FORM 10-Q--QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF
                       THE SECURITIES EXCHANGE ACT OF 1934
                        Quarterly or Transitional Report



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

                                    Form 10-Q

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

                    For the quarterly period ended June 30, 2001


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


                For the transition period from _________to _________

                         Commission file number 0-10831


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



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

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

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


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


                         PART I - FINANCIAL INFORMATION

ITEM 1.     FINANCIAL STATEMENTS
a)

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

<TABLE>
<CAPTION>

                                                             June 30,    December 31,
                                                               2001          2000
                                                           (Unaudited)      (Note)
Assets
<S>                                                          <C>            <C>
   Cash and cash equivalents                                 $  3,068       $ 2,036
   Receivables and deposits                                       150           886
   Restricted escrows                                             314           453
   Other assets                                                 1,891         1,616

   Investment in Master Loan                                   26,747        34,231
      Less: Allowance for impairment loss                          --        (3,176)
                                                               26,747        31,055
   Investment properties:
      Land                                                      3,564         3,564
      Building and related personal property                   38,849        38,762
                                                               42,413        42,326
      Less:  accumulated depreciation                         (14,539)      (12,989)
                                                               27,874        29,337
                                                             $ 60,044      $ 65,383
Liabilities and Partners' Capital
Liabilities
   Accounts payable                                          $    273      $    189
   Tenant security deposit liabilities                            648           675
   Accrued property taxes                                          49            --
   Other liabilities                                              615           741
   Mortgage notes payable                                      26,619        26,762
                                                               28,204        28,367
Partners' Capital
   General partner                                                144            118
   Limited partners (199,045.2 units issued and
      outstanding)                                             31,696        36,898
                                                               31,840        37,016
                                                             $ 60,044      $ 65,383

Note: The balance sheet at December 31, 2000,  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 in the United States for complete financial statements.

            See Accompanying Notes to Consolidated Financial Statements
</TABLE>

<PAGE>




b)

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


                                            Three Months Ended       Six Months Ended
                                                 June 30,                June 30,
                                             2001        2000        2001        2000

<S>                                         <C>         <C>         <C>         <C>
Rental income                               $ 2,797     $ 2,640     $ 5,602     $ 5,227
Interest income on investment in
  Master Loan                                   804       1,000       2,704       1,000
Reduction of provision for impairment
  loss                                           --          --       3,176          --
Interest income                                  18         101          59         215
Other income                                    215         222         444         367
        Total revenues                        3,834       3,963      11,985       6,809

Operating                                     1,308       1,147       2,612       2,308
General and administrative                      372         199         543         299
Depreciation                                    775         767       1,550       1,505
Interest                                        462         480         947         959
Property taxes                                  209         143         419         286
        Total expenses                        3,126       2,736       6,071       5,357

Net income                                  $   708     $ 1,227     $ 5,914     $ 1,452

Net income allocated to general
  partner (1%)                              $     7     $    12     $    59     $    14
Net income allocated to limited
  partners (99%)                                701       1,215       5,855       1,438

Net income                                  $   708     $ 1,227     $ 5,914     $ 1,452

Net income per limited partnership
  unit                                      $  3.52     $  6.10     $ 29.42     $  7.22

Distributions per limited
  partnership unit                          $ 16.53     $  5.97     $ 55.55     $ 33.51


            See Accompanying Notes to Consolidated Financial Statements
</TABLE>

<PAGE>


c)

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

<TABLE>
<CAPTION>


                                      Limited
                                     Partnership     General      Limited
                                        Units        Partner     Partners      Total

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

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

Distributions to partners                   --           --        (6,670)     (6,670)

Net income for the six months
   ended June 30, 2000                      --           14         1,438       1,452

Partners' (deficit) capital
   at June 30, 2000                  199,045.2      $   (44)     $ 62,111    $ 62,067

Partners' capital at
   December 31, 2000                 199,045.2      $   118      $ 36,898    $ 37,016

Distributions to partners                   --          (33)      (11,057)    (11,090)

Net income for the six months
   ended June 30, 2001                      --           59         5,855       5,914

Partners' capital at
   June 30, 2001                     199,045.2      $   144      $ 31,696    $ 31,840


            See Accompanying Notes to Consolidated Financial Statements
</TABLE>

<PAGE>


d)

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

<TABLE>
<CAPTION>

                                                                  Six Months Ended
                                                                      June 30,
                                                                  2001        2000
Cash flows from operating activities:
<S>                                                             <C>          <C>
  Net income                                                    $  5,914     $ 1,452
  Adjustments to reconcile net income to net cash
   provided by operating activities:
     Depreciation and amortization                                 1,615       1,564
     Reduction of provision for impairment loss                   (3,176)         --
     Change in accounts:
      Receivables and deposits                                       736         347
      Other assets                                                  (340)       (341)
      Accounts payable                                                84          83
      Tenant security deposit liabilities                            (27)         47
      Accrued property taxes                                          49          33
      Other liabilities                                             (126)        (32)
      Net cash provided by operating activities                    4,729       3,153

Cash flows from investing activities:
  Net receipts from restricted escrows                               139          62
  Property improvements and replacements                             (87)     (1,242)
  Principal receipts on Master Loan                                7,484         167
      Net cash provided by (used in) investing activities          7,536      (1,013)

Cash flows from financing activities:
  Distributions to partners                                      (11,090)     (6,670)
  Payments on mortgage notes payable                                (143)       (146)
      Net cash used in financing activities                      (11,233)     (6,816)
Net increase (decrease) in cash and cash equivalents               1,032      (4,676)
Cash and cash equivalents at beginning of period                   2,036      11,175
Cash and cash equivalents at end of period                      $  3,068     $ 6,499

Supplemental disclosure of cash flow information:
  Cash paid for interest                                        $    917     $   931

            See Accompanying Notes to Consolidated Financial Statements
</TABLE>

<PAGE>


e)

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


Note A - Basis of Presentation

The accompanying  unaudited  consolidated  financial  statements of Consolidated
Capital  Institutional  Properties (the "Partnership" or "Registrant") have been
prepared in accordance with generally accepted accounting principles for interim
financial  information and with the  instructions to Form 10-Q and Article 10 of
Regulation  S-X.  Accordingly,  they do not include all of the  information  and
footnotes  required by generally  accepted  accounting  principles  for complete
financial  statements.  In the opinion of ConCap  Equities,  Inc.  (the "General
Partner"),  all adjustments (consisting of normal recurring accruals) considered
necessary for a fair presentation have been included.  Operating results for the
three and six month periods ended June 30, 2001 are not  necessarily  indicative
of the results  that may be expected  for the fiscal  year ending  December  31,
2001. 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, 2000.  The General  Partner is ultimately
owned by Apartment  Investment  and  Management  Company  ("AIMCO"),  a publicly
traded real estate investment trust.

Principles of Consolidation

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

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 F"
for detailed disclosure of the Partnership's segments.


<PAGE>


Note B - Related Party Transactions

The Partnership has no employees and is dependent on the General Partner and its
affiliates for the management and administration of all Partnership  activities.
The Partnership  Agreement  provides for (i) certain  payments to affiliates for
services and (ii)  reimbursement of certain  expenses  incurred by affiliates on
behalf of the  Partnership.  The  following  payments  were made to the  General
Partner and its affiliates during the six months ended June 30, 2001 and 2000:

                                                                2001      2000
                                                                (in thousands)

 Property management fees (included in operating expenses)      $ 310     $ 279
 Reimbursement for services of affiliates (included in
  operating and general and administrative expenses
  and investment properties)                                      251       167

Affiliates of the General  Partner are entitled to receive 5% of gross  receipts
from the Registrant's properties for providing property management services. The
Registrant paid to such affiliates  approximately  $310,000 and $279,000 for the
six months ended June 30, 2001 and 2000, respectively.

An  affiliate  of the General  Partner  received  reimbursement  of  accountable
administrative expenses amounting to approximately $251,000 and $167,000 for the
six months ended June 30, 2001 and 2000, respectively.

In addition to its  indirect  ownership of the general  partner  interest in the
Partnership,  AIMCO and its affiliates owned 126,161 limited  partnership  units
(the "Units") in the Partnership representing 63.38% of the outstanding Units as
of June 30,  2001.  A number of these  Units were  acquired  pursuant  to tender
offers  made by  AIMCO  or its  affiliates.  It is  possible  that  AIMCO or its
affiliates will make one or more additional offers to acquire additional limited
partnership  interests in the  Partnership  for cash or in exchange for units in
the operating partnership of AIMCO. Under the Partnership Agreement, unitholders
holding a majority of the Units are  entitled  to take action with  respect to a
variety of matters,  which would include without  limitation,  voting on certain
amendments  to the  Partnership  Agreement  and  voting  to remove  the  General
Partner.  As a result of its ownership of 63.38% of the outstanding Units, AIMCO
is in a  position  to  influence  all  voting  decisions  with  respect  to  the
Registrant. When voting on matters, AIMCO would in all likelihood vote the Units
it acquired in a manner favorable to the interest of the General Partner because
of its affiliation with the General Partner.

Note C - Net Investment in Master Loan

The Partnership was formed for the benefit of its limited partners to lend funds
to  Consolidated   Capital  Equity  Partners  ("CCEP"),   a  California  general
partnership. The 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").  At June 30,  2001,  the recorded
investment  in the Master  Loan was  considered  to be  impaired  under SFAS 114
"Accounting by Creditors for Impairment of a Loan". The Partnership measures the
impairment of the loan based upon the fair value of the collateral, as repayment
of the loan is  expected to be provided  solely by the  collateral.  For the six
months  ended June 30, 2001 and 2000,  the  Partnership  recorded  approximately
$2,704,000 and $1,000,000,  respectively,  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.  The  approximate  reduction  of  $3,176,000  in the  provision  for
impairment  loss  recognized  during  the six  months  ended  June  30,  2001 is
attributed  to an  increase  in the  net  realizable  value  of  the  collateral
properties  and to the  payment of  principal  on the Master Loan from the sales
proceeds of Magnolia Trace.  There was no change in the provision for impairment
loss during the six months ended June 30, 2000.  The General  Partner  evaluates
the net realizable value on a semi-annual basis or as circumstances dictate that
it should be analyzed.

Interest,  calculated on the accrual basis,  due to the Partnership  pursuant to
the terms of the Master Loan Agreement,  but not recognized in the  consolidated
statements  of  operations   due  to  the   impairment  of  the  loan,   totaled
approximately $18,446,000 and $20,210,000 for the six months ended June 30, 2001
and 2000,  respectively.  Interest  income is  recognized  on the cash  basis as
required by SFAS 114. At June 30, 2001 and December 31,  2000,  such  cumulative
unrecognized interest totaling  approximately  $324,708,000 and $306,262,000 was
not  included  in the  balance  of the  investment  in Master  Loan.  All of the
collateral   properties  are   collateralized   by  first   mortgages   totaling
approximately  $55,459,000  which are superior to the Master Loan.  Accordingly,
this fact has been taken into consideration in determining the fair value of the
Master Loan.

During the six months  ended June 30, 2001 and 2000,  the  Partnership  received
approximately $7,484,000 and $167,000 respectively, in principal payments on the
Master Loan. During the six months ended June 30, 2001, approximately $5,987,000
was  received  representing  net  proceeds  from the sale of Magnolia  Trace and
approximately  $1,425,000 was received representing  refinancing proceeds, which
are required to be paid to the  Partnership as principal  payments on the Master
Loan as per the terms of the Master Loan  Agreement.  Approximately  $72,000 and
$167,000  for  the six  months  ended  June  30,  2001  and  2000  respectively,
represents cash received on certain investments held by CCEP, which are required
to be transferred to the Partnership per the Master Loan Agreement.

Note D - Commitment

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


<PAGE>

Note E - Distributions

During the six months  ended June 30, 2001,  distributions  from surplus cash of
approximately  $7,767,000 were paid to the limited  partners ($39.02 per limited
partnership unit) and distributions of approximately  $3,323,000  (approximately
$3,290,000 paid to the limited partners or $16.53 per limited  partnership unit)
were paid from  operations.  During the six  months  ended  June 30,  2000,  the
Partnership paid approximately  $6,670,000 in distributions from surplus cash to
the limited  partners  ($33.51 per limited  partnership  unit).  Included in the
amounts at June 30,  2001 and 2000 are  payments  to both the  Pennsylvania  and
North Carolina  Departments of Revenue for  withholding  taxes related to income
generated by the  Registrant's  investment  properties  located in those states.
Subsequent to June 30, 2001,  the  Partnership  declared and paid a distribution
from operations of approximately  $2,238,000  (approximately  $2,216,000 paid to
the limited partners or $11.13 per limited  partnership unit) and a distribution
from surplus cash of  approximately  $452,000 to the limited partners ($2.27 per
limited partnership unit).

Note F - Segment Reporting

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

The  Partnership  has  two  reportable  segments:   residential  properties  and
commercial properties. The Partnership's residential property segment consist of
one apartment  complex located in North Carolina and one  multiple-use  facility
consisting of apartment units and commercial space located in Pennsylvania.  The
Partnership rents apartment units to tenants for terms that are typically twelve
months or less. The commercial property leases space to various medical offices,
various career services  facilities and a credit union at terms ranging from two
months to fifteen years.

Measurement of segment profit or loss:

The  Partnership  evaluates  performance  based on segment  profit (loss) before
depreciation. The accounting policies of the reportable segments are the same as
those  described in the  Partnership's  Annual  Report on Form 10-K for the year
ended December 31, 2000.

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

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

Segment  information for the six months ended June 30, 2001 and 2000 is shown in
the  tables  below (in  thousands).  The  "Other"  column  includes  Partnership
administration  related  items and  income  and  expense  not  allocated  to the
reportable segment.

<TABLE>
<CAPTION>

     For the three months ended
            June 30, 2001              Residential  Commercial    Other      Totals
<S>                                      <C>           <C>         <C>      <C>
Rental income                            $ 2,408       $  389      $  --    $ 2,797
Interest income                               13            2          3         18
Other income                                 136           79         --        215
Interest income on investment
  in Master Loan                              --           --        804        804
Interest expense                             422           40         --        462
Depreciation                                 751           24         --        775
General and administrative expense            --           --        372        372
Segment profit                               199           74        435        708
</TABLE>

<TABLE>
<CAPTION>

      For the six months ended
            June 30, 2001              Residential  Commercial    Other      Totals
<S>                                      <C>           <C>         <C>      <C>
Rental income                            $ 4,815       $ 787       $ --     $ 5,602
Interest income                               48            7          4         59
Other income                                 291          153         --        444
Interest income on investment
   in Master Loan                             --           --      2,704      2,704
Reduction of provision for
  impairment loss                             --           --      3,176      3,176
Interest expense                             832          115         --        947
Depreciation                               1,503           47         --      1,550
General and administrative expense            --           --        543        543
Segment profit                               437          136      5,341      5,914
Total assets                              29,755        1,681     28,608     60,044
Capital expenditures                          62           25         --         87
</TABLE>

<TABLE>
<CAPTION>

     For the three months ended
            June 30, 2000             Residential  Commercial     Other     Totals
<S>                                     <C>           <C>         <C>       <C>
Rental income                           $ 2,253       $  387      $   --    $ 2,640
Interest income                              33           13          55        101
Other income                                166           56          --        222
Interest income on investment
   in Master Loan                            --           --       1,000      1,000
Interest expense                            421           59          --        480
Depreciation                                745           22          --        767
General and administrative expense           --           --         199        199
Segment profit                              262          109         856      1,227
</TABLE>

<TABLE>
<CAPTION>


      For the six months ended
            June 30, 2000             Residential  Commercial     Other     Totals
<S>                                     <C>           <C>         <C>       <C>
Rental income                           $ 4,463       $  764      $   --    $ 5,227
Interest income                              42           14         159        215
Other income                                256          111          --        367
Interest income on investment
   in Master Loan                            --           --       1,000      1,000
Interest expense                            841          118          --        959
Depreciation                              1,463           42          --      1,505
General and administrative expense           --           --         299        299
Segment profit                              372          220         860      1,452
Total assets                             32,490        1,713      56,232     90,435
Capital expenditures                      1,223           19          --      1,242
</TABLE>

Note G - Legal Proceedings

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

Pending the ruling on such  demurrers,  settlement  negotiations  commenced.  On
November 2, 1999,  the parties  executed and filed a Stipulation  of Settlement,
settling claims, subject to court approval, on behalf of the Partnership and all
limited partners who owned units as of November 3, 1999. Preliminary approval of
the  settlement  was obtained on November 3, 1999 from the Court,  at which time
the Court set a final  approval  hearing for  December  10,  1999.  Prior to the
December  10,  1999  hearing,  the  Court  received  various  objections  to the
settlement, including a challenge to the Court's preliminary approval based upon
the alleged lack of authority of prior lead counsel to enter the settlement.  On
December  14,  1999,  the General  Partner  and its  affiliates  terminated  the
proposed settlement.  In February 2000, counsel for some of the named plaintiffs
filed a motion to disqualify plaintiff's lead and liaison counsel who negotiated
the settlement.  On June 27, 2000, the Court entered an order disqualifying them
from the case and an appeal was taken  from the order on  October  5,  2000.  On
December 4, 2000, the Court  appointed the law firm of Lieff Cabraser  Heimann &
Bernstein  LLP as new  lead  counsel  for  plaintiffs  and the  putative  class.
Plaintiffs  filed a third  amended  complaint on January 19,  2001.  On March 2,
2001,  the  General  Partner  and its  affiliates  filed a demurrer to the third
amended  complaint.  On May 14, 2001,  the Court heard the demurrer to the third
amended  complaint.  On July 10,  2001,  the Court  issued  an order  sustaining
defendants'  demurrer on certain grounds.  Plaintiffs have until August 16, 2001
to file a fourth amended complaint. The General Partner does not anticipate that
any costs, whether legal or settlement costs,  associated with this case will be
material to the Partnership's overall operations.

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


<PAGE>




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

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

The Partnership's investment properties consist of two properties,  The Loft and
The Sterling Apartment Homes and Commerce Center ("The Sterling").  The Sterling
is a multiple-use facility which consists of an apartment complex and commercial
space.  The following  table sets forth the average  occupancy of the properties
for the six months ended June 30, 2001 and 2000:

                                                   Average Occupancy
      Property                                      2001       2000

      The Loft Apartments                           91%        93%
        Raleigh, North Carolina

      The Sterling Apartment Homes                  95%        92%
      The Sterling Commerce Center                  89%        89%
        Philadelphia, Pennsylvania

The increase in occupancy at The Sterling  Apartment  Homes is  attributed  to a
major  renovation  project which was  performed at the property  during the past
year which improved the curb appeal of the property.

Results of Operations

The  Partnership's  net  income  for the six  months  ended  June  30,  2001 was
approximately  $5,914,000 compared to net income of approximately $1,452,000 for
the  corresponding  period  in 2000.  The  Partnership  recorded  net  income of
approximately  $708,000 for the three months ended June 30, 2001 compared to net
income of  approximately  $1,227,000 for the  corresponding  period in 2000. The
increase in net income for the six months ended June 30, 2001 as compared to the
six months ended June 30, 2000 is primarily due to the  $3,176,000  reduction of
the provision for  impairment  loss on the  investment in the Master Loan and an
increase of $1,704,000 in interest payments received and therefore recognized on
the Master Loan. Each of these factors was caused by improved  operations at the
collateral  properties due to major capital projects and the concerted effort to
complete  deferred  maintenance  items that have been  ongoing over the past few
years.  The  vast  majority  of this  work  was  funded  by cash  flow  from the
collateral  properties themselves as no amounts have been borrowed on the Master
Loan or from other sources in order to fund such improvements.

Excluding the items related to the Master Loan, the Partnership's net income for
the six  months  ended  June 30,  2001 and 2000 was  approximately  $34,000  and
$452,000,  respectively.  For the three months ended June 30, 2001 and 2000, the
Partnership  had  a  net  loss  of  approximately  $96,000  and  net  income  of
approximately $227,000,  respectively.  The decrease in income for the three and
six month periods is due to an increase in total expenses which more than offset
an increase in total revenues.

Total expenses increased for the three and six months ended June 30, 2001 due to
increases  in   operating,   property   tax,   depreciation,   and  general  and
administrative  expenses.  Operating  expenses  increased  due to an increase in
utility  expense,  primarily  natural  gas, at The  Sterling and to increases in
salary and other benefits at both  investment  properties.  Property tax expense
increased due to a  reassessment  by the taxing  authorities at the Loft and The
Sterling  which  increased the assessed  values of the  properties due to recent
renovations  at each  property.  Depreciation  increased  due to an  increase in
capital improvements at The Sterling.

General and administrative expenses increased for the three and six months ended
June 30,2001 due to a business  privilege  tax paid to the city of  Philadelphia
and  an  increase  in  the  costs  of  services   included  in  the   management
reimbursements  to the General Partner allowed under the Partnership  Agreement.
In addition to these  reimbursements,  costs  associated  with the quarterly and
annual  communications  with  investors and  regulatory  agencies and the annual
audit required by the Partnership Agreement are also included.

The increase in total  revenues for the six months ended June 30, 2001 is due to
an increase in interest  income  related to the Master Loan and to  increases in
rental  revenue  and other  income,  partially  offset by a decrease in interest
income.  The increase in rental revenue was due to an increase in average rental
rates at both of the  Partnership's  properties  and an increase in occupancy at
The Sterling and Apartment Homes,  offset by a decrease in occupancy at The Loft
Apartments.  The increase in other income for the six months ended June 30, 2001
is due to increases  in utility  reimbursements,  cleaning and damage fees,  and
corporate  housing revenue at The Sterling  Commerce Center and Apartment Homes.
Interest  income  decreased  due to the release of the working  capital  reserve
requirement (See Note D to the consolidated financial statements) which resulted
in lower average cash balances in interest bearing accounts.

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

Liquidity and Capital Resources

At June 30, 2001, the Partnership had cash and cash equivalents of approximately
$3,068,000 as compared to  approximately  $6,499,000 at June 30, 2000.  Cash and
cash  equivalents  increased  approximately  $1,032,000 for the six months ended
June 30, 2001 from  December  31,  2000.  This  increase  was  primarily  due to
approximately  $4,729,000  and  $7,536,000  of cash  provided by  operating  and
investing   activities,   respectively,   which  was  offset  by   approximately
$11,233,000  of cash used in financing  activities.  Cash  provided by investing
activities consisted of principal repayments received on the Master Loan and net
receipts from escrow accounts  maintained by the mortgage lender slightly offset
by property  improvements and  replacements.  Cash used in financing  activities
consisted  primarily  of  distributions  to partners  and,  to a lesser  extent,
principal   payments  made  on  the  mortgages   encumbering  the   Registrant's
properties.  The  Registrant  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.   Capital
improvements planned for each of the Registrant's properties are detailed below.

The Loft

The Partnership has budgeted,  but is not limited to, approximately  $51,000 for
capital  improvements  during  2001  consisting  of floor  covering  and  window
dressing replacements,  air conditioning units and water heaters. During the six
months ended June 30, 2001, the Partnership  completed  approximately $46,000 of
capital  improvements,  consisting  primarily  of  the  aforementioned  budgeted
improvements.  These  improvements  were funded from  operations and replacement
reserves.

The Sterling

The Partnership has budgeted,  but is not limited to,  approximately  $1,714,000
for capital  improvements  during the current  year  consisting  of  appliances,
structural  upgrades,  interior decoration,  recreational  facility upgrades and
floor  covering  replacements.  During the six months ended June 30,  2001,  the
Partnership completed  approximately $41,000 of capital improvements  consisting
primarily  of  interior  decoration  and  floor  covering  replacements.   These
improvements  were funded  primarily from  operating  cash flow and  replacement
reserves.

The  additional  capital  improvements  planned  for  2001 at the  Partnership's
properties will be made only to the extent of cash available from operations and
Partnership  reserves. To the extent that such budgeted capital improvements are
completed,  the Registrant's  distributable  cash flow, if any, may be adversely
affected at least in the short term.

The  Registrant's  current assets are thought to be sufficient for any near-term
needs  (exclusive  of capital  improvements)  of the  Registrant.  The  mortgage
indebtedness of approximately $26,619,000 requires monthly payments of principal
and interest and balloon payments of approximately $3,903,000 and $19,975,000 on
December 1, 2005 and October 1, 2008,  respectively.  The General  Partner  will
attempt to refinance such indebtedness  and/or sell the properties prior to such
maturity dates. If the properties  cannot be refinanced or sold for a sufficient
amount, the Registrant may risk losing such properties through foreclosure.

During the six months  ended June 30, 2001,  distributions  from surplus cash of
approximately  $7,767,000 were paid to the limited  partners ($39.02 per limited
partnership unit) and distributions of approximately  $3,323,000  (approximately
$3,290,000 paid to the limited partners or $16.53 per limited  partnership unit)
were paid from  operations.  During the six  months  ended  June 30,  2000,  the
Partnership paid approximately  $6,670,000 in distributions from surplus cash to
the limited  partners  ($33.51 per limited  partnership  unit).  Included in the
amounts at June 30,  2001 and 2000 are  payments  to both the  Pennsylvania  and
North Carolina  Departments of Revenue for  withholding  taxes related to income
generated by the  Registrant's  investment  properties  located in those states.
Subsequent to June 30, 2001,  the  Partnership  declared and paid a distribution
from operations of approximately  $2,238,000  (approximately  $2,216,000 paid to
the limited partners or $11.13 per limited  partnership unit) and a distribution
from surplus cash of  approximately  $452,000 to the limited partners ($2.27 per
limited partnership unit). The Registrant's distribution policy is reviewed on a
quarterly basis. Future cash distributions will depend on the levels of net cash
generated from operations,  the availability of cash reserves, and the timing of
debt maturities,  refinancings, and/or property sales. There can be no assurance
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 2001 or subsequent periods.

CCEP Property Operations

For the six months  ended June 30, 2001,  CCEP's net loss totaled  approximately
$16,660,000  on total revenues of  approximately  $13,634,000.  CCEP  recognizes
interest expense on the Master Loan Agreement  obligation  according to the note
terms,  although  payments to the Partnership are required only to the extent of
Excess Cash Flow, as defined therein.  During the six months ended June 30, 2001
and  2000  CCEP's  statements  of  operations  include  total  interest  expense
attributable to the Master Loan of  approximately  $21,150,000 and  $21,210,000,
respectively,   with   all  but   approximately   $2,704,000   and   $1,000,000,
respectively, representing interest accrued in excess of required payments. CCEP
is  expected  to  continue  to  generate  operating  losses  as a result of such
interest accruals and noncash charges for depreciation.

During the six months ended June 30, 2001, CCEP made approximately $7,484,000 in
principal payments on the Master Loan.  Approximately  $5,987,000 represents net
proceeds from the sale of Magnolia Trace,  approximately  $1,425,000  represents
refinancing  proceeds and approximately  $72,000  represents amounts received on
certain  investments by CCEP, all of which are required to be transferred to the
Partnership per the Master Loan Agreement.


<PAGE>


Item 3.     Quantitative and Qualitative Disclosures about Market Risk

The  Partnership is exposed to market risks  associated  with its Master Loan to
Affiliate  ("Master Loan").  Receipts  (interest  income) on the Master 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 Master Loan. Based upon the fact that 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 offset
the  recognition of income,  as income is only  recognized to the extent of cash
flow. Therefore,  market risk factors do not offset the Partnership's results of
operations as it relates to the Loan.

The  Partnership  is exposed to market  risks from  adverse  changes in interest
rates. In this regard, changes in U.S. interest rates affect the interest earned
on the  Partnership's  cash and cash equivalents as well as interest paid on its
indebtedness.  As a policy,  the  Partnership  does not engage in speculative or
leveraged transactions,  nor does it hold or issue financial instruments for its
borrowing activities used to maintain liquidity and fund business operations. To
mitigate the impact of  fluctuations  in U.S.  interest  rates,  the Partnership
maintains  its debt as fixed rate in nature by borrowing  on a long-term  basis.
Based on  interest  rates at June 30,  2001,  a 100  basis  points  increase  or
decrease  in  market  interest  rates  would not have a  material  impact on the
Partnership.

The following table  summarizes the  Partnership's  debt obligations at June 30,
2001. The interest rates represent the weighted-average rates. The fair value of
the debt obligations approximate the recorded value as of June 30, 2001.

                      Principal Amount by Expected Maturity

                                             Fixed Rate Debt
                           Long-term Average     Interest
                               Debt             Rate 6.86%
                                              (in thousands)

                               2001              $   161
                               2002                  346
                               2003                  371
                               2004                  393
                               2005                4,320
                            Thereafter            21,028
                              Total              $26,619



<PAGE>




                           PART II - OTHER INFORMATION


ITEM 1.     LEGAL PROCEEDINGS


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

Pending the ruling on such  demurrers,  settlement  negotiations  commenced.  On
November 2, 1999,  the parties  executed and filed a Stipulation  of Settlement,
settling claims, subject to court approval, on behalf of the Partnership and all
limited partners who owned units as of November 3, 1999. Preliminary approval of
the  settlement  was obtained on November 3, 1999 from the Court,  at which time
the Court set a final  approval  hearing for  December  10,  1999.  Prior to the
December  10,  1999  hearing,  the  Court  received  various  objections  to the
settlement, including a challenge to the Court's preliminary approval based upon
the alleged lack of authority of prior lead counsel to enter the settlement.  On
December  14,  1999,  the General  Partner  and its  affiliates  terminated  the
proposed settlement.  In February 2000, counsel for some of the named plaintiffs
filed a motion to disqualify plaintiff's lead and liaison counsel who negotiated
the settlement.  On June 27, 2000, the Court entered an order disqualifying them
from the case and an appeal was taken  from the order on  October  5,  2000.  On
December 4, 2000, the Court  appointed the law firm of Lieff Cabraser  Heimann &
Bernstein  LLP as new  lead  counsel  for  plaintiffs  and the  putative  class.
Plaintiffs  filed a third  amended  complaint on January 19,  2001.  On March 2,
2001,  the  General  Partner  and its  affiliates  filed a demurrer to the third
amended  complaint.  On May 14, 2001,  the Court heard the demurrer to the third
amended  complaint.  On July 10,  2001,  the Court  issued  an order  sustaining
defendants'  demurrer on certain grounds.  Plaintiffs have until August 16, 2001
to file a fourth amended complaint. The General Partner does not anticipate that
any costs, whether legal or settlement costs,  associated with this case will be
material to the Partnership's overall operations.


<PAGE>



ITEM 6.     EXHIBITS AND REPORTS ON FORM 8-K

            a)    Exhibits:

                  S-K Reference
                        Number            Description

                   99.1  Consolidated Capital Equity Partners,  L.P., unaudited
                         financial  statements  for the six  months  ended June
                         30, 2001 and 2000.

            b)    Reports on Form 8-K during the quarter ended June 30, 2001:

                  None.


<PAGE>



                                   SIGNATURES



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



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

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

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

                                 Date:   August 9, 2001


<PAGE>







                                  EXHIBIT 99.1

                     CONSOLIDATED CAPITAL EQUITY PARTNERS, L.P.


                    UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

                            FOR THE SIX MONTHS ENDED

                             June 30, 2001 and 2000



                            EXHIBIT 99.1 (Continued)

                         PART I - FINANCIAL INFORMATION

ITEM 1.     FINANCIAL STATEMENTS
a)
                     CONSOLIDATED CAPITAL EQUITY PARTNERS, L.P.
                           CONSOLIDATED BALANCE SHEETS
                        (in thousands, except unit data)

<TABLE>
<CAPTION>

                                                             June 30,    December 31,
                                                               2001          2000
                                                           (Unaudited)      (Note)
Assets
<S>                                                        <C>            <C>
   Cash and cash equivalents                               $  2,528       $  5,894
   Receivables and deposits                                     834            928
   Restricted escrows                                           842            767
   Other assets                                               1,670          1,634
   Investment properties:
      Land                                                    6,904          7,796
      Building and related personal property                 78,522         83,558
                                                             85,426         91,354
      Less accumulated depreciation                         (67,274)       (70,793)
                                                             18,152         20,561
                                                          $  24,026      $  29,784
Liabilities and Partners' Deficit
Liabilities
   Accounts payable                                       $     204      $     410
   Tenant security deposit liabilities                          487            485
   Accrued property taxes                                       569            218
   Other liabilities                                            980            586
   Mortgage notes payable                                    55,459         56,060
   Master loan and interest payable                         351,455        340,493
                                                            409,154        398,252
Partners' Deficit
   General partner                                           (3,852)        (3,685)
   Limited partners                                        (381,276)      (364,783)
                                                           (385,128)      (368,468)
                                                          $  24,026      $  29,784

Note: The balance sheet at December 31, 2000,  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 in the United States for complete financial statements.


            See Accompanying Notes to Consolidated Financial Statements
</TABLE>

<PAGE>




                            EXHIBIT 99.1 (Continued)
b)
                     CONSOLIDATED CAPITAL EQUITY PARTNERS, L.P.
                      CONSOLIDATED STATEMENTS OF OPERATIONS
                                   (Unaudited)
                                   (in thousands)

<TABLE>
<CAPTION>

                                             Three Months Ended       Six Months Ended
                                                  June 30,                June 30,
                                              2001        2000        2001        2000
Revenues:
<S>                                        <C>         <C>         <C>         <C>
   Rental income                           $  4,201    $  4,603    $  8,351    $  9,158
   Other income                                 472         469         906         850
   Gain on sale of investment property           --          --       4,377          --
            Total revenues                    4,673       5,072      13,634      10,008

Expenses:
   Operating                                  1,915       2,145       3,796       4,144
   General and administrative                   209         157         393         318
   Depreciation                               1,040       1,343       2,091       2,657
   Interest                                  11,640      11,012      23,417      22,030
   Property taxes                               301         327         597         653
            Total expenses                   15,105      14,984      30,294      29,802

Net loss                                   $(10,432)   $ (9,912)   $(16,660)   $(19,794)

Net loss allocated to general
  partner (1%)                             $   (104)   $    (99)   $   (167)   $   (198)
Net loss allocated to limited
  partners (99%)                            (10,328)     (9,813)    (16,493)    (19,596)

                                           $(10,432)   $ (9,912)   $(16,660)   $(19,794)


            See Accompanying Notes to Consolidated Financial Statements
</TABLE>

<PAGE>


                            EXHIBIT 99.1 (Continued)
c)

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


                                      General        Limited
                                      Partners       Partners        Total

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

Net loss for the six months
   ended June 30, 2000                   (198)        (19,596)       (19,794)

Partners' deficit
   at June 30, 2000                   $(3,508)      $(347,261)     $(350,769)

Partners' deficit
   at December 31, 2000               $(3,685)      $(364,783)     $(368,468)

Net loss for the six months
   ended June 30, 2001                   (167)        (16,493)       (16,660)

Partners' deficit at
   June 30, 2001                      $(3,852)      $(381,276)     $(385,128)


            See Accompanying Notes to Consolidated Financial Statements

<PAGE>


                            EXHIBIT 99.1 (Continued)
d)
                     CONSOLIDATED CAPITAL EQUITY PARTNERS, L.P.
                      CONSOLIDATED STATEMENTS OF CASH FLOWS
                                   (Unaudited)
                                   (in thousands)

<TABLE>
<CAPTION>

                                                                  Six Months Ended
                                                                        June 30,
                                                                  2001        2000
Cash flows from operating activities:
<S>                                                             <C>          <C>
  Net loss                                                      $(16,660)    $(19,794)
  Adjustments to reconcile net loss to net cash
   provided by operating activities:
   Depreciation and amortization                                   2,178        2,696
   Gain on sale of investment property                            (4,377)          --
   Change in accounts:
      Receivables and deposits                                        94          (33)
      Other assets                                                   (34)           7
      Accounts payable                                              (206)        (280)
      Tenant security deposit liabilities                              2           40
      Accrued property taxes                                         351          199
      Other liabilities                                              394         (112)
      Accrued interest on Master Loan                             18,446       20,210

       Net cash provided by operating activities                     188        2,933

Cash flows from investing activities:
  Property improvements and replacements                          (1,324)      (2,015)
  Proceeds from sale of investment property                        6,019           --
  Net (deposits to) receipts from restricted escrows                 (75)         365

       Net cash provided by (used in) investing activities         4,620       (1,650)

Cash flows from financing activities:
  Principal payments on Master Loan                               (7,484)        (167)
  Principal payments on mortgage notes payable                      (601)        (158)
  Loan costs paid                                                    (89)          --

       Net cash used in financing activities                      (8,174)        (325)

Net increase in cash and cash equivalents                         (3,366)         958
Cash and cash equivalents at beginning of period                   5,894        2,865
Cash and cash equivalents at end of period                      $  2,528     $  3,823

Supplemental disclosure of cash flow information:
  Cash paid for interest                                        $  5,521     $  1,781


            See Accompanying Notes to Consolidated Financial Statements
</TABLE>

<PAGE>






e)

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


Note A - Going Concern


The  Partnership's  financial  statements  have been prepared  assuming that the
Partnership will continue as a going concern. The Partnership continues to incur
operating losses, suffers from inadequate liquidity,  has an accumulated deficit
and is unable to repay the Master Loan balance,  which matured in November 2000.
The  Partnership  realized a net loss of  approximately  $16,660,000 for the six
months ended June 30,  2001.  The General  Partner  expects the  Partnership  to
continue to incur such losses from operations.

The Partnership's  indebtedness to Consolidated Capital Institutional Properties
("CCIP") under the Master Loan of approximately $351,455,000,  including accrued
interest,  matured in  November  2000.  The holder of the note has two  options,
which include  foreclosing on the properties that  collateralize the Master Loan
or extending the term of the note.  If CCIP were to foreclose on the  properties
securing the Master Loan, title in the properties owned by the Partnership would
be transferred to CCIP,  subject to existing liens on such properties  including
the first mortgage  loans.  As a result,  CCIP would become  responsible for the
operations of such  properties.  Currently,  the  Partnership  does not have the
means with which to satisfy  this  obligation.  No other  sources of  additional
financing have been identified by the Partnership,  nor does the General Partner
have any  other  plans to remedy  the  liquidity  problems  the  Partnership  is
currently  experiencing.  At June 30, 2001,  partners' deficit was approximately
$385,128,000.

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

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

Note B - Basis of Presentation

The accompanying  unaudited  consolidated  financial  statements of Consolidated
Capital Equity Partners,  L.P. ("CCEP" or the "Partnership")  have been prepared
in  accordance  with  generally  accepted  accounting   principles  for  interim
financial information.  Accordingly,  they do not include all of the information
and footnotes required by generally accepted accounting  principles for complete
financial  statements.  In the opinion of ConCap  Holdings,  Inc.  (the "General
Partner") all adjustments  (consisting of normal recurring accruals)  considered
necessary for a fair presentation have been included.  Operating results for the
three and six month periods ended June 30, 2001, are not necessarily  indicative
of the results  that may be expected  for the fiscal  year ending  December  31,
2001.  The General  Partner is  ultimately  owned by  Apartment  Investment  and
Management Company ("AIMCO"), a publicly traded real estate investment trust.


<PAGE>





Note C - Related Party Transactions

The Partnership has no employees and is dependent on the General Partner and its
affiliates for the management and administration of all Partnership  activities.
The Partnership  Agreement  provides for (i) certain  payments to affiliates for
services and (ii)  reimbursement of certain  expenses  incurred by affiliates on
behalf of the  Partnership.  The  following  payments  were made to the  General
Partner and affiliates during the six months ended June 30, 2001 and 2000:

                                                               2001      2000
                                                                (in thousands)

 Property management fees (included in operating expenses)     $ 465     $ 502
 Investment advisory fees (included in general
   and administrative expenses)                                  115        90
 Reimbursement for services of affiliates (included in
   operating and general and administrative expenses
   and investment properties)                                    232       179

Affiliates of the General  Partner are entitled to receive 5% of gross  receipts
from the Partnership's  investment  properties for providing property management
services.  The Partnership  paid to such affiliates  approximately  $465,000 and
$502,000 for the six months ended June 30, 2001 and 2000, respectively.

The  Partnership  is 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  $115,000 and $90,000 for the
six months ended June 30, 2001 and 2000, respectively.

An  affiliate  of the General  Partner  received  reimbursement  of  accountable
administrative expenses amounting to approximately $232,000 and $179,000 for the
six months ended June 30, 2001 and 2000, respectively.

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 Agreement (the "Master Loan"),  which is described more fully in the
2000 annual report. Such interest payments totaled approximately  $2,704,000 for
the six months  ended June 30,  2001 and  approximately  $1,000,000  for the six
months ended June 30, 2000. There were no advances on the Master Loan during the
six months  ended June 30,  2001 or 2000.  During the six months  ended June 30,
2001 and 2000, CCEP paid approximately $7,484,000 and $167,000, respectively, to
CCIP as principal payments on the Master Loan.

Note D - Master Loan and Accrued Interest Payable

The Master Loan principal and accrued interest payable balances at June 30, 2001
and  December  31,  2000,  are  approximately   $351,455,000  and  $340,493,000,
respectively.

Terms of Master Loan Agreement

Under the terms of the Master Loan,  interest  accrues at a fluctuating rate per
annum  adjusted  annually  on  July  15 by the  percentage  change  in the  U.S.
Department of Commerce  Implicit Price  Deflator for the Gross National  Product
subject to an interest  rate ceiling of 12.5%.  Payments are  currently  payable
quarterly  in an amount equal to "Excess  Cash Flow",  generally  defined in the
Master Loan as net cash flow from operations after  third-party debt service and
capital  expenditures.  Any unpaid  interest is added to  principal,  compounded
annually,  and is payable at the loan's maturity. Any net proceeds from the sale
or refinancing  of any of CCEP's  properties are paid to CCIP under the terms of
the Master Loan Agreement.  The Master Loan Agreement  matured in November 2000.
The  holder  of the  note  has two  options  which  include  foreclosing  on the
properties  that  collateralize  the Master Loan or  extending  the terms of the
note.  If CCIP were to  foreclose on its  collateral,  CCEP would no longer hold
title to its properties and the Partnership would be dissolved.

Note E - Sale of Property

On January 19, 2001,  the  Partnership  sold  Magnolia  Trace,  located in Baton
Rouge,  Louisiana,  to an  unaffiliated  third  party for net sales  proceeds of
approximately  $6,019,000,  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  $4,377,000. In conjunction with
the sale, a fee of  approximately  $206,000  was paid to the General  Partner in
accordance with the Partnership Agreement.