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 September 30, 2003


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


                For the transition period from _________to _________

                         Commission file number 0-10831


                  CONSOLIDATED CAPITAL INSTITUTIONAL PROPERTIES
             (Exact Name of Registrant as Specified in Its Charter)



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

                         55 Beattie Place, P.O. Box 1089
                        Greenville, South Carolina 29602
                    (Address of principal executive offices)

                                 (864) 239-1000
                           (Issuer's telephone number)


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

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


                         PART I - FINANCIAL INFORMATION

ITEM 1.     Financial Statements


                   CONSOLIDATED CAPITAL INSTITUTIONAL PROPERTIES
                           CONSOLIDATED BALANCE SHEETS
                        (in thousands, except unit data)

<TABLE>
<CAPTION>

                                                          September 30,  December 31,
                                                               2003          2002
                                                           (Unaudited) (Note)
Assets
<S>                                                          <C>            <C>
   Cash and cash equivalents                                 $ 1,504        $ 3,175
   Receivables and deposits                                       382           493
   Restricted escrows                                             891         1,114
   Other assets                                                 1,097           592
   Investment in affiliated partnerships (Note D)                 945           894
   Investment in Master Loan to affiliate (Note B)             14,123        14,144
   Investment properties:
      Land                                                     14,272        14,272
      Buildings and related personal property                  68,835        67,805
                                                               83,107        82,077
      Less:  Accumulated depreciation                         (22,120)      (19,158)
                                                               60,987        62,919
                                                             $ 79,929      $ 83,331
Liabilities and Partners' Capital
Liabilities
   Accounts payable                                           $ 205          $ 176
   Tenant security deposit liabilities                            680           689
   Accrued property taxes                                         378           326
   Other liabilities                                            1,116         1,408
   Mortgage notes payable                                      51,705        52,649
                                                               54,084        55,248
Partners' Capital
   General partner                                                119            125
   Limited partners (199,043.2 units issued and
      outstanding)                                             25,726        27,958
                                                               25,845        28,083
                                                             $ 79,929      $ 83,331

Note: The consolidated  balance sheet at December 31, 2002 has been derived from
      the audited financial statements at that date but does not include all the
      information  and  footnotes  required  by  generally  accepted  accounting
      principles for complete financial statements.

             See Accompanying Notes to Consolidated Financial Statement
</TABLE>


<PAGE>





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


<TABLE>
<CAPTION>


                                            Three Months Ended       Nine Months Ended
                                               September 30,           September 30,
                                             2003        2002        2003        2002

<S>                                         <C>         <C>         <C>         <C>
Rental income                               $ 4,278     $ 3,585     $12,439     $ 8,972
Interest income on investment in
  Master Loan to affiliate (Note B)              --          --          --         386
Other income                                    359         298       1,026         703
Casualty gain (Note F)                           (7)         --          18          --
        Total revenues                        4,630       3,883      13,483      10,061

Operating                                     1,980       1,345       6,081       3,717
General and administrative                      211         296         738         685
Depreciation                                    952         768       2,981       2,254
Interest                                        900         633       2,728       1,567
Property taxes                                  294         265         867         681
        Total expenses                        4,337       3,307      13,395       8,904

Income from operations                          293         576          88       1,157

Gain on foreclosure of real estate               --       1,831          --       1,831

Gain on sale of investment (Note D)             748          --       1,098          --

Net income                                  $ 1,041     $ 2,407     $ 1,186     $ 2,988

Net income allocated to general
  partner (1%)                              $    10     $    24     $    12     $    30
Net income allocated to limited
  partners (99%)                              1,031       2,383       1,174       2,958

Net income                                  $ 1,041     $ 2,407     $ 1,186     $ 2,988

Net income per limited partnership
  unit                                      $  5.18     $ 11.97     $  5.90     $ 14.86

Distributions per limited
  partnership unit                          $  5.38     $  4.70     $ 17.11     $ 11.61

             See Accompanying Notes to Consolidated Financial Statement
</TABLE>



<PAGE>




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

<TABLE>
<CAPTION>


                                     Limited
                                     Partnership     General      Limited
                                        Units        Partner     Partners      Total

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

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

Distributions to partners                   --          (18)       (2,312)     (2,330)

Net income for the nine months
   ended September 30, 2002                 --           30         2,958       2,988

Partners' capital at
   September 30, 2002                199,045.2     $    135      $ 28,860    $ 28,995

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

Distributions to partners                   --          (18)       (3,406)     (3,424)

Net income for the nine months
   ended September 30, 2003                 --           12         1,174       1,186

Partners' capital
   at September 30, 2003             199,043.2      $   119      $ 25,726    $ 25,845


             See Accompanying Notes to Consolidated Financial Statement
</TABLE>



<PAGE>



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

<TABLE>
<CAPTION>

                                                                 Nine Months Ended
                                                                   September 30,
                                                                   2003      2002
Cash flows from operating activities:
<S>                                                             <C>          <C>
  Net income                                                    $ 1,186      $ 2,988
  Adjustments to reconcile net income to net cash
   provided by operating activities:
     Depreciation                                                  2,981       2,254
     Amortization of loan costs, lease commissions on
       mortgage premiums                                             (53)         61
     Casualty gain                                                   (18)         --
     Gain on sale of investment                                   (1,098)         --
     Gain on foreclosure of real estate                               --      (1,831)
     Change in accounts:
      Receivables and deposits                                       117        (246)
      Other assets                                                  (452)       (274)
      Accounts payable                                               (95)        (33)
      Tenant security deposit liabilities                             (9)         17
      Accrued property taxes                                          52         113
      Other liabilities                                             (292)        469
      Net cash provided by operating activities                    2,319       3,518

Cash flows from investing activities:
  Net receipts from (deposits to) restricted escrows                 223         (72)
  Property improvements and replacements                          (1,019)       (276)
  Insurance proceeds received                                        112          --
  Principal receipts on Master Loan to affiliate                      15          88
  Distributions from affiliated partnerships                       1,047          19
      Net cash provided by (used in) investing activities            378        (241)

Cash flows from financing activities:
  Distributions to partners                                       (3,424)     (2,330)
  Payments on mortgage notes payable                                (829)       (309)
  Lease commissions paid                                            (115)         --
  Advances from general partner                                      220          --
  Repayment of advances from general partner                        (220)         --
      Net cash used in financing activities                       (4,368)     (2,639)

Net (decrease) increase in cash and cash equivalents              (1,671)        638
Cash and cash equivalents at beginning of period                   3,175         922
Cash and cash equivalents at end of period                      $ 1,504      $ 1,560

Supplemental disclosure of cash flow information:
  Cash paid for interest                                        $ 3,007      $ 1,525
Supplemental disclosure of non-cash activity:
  Property improvements and replacements included in
   accounts payable                                              $ 124        $ --

             See Accompanying Notes to Consolidated Financial Statement
</TABLE>


<PAGE>


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


Note A - Basis of Presentation

The accompanying  unaudited  consolidated  financial  statements of Consolidated
Capital  Institutional  Properties (the "Partnership" or "Registrant") have been
prepared in accordance with generally accepted accounting principles for interim
financial  information and with the  instructions to Form 10-Q and Article 10 of
Regulation  S-X.  Accordingly,  they do not include all of the  information  and
footnotes  required by generally  accepted  accounting  principles  for complete
financial  statements.  In the opinion of ConCap  Equities,  Inc.  (the "General
Partner"),  which is ultimately  owned by Apartment  Investment  and  Management
Company  ("AIMCO"),   a  publicly  traded  real  estate  investment  trust,  all
adjustments (consisting of normal recurring accruals) considered necessary for a
fair presentation  have been included.  Operating results for the three and nine
month periods ended  September  30, 2003 are not  necessarily  indicative of the
results that may be expected for the fiscal year ending  December 31, 2003.  For
further  information,   refer  to  the  consolidated  financial  statements  and
footnotes thereto included in the  Partnership's  Annual Report on Form 10-K for
the fiscal year ended December 31, 2002.

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

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

Recent Accounting Pronouncements

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

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

<PAGE>

Note B - Net Investment in Master Loan and Gain on Foreclosure of Real Estate

The Partnership was initially  formed for the benefit of its limited partners to
lend funds to  Consolidated  Capital  Equity  Partners  ("CCEP"),  a  California
general partnership.  The general partner of CCEP is an affiliate of the General
Partner. The Partnership loaned funds to CCEP subject to a nonrecourse note with
a participation  interest (the "Master  Loan").  The loans were made to, and the
real  properties  that secure the Master Loan were  purchased  and are owned by,
CCEP.

The  Master  Loan  matured  in  November  2000.  The  General  Partner  had been
negotiating with CCEP with respect to its options which included  foreclosing on
the properties which collateralize the Master Loan or extending the terms of the
Master Loan. The General  Partner  decided to foreclose on the  properties  that
collateralize  the  Master  Loan.  The  General  Partner  began the  process  of
foreclosure or executing  deeds in lieu of foreclosure  during the third quarter
of 2002 on all the properties in CCEP.  During August 2002, the General  Partner
executed deeds in lieu of foreclosure on four of the active  properties of CCEP.
In addition,  one of the  properties  held by CCEP was sold in December 2002. On
November 10, 2003 the Partnership acquired the remaining four properties held by
CCEP  through a  foreclosure  sale (see Note H for further  discussion).  As the
deeds  were  executed,  title in the  properties  previously  owned by CCEP were
transferred  to  the  Partnership,   subject  to  the  existing  liens  on  such
properties,  including the first mortgage  loans.  As a result,  the Partnership
assumed  responsibility  for the operations of such  properties.  The results of
operations  of the  foreclosed  properties  are  reflected  in the  accompanying
consolidated  statements  of  operations  for the three and nine  month  periods
ending September 30, 2003 and 2002.

The following table sets forth the Partnership's  non-cash activities during the
nine  months  ended  September  30,  2002 with  respect  to the  foreclosure  of
Silverado, The Knolls, Indian Creek Village and Tates Creek Village Apartments:

             Investment properties (a)                        $ 38,273
             Investments in affiliated partnerships (b)            918
             Mortgage notes payable (c)                        (26,787)
             Master loan, net of allowance (d)                 (10,591)
             Other assets received, net of
               other liabilities assumed                            18

             Gain on foreclosure                              $ 1,831

(a)   Amount  represents  the estimated fair value of the  properties.  The fair
      value was  determined  by  appraisals  obtained in September  2000 from an
      independent  third party which have been updated by  management  using the
      net operating income of all of the collateral properties  capitalized at a
      rate deemed reasonable for the type of property and adjusted by management
      for current  market  conditions,  physical  condition  of each  respective
      property, and other factors.

(b)   See "Note D".

(c)   Amount  represents  the present  value on the  mortgages  encumbering  the
      investment  properties acquired through foreclosure,  discounted at a rate
      currently available to the Partnership.

(d)   Amount  represents the amount of the Master Loan  associated with the four
      properties acquired.

At September 30, 2003, the recorded investment in the Master Loan was considered
to be impaired  under SFAS 114  "Accounting  by Creditors  for  Impairment  of a
Loan".  The Partnership  measures the impairment of the loan based upon the fair
value of the  collateral,  as  repayment  of the loan is expected to be provided
solely by the collateral. For the nine months ended September 30, 2003 there was
no interest  income  recorded  by the  Partnership.  For the nine  months  ended
September 30, 2002 the Partnership recorded  approximately  $386,000 of interest
income  based upon "Excess Cash Flow" (as defined in the terms of the New Master
Loan Agreement) generated by CCEP and paid to the Partnership.

The fair value of all of the  collateral  properties  which on a combined  basis
secure the Master Loan,  was  determined  using the net operating  income of the
collateral  properties  capitalized at a rate deemed  reasonable for the type of
property adjusted for market conditions,  the physical condition of the property
and other factors,  or by obtaining an appraisal by an independent  third party.
This methodology has not changed from that used in prior calculations  performed
by the  General  Partner  in  determining  the  fair  value  of  the  collateral
properties.  There was no provision for  impairment  loss during the nine months
ended  September  30,  2003 and 2002.  The  General  Partner  evaluates  the net
realizable  value on a  semi-annual  basis or as  circumstances  dictate that it
should be analyzed.

The  principal  balance  of the  Master  Loan  due to  the  Partnership  totaled
approximately $14,123,000 and $14,144,000 at September 30, 2003 and December 31,
2002,  respectively.  This  amount  represents  the  fair  market  value  of the
remaining  properties  held  by  CCEP,  less  the  net  liabilities  owed by the
properties.  Interest,  calculated on the accrual basis,  due to the Partnership
pursuant to the terms of the Master Loan  Agreement,  but not  recognized in the
income  statements  due to the  impairment  of the loan,  totaled  approximately
$1,322,000,  and  $31,601,000  for the nine months ended  September 30, 2003 and
2002, respectively.  Interest income is recognized on the cash basis as required
by SFAS 114. At  September  30, 2003 and  December  31,  2002,  such  cumulative
unrecognized  interest  totaling  approximately  $1,784,000 and $462,000 was not
included  in  the  balance  of  the   investment  in  Master  Loan.   Cumulative
unrecognized interest owed on the Master Loan of approximately  $376,239,000 was
forgiven by the  Partnership  during the third  quarter of 2002.  The  remaining
collateral  properties are encumbered by first mortgages totaling  approximately
$22,828,000 as of September 30, 2003,  which are senior to the Master Loan. This
has been taken into  consideration  in determining  the fair value of the Master
Loan.

During the nine months ended September 30, 2003 and 2002, the  Partnership  made
no advances to CCEP on the Master Loan.  During the nine months ended  September
30,  2003 the  Partnership  received  principal  payments  on the Master Loan of
approximately  $15,000 from escrows  released by the mortgage  lender of Society
Park which was sold during 2002. During the nine months ended September 30, 2002
the  Partnership   received   principal   payments  of   approximately   $88,000
representing  cash  received  on certain  investments  held by CCEP,  which were
required to be transferred to the Partnership per the Master Loan Agreement.

Note C - Related Party Transactions

The Partnership has no employees and is dependent on the General Partner and its
affiliates for the management and administration of all Partnership  activities.
The Partnership  Agreement  provides for (i) certain  payments to affiliates for
services and (ii)  reimbursement of certain  expenses  incurred by affiliates on
behalf of the Partnership.

Affiliates of the General  Partner are entitled to receive 5% of gross  receipts
from all of the Partnership's  properties as compensation for providing property
management  services.  The  Partnership  paid to such  affiliates  approximately
$695,000 and $468,000  for the nine months  ended  September  30, 2003 and 2002,
respectively, which is included in operating expenses.

An  affiliate  of the General  Partner  received  reimbursement  of  accountable
administrative expenses amounting to approximately $375,000 and $337,000 for the
nine months ended September 30, 2003 and 2002, respectively which is included in
general and administrative expenses and investment properties. Included in these
amounts are fees  related to  construction  management  services  provided by an
affiliate of the General Partner of approximately $36,000 during the nine months
ended September 30, 2003. There were no construction  management fees during the
nine months ended  September  30, 2002.  The  construction  management  fees are
calculated  based on a  percentage  of  current  year  additions  to  investment
properties.

In accordance with the Partnership  Agreement,  the General Partner advanced the
Partnership  approximately  $220,000 for  expenses at four of the  Partnership's
properties  during the nine months ended  September  30, 2003.  This advance was
repaid in full prior to September  30,  2003.  Interest was charged at the prime
rate  plus 2% and  amounted  to less  than  $1,000  for the  nine  months  ended
September 30, 2003.  There were no loans from the General  Partner or associated
interest expense during the nine months ended September 30, 2002.

The  Partnership  insures its properties up to certain  limits through  coverage
provided by AIMCO which is  generally  self-insured  for a portion of losses and
liabilities  related to workers  compensation,  property  casualty  and  vehicle
liability. The Partnership insures its properties above the AIMCO limits through
insurance policies obtained by AIMCO from insurers unaffiliated with the General
Partner.  During  the  nine  months  ended  September  30,  2003 and  2002,  the
Partnership was charged by AIMCO and its affiliates  approximately  $212,000 and
$145,000,  respectively,  for insurance coverage and fees associated with policy
claims administration.

Note D - Investment in Affiliated Partnerships

The Partnership has investments in the following affiliated partnerships:

<TABLE>
<CAPTION>

                                                     Ownership       Investment At
Partnership                    Type of Ownership     Percentage    September 30, 2003
                                                                     (in thousands)

Consolidated Capital            Non-controlling
<S>                                                    <C>                <C>
  Growth Fund                    General Partner       0.40%              $ 17
Consolidated Capital            Non-controlling
  Properties III                 General Partner       1.85%                 23
Consolidated Capital            Non-controlling
  Properties IV                  General Partner       1.85%                905
                                                                           $ 945
</TABLE>

These  investments were assumed during the foreclosure of investment  properties
from  CCEP  (see  "Note  B") and  are  accounted  for on the  equity  method  of
accounting.  Distributions from the affiliated partnerships are accounted for as
a reduction of the investment balance until the investment balance is reduced to
zero.  When  the  investment  balance  has  been  reduced  to  zero,  subsequent
distributions  received are recognized as income in the accompanying  statements
of  operations.  During the nine months ended  September 30, 2003 and 2002,  the
Partnership  received  distributions  of  approximately  $1,048,000 and $19,000,
respectively, from two of the affiliated partnerships.  Approximately $1,013,000
of the  distribution  received  during the nine months ended  September 30, 2003
related to the sale of three properties in Consolidated  Capital Growth Fund. Of
this amount, approximately $984,000 was recognized as gain on sale of investment
once the investment  balance  allocated to those  properties had been reduced to
zero.  The   Partnership   also   recognized  gain  on  sale  of  investment  of
approximately $114,000 related to the sale of a property in Consolidated Capital
Properties IV. There were no distributions associated with this sale.

Note E - Segment Reporting

Description  of the types of products  and  services  from which the  reportable
segment  derives its revenues:  The  Partnership  has two  reportable  segments:
residential  properties  and commercial  property.  The  Partnership's  property
segments consist of five apartment complexes one each in North Carolina,  Texas,
Colorado,  Kansas,  and Kentucky and one  multiple  use facility  consisting  of
apartment units and commercial  space in  Pennsylvania.  The  Partnership  rents
apartment units to tenants for terms that are typically less than twelve months.
The commercial property leases space to various medical offices,  career service
facilities, and retail shops at terms ranging from month to month to five years.

Measurement of segment profit and loss: The  Partnership  evaluates  performance
based on segment profit (loss) before  depreciation.  The accounting policies of
the  reportable  segments  are the same as those  described  in the  summary  of
significant accounting policies.

Factors  management used to identify the enterprise's  reportable  segment:  The
Partnership's  reportable  segments are business units  (investment  properties)
that offer  different  products and services.  The reportable  segments are each
managed  separately  because they provide distinct services with different types
of products and customers.

Segment  information  for the three and nine months ended September 30, 2003 and
2002 is shown in the tables below (in  thousands).  The "Other" Column  includes
partnership administration related items and income and expense not allocated to
reportable segments.

<TABLE>
<CAPTION>

     For the three months ended
         September 30, 2003            Residential  Commercial    Other      Totals
<S>                                      <C>           <C>         <C>       <C>
Rental income                            $ 3,983       $ 295       $ --      $ 4,278
Other income                                 327           32         --         359
Interest expense                             843           57         --         900
Depreciation                                 909           43         --         952
General and administrative expense            --           --        211         211
Gain on sale of investment                    --           --        748         748
Segment profit (loss)                        601          (97)       537       1,041
</TABLE>

<TABLE>
<CAPTION>

      For the nine months ended
         September 30, 2003            Residential  Commercial    Other      Totals

<S>                                      <C>           <C>         <C>      <C>
Rental income                            $11,643       $ 796       $ --     $12,439
Other income                                 938           88         --      1,026
Interest expense                           2,559          169         --      2,728
Depreciation                               2,854          127         --      2,981
General and administrative expense            --           --        738        738
Gain on sale of investment                    --           --      1,098      1,098
Segment profit (loss)                      1,229         (403)       360      1,186
Total assets                              63,327          956     15,646     79,929
Capital expenditures                       1,064           79         --      1,143
</TABLE>

<TABLE>
<CAPTION>

     For the three months ended
         September 30, 2002            Residential  Commercial    Other      Totals

<S>                                      <C>           <C>         <C>      <C>
Rental income                            $ 3,307       $ 278       $ --     $ 3,585
Other income                                 264           31          3        298
Interest expense                             576           57         --        633
Depreciation                                 722           46         --        768
General and administrative expense            --           --        296        296
Gain on foreclosure of real estate            --           --      1,831      1,831
Segment profit (loss)                        948          (79)     1,538      2,407
</TABLE>

<TABLE>
<CAPTION>

      For the nine months ended
         September 30, 2002            Residential  Commercial    Other      Totals

<S>                                      <C>           <C>         <C>      <C>
Rental income                            $ 8,148       $ 824       $ --     $ 8,972
Other income                                 612           86          5        703
Interest income on investment
   in Master Loan                             --           --        386        386
Interest expense                           1,396          171         --      1,567
Depreciation                               2,121          133         --      2,254
General and administrative expense            --           --        685        685
Gain on foreclosure of real estate            --           --      1,831      1,831
Segment profit (loss)                      1,713         (262)     1,537      2,988
Total assets                              65,451        1,078     17,840     84,369
Capital expenditures                         257           19         --        276
</TABLE>

Note F - Casualty Gain

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

During the nine months ended  September  30, 2003,  there was a casualty loss of
approximately  $7,000 recorded at Tates Creek Village  Apartments  related to an
ice storm which resulted in major landscaping damage. The loss was the result of
the receipt of insurance proceeds of approximately $39,000, net of the write off
of undepreciated fixed assets of approximately $46,000.

Note G - Legal Proceedings

In March 1998, several putative unit holders of limited partnership units of the
Partnership  commenced an action  entitled  Rosalie  Nuanes,  et al. v. Insignia
Financial Group, Inc., et al. (the "Nuanes action") in the Superior Court of the
State of  California  for the  County  of San  Mateo.  The  plaintiffs  named as
defendants,  among others,  the Partnership,  its General Partner and several of
their affiliated  partnerships and corporate  entities.  The action purported to
assert  claims on behalf of a class of  limited  partners  and  derivatively  on
behalf of a number of limited partnerships  (including the Partnership) that are
named as nominal defendants, challenging, among other things, the acquisition of
interests in certain General Partner entities by Insignia  Financial Group, Inc.
("Insignia") and entities that were, at one time,  affiliates of Insignia;  past
tender offers by the Insignia  affiliates to acquire limited  partnership units;
management of the  partnerships  by the Insignia  affiliates;  and the series of
transactions  which  closed on October 1, 1998 and  February  26,  1999  whereby
Insignia and Insignia  Properties Trust,  respectively,  were merged into AIMCO.
The plaintiffs sought monetary damages and equitable relief,  including judicial
dissolution of the Partnership. In addition, during the third quarter of 2001, a
complaint (the "Heller  action") was filed against the same  defendants that are
named in the Nuanes action,  captioned Heller v. Insignia Financial Group. On or
about August 6, 2001,  plaintiffs  filed a first amended  complaint.  The Heller
action was brought as a purported  derivative  action,  and asserted claims for,
among other things,  breach of fiduciary duty, unfair  competition,  conversion,
unjust enrichment, and judicial dissolution.

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

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

On June 13, 2003, the Court granted final approval of the settlement and entered
judgment in both the Nuanes and Heller actions.  On August 12, 2003, an objector
filed an appeal  seeking  to vacate  and/or  reverse  the  order  approving  the
settlement and entering judgment thereto.  The General Partner intends to file a
respondent's  brief in support of the order  approving  settlement  and entering
judgment thereto.

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

On August 8, 2003 AIMCO  Properties  L.P., an affiliate of the General  Partner,
was served with a Complaint in the United  States  District  Court,  District of
Columbia alleging that AIMCO Properties L.P.  willfully  violated the Fair Labor
Standards  Act (FLSA) by failing to pay  maintenance  workers  overtime  for all
hours  worked  in  excess  of forty  per  week.  The  Complaint  is  styled as a
Collective  Action  under  the FLSA and seeks to  certify  state  subclasses  in
California, Maryland, and the District of Columbia. Specifically, the plaintiffs
contend that AIMCO Properties L.P. failed to compensate  maintenance workers for
time  that they were  required  to be  "on-call".  Additionally,  the  Complaint
alleges AIMCO  Properties  L.P.  failed to comply with the FLSA in  compensating
maintenance  workers  for time that they  worked in  responding  to a call while
"on-call".  The  Complaint  also  attempts  to certify a subclass  for  salaried
service  directors who are challenging  their  classification as exempt from the
overtime  provisions of the FLSA.  AIMCO  Properties L.P. has filed an answer to
the Complaint denying the substantive  allegations.  Although the outcome of any
litigation is uncertain,  in the opinion of the General  Partner the claims will
not result in any material liability to the Partnership.

The  Partnership  is unaware  of any other  pending  or  outstanding  litigation
matters  involving  it or its  investment  properties  that are not of a routine
nature arising in the ordinary course of business.

Note H - Subsequent Event

In November 2003, the Partnership acquired the four remaining properties held by
CCEP:  Plantation  Gardens  Apartments,   Regency  Oaks  Apartments,  The  Dunes
Apartments,  and  Palm  Lake  Apartments.   These  properties  were  sold  at  a
foreclosure  sale due to CCEP's  inability  to repay the Master Loan and accrued
interest (Note B). An affiliate of the General Partner  advanced the Partnership
approximately $31,278,000 in order to purchase these properties at the sale. The
sale  proceeds  will be sent to the  Partnership  as the lien holder and will be
used to repay the advance from the affiliate of the General Partner. The advance
will bear  interest at prime plus 2%. The  Partnership  acquired the  properties
previously  held  by  CCEP  subject  to the  existing  liens  on the  properties
including the first  mortgage  loans.  CCIP intends to continue to operate these
properties as residential apartment complexes.


<PAGE>




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

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

The Partnership's investment properties consist of six properties.  The Sterling
is a multiple-use facility which consists of an apartment complex and commercial
space.  The following  table sets forth the average  occupancy of the properties
for the nine months ended September 30, 2003 and 2002:

                                                   Average Occupancy
      Property                                      2003       2002

      The Loft Apartments (2)                       82%        92%
        Raleigh, North Carolina
      The Sterling Apartment Homes                  93%        91%
      The Sterling Commerce Center (1)              55%        55%
        Philadelphia, Pennsylvania
      Silverado Apartments (3)                      94%        96%
         El Paso, Texas
      The Knolls Apartments (2), (3)                84%        92%
         Colorado Springs, Colorado
      Indian Creek Village Apartments (3)           91%        93%
         Overland Park, Kansas
      Tates Creek Village Apartments (3), (4)       89%        96%
         Lexington, Kentucky

(1)   The General Partner  attributes the low occupancy at The Sterling Commerce
      Center to the loss of a major tenant in late  December  2001. A new tenant
      has signed a lease and is expected to occupy a large portion of the vacant
      space during the fourth quarter of 2003.

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

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

(4)   The General  Partner  attributes  the decrease in occupancy at Tates Creek
      Village  Apartments  to lower  interest  rates in the  market  leading  to
      tenants purchasing homes.


<PAGE>

Results of Operations

The  Partnership's  net income for the nine months ended  September 30, 2003 was
approximately  $1,186,000 compared to net income of approximately $2,988,000 for
the  corresponding  period in 2002. The  Partnership's  net income for the three
months ended  September 30, 2003 was  approximately  $1,041,000  compared to net
income of  approximately  $2,407,000 for the  corresponding  period in 2002. The
decrease in net income for the three and nine months ended September 30, 2003 as
compared to the three and nine months ended  September 30, 2002 is primarily due
to an increase in total  expenses,  a decrease  in gain on  foreclosure  of real
estate of  $1,831,000  and a decrease  of  approximately  $386,000  in  interest
payments received during the three month period and therefore  recognized on the
Master Loan partially offset by an increase in total revenues and an increase in
gain on sale of investment. Interest income on investment in Master Loan is only
recognized  to the extent that actual cash is  received.  The receipt of cash is
dependent  on the  corresponding  cash flow of the  properties  which secure the
Master Loan.

The  decrease in gain on  foreclosure  of real estate and the  increase in total
expenses is largely due to the  foreclosure of four properties  (Silverado,  The
Knolls,  Indian Creek Village, and Tates Creek Village Apartments) during August
2002.  The Master Loan matured in November  2000.  The General  Partner had been
negotiating with CCEP with respect to its options which included  foreclosing on
the properties which collateralize the Master Loan or extending the terms of the
Master Loan. The General  Partner  decided to foreclose on the  properties  that
collateralize  the  Master  Loan.  The  General  Partner  began the  process  of
foreclosure or executing  deeds in lieu of foreclosure  during the third quarter
of 2002 on all the properties in CCEP.  During August 2002, the General  Partner
executed deeds in lieu of foreclosure on four of the active  properties of CCEP.
In addition,  one property held by CCEP was sold during December 2002 (see "CCEP
Property  Operations" for further  discussion).  The foreclosure  process on the
remaining four properties  held by CCEP was completed  during the fourth quarter
of 2003. As the deeds are executed,  title in the properties previously owned by
CCEP are transferred to the  Partnership,  subject to the existing liens on such
properties,  including the first mortgage  loans.  As a result,  the Partnership
assumed  responsibility  for the operations of such properties  during the third
quarter of 2002.

Exclusive  of the item related to the Master Loan,  the gain on  foreclosure  of
real estate,  and the operations of the foreclosed  properties,  the Partnership
recognized  net  income  for  the  nine  months  ended  September  30,  2003  of
approximately  $962,000 compared to net income of approximately $307,000 for the
corresponding  period in 2002. The Partnership's net income for the three months
ended September 30, 2003 was  approximately  $940,000  compared to net income of
approximately $112,000 for the corresponding period in 2002. The increase in net
income for the three and nine months ended September 30, 2003 as compared to the
three and nine months ended  September  30, 2002 is primarily due to an increase
in gain on sale of  investment.  The  increase in net income for the nine months
ended  September 30, 2003 was partially  offset by an increase in total expenses
and a  decrease  in total  revenues.  The  increase  in net income for the three
months ended September 30, 2003 was also due to a decrease in total expenses and
an increase in total revenues.

Total expenses,  exclusive of the foreclosed  properties,  decreased  during the
three months ended September 30, 2003 primarily due to a decrease in general and
administrative expenses and depreciation expense partially offset by an increase
in operating  expenses.  Total expenses  increased  during the nine months ended
September 30, 2003 primarily due to increases in operating  expenses and general
and  administrative  expenses  partially  offset by a decrease  in  depreciation
expense.  Operating  expense  increased  during the three and nine months  ended
September  30, 2003  primarily  due to an increase in property  and  maintenance
expenses.  Property expenses increased due to an increase in utility expenses at
The Sterling Apartment Homes and Commerce Center and increased contract security
patrol expenses at The Sterling  Commerce Center  partially offset by a decrease
in salaries and other related benefits and contract  security patrol expenses at
The Sterling Apartment Homes.  Maintenance expenses increased due to an increase
in  contract  services  at  Sterling  Apartment  Homes and The Loft  Apartments.
Depreciation  expense decreased during the three and nine months ended September
30, 2003 due to capital improvements and replacements becoming fully depreciated
during  the past  year at The  Sterling.  General  and  administrative  expenses
decreased  for the three months ended  September 30, 2003 due to a change in the
estimated tax liability of a business privilege tax paid annually to the city of
Philadelphia.  General and  administrative  expenses  increased  during the nine
months ended  September 30, 2003 primarily due to an increase in the cost of the
annual audit required by the Partnership Agreement.

The increase in gain on sale of  investment  for the three and nine months ended
September  30, 2003 is primarily  due to the  recognition  of the  Partnership's
share of  distributions  received and  recognized  as earnings  from  affiliated
partnerships  in  excess  of  investment   balance.   The  Partnership   assumed
investments  in  three  affiliated   partnerships   during  the  foreclosure  of
investment  properties  from CCEP as  discussed  above.  These  investments  are
accounted  for on the  equity  method  of  accounting.  Distributions  from  the
affiliated  partnerships  are  accounted  for as a reduction  of the  investment
balance until the  investment  balance is reduced to zero.  When the  investment
balance  has  been  reduced  to  zero,  subsequent  distributions  received  are
recognized as income in the  accompanying  statements of operations.  During the
nine months ended September 30, 2003, the Partnership received  distributions of
approximately  $1,048,000  from  two of the  affiliated  partnerships,  of which
approximately $1,013,000 related to the sale of three properties in Consolidated
Capital  Growth Fund. Of this amount,  approximately  $984,000 was recognized as
gain on sale of  investment  once  the  investment  balance  allocated  to those
properties had been reduced to zero. The  Partnership  also  recognized  gain on
sale of investment of  approximately  $114,000 related to the sale of a property
in Consolidated  Capital  Properties IV. There were no distributions  associated
with this sale.

The decrease in total revenues,  exclusive of the foreclosed properties,  during
the nine  months  ended  September  30, 2003 is  primarily  due to a decrease in
rental  income and other  income.  Rental  income  decreased  primarily due to a
decrease in rental rates at Sterling Apartment Homes and Commerce Center and The
Loft Apartments and a decrease in occupancy at The Loft Apartments. The decrease
is also due to an  increase  in  concession  related  expenses  at The  Sterling
Apartment  Homes.  These  decreases  were  partially  offset by an  increase  in
occupancy  at The  Sterling  Apartment  Homes.  The  decrease in other income is
primarily due to a decrease in utility  reimbursements at The Sterling Apartment
Homes.  The increase in total revenues  during the three months ended  September
30, 2003 is primarily due to an increase in rental income  partially offset by a
decrease in other income.  Rental income increased  primarily due to an increase
in occupancy at The Sterling  Apartment  Homes.  The decrease in other income is
primarily due to a decrease in parking income and utility  reimbursements at The
Sterling  Apartment Homes  partially  offset by an increase in vending income at
The Sterling Apartment Homes.

Included in general and  administrative  expenses  for the three and nine months
ended  September  30,  2003 and 2002 are costs of the  services  provided by the
General Partner as allowed under the Partnership  Agreement  associated with its
management  of the  Partnership.  Also  included are costs  associated  with the
quarterly and annual communications with investors and regulatory agencies.

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, the General Partner may use
rental  concessions  and  rental  rate  reductions  to offset  softening  market
conditions,  accordingly, there is no guarantee that the General Partner will be
able to sustain such a plan.


<PAGE>



Liquidity and Capital Resources

At  September  30,  2003,  the  Partnership  had cash and  cash  equivalents  of
approximately  $1,504,000 compared to approximately  $1,560,000 at September 30,
2002.  Cash  and  cash  equivalents  decreased  approximately  $1,671,000  since
December 31, 2002 due to approximately  $4,368,000 of net cash used in financing
activities  partially  offset by  approximately  $2,319,000 and $378,000 of cash
provided by  operating  and  investing  activities,  respectively.  Cash used in
financing activities consisted of distributions to partners,  principal payments
made  on  the  mortgages   encumbering  the  Partnership's   properties,   lease
commissions paid and repayment of advances from general partner, slightly offset
by  advances  from  general  partner.  Cash  provided  by  investing  activities
consisted of  distributions  received from  affiliated  partnerships,  insurance
proceeds,  principal receipts on the Master Loan and net withdrawals from escrow
accounts  maintained  by the  mortgage  lenders  partially  offset  by  property
improvements  and  replacements.  The  Partnership  invests its working  capital
reserves in interest bearing accounts.

The sufficiency of existing  liquid assets to meet future  liquidity and capital
expenditure   requirements   is  directly   related  to  the  level  of  capital
expenditures  required at the various  properties  to  adequately  maintain  the
physical  assets and other operating needs of the Partnership and to comply with
Federal, state, and local legal and regulatory requirements. The General Partner
monitors  developments  in the area of legal and  regulatory  compliance  and is
studying  new  federal  laws,  including  the  Sarbanes-Oxley  Act of 2002.  The
Sarbanes-Oxley Act of 2002 mandates or suggests  additional  compliance measures
with regard to governance,  disclosure, audit and other areas. In light of these
changes,  the Partnership  expects that it will incur higher expenses related to
compliance,  including  increased  legal and audit  fees.  Capital  improvements
planned for each of the Partnership's properties are detailed below.

The Loft Apartments

During the nine months ended  September  30,  2003,  the  Partnership  completed
approximately $94,000 of capital improvements at The Loft Apartments, consisting
primarily  of floor  covering and roof  replacements.  These  improvements  were
funded  from  operating  cash flow and  replacement  reserves.  The  Partnership
evaluates  the capital  improvement  needs of the  property  during the year and
currently  expects to complete  an  additional  $15,000 in capital  improvements
during the remainder of 2003. The additional  capital  improvements will consist
primarily  of  floor  covering  replacements.  Additional  improvements  may  be
considered and will depend on the physical  condition of the property as well as
replacement reserves and anticipated cash flow generated by the property.

The Sterling Apartment Homes and Commerce Center

During the nine months ended  September  30,  2003,  the  Partnership  completed
approximately  $304,000 of capital improvements at The Sterling Apartments Homes
and Commerce Center,  consisting primarily of floor covering  replacements,  air
conditioning  upgrades,  tenant  improvements  and  reconstruction  of two units
damaged by an electrical  fire.  These  improvements  were funded from operating
cash  flow,  insurance  proceeds  and  replacement  reserves.   The  Partnership
evaluates  the capital  improvement  needs of the  property  during the year and
currently  expects to complete  an  additional  $54,000 in capital  improvements
during the remainder of 2003. The additional  capital  improvements will consist
primarily  of  additional  floor  covering  and  appliance  replacements,   HVAC
replacement and heating and electrical upgrades.  Additional improvements may be
considered and will depend on the physical  condition of the property as well as
replacement reserves and anticipated cash flow generated by the property.


<PAGE>



Silverado Apartments

During the nine months ended  September  30,  2003,  the  Partnership  completed
approximately $62,000 of capital improvements at Silverado Apartments consisting
primarily  of floor  covering  and  water  heater  replacements  and  electrical
upgrades.   These  improvements  were  funded  from  operating  cash  flow.  The
Partnership  evaluates the capital  improvement needs of the property during the
year and  currently  expects  to  complete  an  additional  $36,000  in  capital
improvements  during the remainder of 2003. The additional capital  improvements
will  consist  primarily of air  conditioning  renovations,  floor  covering and
appliance  replacements,  and exterior painting.  Additional improvements may be
considered and will depend on the physical  condition of the property as well as
replacement reserves and anticipated cash flow generated by the property.

The Knolls Apartments

During the nine months ended  September  30,  2003,  the  Partnership  completed
approximately   $442,000  of  capital  improvements  at  The  Knolls  Apartments
consisting  primarily  of  major  landscaping,  structural  improvements,  floor
covering  and  appliance  replacements  and  air  conditioning  upgrades.  These
improvements  were funded from  operating  cash flow and capital  reserves.  The
Partnership  evaluates the capital  improvement needs of the property during the
year and  currently  expects  to  complete  an  additional  $19,000  in  capital
improvements  during the remainder of 2003. The additional capital  improvements
will  consist  primarily  of floor  covering  replacements  and  other  property
improvements.  Additional  improvements may be considered and will depend on the
physical condition of the property as well as anticipated cash flow generated by
the property.

Indian Creek Village Apartments

During the nine months ended  September  30,  2003,  the  Partnership  completed
approximately   $119,000  of  capital   improvements  at  Indian  Creek  Village
Apartments  consisting  primarily of floor covering  replacements and structural
improvements.  These  improvements  were funded from  operating  cash flow.  The
Partnership  evaluates the capital  improvement needs of the property during the
year and  currently  expects  to  complete  an  additional  $13,000  in  capital
improvements  during the remainder of 2003. The additional capital  improvements
will consist  primarily of additional  floor covering  replacements.  Additional
improvements may be considered and will depend on the physical  condition of the
property as well as replacement  reserves and anticipated cash flow generated by
the property.

Tates Creek Village Apartments

During the nine months ended  September  30,  2003,  the  Partnership  completed
approximately $122,000 of capital improvements at Tates Creek Village Apartments
consisting  primarily  of  plumbing  improvements,  major  landscaping  and  air
conditioning unit  replacements.  These  improvements were funded from operating
cash  flow  and  insurance  proceeds.  The  Partnership  evaluates  the  capital
improvement  needs of the  property  during  the year and  currently  expects to
complete an additional $15,000 in capital  improvements  during the remainder of
2003. The additional  capital  improvements will consist primarily of additional
floor   covering  and  appliance   replacements   and  air   conditioning   unit
replacements.  Additional  improvements may be considered and will depend on the
physical  condition  of  the  property  as  well  as  replacement   reserve  and
anticipated cash flow generated by the property.

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

The  Partnership's  assets are thought to be sufficient for any near-term  needs
(exclusive  of  capital   improvements)   of  the   Partnership.   The  mortgage
indebtedness   encumbering  the   Partnership's   properties  of   approximately
$51,705,000  requires  monthly  payments of  principal  and interest and balloon
payments of approximately $3,903,000, $19,975,000 and $18,907,000 on December 1,
2005,  October 1, 2008 and during 2010,  respectively.  The General Partner will
attempt to refinance such indebtedness  and/or sell the properties prior to such
maturity dates. If the properties  cannot be refinanced or sold for a sufficient
amount, the Partnership may risk losing such properties through foreclosure.

The Partnership  distributed the following  amounts during the nine months ended
September 30, 2003 and 2002 (in thousands, except per unit data):

<TABLE>
<CAPTION>

                     Nine Months                       Nine Months
                        Ended         Per Limited         Ended         Per Limited
                    September 30,     Partnership     September 30,     Partnership
                         2003             Unit             2002             Unit
<S>                    <C>              <C>              <C>               <C>
Operations             $1,793           $ 8.92           $1,856            $ 9.23
Sale (1)                1,631             8.19               --                --
Surplus (2)                --               --              474              2.38
                       $3,424           $17.11           $2,330            $11.61
</TABLE>

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

The  Partnership's  cash  available  for  distribution  is reviewed on a monthly
basis. Future cash distributions will depend on the levels of net cash generated
from  operations,  the  availability  of cash  reserves,  and the timing of debt
maturities,  refinancings, and/or property sales. There can be no assurance that
the Partnership will generate  sufficient  funds from operations,  after planned
capital  improvement  expenditures,  to  permit  further  distributions  to  its
partners during the remainder of 2003 or subsequent periods.

Other

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


<PAGE>



Recent Accounting Pronouncements

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

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

Critical Accounting Policies and Estimates

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

Impairment of Long-Lived Assets

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

Real  property  investments  are  subject  to varying  degrees of risk.  Several
factors  may  adversely  affect  the  economic  performance  and  value  of  the
Partnership's investment properties.  These factors include, but are not limited
to, changes in national,  regional and local economic climate; local conditions,
such  as  an  oversupply  of  multifamily  properties;  competition  from  other
available  multifamily  property owners and changes in market rental rates.  Any
adverse  changes in these  factors could cause  impairment of the  Partnership's
assets.

Revenue Recognition

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

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

Investment in Master Loan to Affiliates and Interest Income Recognition

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

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

CCEP Property Operations

During  the  year  ended  December  31,  2002,  CCIP  foreclosed  on four of the
properties that collaterized the Master Loan (see "Item 1. Financial  Statements
- Note B" for further discussion).  During the third quarter of 2002, CCIP began
the process of foreclosure  or executing  deeds in lieu of  foreclosure.  During
August 2002, the General  Partner  executed deeds in lieu of foreclosure on four
of the active  properties  of CCEP.  In addition,  one property held by CCEP was
sold in  December  2002.  On  November  10, 2003 the  Partnership  acquired  the
remaining four properties held by CCEP through a foreclosure sale.

In November 2003, the Partnership acquired the four remaining properties held by
CCEP:  Plantation  Gardens  Apartments,   Regency  Oaks  Apartments,  The  Dunes
Apartments,  and  Palm  Lake  Apartments.   These  properties  were  sold  at  a
foreclosure  sale due to CCEP's  inability  to repay the Master Loan and accrued
interest (Note B). An affiliate of the General Partner  advanced the Partnership
approximately $31,278,000 in order to purchase these properties at the sale. The
sale  proceeds  will be sent to the  Partnership  as the lien holder and will be
used to repay the advance from the affiliate of the General Partner. The advance
will bear  interest at prime plus 2%. The  Partnership  acquired the  properties
previously  held  by  CCEP  subject  to the  existing  liens  on the  properties
including the first  mortgage  loans.  CCIP intends to continue to operate these
properties as residential apartment complexes.

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

During the period from January 1, 2003 to September 30, 2003,  the net change in
liabilities  remained  constant,  but was affected by increases in cash and cash
equivalents,   other  assets,  tenant  security  deposit  liabilities,   due  to
affiliates,  accrued  property  taxes and Master Loan and  interest  payable and
decreases in other liabilities,  mortgage notes payable and accounts payable due
to the sale of Society Park  Apartments as discussed below and the operations of
the four remaining properties.

On December 27, 2002, the Partnership sold Society Park  Apartments,  located in
Tampa,  Florida,  to an  unaffiliated  third  party  for net sales  proceeds  of
approximately  $1,631,000,  after payment of closing costs. The Partnership used
all of the  proceeds  from the sale of the  property to pay down the Master Loan
principal  as required by the Master Loan  Agreement.  In  conjunction  with the
sale,  a fee of  approximately  $218,000  was earned by the  General  Partner in
accordance  with the  Partnership  Agreement.  The fee was paid  during the nine
months ended September 30, 2003.

Item 3.     Quantitative and Qualitative Disclosures about Market Risk

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

The  Partnership  is exposed to market  risks from  adverse  changes in interest
rates. In this regard, changes in U.S. interest rates affect the interest earned
on the  Partnership's  cash and cash equivalents as well as interest paid on its
indebtedness.  As a policy,  the  Partnership  does not engage in speculative or
leveraged transactions,  nor does it hold or issue financial instruments for its
borrowing activities used to maintain liquidity and fund business operations. To
mitigate the impact of  fluctuations  in U.S.  interest  rates,  the Partnership
maintains  its debt as fixed rate in nature by borrowing  on a long-term  basis.
Based on interest  rates at September  30,  2003, a 100 basis point  increase or
decrease  in  market  interest  rates  would not have a  material  impact on the
Partnership.

The following table summarizes the  Partnership's  debt obligations at September
30, 2003.  The interest rates  represent the  weighted-average  rates.  The fair
value of the debt  obligations  approximated  the recorded value as of September
30, 2003.

                      Principal Amount by Expected Maturity

                                             Fixed Rate Debt
                           Long-term Average Interest
                               Debt             Rate 7.13%
                                              (in thousands)

                               2003            $    204
                               2004               1,118
                               2005               5,105
                               2006               1,210
                               2007               1,304
                            Thereafter           41,490
                              Total            $ 50,431

ITEM 4.     Controls and Procedures

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

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

<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. (the "Nuanes action") in the Superior Court of the
State of  California  for the  County  of San  Mateo.  The  plaintiffs  named as
defendants,  among others,  the Partnership,  its General Partner and several of
their affiliated  partnerships and corporate  entities.  The action purported to
assert  claims on behalf of a class of  limited  partners  and  derivatively  on
behalf of a number of limited partnerships  (including the Partnership) that are
named as nominal defendants, challenging, among other things, the acquisition of
interests in certain General Partner entities by Insignia  Financial Group, Inc.
("Insignia") and entities that were, at one time,  affiliates of Insignia;  past
tender offers by the Insignia  affiliates to acquire limited  partnership units;
management of the  partnerships  by the Insignia  affiliates;  and the series of
transactions  which  closed on October 1, 1998 and  February  26,  1999  whereby
Insignia and Insignia  Properties Trust,  respectively,  were merged into AIMCO.
The plaintiffs sought monetary damages and equitable relief,  including judicial
dissolution of the Partnership. In addition, during the third quarter of 2001, a
complaint (the "Heller  action") was filed against the same  defendants that are
named in the Nuanes action,  captioned Heller v. Insignia Financial Group. On or
about August 6, 2001,  plaintiffs  filed a first amended  complaint.  The Heller
action was brought as a purported  derivative  action,  and asserted claims for,
among other things,  breach of fiduciary duty, unfair  competition,  conversion,
unjust enrichment, and judicial dissolution.

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

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

On June 13, 2003, the Court granted final approval of the settlement and entered
judgment in both the Nuanes and Heller actions.  On August 12, 2003, an objector
filed an appeal  seeking  to vacate  and/or  reverse  the  order  approving  the
settlement and entering judgment thereto.  The General Partner intends to file a
respondent's  brief in support of the order  approving  settlement  and entering
judgment thereto.

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

On August 8, 2003 AIMCO  Properties  L.P., an affiliate of the General  Partner,
was served with a Complaint in the United  States  District  Court,  District of
Columbia alleging that AIMCO Properties L.P.  willfully  violated the Fair Labor
Standards  Act (FLSA) by failing to pay  maintenance  workers  overtime  for all
hours  worked  in  excess  of forty  per  week.  The  Complaint  is  styled as a
Collective  Action  under  the FLSA and seeks to  certify  state  subclasses  in
California, Maryland, and the District of Columbia. Specifically, the plaintiffs
contend that AIMCO Properties L.P. failed to compensate  maintenance workers for
time  that they were  required  to be  "on-call".  Additionally,  the  Complaint
alleges AIMCO  Properties  L.P.  failed to comply with the FLSA in  compensating
maintenance  workers  for time that they  worked in  responding  to a call while
"on-call".  The  Complaint  also  attempts  to certify a subclass  for  salaried
service  directors who are challenging  their  classification as exempt from the
overtime  provisions of the FLSA.  AIMCO  Properties L.P. has filed an answer to
the Complaint denying the substantive  allegations.  Although the outcome of any
litigation is uncertain,  in the opinion of the General  Partner the claims will
not result in any material liability to the Partnership.


<PAGE>



ITEM 6.     Exhibits and Reports on Form 8-K

            a) Exhibits:

                  S-K Reference
                        Number            Description

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


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

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


                    Exhibit 10.28 Form of Amended Order Setting Foreclosure Sale
                         Date pursuant to amending the foreclosure date filed on
                         September   25,  2003   (Schedules   and   supplemental
                         materials  to this  exhibit  filed  herewith  have been
                         omitted  but will be  provided  to the  Securities  and
                         Exchange Commission upon request).

                    Exhibit 10.29 Form of Certificate of Sale as to Property "1"
                         pursuant to sale of Palm Lake  Apartments  to CCIP Palm
                         Lake, L.L.C. filed October 28, 2003.

                    Exhibit 10.30 Form of Certificate of Sale as to Property "2"
                         pursuant  to sale of Regency  Oaks  Apartments  to CCIP
                         Regency Oaks, L.L.C. filed October 28, 2003.

                    Exhibit 10.31 Form of Certificate of Sale as to Property "3"
                         pursuant  to sale  of The  Dunes  Apartments  (formerly
                         known as Society Park East  Apartments) to CCIP Society
                         Park East, L.L.C. filed October 28, 2003.

                    Exhibit 10.32 Form of Certificate of Sale as to Property "4"
                         pursuant to sale of  Plantation  Gardens  Apartments to
                         CCIP Plantation Gardens, L.L.C. filed October 28, 2003.

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

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

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


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

                  b) Reports on Form 8-K:

                        None filed during the quarter ended September 30, 2003.



<PAGE>



                                   SIGNATURES



Pursuant  to the  requirements  of the  Securities  Exchange  Act of  1934,  the
Registrant  has duly  caused  this  report  to be  signed  on its  behalf by the
undersigned, thereunto duly authorized.


                                 CONSOLIDATED CAPITAL INSTITUTIONAL PROPERTIES


                                 By:     CONCAP EQUITIES, INC.
                                         General Partner

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

                                 By:     /s/Paul J. McAuliffe
                                         Paul J. McAuliffe
                                         Executive Vice President and
                                         Chief Financial Officer

                                 Date:   November 13, 2003


<PAGE>



Exhibit 31.1


                                  CERTIFICATION


I, Patrick J. Foye, certify that:


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

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

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

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

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

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

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

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

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


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


Date: November 13, 2003

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


<PAGE>



Exhibit 31.2


                                  CERTIFICATION


I, Paul J. McAuliffe, certify that:


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

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

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

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

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

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

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

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

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

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




Date: November 13, 2003

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


<PAGE>


Exhibit 32.1


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



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

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

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


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


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


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



<PAGE>








                                   EXHIBIT 99

                   CONSOLIDATED CAPITAL EQUITY PARTNERS, L.P.

                         UNAUDITED FINANCIAL STATEMENTS

                       FOR THE THREE AND NINE MONTHS ENDED

                           September 30, 2003 and 2002

ITEM 1.     Financial Statements



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

<TABLE>
<CAPTION>


                                                  September 30,        December 31,
                                                       2003                2002
                                                   (Unaudited) (Note)
Assets
<S>                                                  <C>                  <C>
  Cash and cash equivalents                          $ 1,312              $ 963
  Receivables and deposits                               207                 264
  Other assets                                           285                  90
  Investment properties                               38,500              38,500
                                                      40,304              39,817
Liabilities
  Accounts payable                                       124                 338
  Tenant security deposit liabilities                    295                 272
  Due to affiliates                                    1,026                 929
  Accrued property taxes                                 563                  --
  Other liabilities                                       49                 876
  Mortgage notes payable                              22,828              23,290
  Master Loan and interest payable                    15,419              14,112
                                                      40,304              39,817

Net liabilities in liquidation                         $ --                $ --

Note: The Statement of Net  Liabilities  in Liquidation at December 31, 2002 has
      been derived from the audited  financial  statements at that date but does
      not include  all the  information  and  footnotes  required  by  generally
      accepted accounting principles for complete financial statements.

                 See Accompanying Notes to Financial Statements
</TABLE>

<PAGE>


                             Exhibit 99 (continued)

               statement of changes in net liabilities in liquidation
                                   (Unaudited)
                                 (in thousands)

                Period from January 1, 2003 to September 30, 2003








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

Changes in net liabilities in liquidation attributed to:
   Increase in cash and cash equivalents                                    349
   Decrease in receivables and deposits                                     (57)
   Increase in other assets                                                 195
   Decrease in accounts payable                                             214
   Increase in tenant security deposit liabilities                          (23)
   Increase in due to affiliates                                            (97)
   Increase in accrued taxes                                               (563)
   Decrease in other liabilities                                            827
   Decrease in mortgage notes payable                                       462
   Increase in Master Loan and interest payable                          (1,307)
Net liabilities in liquidation at September 30, 2003                   $     --

                 See Accompanying Notes to Financial Statements

<PAGE>


                             Exhibit 99 (continued)

               statement of changes in net liabilities in liquidation
                                   (Unaudited)
                                 (in thousands)

                Period from March 31, 2002 to September 30, 2002


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

Changes in net liabilities in liquidation attributed to:
   Increase in cash and cash equivalents                                    423
   Increase in receivables and deposits                                      34
   Decrease in restricted escrows                                          (625)
   Decrease in other assets                                                 (97)
   Decrease in investment in affiliated partnerships                     (1,371)
   Decrease in investment properties                                    (50,660)
   Decrease in accounts payable                                             194
   Decrease in tenant security deposit liabilities                          120
   Increase in accrued taxes                                               (280)
   Decrease in other liabilities                                            270
   Decrease in mortgage notes payable                                    25,971
   Decrease in Master Loan and interest payable                          26,021
Net liabilities in liquidation at September 30, 2002                   $     --


                 See Accompanying Notes to Financial Statements
<PAGE>


                             EXHIBIT 99 (Continued)

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


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

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

Net loss                                                    $(11,442)

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

                 See Accompanying Notes to Financial Statements

<PAGE>




                             EXHIBIT 99 (Continued)

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


                                      General        Limited
                                      Partners       Partners        Total

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

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

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

Adjustment to liquidation basis
   (Note E)                                                          416,800

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

                 See Accompanying Notes to Financial Statements
<PAGE>


                             EXHIBIT 99 (Continued)

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

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

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

       Net cash used in investing activities                           (627)

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

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

                 See Accompanying Notes to Financial Statements

<PAGE>

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


Note A - Basis of Presentation

On March 31, 2002, Consolidated Capital Equity Partners, L.P. ("the Partnership"
or  "CCEP")  adopted  the  liquidation  basis of  accounting  as a result of the
Partnership  receiving  notification  from  Consolidated  Capital  Institutional
Properties,  L.P.  ("CCIP"),  the holder of the nonrecourse note ("Master Loan")
and a related  party,  of its  intention to exercise its remedy under the Master
Loan  agreement and to foreclose or to execute deeds in lieu of  foreclosure  on
the investment  properties held by the  Partnership.  The Master Loan matured in
November 2000. The  Partnership did not have the means with which to satisfy its
obligation under the Master Loan. No other sources of additional  financing have
been identified by the Partnership,  nor did ConCap Holdings, Inc. (the "General
Partner") have any other plans to remedy the liquidity  problems the Partnership
was  experiencing.  CCIP executed deeds in lieu of foreclosure  during the third
quarter  of 2002  on  four  of the  active  properties  of the  Partnership.  In
addition,  one of the properties was sold in December 2002. On November 10, 2003
the  Partnership  acquired the remaining four  properties held by CCEP through a
foreclosure  sale.  The General  Partner  plans to dissolve the  Partnership  in
accordance with the Partnership Agreement during the fourth quarter of 2003. The
General  Partner is  ultimately  owned by Apartment  Investment  and  Management
Company ("AIMCO"), a publicly traded real estate investment trust.

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

Note B - Master Loan and Accrued Interest Payable

The Master Loan principal and interest  payable balance at September 30, 2003 is
approximately $15,419,000.

Terms of Master Loan Agreement

The  General  Partner  had been in  negotiations  with CCIP with  respect to its
options  which  included  CCIP  foreclosing  on the  properties  in  CCEP  which
collateralize  the Master Loan or extending  the terms of the Master Loan.  CCIP
decided to foreclose on the properties  that  collaterize  the Master Loan. CCIP
began the process of  executing  deeds in lieu of  foreclosure  during the third
quarter of 2002 on all the  investment  properties  of the  Partnership.  During
August 2002 the General Partner executed deeds in lieu of foreclosure on four of
the active  properties of CCEP. In addition,  one of the properties  held by the
Partnership  was sold in  December  2002.  As a result,  during  the year  ended
December  31,  2002,  CCIP  assumed  responsibility  for the  operations  of the
foreclosed properties.

In November 2003, the Partnership acquired the four remaining properties held by
CCEP:  Plantation  Gardens  Apartments,   Regency  Oaks  Apartments,  The  Dunes
Apartments,  and  Palm  Lake  Apartments.   These  properties  were  sold  at  a
foreclosure  sale due to CCEP's  inability  to repay the Master Loan and accrued
interest (Note B). An affiliate of the General Partner  advanced the Partnership
approximately $31,278,000 in order to purchase these properties at the sale. The
sale  proceeds  will be sent to the  Partnership  as the lien holder and will be
used to repay the advance from the affiliate of the General Partner. The advance
will bear  interest at prime plus 2%. The  Partnership  acquired the  properties
previously  held  by  CCEP  subject  to the  existing  liens  on the  properties
including the first  mortgage  loans.  CCIP intends to continue to operate these
properties as residential apartment complexes.

While the process of  foreclosure  or executing  deeds in lieu of foreclosure on
all the properties currently held by CCEP was being completed,  interest accrued
on the Master Loan at a fluctuating rate per annum, adjusted annually on July 15
by the  percentage  change in the U.S.  Department  of Commerce  Implicit  Price
Deflator for the Gross National Product,  subject to an interest rate ceiling of
12.5%. Payments were 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 was added
to  principal,  and  compounded  annually.  Any net  proceeds  from  the sale or
refinancing of any of CCEP's  properties are paid to CCIP under the terms of the
Master Loan Agreement.

During  the nine  months  ended  September  30,  2003,  the  Partnership  paid a
principal payment on the Master Loan of approximately  $15,000.  During the nine
months ended September 30, 2002, the Partnership paid  approximately  $88,000 in
principal  payments on the Master Loan,  representing  cash  received on certain
investments  held by CCEP,  which were required to be  transferred to CCIP under
the terms of the Master Loan.

Note C - Related Party Transactions

The Partnership has no employees and is dependent on the General Partner and its
affiliates for the management and administration of all Partnership  activities.
The Partnership  Agreement  provides for (i) certain  payments to affiliates for
services and (ii)  reimbursement of certain  expenses  incurred by affiliates on
behalf of the Partnership.

Affiliates of the General  Partner are entitled to receive 5% of gross  receipts
from all of the Partnership's  properties as compensation for providing property
management  services.  The  Partnership  paid to such  affiliates  approximately
$310,000 and $620,000  for the nine months  ended  September  30, 2003 and 2002,
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 $114,000 and $164,000 for the
nine months ended September 30, 2003 and 2002, respectively.

An  affiliate  of the General  Partner  received  reimbursement  of  accountable
administrative expenses amounting to approximately $210,000 and $386,000 for the
nine months ended September 30, 2003 and 2002,  respectively.  Included in these
amounts are fees  related to  construction  management  services  provided by an
affiliate of the General  Partner of  approximately  $40,000 and $60,000 for the
nine months ended September 30, 2003 and 2002,  respectively.  The  construction
management  service fees are  calculated  based on a percentage  of current year
additions to investment properties.

In  connection  with the sale of Society Park in December  2002 the  Partnership
paid  the  General  Partner  a fee of  $218,000  during  the nine  months  ended
September  30,  2003 as  compensation  for its  role in the  sale.  This fee was
included in gain on sale of discontinued operations at December 31, 2002.

In addition to the compensation  and  reimbursements  described above,  interest
payments are made to and loan  advances are received  from CCIP  pursuant to the
Master Loan which is described more fully in the 2002 annual report.  There were
no interest  payments  made during the nine months ended  September  30, 2003. A
$386,000  interest  payment  was made on the Master  Loan during the nine months
ended September 30, 2002.

There were no advances on the Master Loan during the nine months ended September
30, 2003 or 2002. Principal payments, of approximately $15,000 and $88,000, were
made on the Master  Loan  during the nine months  ended  September  30, 2003 and
2002, respectively.

The  Partnership  insures its properties up to certain  limits through  coverage
provided by AIMCO which is  generally  self-insured  for a portion of losses and
liabilities  related to workers  compensation,  property  casualty  and  vehicle
liability. The Partnership insures its properties above the AIMCO limits through
insurance policies obtained by AIMCO from insurers unaffiliated with the General
Partner.  During  the  nine  months  ended  September  30,  2003 and  2002,  the
Partnership paid AIMCO and its affiliates  approximately  $103,000 and $266,000,
respectively,  for  insurance  coverage and fees  associated  with policy claims
administration.

Note D - Sale of Property

On December 27, 2002, the Partnership sold Society Park  Apartments,  located in
Tampa,  Florida,  to an  unaffiliated  third  party  for net sales  proceeds  of
approximately  $1,631,000,  after payment of closing costs. The Partnership used
all of the  proceeds  from the sale of the  property to pay down the Master Loan
principal as required by the Master Loan Agreement.  The sale resulted in a gain
on sale of investment  property of approximately  $727,000.  In conjunction with
the sale, a fee of  approximately  $218,000 was earned by the General Partner in
accordance  with the  Partnership  Agreement.  The fee was paid  during the nine
months ended September 30, 2003.


<PAGE>



Note E - Adjustment to Liquidation Basis of Accounting

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

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

<PAGE>
EXHIBIT  10.28


      IN THE CIRCUIT COURT OF THE THIRTEENTH JUDICIAL CIRCUIT
            IN AND FOR HILLSBOROUGH COUNTY, FLORIDA

CONSOLIDATED CAPITAL INSTITUTIONAL
PROPERTIES, A CALIFORNIA LIMITED
PARTNERSHIP, a California Limited Partnership,

      Plaintiff,
V.    Case No. 02-04757

CONSOLIDATED CAPITAL EQUITY
PARTNERS L.P., a California limited
Partnership,

      Defendant.
______________________________/


      AMENDED ORDER SETTING FORECLOSURE SALE DATE

THIS CAUSE having come before the court,  upon Plaintiff,  CONSOLIDATED  CAPITAL
INSTITUTIONAL PROPERTIES, A CALIFORNIA LIMITED PARTNERSHIP, a California limited
partnership's Motion to Amend Order Setting Foreclosure Sale Date, and the Court
having  reviewed the Motion,  and the Court being otherwise fully advised in the
premises,  it is hereby,  ORDERED AND ADJUDGED as follows:
1.   Plaintiff's Motion to Amend Order Setting Foreclosure Sale Date is granted.
2.   The Final Summary Judgment of Foreclosure, previously entered in this cause
     on August 11, 2003, and the Order Setting Foreclosure Sale Date, entered on
     September 18, 2003, are incorporated  herein by reference  thereto,  to the
     extent that it is consistent herewith.
3.     CONSOLIDATED  CAPITAL  INSTITUTIONAL  PROPERTIES,  A  CALIFORNIA  LIMITED
       PARTNERSHIP  holds a lien for the  total  sum  superior  to any  claim or
       estate of  Defendant  CONSOLIDATED  CAPITAL  EQUITY  PARTNERS,  L.P.,  on
       property  (hereinafter  referred to as "Property No. 1") in  Hillsborough
       County, Florida described on Exhibit "1" attached hereto.
4.     CONSOLIDATED  CAPITAL  INSTITUTIONAL  PROPERTIES,  A  CALIFORNIA  LIMITED
       PARTNERSHIP,  holds a lien for the  total  sum  superior  to any claim or
       estate of  Defendant,  CONSOLIDATED  CAPITAL  EQUITY  PARTNERS,  L.P., on
       property (hereinafter referred to as "Property No.2") in Seminole County,
       Florida described on Exhibit "2" attached hereto.
5.     CONSOLIDATED  CAPITAL  INSTITUTIONAL  PROPERTIES,  A  CALIFORNIA  LIMITED
       PARTNERSHIP,  holds a lien for the  total  sum  superior  to any claim or
       estate of  Defendant,  CONSOLIDATED  CAPITAL  EQUITY  PARTNERS,  L.P., on
       property  (hereinafter referred to as "Property No.3") in Brevard County,
       Florida described on Exhibit "3" attached hereto.
6.     CONSOLIDATED  CAPITAL  INSTITUTIONAL  PROPERTIES,  A  CALIFORNIA  LIMITED
       PARTNERSHIP,  holds a lien for the  total  sum  superior  to any claim or
       estate of  Defendant,  CONSOLIDATED  CAPITAL  EQUITY  PARTNERS,  L.P., on
       property  (hereinafter referred to as "Property No.4") in Broward County,
       Florida described on Exhibit "4" attached hereto.
7.   If the total sum as described in the Final Summary  Judgment of Foreclosure
     entered on August 11, 2003,  together  with six percent (6%)  interest from
     the  date of the  Final  Summary  Judgment  of  Foreclosure  to the date of
     payment,  and all court costs accrued subsequent to that date are not paid,
     the  Clerk  of this  court  shall  sell  separately  each of the  four  (4)
     properties  (in the order listed in paragraphs 3, 4, 5 and 6 of this Order)
     at Public Sales on October 28, 2003,  commencing  at 11:00  o'clock a.m. to
     the highest  bidder for cash,  except as  prescribed in paragraph 8 of this
     Order,  on the  second  floor  in the  lobby  of the  Hillsbourough  County
     Courthouse located at 419 Pierce Street,  Tampa, Florida in accordance with
     S45.031 of the Florida Statutes.
8.   Plaintiff  shall  advance  all  subsequent  costs of this action as to each
     respective  property  and  shall be  reimbursed  for  them by the  clerk if
     Plaintiff  is not  the  purchaser  of the  particular  property  for  which
     subsequent  costs have been advanced.  If Plaintiff is the purchaser of any
     particular property,  the clerk shall credit Plaintiff's bid with the total
     sum awarded in Paragraph 2 of the Final  Summary  Judgment of  Foreclosure,
     with interest and costs accruing  subsequent to the judgment,  or such part
     of it,  as is  necessary  to pay the  bid in  full,  as  more  particularly
     described  below.  In the event Plaintiff does not use its entire credit in
     connection with the sale of Property No. 1, then the balance of Plaintiff's
     credit shall be available to Plaintiff to bid at the sale of Property No.2.
     In the  event  Plaintiff  does  not  use its  entire  remaining  credit  in
     connection  with the sale of Property No.2, then the balance of Plaintiff's
     credit  shall be  available to Plaintiff to bid at the sale of Property No.
     3. In the  event  Plaintiff  does not use its  entire  remaining  credit in
     connection  with the sale of Property No.3, then the balance of Plaintiff's
     credit  shall be  available to Plaintiff to bid at the sale of Property No.
     4. In other words,  Plaintiff's credit may be spread over the four sales as
     Plaintiff deems appropriate, and the clerk shall continue to credit each of
     Plaintiff's bids with the total sum awarded in Paragraph 2 of the judgment,
     with interest and costs  accruing  subsequent  to the  judgment,  as may be
     remaining after each sale, respectively.
9.   On filing the  certificate  of title as to each  property,  the clerk shall
     distribute  the  proceeds  of each sale,  respectively,  so far as they are
     sufficient, by paying first, one-fourth of any of Plaintiff's costs awarded
     in Paragraph 2 of the judgment;  if any; second,  one-fourth of Plaintiff's
     attorneys' fees awarded in Paragraph 2 of the judgment;  if any; third, the
     total sum awarded in  Paragraph 2 of the judgment  with  interest and costs
     accruing subsequent to the judgment,  less any items paid subsequent to the
     judgment, plus interest at the rate prescribed in Paragraph 2 from the date
     of the judgment to the date of each sale, less any proceeds  distributed to
     Plaintiff by the clerk as the result of any of the separate sales described
     in the judgment or, in the event Plaintiff is the successful  bidder at any
     sale, less the amount of the  Plaintiff's  successful bid; and by retaining
     any remaining amount pending the further order of this court.
10.    On filing the  certificates  of title,  respectively,  Defendant  and all
       persons  claiming  under or  against  Defendant  since the  filing of the
       Notices of Lis Pendens,  respectively,  shall be foreclosed of all estate
       or claim in the  properties,  respectively,  and each  purchaser at their
       respective sale shall be let into possession of the property purchased by
       each purchaser.
11.    Jurisdiction  is  retained  to  enter  further  Orders  that  are  proper
       including, without limitation, writs of possession.


   DONE AND ORDERED at the Hillsborough  County Courthouse,  Tampa,  Florida, on
   this 25th day of September, 2003.

                                          /s/ Robert J. Simms
                                          Honorable Robert J. Simms
                                          Circuit Judge

<PAGE>

EXHIBIT 10.29


            IN THE CIRCUIT COURT OF THE THIRTEENTH JUDICIAL CIRCUIT
                  IN AND FOR HILLSBOROUGH COUNTY, FLORIDA


CONSOLIDATED CAPITAL INSTITUTIONAL
PROPERTIES, A CALIFORNIA LIMITED
PARTNERSHIP, a California Limited Partnership,

      Plaintiff,
V.    Case No. 02-04757

CONSOLIDATED CAPITAL EQUITY
PARTNERS L.P., a California limited
partnership,

      Defendant.
______________________________/


              CERTIFICATE OF SALE AS TO PROPERTY "1"

The  undersigned  Clerk of the Circuit Court  certifies  that the Second Amended
Notice of Public Sale of the property of Defendant,  CONSOLIDATED CAPITAL EQUITY
PARTNERS L.P., a California limited partnership,  described in the Final Summary
Judgment of Foreclosure,  Order Setting  Foreclosure Sale Date and Amended Order
Setting  Foreclosure  Sale Date was published in the Tampa Tribune,  a newspaper
circulated in Hillsborough County,  Florida, in the manner shown by the Proof of
Publication  attached,  and on the 28th day of October,  2003,  the property was
offered for Public Sale to the highest and best bidder for cash. The highest and
best bid received for the property was submitted by CCIP PALM LAKE,  L.L.C.,  to
whom  the  property  was  sold.  The  proceeds  of the  sale  are  retained  for
distribution in accordance with the Final Summary Judgment of Foreclosure, Order
Setting Foreclosure Sale Date and Amended Order Setting Foreclosure Sale Date.

<PAGE>
EXHIBIT 10.30


            IN THE CIRCUIT COURT OF THE THIRTEENTH JUDICIAL CIRCUIT
                  IN AND FOR HILLSBOROUGH COUNTY, FLORIDA


CONSOLIDATED CAPITAL INSTITUTIONAL
PROPERTIES, A CALIFORNIA LIMITED
PARTNERSHIP, a California Limited Partnership,

      Plaintiff,
V.    Case No. 02-04757

CONSOLIDATED CAPITAL EQUITY
PARTNERS L.P., a California limited
partnership,

      Defendant.
______________________________/


              CERTIFICATE OF SALE AS TO PROPERTY "2"

The  undersigned  Clerk of the Circuit  Court  certifies  that a Second  Amended
Notice of Public Sale of the property of Defendant,  CONSOLIDATED CAPITAL EQUITY
PARTNERS L.P., a California limited partnership,  described in the Final Summary
Judgment of Foreclosure,  Order Setting  Foreclosure Sale Date and Amended Order
Setting  Foreclosure Sale Date, was published in the Tampa Tribune,  a newspaper
circulated  in  Hillsborough  County,  Florida  and in the Orlando  Sentinel,  a
newspaper  circulated in Seminole  County,  Florida,  in the manner shown by the
Proofs  of  Publication  attached,  and on the 28th day of  October,  2003,  the
property  was  offered  for Public Sale to the highest and best bidder for cash.
The highest and best bid received for the property was submitted by CCIP REGENCY
OAKS,  L.L.C.,  to whom the  property  was sold.  The  proceeds  of the sale are
retained for  distribution  in  accordance  with the Final  Summary  Judgment of
Foreclosure,  Order  Setting  Foreclosure  Sale Date and Amended  Order  Setting
Foreclosure Sale Date.

<PAGE>
EXHIBIT 10.31


            IN THE CIRCUIT COURT OF THE THIRTEENTH JUDICIAL CIRCUIT
                  IN AND FOR HILLSBOROUGH COUNTY, FLORIDA


CONSOLIDATED CAPITAL INSTITUTIONAL
PROPERTIES, A CALIFORNIA LIMITED
PARTNERSHIP, a California Limited Partnership,

      Plaintiff,
V.    Case No. 02-04757

CONSOLIDATED CAPITAL EQUITY
PARTNERS L.P., a California limited
partnership,

      Defendant.
______________________________/


              CERTIFICATE OF SALE AS TO PROPERTY "3"

The undersigned  Clerk of the Circuit Court certifies that Second Amended Notice
of  Public  Sale of the  property  of  Defendant,  CONSOLIDATED  CAPITAL  EQUITY
PARTNERS L.P., a California limited partnership,  described in the Final Summary
Judgment of Foreclosure,  Order Setting  Foreclosure Sale Date and Amended Order
Setting  Foreclosure Sale Date, was published in the Tampa Tribune,  a newspaper
circulated  in  Hillsborough  County and in The  Orlando  Sentinel,  a newspaper
circulated  in Brevard  County,  Florida,  in the manner  shown by the Proofs of
Publication  attached,  and on the 28th day of October,  2003,  the property was
offered for Public Sale to the highest and best bidder for cash. The highest and
best bid  received  for the  property  was  submitted by CCIP SOCIETY PARK EAST,
L.L.C., to whom the property was sold. The proceeds of the sale are retained for
distribution in accordance with the Final Summary Judgment of Foreclosure, Order
Setting Foreclosure Sale Date and Amended Order Setting Foreclosure Sale Date.

<PAGE>
EXHIBIT 10.32


            IN THE CIRCUIT COURT OF THE THIRTEENTH JUDICIAL CIRCUIT
                  IN AND FOR HILLSBOROUGH COUNTY, FLORIDA


CONSOLIDATED CAPITAL INSTITUTIONAL
PROPERTIES, A CALIFORNIA LIMITED
PARTNERSHIP, a California Limited Partnership,

      Plaintiff,
V.    Case No. 02-04757

CONSOLIDATED CAPITAL EQUITY
PARTNERS L.P., a California limited
partnership,

      Defendant.
______________________________/


              CERTIFICATE OF SALE AS TO PROPERTY "4"

The undersigned  Clerk of the Circuit Court certifies that Second Amended Notice
of  Public  Sale of the  property  of  Defendant,  CONSOLIDATED  CAPITAL  EQUITY
PARTNERS L.P., a California limited partnership,  described in the Final Summary
Judgment of Foreclosure,  Order Setting  Foreclosure Sale Date and Amended Order
Setting  Foreclosure  Sale Date was published in the Tampa Tribune,  a newspaper
circulated in Hillsborough  County,  Florida and the  Sun-Sentinel,  a newspaper
circulated  in Broward  County,  Florida,  in the manner  shown by the Proofs of
Publication  attached,  and on the 28th day of October,  2003,  the property was
offered for Public Sale to the highest and best bidder for cash. The highest and
best bid received for the property  was  submitted by CCIP  PLANTATION  GARDENS,
L.L.C., to whom the property was sold. The proceeds of the sale are retained for
distribution in accordance with the Final Summary Judgment of Foreclosure, Order
Setting Foreclosure Sale Date and Amended Order Setting Foreclosure Sale Date.