EXHIBIT 10.28                                                 Loan No. 734105762


                                MULTIFAMILY NOTE

US $6,450,000.00                                                  
                                                              New York, New York
                                                         As of November 30, 1995

      FOR  VALUE  RECEIVED,  the  undersigned  promise  to  pay LEHMAN  BROTHERS
HOLDINGS INC. d/b/a Lehman Capital, A Division of Lehman Brothers Holdings Inc.,
or  order, the  principal sum  of Six  Million Four  Hundred Fifty  Thousand and
00/100 Dollars, with interest  on the unpaid principal balance from the  date of
this Note, until  paid, at  the rate of  6.95 percent  per annum.  Interest only
shall be payable at 3 World Financial Center, New York, New  York 10285, or such
other  place as  the  holder hereof  may  designate in  writing,  in consecutive
monthly  installments of Thirty  Seven Thousand Three Hundred  Fifty Six Dollars
and 25/100  (US $37,356.25) on  the first  day of each  month beginning January,
1996, until the entire indebtedness evidenced hereby is fully  paid, except that
any remaining  indebtedness, if not sooner  paid, shall  be due  and payable  on
December 1, 2005.

      If  any installment  under this  Note is  not paid  when  due, the  entire
principal amount  outstanding hereunder  and accrued  interest thereon  shall at
once become  due and payable, at  the option of  the holder hereof.   The holder
hereof may  exercise  this  option  to  accelerate  during any  default  by  the
undersigned regardless of any prior forbearance.  In the event of any default in
the payment of this Note, and if the same is referred to an attorney  at law for
collection or any action at law or in equity is brought with respect hereto, the
undersigned  shall pay the holder hereof all expenses  and costs, including, but
not limited to, attorney's fees.

      Prepayments shall be applied  against the outstanding principal balance of
this Note  and shall  not  extend or  postpone the  due date  of any  subsequent
monthly installments, unless the holder hereof shall agree otherwise in writing.
The holder hereof  may require that any partial prepayments be  made on the date
monthly installments are  due and be in the  amount of that part of one  or more
monthly installments which would be applicable to principal.

      From time to time, without affecting the  obligation of the undersigned or
the successors or  assigns of the undersigned  to pay the  outstanding principal
balance of  this Note  and observe  the covenants of  the undersigned  contained
herein, without affecting the  guaranty of any person,  corporation, partnership
or other entity for payment of the  outstanding principal balance of this  Note,
without  giving notice  to or  obtaining  the consent  of  the undersigned,  the
successors or assigns of the undersigned or guarantors, and without liability on
the part  of the  holder hereof, the  holder hereof may,  at the  option of  the
holder hereof, extend the time for payment of said outstanding principal balance
or any part thereof,  reduce the payments thereon, release anyone liable  on any
of said outstanding principal balance, accept a renewal of this Note, modify the
terms and  time of payment  of said  outstanding principal balance,  join in any
extension or subordination agreement,  release any security given  herefor, take
or  release  other  or  additional  security, and  agree  in  writing  with  the
undersigned to  modify the rate  of interest  or period of  amortization of this
Note or change the amount of the monthly installments payable hereunder.

      Presentment,  notice of  dishonor, and  protest are  hereby waived  by all
makers, sureties, guarantors and endorsers hereof.  This Note shall be the joint
and  several obligation of  all makers, sureties, guarantors  and endorsers, and
shall be binding upon them and their successors and assigns.

      The indebtedness evidenced by this Note is  secured by a Mortgage or  Deed
of Trust dated as of November 30, 1995, and reference is made thereto for rights
as to acceleration of  the indebtedness evidenced by this Note. This  Note shall
be  governed by the law of the jurisdiction in which the Property subject to the
Mortgage or Deed of Trust is located.

      The undersigned shall pay any installment of interest due hereunder within
ten  (10)  calendar  days after  such  installment  of  interest  is  due.   The
undersigned shall pay any  other installment due hereunder or due in  accordance
with  the terms  of the  Mortgage or  Deed of Trust  securing this  Note, within
thirty (30) calendar days of the date such installment is due.

      The monthly installment payable on January 1, 1996 shall include  interest
on the outstanding principal balance of this Note for a full month at the above-
specified  interest rate,  notwithstanding the fact  that as of the  due date of
that installment principal may not have been outstanding for a full month.

                              CONSOLIDATED CAPITAL  GROWTH  FUND,  a  California
                              limited partnership

                              By:   ConCap    Equities,    Inc.,    a   Delaware
                                    corporation, its general partner


                                    By:   /s/ Robert Long                       
                                          Robert Long
                                          Vice  President  and  Chief Accounting
                                          Officer



                  PAY TO THE ORDER OF FEDERAL HOME LOAN
                  MORTGAGE CORPORATION WITHOUT RECOURSE.
                  This 30th day of November, 1995.

                        LEHMAN BROTHERS HOLDINGS INC. d/b/a
                        Lehman Capital, A Division of Lehman Brothers
                        Holdings Inc.


                        By:   /s/ Eileen A. Brennan         
                              Name:
                              Title: