the Superior Court of the State of California
for the County of San Mateo.  The plaintiffs named as defendants, among others,
the Partnership, the General Partner and several of their affiliated
partnerships and corporate entities. The complaint 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 by Insignia Financial Group, Inc.
("Insignia") and entities which were, at the time, affiliates of Insignia 
("Insignia Affiliates") of interests in certain general partner entities, past
tender offers by Insignia Affiliates to acquire limited partnership units, the
management of partnerships by Insignia Affiliates as well as a recently
announced agreement between Insignia and AIMCO.  The complaint seeks monetary
damages and equitable relief, including judicial dissolution of the Partnership.
On June 25, 1998, the General Partner filed a motion seeking dismissal of the
action.  In lieu of responding to the motion, the plaintiffs filed an amended
complaint.  The General Partner has filed demurrers to the amended complaint
which were heard during February 1999.  No ruling on such demurrers has been 
received.  The General Partner does not anticipate that costs associated with
this case, if any, will be material to the Partnership's overall operations.

On July 30, 1998, certain entities claiming to own limited partnership interests
in certain limited partnerships whose general partners were, at the time,
affiliates of Insignia filed a complaint entitled Everest Properties, LLC. v.
Insignia Financial Group, Inc., et al. in the Superior Court of the State of
California, County of Los Angeles. The action involves 44 real estate limited
partnerships (including the Partnership) in which the plaintiffs allegedly own
interests and which Insignia Affiliates allegedly manage or control (the
"Subject Partnerships").  This case was settled on March 3, 1999.  The
Partnership is responsible for a portion of the settlement costs.  The expense
will not have a material effect on the Partnership's overall operations.

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

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

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
operation.  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 occupancies of the
properties for the three months ended March 31, 1999 and 1998:

                                             Average
                                            Occupancy
                                        1999         1998
Property
The Loft Apartments                     96%          91%
   Raleigh, North Carolina

The Sterling Apartment Homes            94%          92%

The Sterling Commerce Center            79%          75%
   Philadelphia, Pennsylvania


The General Partner attributes the increase in occupancy at The Loft Apartments
to increased marketing and capital improvements to increase the curb appeal of
the property.  Also, the property changed the timing of lease expirations.  They
now expire during the spring and summer months when there is more rental traffic
at the property rather than during the winter months when traffic is
historically slower.  The increase in occupancy at the Sterling Commerce Center
is attributable to recent major capital improvements including exterior
renovations, elevator rehabilitation, and common area renovations.

Results of Operations

The Partnership's net income for the three months ended March 31, 1999 was
approximately $999,000 compared to net income of approximately $1,696,000 for
the three months ended March 31, 1998.  The decrease in net income is due to a
decrease in total revenues as well as an increase in total expenses.  Total
revenues decreased due primarily to a decrease in interest income related to the
Master Loan which was partially offset by an increase in rental income.  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 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 three months ended March 31, 1999 as a result of capital
expenditures at the properties.  The increase in rental income was due to
increases in occupancy and the average rental rates at the Registrant's
investment properties.

The increase in total expenses is primarily attributable to increases in
interest expense and, to a lesser extent, depreciation expense, partially offset
by decreases in operating, general and administrative, and property tax expense.
Interest expense increased due to the financing of The Sterling in September
1998.  Depreciation expense increased due to major capital improvements and
renovations at the Sterling during 1998.  Decreases in operating expenses were
mainly due to the completion of interior building improvements at The Sterling
during the three months ended March 31, 1998.  In addition, there was a fire at
The Loft Apartments during the three months ended March 31, 1998.  The fire was
contained in one unit of the property.  The upstairs was completely destroyed
and the downstairs endured water damage.  A loss of approximately $14,000
related to this casualty has been included in operating expense for the three
months ended March 31, 1998.

Property tax expense decreased as a result of all the improvements completed at
The Sterling over the last few years.  In the first part of 1998, the assessed
value of the property was increased with a corresponding bill being received for
a portion of the prior tax year which was then paid during the three months
ended March 31, 1998. General and administrative expense decreased slightly
during the three months ended March 31, 1999.  Included in general and
administrative expenses are management reimbursements to the General Partner
allowed under the Partnership Agreement.  In addition, costs associated with the
quarterly and annual communications with investors and regulatory agencies and
the annual audit required by the Partnership Agreement are also included.

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

Liquidity and Capital Resources

At March 31, 1999, the Registrant had cash and cash equivalents of approximately
$7,230,000 as compared to approximately $7,279,000 at March 31, 1998.  Cash and
cash equivalents decreased approximately $1,453,000 for the three month period
ended March 31, 1999, from the Registrant's fiscal year end and is primarily due
to approximately $1,936,000 of cash used in financing activities and to a lesser
extent, approximately $511,000 of cash used in investing activities, which was
partially offset by approximately $994,000 of cash provided by operating
activities.  Cash used in investing activities consisted of property
improvements and replacements and net deposits to escrow accounts maintained by
the mortgage lender, which was partially offset by principal repayments received
on the Master Loan. Cash used in financing activities consisted primarily of
partner distributions and, to a lesser extent, payments of principal made on the
mortgages encumbering the Registrant's properties and payments of loan costs.
The Registrant invests its working capital reserves in money market accounts.

The Partnership is required by the Partnership Agreement to maintain working
capital reserves for contingencies of not less than 5% of Net Invested Capital,
as defined by the Partnership Agreement.  Reserves, including cash and cash
equivalents and tenant security deposits totaling approximately $7,754,000, were
greater than the reserve requirement of approximately $5,998,000 at March 31,
1999.

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

The Loft:

During the three months ended March 31, 1999, the Partnership completed
approximately $14,000 of capital improvements at The Loft, consisting primarily
of carpet replacement and drapery and blinds.  These improvements were funded
from cash flow and replacement reserves.  Based on a report received from an
independent third party consultant analyzing necessary exterior improvements and
estimates made by the General Partner on interior improvements, it is estimated
that the property requires approximately $152,000 of capital improvements over
the near-term. Capital improvements planned for 1999 consist of HVAC condensing
units, carpet and vinyl improvements, landscaping, and roof repairs. These
improvements are budgeted for, but not limited to, approximately $132,000.

The Sterling:

During the three months ended March 31, 1999, the Partnership expended
approximately $536,000 on capital improvements at The Sterling, consisting
primarily of plumbing and electrical upgrades, cabinet replacements, interior
decorating and other building improvements. These improvements were funded
primarily from cash flow.  Based on a report received from an independent third
party consultant analyzing necessary exterior improvements and estimates made by
the General Partner on interior improvements, it is estimated that the property
requires approximately $4,407,000 of capital improvements over the near-term.
Capital improvements budgeted for, but not limited to, approximately $3,013,000
are planned for 1999, including electrical repairs, plumbing fixtures, cabinets,
and HVAC condensing units.

The additional capital improvements planned for 1999 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 $27,282,000 requires monthly payments of principal
and interest and balloon payments of approximately $3,903,000 and $19,975,000 on
December 1, 2005 and October 1, 2008, respectively. The General Partner will
attempt to refinance such indebtedness and/or sell the properties prior to such
maturity date.  If the properties cannot be refinanced or sold for a sufficient
amount, the Registrant may risk losing such properties through foreclosure.

Cash distributions from surplus cash of approximately $1,850,000 ($9.29 per
limited partnership unit) were paid during the three months ended March 31, 1999
and approximately $1,798,000 ($8.94 per limited partnership unit) from
operations during the three months ended March 31, 1998.  Included in these
amounts are payments to the North Carolina Department of Revenue for withholding
taxes related to income generated by the Partnership's investment property
located in that state.  The Registrant's distribution policy will be 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 required capital expenditures, to permit further distributions
to its partners in 1999 or subsequent periods.

CCEP Property Operations

For the three months ended March 31, 1999, CCEP's net loss totaled approximately
$9,220,000 on total revenues of approximately $5,349,000.  CCEP recognizes
interest expense on the New Master Loan Agreement obligation according to the
note terms, although payments to the Partnership are required only to the extent
of Excess Cash Flow, as defined therein.  During the three months ended March
31, 1999, CCEP's statement of operations includes total interest expense
attributable to the Master Loan of approximately $10,069,000, all but $800,000
of which represents interest accrued in excess of required payments.  CCEP is
expected to continue to generate operating losses as a result of such interest
accruals and noncash charges for depreciation.

During the three months ended March 31, 1999, the Partnership received
approximately $121,000 as principal payments on the Master Loan.  This amount
was cash received on certain investments by CCEP, which are required to be
transferred to the Partnership per the Master Loan Agreement.

Year 2000 Compliance

General Description of the Year 2000 Issue and the Nature and Effects of the
Year 2000 on Information Technology (IT) and Non-IT Systems

The Year 2000 issue is the result of computer programs being written using two
digits rather than four digits to define the applicable year.  The Partnership
is dependent upon the General Partner and its affiliates for management and
administrative services ("Managing Agent").  Any of the computer programs or
hardware that have date-sensitive software or embedded chips may recognize a
date using "00" as the year 1900 rather than the year 2000.  This could result
in a system failure or miscalculations causing disruptions of operations,
including, among other things, a temporary inability to process transactions,
send invoices, or engage in similar normal business activities.

Over the past two years, the Managing Agent has determined that it will be
required to modify or replace significant portions of its software and certain
hardware so that those systems will properly utilize dates beyond December 31,
1999.  The Managing Agent presently believes that with modifications or
replacements of existing software and certain hardware, the Year 2000 issue can
be mitigated.  However, if such modifications and replacements are not made, or
not completed in time, the Year 2000 issue could have a material impact on the
operations of the Partnership.

The Managing Agent's plan to resolve Year 2000 issues involves four phases:
assessment, remediation, testing, and implementation.  To date, the Managing
Agent has fully completed its assessment of all the information systems that
could be significantly affected by the Year 2000, and has begun the remediation,
testing and implementation phases on both hardware and software systems.
Assessments are continuing in regards to embedded systems.  The status of each
is detailed below.

Status of Progress in Becoming Year 2000 Compliant, Including Timetable for
Completion of Each Remaining Phase

Computer Hardware:

During 1997 and 1998, the Managing Agent identified all of the computer systems
at risk and formulated a plan to repair or replace each of the affected systems.
In August 1998, the mainframe system used by the Managing Agent became fully
functional.  In addition to the mainframe, PC-based network servers, routers and
desktop PCs were analyzed for compliance.  The Managing Agent has begun to
replace each of the non-compliant network connections and desktop PCs and, as of
March 31, 1999, had completed approximately 75% of this effort.

The total cost to the Managing Agent to replace the PC-based network servers,
routers and desktop PCs is expected to be approximately $1.5 million of which
$1.3 million has been incurred to date.  The remaining network connections and
desktop PCs are expected to be upgraded to Year 2000 compliant systems by July
31, 1999.

Computer Software:

The Managing Agent utilizes a combination of off-the-shelf, commercially
available software programs as well as custom-written programs that are designed
to fit specific needs.  Both of these types of programs were studied, and
implementation plans written and executed with the intent of repairing or
replacing any non-compliant software programs.

During 1998, the Managing Agent began converting the existing property
management and rent collection systems to its management properties Year 2000
compliant systems.  The estimated additional costs to convert such systems at
all properties, is $200,000, and the implementation and the testing process is
expected to be completed by July 31, 1999.

The final software area is the office software and server operating systems.
The Managing Agent has upgraded all non-compliant office software systems on
each PC and has upgraded 80% of the server operating systems.  The remaining
server operating systems are planned to be upgraded to be Year 2000 compliant by
July 31, 1999.

Operating Equipment:

The Managing Agent has operating equipment, primarily at the property sites,
which needed to be evaluated for Year 2000 compliance.  In September 1997, the
Managing Agent began taking a census and inventory of embedded systems
(including those devices that use time to control systems and machines at
specific properties, for example elevators, heating, ventilating, and air
conditioning systems, security and alarm systems, etc.).

The Managing Agent has chosen to focus its attention mainly upon security
systems, elevators, heating, ventilating and air conditioning systems, telephone
systems and switches, and sprinkler systems.  While this area is the most
difficult to fully research adequately, management has not yet found any major
non-compliance issues that put the Managing Agent at risk financially or
operationally.  The Managing Agent intends to have a third-party conduct an
audit of these systems and report their findings by July 31, 1999.

Any of the above operating equipment that has been found to be non-compliant to
date has been replaced or repaired.  To date, these have consisted only of
security systems and phone systems.  As of March 31, 1999 the Managing Agent has
evaluated approximately 86% of the operating equipment for the Year 2000
compliance.

The total cost incurred for all properties managed by the Managing Agent as of
March 31, 1999 to replace or repair the operating equipment was approximately
$400,000.  The Managing Agent estimates the cost to replace or repair any
remaining operating equipment is approximately $325,000, which is expected to be
completed by August 30, 1999.

The Managing Agent continues to have "awareness campaigns" throughout the
organization designed to raise awareness and report any possible compliance
issues regarding operating equipment within its enterprise.

Nature and Level of Importance of Third Parties and Their Exposure to the Year
2000

The Managing Agent continues to conduct surveys of its banking and other vendor
relationships to assess risks regarding their Year 2000 readiness.  The Managing
Agent has banking relationships with three major financial institutions, all of
which have indicated their compliance efforts will be complete before May 1999.
The Managing Agent has updated data transmission standards with two of the three
financial institutions.  The Managing Agent's contingency plan in this regard is
to move accounts from any institution that cannot be certified Year 2000
compliant by June 1, 1999.

The Partnership does not rely heavily on any single vendor for goods and
services, and does not have significant suppliers and subcontractors who share
information systems (external agent).  To date the Partnership is not aware of
any external agent with a Year 2000 compliance issue that would materially
impact the Partnership's results of operations, liquidity, or capital resources.
However, the Partnership has no means of ensuring that external agents will be
Year 2000 compliant.

The Managing Agent does not believe that the inability of external agents to
complete their Year 2000 remediation process in a timely manner will have a
material impact on the financial position or results of operations of the
Partnership.  However, the effect of non-compliance by external agents is not
readily determinable.

Costs to Address Year 2000

The total cost of the Year 2000 project to the Managing Agent is estimated at
$3.5 million and is being funded from operating cash flows.  To date, the
Managing Agent has incurred approximately $2.8 million ($0.6 million expensed
and $2.2 million capitalized for new systems and equipment) related to all
phases of the Year 2000 project.  Of the total remaining project costs,
approximately $0.5 million is attributable to the purchase of new software and
operating equipment, which will be capitalized.  The remaining $0.2 million
relates to repair of hardware and software and will be expensed as incurred.
The Partnership's portion of these costs are not material.

Risks Associated with the Year 2000

The Managing Agent believes it has an effective program in place to resolve the
Year 2000 issue in a timely manner.  As noted above, the Managing Agent has not
yet completed all necessary phases of the Year 2000 program.  In the event that
the Managing Agent does not complete any additional phases, certain worst case
scenarios could occur.  The worst case scenarios could include elevators,
security and heating, ventilating and air conditioning systems that read
incorrect dates and operate with incorrect schedules (e.g., elevators will
operate on Monday as if it were Sunday).  Although such a change would be
annoying to residents, it is not business critical.

In addition, disruptions in the economy generally resulting from Year 2000
issues could also adversely affect the Partnership.  The Partnership could be
subject to litigation for, among other things, computer system failures,
equipment shutdowns or failure to properly date business records.  The amount of
potential liability and lost revenue cannot be reasonably estimated at this
time.

Contingency Plans Associated with the Year 2000

The Managing Agent has contingency plans for certain critical applications and
is working on such plans for others.  These contingency plans involve, among
other actions, manual workarounds and selecting new relationships for such
activities as banking relationships and elevator operating systems.

ITEM 3.   QUANTITIVE 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 of 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 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 does 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 March 31, 1999, a 1% increase or decrease in market
interest rates would not have a material impact on the Partnership.

The following table summarizes the Partnership's debt obligations at December
31, 1998. The interest rates represent the weighted-average rates.  The fair
value of the debt obligations approximate the recorded value as of December 31,
1998.

Principal Amount by Expected Maturity

                   Fixed Rate Debt
    Long-term     Average Interest
      Debt           Rate 6.86%
                   (in thousands)
      1999          $    282
      2000               297
      2001               323
      2002               346
      2003               371
   Thereafter         25,741
      Total         $ 27,360




                          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, the General Partner and several of their affiliated
partnerships and corporate entities. The complaint 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 by Insignia Financial Group, Inc.
("Insignia") and entities which were, at the time, affiliates of Insignia
("Insignia Affiliates") of interests in certain general partner entities, 
past tender offers by Insignia Affiliates to acquire limited partnership
units, the management of partnerships by Insignia Affiliates as well as a
recently announced agreement between Insignia and AIMCO.  The complaint seeks
monetary damages and equitable relief, including judicial dissolution of the
Partnership.  On June 25, 1998, the General Partner filed a motion seeking
dismissal of the action.  In lieu of responding to the motion, the plaintiffs
filed an amended complaint.  The General Partner has filed demurrers to the
amended complaint which were heard during February 1999.  No ruling on such
demurrers has been received.  The General Partner does not anticipate that
costs associated with this case, if any, will be material to the Partnership's
overall operations.

On July 30, 1998, certain entities claiming to own limited partnership interests
in certain limited partnerships whose general partners were, at the time,
affiliates of Insignia filed a complaint entitled Everest Properties, LLC. v.
Insignia Financial Group, Inc., et al. in the Superior Court of the State of
California, County of Los Angeles. The action involves 44 real estate limited
partnerships (including the Partnership) in which the plaintiffs allegedly own
interests and which Insignia Affiliates allegedly manage or control (the
"Subject Partnerships").  This case was settled on March 3, 1999.  The
Partnership is responsible for a portion of the settlement costs.  The expense
will not have a material effect on the Partnership's overall operations.


ITEM 6.   EXHIBITS AND REPORTS ON FORM 8-K

          (a)  Exhibits:

S-K Reference
Number         Description

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

99.1 Consolidated Capital Equity Partners, L.P., unaudited financial statements
     for the three months ended March 31, 1999 and 1998.

          (b)  Reports on Form 8-K:

               None filed during the quarter ended March 31, 1999.





                                   SIGNATURES


Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange
Act of 1934, the registrant has duly caused this report to be signed on its
behalf by the undersigned, thereunto duly authorized.


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


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


                              By:  /s/Carla R. Stoner
                                   Carla R. Stoner
                                   Senior Vice President Finance and
                                   Administration


                              Date:  May 17, 1999