FORM 10-KSB--ANNUAL OR TRANSITIONAL REPORT UNDER
                             SECTION 13 OR 15(d)

                                   Form 10-KSB

[X]   ANNUAL REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT
      OF 1934 [No Fee Required]

                 For the fiscal year ended December 31, 2001

[ ]   TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
      ACT OF 1934 [No Fee Required]

             For the transition period from _________to _________

                          Commission file number 0-8639

                       CONSOLIDATED CAPITAL GROWTH FUND
                (Name of small business issuer in its charter)

         California                                              94-2382571
(State or other jurisdiction of                               (I.R.S. Employer
 incorporation or organization)                              Identification No.)

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

                   Issuer's telephone number (864) 239-1000

        Securities registered under Section 12(b) of the Exchange Act:

                                      None

        Securities registered under Section 12(g) of the Exchange Act:

                     Units of Limited Partnership Interests
                                (Title of class)

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___

Check if there is no disclosure  of delinquent  filers in response to Item 405
of  Regulation  S-B  contained  in  this  form,  and  no  disclosure  will  be
contained,  to the best of the  registrant's  knowledge in definitive proxy or
information  statements  incorporated  by  reference  in Part III of this Form
10-KSB or any amendment to this Form 10-KSB.  [X]

State issuer's revenues for its most recent fiscal year.  $12,121,000

State the aggregate  market value of the voting  partnership  interests  held by
non-affiliates  computed  by  reference  to the price at which  the  partnership
interests  were sold,  or the average bid and asked  prices of such  partnership
interests as of December 31, 2001. No market exists for the limited  partnership
interests of the Registrant,  and,  therefore,  no aggregate market value can be
determined.

                       DOCUMENTS INCORPORATED BY REFERENCE
                                      None

<PAGE>

                                     PART I

Item 1.     Description of Business

Consolidated  Capital  Growth  Fund  (the  "Partnership"  or  "Registrant")  was
organized on December  20, 1976 as a limited  partnership  under the  California
Uniform Limited  Partnership Act. The general partner responsible for management
of the Partnership's  business is ConCap Equities,  Inc., a Delaware corporation
(the  "General  Partner"  or "CEI").  The  General  Partner is a  subsidiary  of
Apartment  Investment and Management Company  ("AIMCO"),  a publicly traded real
estate investment trust. The Partnership Agreement provides that the Partnership
is to terminate on December 31, 2006 unless terminated prior to such date.

The  Registrant  is engaged in the business of operating and holding real estate
properties for investment. Starting in 1977 through 1980, during its acquisition
phase, the Registrant acquired twenty-five  existing properties.  The Registrant
continues  to own and  operate  four of these  properties.  All but one of these
properties,  Breckinridge Square Apartments,  were previously sold and have been
reacquired by the  Partnership  after the borrowers were unable to perform under
the terms of their note agreements. See "Item 2. Description of Properties".

Commencing February 25, 1977, the Partnership offered pursuant to a Registration
Statement  filed with the  Securities  and Exchange  Commission  50,000 Units of
Limited  Partnership  interest (the  "Units") at a purchase  price of $1,000 per
unit.  The sale of Units closed on October 10,  1978,  with 49,196 Units sold at
$1,000 each, or gross proceeds of approximately  $49,196,000 to the Partnership.
Since its initial  offering,  the Registrant  has not received,  nor are limited
partners required to make, additional capital contributions.

Upon  the  Partnership's   formation  in  1976,  Consolidated  Capital  Equities
Corporation ("CCEC"), a Colorado corporation,  was the corporate general partner
and Consolidated  Capital Group ("CCG"), a California general  partnership,  was
the non-corporate  general partner.  In 1988,  through a series of transactions,
Southmark  Corporation  ("Southmark")  acquired controlling interest in CCEC. In
December  1988,  CCEC filed for  reorganization  under  Chapter 11 of the United
States  Bankruptcy  Code. In 1990, as part of CCEC's  reorganization  plan,  CEI
acquired  CCEC's general  partner  interests in the  Partnership and in 15 other
affiliated public limited  partnerships (the "Affiliated  Partnerships") and CEI
replaced CCEC as managing general partner in all 16 partnerships.  The selection
of CEI as the sole  managing  general  partner was approved by a majority of the
limited  partners in the Partnership and in each of the Affiliated  Partnerships
pursuant to a  solicitation  of the Limited  Partners  dated August 10, 1990. As
part of this  solicitation,  the Limited  Partners also approved an amendment to
the  Partnership  Agreement to limit changes of control of the  Partnership  and
approved conversion of the general partner interest of the non-corporate general
partner,  CCG, to that of a special limited partner  ("Special Limited Partner")
without  voting and  without  other  rights of a limited  partner  except to the
economic interest previously held as a general partner. Pursuant to an amendment
to the Partnership Agreement,  the non-corporate general partner interest of CCG
was  converted  to that of a Special  Limited  Partner  and CEI  became the sole
general partner of the Partnership on December 31, 1991.

The Registrant  has no employees.  Management  and  administrative  services are
performed by the General Partner and by agents retained by the General  Partner.
An affiliate of the General Partner has been providing such property  management
services.

Both  the  income  and  expenses  of  operating  the  properties  owned  by  the
Partnership are subject to factors outside of the Partnership's control, such as
changes in the supply and demand for similar  properties  resulting from various
market  conditions,  increases/decreases  in unemployment or population  shifts,
changes in the availability of permanent mortgage  financing,  changes in zoning
laws,  or changes in patterns or needs of users.  In  addition,  there are risks
inherent in owning and operating residential  properties because such properties
are  susceptible to the impact of economic and other  conditions  outside of the
control of the Partnership.

There have been, and it is possible there may be other, Federal, state and local
legislation  and  regulations   enacted   relating  to  the  protection  of  the
environment.  The Partnership is unable to predict the extent,  if any, to which
such new  legislation  or  regulations  might occur and the degree to which such
existing or new legislation or regulations might adversely affect the properties
owned by the Partnership.

The Partnership  monitors its properties for evidence of pollutants,  toxins and
other dangerous substances, including the presence of asbestos. In certain cases
environmental  testing has been performed which resulted in no material  adverse
conditions or liabilities.  In no case has the Partnership  received notice that
it is a potentially  responsible party with respect to an environmental clean up
site.

The  real  estate  business  in which  the  Partnership  is  engaged  is  highly
competitive.  There are other  residential  properties within the market area of
the Partnership's properties.  The number and quality of competitive properties,
including  those which may be managed by an affiliate of the General  Partner in
such  market  area,  could have a material  effect on the rental  market for the
apartments at the Partnership's properties and the rents that may be charged for
such apartments. While the General Partner and its affiliates own and/or control
a  significant  number of  apartment  units in the  United  States,  such  units
represent an  insignificant  percentage of total  apartment  units in the United
States and competition for the apartments is local.

A further description of the Partnership's business is included in "Management's
Discussion and Analysis or Plan of Operation"  included in "Item 6" of this Form
10-KSB.

Item 2.     Description of Properties

The following table sets forth the Partnership's investment in properties:
<TABLE>
<CAPTION>

                                     Date of
Property                            Purchase        Type of Ownership          Use

<S>                                   <C>
Breckinridge Square Apartments        10/78    Fee ownership, subject to   Apartment
  Louisville, Kentucky                         first mortgage              294 units

Churchill Park Apartments             05/90    Fee ownership, subject to   Apartment
  Louisville, Kentucky                         first mortgage              384 units

The Lakes Apartments                  05/88    Fee ownership, subject to   Apartment
  Raleigh, North Carolina                      first mortgage              600 units

Doral Springs Apartments              11/87    Fee ownership, subject to   Apartment
  Miami, Florida                               first mortgage              368 units
</TABLE>

Schedule of Properties

Set forth below for each of the  Registrant's  properties is the gross  carrying
value,  accumulated  depreciation,  depreciable life, method of depreciation and
Federal tax basis.
<TABLE>
<CAPTION>

                             Gross
                           Carrying    Accumulated                          Federal
Property                     Value    Depreciation     Rate     Method     Tax Basis
                               (in thousands)                           (in thousands)
Breckinridge Square
<S>                         <C>          <C>         <C>                    <C>
  Apartments                $ 9,381      $ 7,159     5-22 yrs    S/L        $ 2,487
Churchill Park
  Apartments                  9,434        5,741     5-20 yrs    S/L          4,123
The Lakes Apartments         16,381       10,734     5-19 yrs    S/L          8,123
Doral Springs
   Apartments                13,139        7,735     5-20 yrs    S/L          7,585

     Total                  $48,335      $31,369                            $22,318
</TABLE>

See  "Note  A" to the  financial  statements  included  in  "Item  7.  Financial
Statements" for a description of the Partnership's depreciation policy.

Schedule of Property Indebtedness

The  following  table  sets  forth  certain  information  relating  to the loans
encumbering the Registrant's properties.
<TABLE>
<CAPTION>

                           Principal                                        Principal
                          Balance At                                         Balance
                         December 31,    Interest    Period    Maturity       Due At
       Property              2001          Rate     Amortized    Date      Maturity (2)
                        (in thousands)                                    (in thousands)
Breckinridge Square
<S>                         <C>           <C>          <C>     <C>   <C>     <C>
 Apartments                 $ 6,000       6.95%        (1)     12/01/05      $ 6,000

Churchill Park
 Apartments                   6,450       6.95%        (1)     12/01/05        6,450

The Lakes Apartments         12,240       6.95%        (1)     12/01/05       12,240

Doral Springs
  Apartments                 10,692       7.53%      20 yrs    07/01/21           --

      Total                 $35,382                                          $24,690
</TABLE>

(1)   Interest only payments

(2)   See "Item 7. Financial  Statements - Note B" for information  with respect
      to the  Registrant's  ability  to repay  these  loans and  other  specific
      details about the loans.

On June 28, 2001,  the  Partnership  refinanced the mortgage  encumbering  Doral
Springs  Apartments.  The refinancing  replaced  indebtedness  of  approximately
$6,000,000  with a new mortgage in the amount of  $10,790,000.  The new mortgage
carries a stated interest rate of 7.53%. Interest on the old mortgage was 7.33%.
Principal and interest  payments on the mortgage loan of  approximately  $87,000
are due monthly  until the loan matures in July 2021 at which time the loan will
be fully amortized.  Total capitalized loan costs were  approximately  $371,000.
The Partnership  recognized an extraordinary loss on the early extinguishment of
debt of approximately $64,000 due to the write-off of unamortized loan costs.

Rental Rates and Occupancy

The following table sets forth the average annual rental rates and occupancy for
2001 and 2000 for each property.

                                       Average Annual            Average Annual
                                        Rental Rates               Occupancy
                                         (per unit)
 Property                             2001         2000         2001        2000

 Breckinridge Square Apartments      $7,949       $7,906        90%          93%
 Churchill Park Apartments            7,467        7,263        87%          92%
 The Lakes Apartments                 7,552        7,403        92%          86%
 Doral Springs Apartments             8,913        8,324        97%          97%

The General Partner attributes the decrease in occupancy at Churchill Apartments
and Breckinridge Square Apartments to poor market conditions and first time home
purchases by many  residents.  The General  Partner  attributes  the increase in
occupancy at The Lakes  Apartments  to aggressive  marketing and recent  capital
improvements to the property.

As noted under "Item 1.  Description of Business",  the real estate  industry is
highly competitive.  All of the properties are subject to competition from other
residential  apartment  complexes in the area. The General Partner believes that
all of the  properties  are  adequately  insured.  The  properties are apartment
complexes  which lease units for lease terms of one year or less. As of December
31, 2001, no tenant leases 10% or more of the available rental space. All of the
properties  are  in  good  condition,   subject  to  normal   depreciation   and
deterioration as is typical for assets of this type and age.

Real Estate Taxes and Rates

Real estate taxes and rates in 2001 for each property were:

                                           2001             2001
                                         Billing            Rate
                                      (in thousands)

Breckinridge Square Apartments             $ 99             1.04%
Churchill Park Apartments                   101             0.90%
The Lakes Apartments                        224             0.95%
Doral Springs Apartments                    312             2.20%

Capital Improvements

Breckinridge Square Apartments: The Partnership completed approximately $417,000
in capital  expenditures at Breckinridge Square Apartments during the year ended
December  31,  2001,  consisting  primarily  of  heating  and  air  conditioning
upgrades,  structural  improvements,   roof  replacements,   major  landscaping,
appliances,  and floor covering  replacements.  These  improvements  were funded
primarily from operations.  The Partnership is currently  evaluating the capital
improvement  needs of the property for the upcoming  year. The minimum amount to
be budgeted is expected to be $300 per unit or $88,200.  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.

Churchill Park Apartments:  The Partnership completed  approximately $231,000 in
capital  expenditures  at  Churchill  Park  Apartments  as of December 31, 2001,
consisting primarily of interior decoration,  air conditioning unit replacement,
electrical upgrades, and plumbing,  floor covering,  appliance, and water heater
replacements. These improvements were funded from operations. The Partnership is
currently  evaluating  the capital  improvement  needs of the  property  for the
upcoming year. The minimum amount to be budgeted is expected to be $300 per unit
or $115,200.  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 Lakes  Apartments:  The  Partnership  completed  approximately  $485,000  in
capital expenditures at The Lakes Apartments as of December 31, 2001, consisting
primarily of building and other improvements,  maintenance equipment, structural
improvements, and air conditioning,  appliance, cabinet, water heater, and floor
covering  replacements.  These  improvements  were funded from  operations.  The
Partnership  is  currently  evaluating  the  capital  improvement  needs  of the
property for the upcoming year. The minimum amount to be budgeted is expected to
be $300 per unit or $180,000. 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.

Doral Springs Apartments:  The Partnership completed  approximately  $421,000 in
capital  expenditures  at Doral  Springs  Apartments  as of December  31,  2001,
consisting primarily of plumbing upgrades, lighting upgrades, floor covering and
appliance replacement and other building  improvements.  These improvements were
funded from  operations,  replacement  reserves,  and  insurance  proceeds.  The
Partnership  is  currently  evaluating  the  capital  improvement  needs  of the
property for the upcoming year. The minimum amount to be budgeted is expected to
be $300 per unit or $110,400. 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.

During the year ended  December 31, 2001, a net casualty  gain of  approximately
$80,000 was recorded at Doral Springs Apartments.  Approximately $57,000 of this
gain related to a flood that occurred in October 2000. This gain was a result of
the receipt of insurance proceeds of approximately  $76,000 and the write-off of
the net book  value of the  destroyed  assets  totaling  approximately  $19,000.
Approximately  $23,000 of this gain  related to sewer and water line damage that
occurred in November  2000.  This gain was a result of the receipt of  insurance
proceeds of approximately $39,000 and the write-off of the net book value of the
destroyed assets totaling approximately $16,000.

Item 3.     Legal Proceedings

The Partnership is a party to certain legal actions resulting from its operating
activities.  As of December 31, 2001,  one case has been settled and paid by the
Partnership's insurance carrier and the other case is still pending. This action
is a routine  litigation and  administrative  proceeding arising in the ordinary
course of business and is not expected to have a material  adverse effect on the
financial condition or results of operations of the Partnership.

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

During the quarter ended December 31, 2001, no matter was submitted to a vote of
security holders through the solicitation of proxies or otherwise.

                                     PART II

Item 5.     Market for Partnership Equity and Related Partner Matters

The Partnership,  a publicly-held  limited partnership,  offered and sold 49,196
limited partnership units aggregating $49,196,000. The Partnership currently has
2,060 holders of record  owning an aggregate of 49,196 Units.  Affiliates of the
General Partner owned 31,398.25  units or  approximately  63.82% at December 31,
2001.  No public  trading  market has  developed  for the  Units,  and it is not
anticipated that such a market will develop in the future.

The following table sets forth the distributions made by the Partnership for the
years ended December 31, 2000 and 2001 (see "Item 6. Management's Discussion and
Analysis or Plan of Operation" for further detail).

                                                 Distributions
                                                            Per Limited
                                        Aggregate         Partnership Unit

       01/01/00 - 12/31/00            $2,872,000 (1)          $ 57.81
       01/01/01 - 12/31/01             6,431,000 (2)           117.69

(1)   Distributions were made from operations.

(2)   Distribution of approximately $1,998,000 from operations and approximately
      $4,433,000 from the refinancing proceeds of Doral Springs.

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.  The  Partnership's  cash
available  for  distribution  is  reviewed on a monthly  basis.  There can be no
assurance,  however,  that the Partnership  will generate  sufficient funds from
operations,  after  required  capital  expenditures,  to permit  any  additional
distributions  to its  partners  in 2002 or  subsequent  periods.  See  "Item 2.
Description of Properties - Capital  Improvements"  for information  relating to
anticipated capital expenditures at the properties.

In addition to its  indirect  ownership of the general  partner  interest in the
Partnership,  AIMCO and its affiliates owned 31,398.25 limited partnership units
(the "Units") in the Partnership representing 63.82% of the outstanding Units at
December  31,  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  acquire  additional  limited  partnership   interests  in  the
Partnership  for cash or in exchange for units in the operating  partnership  of
AIMCO either through private  purchases or tender offers.  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  voting on
certain amendments to the Partnership Agreement and voting to remove the General
Partner.  As a result of its ownership of 63.82% of the outstanding Units, AIMCO
is in a position  to  control  all such  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.

Item 6.     Management's Discussion and Analysis or Plan of Operation

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

This item should be read in conjunction with the financial  statements and other
items contained elsewhere in this report.

Results of Operations

The  Partnership's  net  income  for  the  year  ended  December  31,  2001  was
approximately  $800,000  as compared to  approximately  $1,208,000  for the year
ended December 31, 2000. The decrease in net income is due to the recognition of
an extraordinary  loss on early  extinguishment of debt and an increase in total
expenses  which was  partially  offset by an  increase  in total  revenues.  The
Partnership recognized an extraordinary loss on the early extinguishment of debt
of  approximately  $64,000  due to the June 2001  refinancing  of Doral  Springs
Apartments resulting in the write off of unamortized loan costs. The increase in
total  expenses  is  primarily  attributable  to an increase  in  operating  and
interest  expenses  which was  partially  offset by a decrease  in  depreciation
expense.  Operating expenses increased due to increases in insurance premiums at
all of the  Partnership's  properties and utilities,  especially  electrical and
natural gas costs, at Breckinridge  Square and Churchill Park.  Interest expense
increased due to the  refinancing of the mortgage  encumbering  Doral Springs in
June 2001. Depreciation expense decreased primarily due to the building becoming
fully  depreciated   during  third  quarter  of  2000  at  Breckinridge   Square
Apartments.

The increase in total  revenues is due to an increase in rental income which was
partially  offset by a decrease in other income and casualty  gain. The increase
in rental  income is due to the  increase in average  rental rates at all of the
Registrant's  properties  and an increase in  occupancy  at The Lakes which more
than offset a decrease in occupancy at  Breckinridge  Square and Churchill Park.
Other  income  decreased  due to a  decrease  in  interest  income  at  all  the
Registrant's  properties  as a result of lower average cash balances in interest
bearing accounts.

During the year ended  December 31, 2001, a net casualty  gain of  approximately
$80,000 was recorded at Doral Springs Apartments.  Approximately $57,000 of this
gain related to a flood that occurred in October 2000. This gain was a result of
the receipt of insurance proceeds of approximately  $76,000 and the write-off of
the net book  value of the  destroyed  assets  totaling  approximately  $19,000.
Approximately  $23,000 of this gain  related to sewer and water line damage that
occurred in November  2000.  This gain was a result of the receipt of  insurance
proceeds of approximately $39,000 and the write-off of the net book value of the
destroyed assets totaling approximately $16,000.

During the year ended  December 31, 2000, a net casualty  gain of  approximately
$183,000 was recorded at The Lakes  Apartments.  The casualty  gain related to a
fire that destroyed 12 apartment  units in January 2000. The gain was the result
of insurance  proceeds of  approximately  $242,000 and the  write-off of the net
book value of the destroyed assets totaling $59,000 which were replaced in 2000.

General and administrative  expenses remained  relatively constant for the years
ended  December  31,  2001 and  2000,  respectively.  Included  in  general  and
administrative  expenses are  reimbursements  to the General  Partner as allowed
under  the  Partnership  Agreement.  In  addition,  costs  associated  with  the
quarterly and annual  communications  with the investors and regulatory agencies
and the annual audit required by the Partnership Agreement are also included.

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

Liquidity and Capital Resources

At  December  31,  2001,  the  Partnership  had  cash and  cash  equivalents  of
approximately  $644,000  compared to  approximately  $1,340,000  at December 31,
2000.  The decrease in cash and cash  equivalents of  approximately  $696,000 is
primarily  due to  approximately  $1,431,000  and  $2,110,000  of  cash  used in
investing and financing activities,  respectively, which was partially offset by
approximately $2,845,000 of cash provided by operating activities.  Cash used in
investing   activities   consisted   primarily  of  property   improvements  and
replacements  which was partially offset by net withdrawals from escrow accounts
maintained by the mortgage lender and by insurance proceeds received.  Cash used
in financing activities consisted of partner distributions, the repayment of the
mortgage  encumbering Doral Springs  Apartments,  principal payments on mortgage
notes payable and loan costs paid partially offset by proceeds received from the
refinancing  of  the  mortgage   encumbering  Doral  Springs   Apartments.   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 investment  properties to adequately  maintain the
physical  assets and other  operating needs of the Registrant and to comply with
Federal, state, and local legal and regulatory requirements.  The Partnership is
currently  evaluating  the capital  improvement  needs of the properties for the
upcoming year. The minimum amount to be budgeted is expected to be $300 per unit
or $493,800.  Additional  improvements  may be considered and will depend on the
physical  condition  of the  properties  as well  as  replacement  reserves  and
anticipated cash flow generated by the properties.

The additional  capital  expenditures will be incurred only if cash is 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.

On June 28, 2001,  the  Partnership  refinanced the mortgage  encumbering  Doral
Springs  Apartments.  The refinancing  replaced  indebtedness  of  approximately
$6,000,000  with a new mortgage in the amount of  $10,790,000.  The new mortgage
carries a stated interest rate of 7.53%. Interest on the old mortgage was 7.33%.
Principal and interest  payments on the mortgage loan of  approximately  $87,000
are due monthly  until the loan matures in July 2021 at which time the loan will
be fully amortized.  Total capitalized loan costs were  approximately  $371,000.
The Partnership  recognized an extraordinary loss on the early extinguishment of
debt of approximately $64,000 due to the write-off of unamortized loan costs.

The Partnership's  current assets are thought to be sufficient for any near-term
needs  (exclusive  of capital  improvements)  of the  Registrant.  The  mortgage
indebtedness  is  approximately   $35,382,000.   The  mortgages  for  The  Lakes
Apartments,  Churchill  Park  Apartments,  and  Breckinridge  Square  Apartments
require monthly interest only payments.  These notes require balloon payments on
December 1, 2005.  The mortgage  encumbering  Doral Springs  Apartments is being
amortized  over 20 years  and  will be fully  amortized  on July 21,  2021.  The
General  Partner  may 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 will risk losing such properties
through foreclosure.

Pursuant to the Partnership Agreement,  the term of the Partnership is scheduled
to expire on December 31, 2006. Accordingly,  prior to such date the Partnership
will need to either  sell its  investment  properties  or extend the term of the
Partnership.  If the Partnership is unable to extend its term, the ultimate sale
price of the investment properties may be adversely affected.

During the year ended December 31, 2001, the Partnership  paid  distributions of
approximately $6,431,000  (approximately $5,790,000 paid to the limited partners
or $117.69  per  limited  partnership  unit) of which  approximately  $1,998,000
(approximately  $1,977,000  to  the  limited  partners  or  $40.18  per  limited
partnership   unit)   was   from   operations   and   approximately   $4,433,000
(approximately  $3,813,000  to  the  limited  partners  or  $77.51  per  limited
partnership unit) was from the refinancing proceeds of Doral Springs Apartments.
During the year ended December 31, 2000,  cash  distributions  of  approximately
$2,872,000  (approximately  $2,844,000 of which was paid to the limited partners
or $57.81 per limited  partnership unit) were paid from operations.  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.  The  Registrant's  cash  available  for
distribution is reviewed on a monthly basis. There can be no assurance, however,
that the  Partnership  will generate  sufficient  funds from  operations,  after
required  capital  expenditures,  to permit any additional  distributions to its
partners in 2002 or subsequent periods.

In addition to its  indirect  ownership of the general  partner  interest in the
Partnership,  AIMCO and its affiliates owned 31,398.25 limited partnership units
(the "Units") in the Partnership representing 63.82% of the outstanding Units at
December  31,  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  acquire  additional  limited  partnership   interests  in  the
Partnership  for cash or in exchange for units in the operating  partnership  of
AIMCO either through private  purchases or tender offers.  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  voting on
certain amendments to the Partnership Agreement and voting to remove the General
Partner.  As a result of its ownership of 63.82% of the outstanding Units, AIMCO
is in a position  to  control  all such  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.

Recent Accounting Pronouncements

In August 2001, the Financial  Accounting Standards Board issued SFAS No. 144,
"Accounting  for the  Impairment or Disposal of Long-Lived  Assets".  SFAS No.
144 provides  accounting  guidance for financial  accounting and reporting for
the impairment or disposal of long-lived assets.  SFAS No. 144 supersedes SFAS
No.  121,  "Accounting  for  the  Impairment  of  Long-Lived  Assets  and  for
Long-Lived  Assets to be Disposed  Of".  SFAS No. 144 is effective  for fiscal
years  beginning  after  December  15,  2001.  The  General  Partner  does not
anticipate  that its  adoption  will have a material  effect on the  financial
position or results of operations of the Partnership.


Item 7.     Financial Statements

CONSOLIDATED CAPITAL GROWTH FUND

LIST OF FINANCIAL STATEMENTS

      Report of Ernst & Young LLP, Independent Auditors

      Balance Sheet - December 31, 2001

      Statements of Operations - Years ended December 31, 2001 and 2000

      Statements  of Changes in Partners'  Deficit - Years ended  December 31,
      2001 and 2000

      Statements of Cash Flows - Years ended December 31, 2001 and 2000

      Notes to Financial Statements


<PAGE>


              Report of Ernst & Young LLP, Independent Auditors



The Partners
Consolidated Capital Growth Fund


We have audited the  accompanying  balance sheet of Consolidated  Capital Growth
Fund as of December 31, 2001, and the related statements of operations,  changes
in  partners'  deficit,  and cash  flows for each of the two years in the period
ended December 31, 2001. These financial  statements are the  responsibility  of
the  Partnership's  management.  Our  responsibility is to express an opinion on
these financial statements based on our audits.

We conducted our audits in accordance with auditing standards generally accepted
in the United States. Those standards require that we plan and perform the audit
to obtain reasonable  assurance about whether the financial  statements are free
of material misstatement. An audit includes examining, on a test basis, evidence
supporting  the amounts and  disclosures in the financial  statements.  An audit
also includes assessing the accounting principles used and significant estimates
made  by the  Partnership's  management,  as  well  as  evaluating  the  overall
financial  statement  presentation.   We  believe  that  our  audits  provide  a
reasonable basis for our opinion.

In our opinion,  the financial  statements  referred to above present fairly, in
all material  respects,  the financial  position of Consolidated  Capital Growth
Fund at December 31, 2001,  and the results of its operations and its cash flows
for each of the two years in the period ended  December 31, 2001,  in conformity
with accounting principles generally accepted in the United States.


                                                          /s/ERNST & YOUNG LLP


Greenville, South Carolina
February 15, 2002
<PAGE>



                        CONSOLIDATED CAPITAL GROWTH FUND

                                  BALANCE SHEET
                       (in thousands, except unit data)

                                December 31, 2001

<TABLE>
<CAPTION>

Assets
<S>                                                                          <C>
   Cash and cash equivalents                                                 $  644
   Receivables and deposits                                                     299
   Restricted escrows                                                           293
   Other assets                                                                 658
   Investment properties (Notes B and D):
      Land                                                    $ 4,610
      Buildings and related personal property                  43,725
                                                               48,335
      Less accumulated depreciation                           (31,369)       16,966
                                                                           $ 18,860

Liabilities and Partners' Deficit
Liabilities
   Accounts payable                                                          $ 146
   Tenant security deposit liabilities                                          277
   Other liabilities                                                            431
   Mortgage notes payable (Note B)                                           35,382

Partners' Deficit
   General partner                                            $ (5,428)
   Limited partners (49,196 units issued and
      outstanding)                                            (11,948)      (17,376)
                                                                           $ 18,860

                See Accompanying Notes to Financial Statements

</TABLE>

<PAGE>

                        CONSOLIDATED CAPITAL GROWTH FUND

                            STATEMENTS OF OPERATIONS
                       (in thousands, except unit data)

<TABLE>
<CAPTION>

                                                             Years Ended December 31,
                                                                2001          2000
Revenues:
<S>                                                           <C>           <C>
  Rental income                                               $ 11,410      $ 11,085
  Other income                                                     631           681
  Casualty gain (Note F)                                            80           183
      Total revenues                                            12,121        11,949

Expenses:
  Operating                                                      5,117         4,695
  General and administrative                                       670           668
  Depreciation                                                   2,284         2,369
  Interest                                                       2,422         2,234
  Property taxes                                                   764           775
      Total expenses                                            11,257        10,741

Income before extraordinary loss                                   864         1,208
Extraordinary loss on early extinguishment of debt                 (64)           --

Net income                                                     $ 800         $ 1,208

Net income allocated to general partner (1%)                    $ 8           $ 12
Net income allocated to limited partners (99%)                     792         1,196

                                                               $ 800         $ 1,208
Per limited partnership unit:
  Income before extraordinary loss                            $ 17.38        $ 24.31
  Extraordinary loss                                             (1.28)           --

Net income                                                    $ 16.10        $ 24.31

Distributions per limited partnership unit                    $ 117.69       $ 57.81


                See Accompanying Notes to Financial Statements

</TABLE>

<PAGE>


                        CONSOLIDATED CAPITAL GROWTH FUND

                  STATEMENT OF CHANGES IN PARTNERS' DEFICIT
                       (in thousands, except unit data)

<TABLE>
<CAPTION>


                                     Limited
                                    Partnership      General      Limited
                                       Units         Partner      Partners      Total

<S>                                    <C>             <C>        <C>          <C>
Original capital contributions         49,196          $ 1        $ 49,196     $ 49,197

Partners' deficit at
  December 31, 1999                    49,196        $ (4,779)    $ (5,302)    $(10,081)

Distribution to partners                   --            (28)       (2,844)      (2,872)

Net income for the year ended
  December 31, 2000                        --             12         1,196        1,208

Partners' deficit at
  December 31, 2000                    49,196         (4,795)       (6,950)     (11,745)

Distribution to partners                   --           (641)       (5,790)      (6,431)

Net income for the year ended
  December 31, 2001                        --              8           792          800

Partners' deficit at
  December 31, 2001                    49,196       $ (5,428)     $(11,948)    $(17,376)


                See Accompanying Notes to Financial Statements

</TABLE>

<PAGE>

                        CONSOLIDATED CAPITAL GROWTH FUND

                            STATEMENTS OF CASH FLOWS
                                (in thousands)
<TABLE>
<CAPTION>

                                                                 Years Ended December 31,
                                                                     2001         2000

Cash flows from operating activities:
<S>                                                                 <C>          <C>
  Net income                                                        $ 800        $ 1,208
  Adjustments to reconcile net income to net cash provided
   by operating activities:
     Depreciation                                                    2,284         2,369
     Amortization of loan costs                                         75            78
     Casualty gain                                                     (80)         (183)
     Bad debt                                                          193           182
     Extraordinary loss on early extinguishment of debt                 64            --
     Changes in assets and liabilities:
      Receivables and deposits                                        (195)          (85)
      Other assets                                                      14            (8)
      Accounts payable                                                (176)           55
      Tenant security deposit liabilities                               36            --
      Accrued property taxes                                           (41)           18
      Other liabilities                                               (129)          126
            Net cash provided by operating activities                2,845         3,760

Cash flows used in investing activities:
  Property improvements and replacements                            (1,637)       (1,753)
  Net withdrawals from (deposits to) restricted escrows                 91           (25)
  Insurance proceeds received                                          115           242
            Net cash used in investing activities                   (1,431)       (1,536)

Cash flows used in financing activities:
  Distributions to partners                                         (6,431)       (2,872)
  Proceeds from mortgage note payable                               10,790            --
  Repayment of mortgage note payable                                (6,000)           --
  Loan costs paid                                                     (371)           --
  Principal payments on mortgage notes payable                         (98)           --
            Net cash used in financing activities                   (2,110)       (2,872)

Net decrease in cash and cash equivalents                             (696)         (648)

Cash and cash equivalents at beginning of period                     1,340         1,988

Cash and cash equivalents at end of period                          $ 644        $ 1,340

Supplemental disclosure of cash flow information:
  Cash paid for interest                                           $ 2,317       $ 2,156

Supplemental disclosure of non-cash flow information:
  Property improvements and replacements included in
   accounts payable                                                  $ --         $ 83

                See Accompanying Notes to Financial Statements

</TABLE>

<PAGE>
                        CONSOLIDATED CAPITAL GROWTH FUND

                          NOTES TO FINANCIAL STATEMENTS

                                December 31, 2001


Note A - Organization and Significant Accounting Policies

Organization:   Consolidated   Capital   Growth  Fund  (the   "Partnership"   or
"Registrant") was organized on December 20, 1976 as a limited  partnership under
the California Uniform Limited  Partnership Act. The general partner responsible
for  management  of the  Partnership's  business  is ConCap  Equities,  Inc.,  a
Delaware  corporation (the "General Partner" or "CEI"). The General Partner is a
subsidiary of Apartment Investment and Management Company ("AIMCO"),  a publicly
traded real estate  investment  trust.  The director and officers of the General
Partner also serve as executive  officers of AIMCO.  The  Partnership  Agreement
provides  that the  Partnership  is to  terminate  on  December  31, 2006 unless
terminated prior to such date. The Partnership  commenced operations in 1977 and
completed  its  acquisition  of apartment  properties in 1980.  The  Partnership
operates four apartment properties located in the southern United States.

Uses of Estimates:  The  preparation of financial  statements in conformity with
accounting   principles   generally  accepted  in  the  United  States  requires
management to make estimates and assumptions that affect the amounts reported in
the financial  statements and  accompanying  notes.  Actual results could differ
from those estimates.

Cash and Cash Equivalents: Includes cash on hand and in banks. At certain times,
the amount of cash deposited at a bank may exceed the limit on insured deposits.
Cash  balances  included  approximately  $464,000 at December  31, 2001 that are
maintained by the affiliated management company on behalf of affiliated entities
in cash concentration accounts.

Restricted  Escrows:  At  December  31, 2001  approximately  $293,000 is held in
replacement  reserve funds for certain capital  replacements  (as defined in the
Replacement Reserve Agreement) at Breckinridge Square Apartments, Churchill Park
Apartments, and The Lakes Apartments.

Depreciation:  Depreciation  is  provided by the  straight-line  method over the
estimated lives of the apartment  properties and related personal property.  For
Federal income tax purposes,  the  accelerated  cost recovery method is used for
real property over 18 years for additions  after March 15, 1984,  and before May
9, 1985,  and 19 years for additions  after May 8, 1985,  and before  January 1,
1987. As a result of the Tax Reform Act of 1986,  for additions  after  December
31, 1986, the modified accelerated cost recovery method is used for depreciation
of (1) real  property  additions  over 27 1/2  years and (2)  personal  property
additions over 5 to 15 years.

Loan Costs: Loan costs of approximately $874,000, less accumulated  amortization
of approximately  $316,000, are included in other assets and are being amortized
over the life of the loans.

Tenant  Security  Deposits:  The  Partnership  requires  security  deposits from
lessees  for the  duration  of the  lease  and such  deposits  are  included  in
receivables  and  deposits.  The security  deposits are refunded when the tenant
vacates,  provided  the tenant has not  damaged  its space and is current on its
rental payments.

Leases: The Partnership  generally leases apartment units for twelve-month terms
or less. The Partnership recognizes income as earned on its leases. In addition,
the General Partner's policy is to offer rental concessions during  particularly
slow months or in response to heavy  competition from other similar complexes in
the area. Concessions are charged against rental income as incurred.

Partners' Capital (Deficit):  The Limited  Partnership  Agreement  ("Agreement")
provides that net income and net losses from  operations  for both financial and
tax reporting  purposes shall be allocated 99% to the Limited Partners and 1% to
the General Partner.  Net income per limited  partnership unit for both 2001 and
2000 was computed as 99% of net income divided by 49,196 units outstanding.

All  distributions  other than Surplus  Funds  distributions  (as defined in the
Agreement)  are  allocated  99% to the  Limited  Partners  and 1% to the General
Partner.  Distributions  of Surplus  Funds were  allocated  100% to the  Limited
Partners  until 1986 when the Limited  Partners  had  received a return of their
capital  contributions plus a 10% cumulative return.  Pursuant to the provisions
of the Agreement,  the General  Partner has been entitled to 14% of Surplus Fund
distributions  since 1986.  However,  in connection with a settlement  agreement
between CEI and two affiliated partnerships,  a portion of the General Partner's
interest in the Partnership was assigned to the two affiliated partnerships. The
two affiliated partnerships received distributions of approximately $513,000 and
$23,000 from the Partnership during 2001 and 2000, respectively.

The following table sets forth the distributions made by the Partnership for the
years ended December 31, 2000 and 2001.

                                                 Distributions
                                                            Per Limited
                                        Aggregate         Partnership Unit

       01/01/00 - 12/31/00            $2,872,000 (1)          $ 57.81
       01/01/01 - 12/31/01             6,431,000 (2)           117.69

(1)   Distributions were made from operations.

(2)   Distribution of approximately $1,998,000 from operations and approximately
      $4,433,000 from the refinancing proceeds of Doral Springs.

Investment Properties: Investment properties consist of four apartment complexes
and are  stated  at cost.  Acquisition  fees are  capitalized  as a cost of real
estate.  In  accordance  with SFAS No. 121,  "Accounting  for the  Impairment of
Long-Lived  Assets and for Long-Lived Assets to Be Disposed Of", the Partnership
records  impairment  losses on long-lived  assets used in operations when events
and   circumstances   indicate  that  the  assets  might  be  impaired  and  the
undiscounted  cash flows estimated to be generated by those assets are less than
the carrying  amounts of those assets.  Costs of apartment  properties that have
been  permanently  impaired  have  been  written  down to  appraised  value.  No
adjustments  for  impairment of value were recorded in the years ended  December
31, 2001 and 2000. See "Recent Accounting Pronouncements" below.

Segment Reporting: 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.  As  defined in SFAS 131,  the  Partnership  has only one  reportable
segment.  The General Partner believes that  segment-based  disclosures will not
result  in a more  meaningful  presentation  than the  financial  statements  as
currently presented.

Advertising:  The  Partnership  expenses the costs of  advertising  as incurred.
Advertising  costs of  approximately  $202,000  and $219,000 for the years ended
December 31, 2001 and 2000,  respectively,  were charged to operating expense as
incurred.

Fair Value of Financial Instruments: SFAS No. 107, "Disclosures about Fair Value
of  Financial  Instruments",  as amended  by SFAS No.  119,  "Disclosures  about
Derivative  Financial  Instruments  and Fair  Value of  Financial  Instruments",
requires  disclosure  of fair value  information  about  financial  instruments,
whether or not recognized in the balance  sheet,  for which it is practicable to
estimate  fair  value.  Fair value is defined in the SFAS as the amount at which
the  instruments  could be exchanged in a current  transaction  between  willing
parties,  other than in a forced or liquidation  sale. The Partnership  believes
that the  carrying  amount of its  financial  instruments  (except for long term
debt)  approximates  their fair value due to the short  term  maturity  of these
instruments.  The  fair  value  of  the  Partnership's  long  term  debt,  after
discounting the scheduled loan payments to maturity,  approximates  its carrying
balance.

Recent  Accounting  Pronouncements:  In August 2001, the Financial  Accounting
Standards  Board  issued  SFAS No.  144,  "Accounting  for the  Impairment  or
Disposal of Long-Lived Assets".  SFAS No. 144 provides accounting guidance for
financial   accounting  and  reporting  for  the  impairment  or  disposal  of
long-lived assets.  SFAS No. 144 supersedes SFAS No. 121,  "Accounting for the
Impairment of Long-Lived  Assets and for Long-Lived Assets to be Disposed Of".
SFAS No. 144 is effective for fiscal years  beginning after December 15, 2001.
The  General  Partner  does not  anticipate  that  its  adoption  will  have a
material  effect on the  financial  position or results of  operations  of the
Partnership.

Note B - Mortgage Notes Payable

The principle terms of mortgage notes payable are as follows:
<TABLE>
<CAPTION>

                              Principal     Monthly                           Principal
                              Balance At    Payment    Stated                  Balance
                             December 31,  Including  Interest   Maturity      Due At
         Property                2001       Interest    Rate       Date       Maturity
                                 (in thousands)                            (in thousands)
Breckinridge Square
<S>                            <C>            <C>       <C>      <C>   <C>     <C>
  Apartments                   $ 6,000        $ 35      6.95%    12/01/05      $ 6,000

Churchill Park
  Apartments                     6,450          37      6.95%    12/01/05        6,450

The Lakes Apartments            12,240          71      6.95%    12/01/05       12,240

Doral Springs Apartments        10,692          87      7.53%    07/01/21           --

      Total                    $35,382        $230                             $24,690
</TABLE>

On June 28, 2001,  the  Partnership  refinanced the mortgage  encumbering  Doral
Springs  Apartments.  The refinancing  replaced  indebtedness  of  approximately
$6,000,000  with a new mortgage in the amount of  $10,790,000.  The new mortgage
carries a stated interest rate of 7.53%. Interest on the old mortgage was 7.33%.
Principal and interest  payments on the mortgage loan of  approximately  $87,000
are due monthly  until the loan matures in July 2021 at which time the loan will
be fully amortized.  Total capitalized loan costs were  approximately  $371,000.
The Partnership  recognized an extraordinary loss on the early extinguishment of
debt of approximately $64,000 due to the write-off of unamortized loan costs.

The  mortgage  notes  payable are  nonrecourse  and are secured by pledge of the
Partnership's  rental  properties  and by pledge of revenues from the respective
rental  properties.  Certain of the notes impose prepayment  penalties if repaid
prior to maturity  and  prohibit  resale of the  properties  subject to existing
indebtedness.

Scheduled  principle  payments  of the  mortgage  notes  payable  subsequent  to
December 31, 2001 are as follows (in thousands):

                               2002             $   249
                               2003                 268
                               2004                 289
                               2005              25,002
                               2006                 336
                            Thereafter            9,238
                                                $35,382

Note C - Transactions with Affiliated Parties

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  General  Partner and its  affiliates  received
reimbursements  and fees  during the years ended  December  31, 2001 and 2000 as
reflected in the following table:

                                                                2001        2000
                                                                 (in thousands)

Property management fees (included in operating expenses)       $ 607      $ 577
Reimbursement for services of affiliates (included in
  general and administrative expenses and investment
  properties)                                                     876        410
Partnership management fees (included in general
  and administrative expenses)                                    178        256
Loan costs (included in other assets)                             108         --

Affiliates of the General  Partner are entitled to receive 5% of gross  receipts
from  all of the  Registrant's  properties  for  providing  property  management
services.  The Registrant  paid to such  affiliates  approximately  $607,000 and
$577,000 for the years ended December 31, 2001 and 2000, respectively.

An  affiliate  of the General  Partner  received  reimbursement  of  accountable
administrative expenses amounting to approximately $876,000 and $410,000 for the
years ended December 31, 2001 and 2000, respectively.  Included in these amounts
are fees related to construction management services provided by an affiliate of
the General  Partner of  approximately  $495,000 and $52,000 for the years ended
December 31, 2001 and 2000,  respectively.  The construction  management service
fees are  calculated  based on a  percentage  of current and certain  prior year
additions to investment properties and are being depreciated over 15 years.

The  Partnership  Agreement  provides  for  a fee  equal  to  9%  of  the  total
distributions   made  to  the  limited   partners   from  "cash   available  for
distribution"  (as defined in the  Agreement) to be paid to the General  Partner
for executive and administrative management services.  Affiliates of the General
Partner  received  approximately  $178,000  and  $256,000  for the  years  ended
December 31, 2001 and 2000, respectively, for providing these services.

In connection with the refinancing of Doral Springs Apartments on June 28, 2001,
the  Partnership  paid  the  General  Partner  a fee of  approximately  $108,000
pursuant to the Partnership Agreement.

Beginning in 2001, the  Partnership  began insuring 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 year ended December 31, 2001,
the  Partnership  paid  AIMCO  and its  affiliates  approximately  $132,000  for
insurance coverage and fees associated with policy claims administration.

In addition to its  indirect  ownership of the general  partner  interest in the
Partnership,  AIMCO and its affiliates owned 31,398.25 limited partnership units
(the "Units") in the Partnership representing 63.82% of the outstanding Units at
December  31,  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  acquire  additional  limited  partnership   interests  in  the
Partnership  for cash or in exchange for units in the operating  partnership  of
AIMCO either through private  purchases or tender offers.  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  voting on
certain amendments to the Partnership Agreement and voting to remove the General
Partner.  As a result of its ownership of 63.82% of the outstanding Units, AIMCO
is in a position  to  control  all such  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 D - Investment Properties and Accumulated Depreciation

<TABLE>
<CAPTION>
                                                     Initial Cost
                                                    To Partnership
                                                    (in thousands)

                                                             Buildings           Cost
                                                            and Related      Capitalized
                                                              Personal      Subsequent to
        Description            Encumbrances       Land        Property       Acquisition
                              (in thousands)                                (in thousands)
Breckinridge Square
  Apartments
<S>                              <C>             <C>          <C>              <C>
  Louisville, Kentucky           $ 6,000         $ 641        $ 4,720          $ 4,020

Churchill Park Apartments
  Louisville, Kentucky             6,450            566         6,510            2,358

The Lakes Apartments
  Raleigh, North Carolina         12,240            946         9,605            5,830

Doral Springs Apartments
  Miami, Florida                  10,692          2,848         8,492            1,799

Totals                           $35,382        $ 5,001       $29,327          $14,007
</TABLE>
<PAGE>

<TABLE>
<CAPTION>

                            Gross Amount At Which Carried
                                At December 31, 2001
                                 (in thousands)

                                   Buildings
                                  And Related
                                   Personal            Accumulated    Date of      Date    Depreciable
      Description          Land    Property    Total  Depreciation  Construction  Acquired Life-Years
                                                     (in thousands)
Breckinridge Square
 Apartments
<S>                        <C>      <C>       <C>        <C>           <C>         <C>       <C>
  Louisville, Kentucky     $ 641    $ 8,740   $ 9,381    $ 7,159       1971        10/78     5-22

Churchill Park Apartments
  Louisville, Kentucky       566      8,868     9,434      5,741       1970        05/90     5-20

The Lakes Apartments
  Raleigh, North Carolina    946     15,435    16,381     10,734       1973        05/88     5-19

Doral Springs Apartments
  Miami, Florida           2,457     10,682    13,139      7,735    1972 - 1975    11/87     5-20

  Totals                  $4,610    $43,725   $48,335    $31,369

</TABLE>
<PAGE>

Reconciliation of "Investment Properties and Accumulated Depreciation":

                                       Years Ended December 31,
                                         2001             2000
                                            (in thousands)
Real Estate
Balance at beginning of year           $46,872          $45,203
  Property improvements                  1,554            1,836
  Disposals of property                    (91)            (167)
Balance at end of Year                 $48,335          $46,872

Accumulated Depreciation
Balance at beginning of year           $29,141          $26,880
  Additions charged to expense           2,284            2,369
  Disposals of property                    (56)            (108)
Balance at end of year                 $31,369          $29,141

The  aggregate  cost of the real  estate  for  Federal  income tax  purposes  at
December  31,  2001 and 2000,  is  approximately  $45,625,000  and  $44,185,000,
respectively. The accumulated depreciation taken for Federal income tax purposes
at December 31, 2001 and 2000, is  approximately  $23,307,000  and  $21,270,000,
respectively.

Note E - Income Taxes

The Partnership has received a ruling from the Internal  Revenue Service that it
will  be  classified  as  a  partnership   for  Federal   income  tax  purposes.
Accordingly,  no provision for income taxes is made in the financial  statements
of the Partnership. Taxable income or loss of the Partnership is reported in the
income tax returns of its partners.

The  following is a  reconciliation  of reported net income and Federal  taxable
income (in thousands, except per unit data):

                                          2001          2000

Net income as reported                    $ 800        $1,208
Add (deduct):
  Fixed asset write-offs and
    casualty gain                           (80)         (209)
  Depreciation differences                  247           292
  Prepaid rent                              (97)           32
  Other                                      19            29

Federal taxable income                    $ 889        $1,352

Federal taxable income per
  limited partnership unit               $17.88        $27.21

The tax basis of the  Partnership's  assets  and  liabilities  is  approximately
$11,191,000 greater than the assets and liabilities as reported in the financial
statements.

Note F - Casualty Gain

During the year ended  December 31, 2001, a net casualty  gain of  approximately
$80,000 was recorded at Doral Springs Apartments.  Approximately $57,000 of this
gain related to a flood that occurred in October 2000. This gain was a result of
the receipt of insurance proceeds of approximately  $76,000 and the write-off of
the net book  value of the  destroyed  assets  totaling  approximately  $19,000.
Approximately  $23,000 of this gain  related to sewer and water line damage that
occurred in November  2000.  This gain was a result of the receipt of  insurance
proceeds of approximately $39,000 and the write-off of the net book value of the
destroyed assets totaling approximately $16,000.

During the year ended  December 31, 2000, a net casualty  gain of  approximately
$183,000 was recorded at The Lakes  Apartments.  The casualty  gain related to a
fire that destroyed 12 apartment  units in January 2000. The gain was the result
of insurance  proceeds of  approximately  $242,000 and the  write-off of the net
book value of the destroyed assets totaling $59,000 which were replaced in 2000.

Note G - Legal Proceedings

The Partnership is a party to certain legal actions resulting from its operating
activities.  As of December 31, 2001,  one case has been settled and paid by the
Partnership's insurance carrier and the other case is still pending. This action
is a routine  litigation and  administrative  proceeding arising in the ordinary
course of business and is not expected to have a material  adverse effect on the
financial condition or results of operations of the Partnership.

Item 8.     Changes in and  Disagreements  with  Accountants on Accounting and
            Financial Disclosure

            None.

                                    PART III

Item 9.     Directors,  Executive  Officers,  Promoters  and Control  Persons;
            Compliance with Section 16(a) of the Exchange Act

The  Registrant  has no officers  or  directors.  The General  Partner is ConCap
Equities,  Inc.  The names and ages of, as well as the position and offices held
by, the present  executive  officers and director of the General Partner are set
forth below. There are no family relationships  between or among any officers or
directors.

Name                        Age    Position

Patrick J. Foye              44    Executive Vice President and Director
Martha L. Long               42    Senior Vice President and Controller

Patrick J. Foye has been  Executive Vice President and Director of the General
Partner  since  October  1,  1998.  Mr.  Foye has  served  as  Executive  Vice
President  of AIMCO  since May 1998.  Prior to joining  AIMCO,  Mr. Foye was a
partner in the law firm of Skadden,  Arps, Slate, Meagher & Flom LLP from 1989
to 1998 and was Managing Partner of the firm's  Brussels,  Budapest and Moscow
offices from 1992 through 1994.  Mr. Foye is also Deputy  Chairman of the Long
Island  Power  Authority  and  serves  as a  member  of  the  New  York  State
Privatization  Council.  He received a B.A.  from  Fordham  College and a J.D.
from Fordham University Law School.

Martha L. Long has been  Senior Vice  President  and  Controller  of the General
Partner since October 1998 as a result of the acquisition of Insignia  Financial
Group, Inc. As of February 2001, Ms. Long was also appointed head of the service
business for AIMCO.  From June 1994 until January 1997,  she was the  Controller
for Insignia, and was promoted to Senior Vice President - Finance and Controller
in January 1997,  retaining  that title until  October  1998.  From 1988 to June
1994,  Ms. Long was Senior Vice  President and  Controller for The First Savings
Bank, FSB in Greenville, South Carolina.

One or more of the above persons are also directors and/or officers of a general
partner (or general partner of a general partner) of limited  partnerships which
either have a class of  securities  registered  pursuant to Section 12(g) of the
Securities Exchange Act of 1934, or are subject to the reporting requirements of
Section  15(d) of such Act.  Further,  one or more of the above persons are also
directors and/or officers of Apartment Investment and Management Company and the
general  partner  of  AIMCO  Properties,  L.P.,  entities  that  have a class of
securities  registered  pursuant to Section 12(g) of the Securities Exchange Act
of 1934, or are subject to the reporting  requirements of Section 15 (d) of such
Act.

The  executive  officers  and  director  of  the  General  Partner  fulfill  the
obligations  of the Audit  Committee  and  oversee the  Partnership's  financial
reporting  process on behalf of the General Partner.  Management has the primary
responsibility for the financial  statements and the reporting process including
the systems of internal controls. In fulfilling its oversight  responsibilities,
the executive  officers and director of the General Partner reviewed the audited
financial  statements with management including a discussion of the quality, not
just the  acceptability,  of the accounting  principles,  the  reasonableness of
significant  judgments,   and  the  clarity  of  disclosures  in  the  financial
statements.

The  executive  officers and director of the General  Partner  reviewed with the
independent  auditors,  who are  responsible  for  expressing  an opinion on the
conformity of those audited  financial  statements  with  accounting  principles
generally accepted in the United States,  their judgments as to the quality, not
just the  acceptability,  of the  Partnership's  accounting  principles and such
other  matters as are required to be discussed  with the Audit  Committee or its
equivalent under auditing standards  generally accepted in the United States. In
addition,  the  Partnership  has  discussed  with the  independent  auditors the
auditors' independence from management and the Partnership including the matters
in the written  disclosures  required by the  Independence  Standards  Board and
considered  the   compatibility   of  non-audit   services  with  the  auditors'
independence.

The executive  officers and director of the General  Partner  discussed with the
Partnership's  independent auditors the overall scope and plans for their audit.
In  reliance on the reviews and  discussions  referred to above,  the  executive
officers and director of the General  Partner has approved the  inclusion of the
audited financial  statements in the Form 10-KSB for the year ended December 31,
2001 for filing with the Securities and Exchange Commission.

The General Partner has reappointed Ernst & Young LLP as independent auditors to
audit the financial  statements of the  Partnership for the current fiscal year.
Fees for the last fiscal year were audit services of  approximately  $53,000 and
non-audit services (principally tax-related) of approximately $27,000.

Item 10.    Executive Compensation

None  of  the  directors  and  officers  of the  General  Partner  received  any
remuneration from the Registrant.

Item 11.    Security Ownership of Certain Beneficial Owners and Management

(a)   Security Ownership of Certain Beneficial Owners

Except as noted below, no person or entity was known by the Registrant to own of
record or  beneficially  more than 5% of the  Limited  Partnership  Units of the
Registrant as of December 31, 2001.

Entity                                  Number of Units      Percentage

AIMCO Properties, LP
  (an affiliate of AIMCO)                   9,397.60           19.10%
Madison River Properties LLC
  (an affiliate of AIMCO)                   2,690.00            5.47%
Insignia Properties LP
  (an affiliate of AIMCO)                  19,310.65           39.25%

Insignia  Properties,  L.P. and Madison River  Properties  LLC are  indirectly
ultimately  owned by  AIMCO.  Their  business  address  is 55  Beattie  Place,
Greenville, SC 29602.

AIMCO Properties,  LP is indirectly ultimately controlled by AIMCO. Its business
address is 2000 South Colorado Boulevard, Denver, CO 80222.

(b)   Beneficial Owners of Management

No director or officer of the General  Partner owns any units of the Partnership
of record or beneficially.

(c)   Change in Control

      Beneficial Owners of CEI

As of December  31,  2001,  an  affiliate  of the  General  Partner was the sole
shareholder of its common stock:

                                             Number of         Percent
                  Name and Address             Units          Of Total

           Insignia Properties Trust
           55 Beattie Place
           Greenville, SC 29602               100,000           100%

Item 12.    Certain Relationships and Related 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  General  Partner and its  affiliates  received
reimbursements  and fees  during the years ended  December  31, 2001 and 2000 as
reflected in the following table:

                                                       2001          2000
                                                         (in thousands)

  Property management fees                             $ 607         $ 577
  Reimbursement for services of affiliates               876           410
  Partnership management fees                            178           256
  Loan costs                                             108            --

Affiliates of the General  Partner are entitled to receive 5% of gross  receipts
from  all of the  Registrant's  properties  for  providing  property  management
services.  The Registrant  paid to such  affiliates  approximately  $607,000 and
$577,000 for the years ended December 31, 2001 and 2000, respectively.

An  affiliate  of the General  Partner  received  reimbursement  of  accountable
administrative expenses amounting to approximately $876,000 and $410,000 for the
years ended December 31, 2001 and 2000, respectively.  Included in these amounts
are fees related to construction management services provided by an affiliate of
the General  Partner of  approximately  $495,000 and $52,000 for the years ended
December 31, 2001 and 2000,  respectively.  The construction  management service
fees are  calculated  based on a  percentage  of current and certain  prior year
additions to investment properties and are being depreciated over 15 years.

The  Partnership  Agreement  provides  for  a fee  equal  to  9%  of  the  total
distributions   made  to  the  limited   partners   from  "cash   available  for
distribution"  (as defined in the  Agreement) to be paid to the General  Partner
for executive and administrative management services.  Affiliates of the General
Partner  received  approximately  $178,000  and  $256,000  for the  years  ended
December 31, 2001 and 2000, respectively, for providing these services.

In connection with the refinancing of Doral Springs Apartments on June 28, 2001,
the  Partnership  paid  the  General  Partner  a fee of  approximately  $108,000
pursuant to the Partnership Agreement.

Beginning in 2001, the  Partnership  began insuring 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 year ended December 31, 2001,
the  Partnership  paid  AIMCO  and its  affiliates  approximately  $132,000  for
insurance coverage and fees associated with policy claims administration.

In addition to its  indirect  ownership of the general  partner  interest in the
Partnership,  AIMCO and its affiliates owned 31,398.25 limited partnership units
(the "Units") in the Partnership representing 63.82% of the outstanding Units at
December  31,  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  acquire  additional  limited  partnership   interests  in  the
Partnership  for cash or in exchange for units in the operating  partnership  of
AIMCO either through private  purchases or tender offers.  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  voting on
certain amendments to the Partnership Agreement and voting to remove the General
Partner.  As a result of its ownership of 63.82% of the outstanding Units, AIMCO
is in a position  to  control  all such  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.

Item 13.    Exhibits and Reports on Form 8-K

      (a)   Exhibits:

            None.

      (b)   Reports on Form 8-K filed  during the fourth  quarter of fiscal year
            2001:

            None.


<PAGE>


                                   SIGNATURES



In accordance  with Section 13 or 15(d) of the Exchange Act, the  Registrant has
caused this report to be signed on its behalf by the undersigned, thereunto duly
authorized.


                                    CONSOLIDATED CAPITAL GROWTH FUND


                                    By:   ConCap Equities, Inc.
                                          Its General Partner


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


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


                                    Date:


In  accordance  with the Exchange  Act, this report has been signed below by the
following  persons on behalf of the Registrant and in the capacities on the date
indicated.


/s/Patrick J. Foye            Executive Vice President      Date:
Patrick J. Foye               and Director


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


<PAGE>


                                  EXHIBIT INDEX

     Exhibit

       2.1        Agreement  and Plan of  Merger,  dated as of October 1, 1998
                  between AIMCO and IPT.

       3          Certificate of Limited Partnership, as amended to date.

      10.1        Property  Management  Agreement  No. 201 dated  October  23,
                  1990, by and between the Partnership and CCEC  (Incorporated
                  by  reference to the  Quarterly  Report on Form 10-Q for the
                  quarter ended September 30, 1990).

      10.2        Property  Management  Agreement  No. 302 dated  October  23,
                  1990, by and between the Partnership and CCEC  (Incorporated
                  by  reference to the  Quarterly  Report on Form 10-Q for the
                  quarter ended September 30, 1990).

      10.3        Property  Management  Agreement  No. 401 dated  October  23,
                  1990, by and between the Partnership and CCEC  (Incorporated
                  by  reference to the  Quarterly  Report on Form 10-Q for the
                  quarter ended September 30, 1990).

      10.4        Bill of Sale and  Assignment  dated  October 23, 1990,  by and
                  between  CCEC and ConCap  Services  Company  (Incorporated  by
                  reference to the Quarterly Report on Form 10-Q for the quarter
                  ended September 30, 1990).

      10.5        Assignment and Assumption Agreement dated October 23, 1990, by
                  and between  CCEC and ConCap  Management  Limited  Partnership
                  ("CCMLP")  (Incorporated  by reference to the Quarterly Report
                  on Form 10-Q for the quarter ended September 30, 1990).

      10.6        Assignment  and  Agreement as to Certain  Property  Management
                  Services  dated  October 23,  1990,  by and between  CCMLP and
                  ConCap  Capital  Company  (Incorporated  by  reference  to the
                  Quarterly  Report on Form 10-Q for the quarter ended September
                  30, 1990).

      10.7        Assignment and Assumption Agreement dated October 23, 1990, by
                  and between  CCMLP and  Horn-Barlow  Companies  (200 Series of
                  Property Management Contracts),  (Incorporated by reference to
                  the  Quarterly  Report  on Form  10-Q  for the  quarter  ended
                  September 30, 1990).

      10.8        Assignment and Assumption Agreement dated October 23, 1990, by
                  and  between  CCMLP  and Metro  ConCap,  Inc.  (300  Series of
                  Property Management Contracts),  (Incorporated by reference to
                  the  Quarterly  Report  on Form  10-Q  for the  quarter  ended
                  September 30, 1990).

      10.9        Assignment and Assumption Agreement dated October 23, 1990, by
                  and between CCMLP and R&B Realty Group (400 Series of Property
                  Management  Contracts)   (Incorporated  by  reference  to  the
                  Quarterly  Report on Form 10-Q for the quarter ended September
                  30, 1999).

      10.10       Assignment and Assumption  Agreement  dated September 1, 1991,
                  by and  between  the  Partnership  and CCGF  Associates,  Ltd.
                  (Incorporated  by reference to the Annual  Report on Form 10-K
                  for the year ended December 31, 1991).

      10.11       Construction  Management  Cost  Reimbursement  Agreement dated
                  January  1,  1991,   by  and  between  the   Partnership   and
                  Horn-Barlow    Companies   (the   "Horn-Barlow    Construction
                  Management  Agreement").  (Incorporated  by  reference  to the
                  Annual  Report on Form 10-K for the year  ended  December  31,
                  1991).

      10.12       Assignment  and  Assumption  Agreement  dated  September  1,
                  1991, by and between the  Partnership  and CCGF  Associates,
                  Ltd.  (Horn-Barlow   Construction   Management   Agreement).
                  (Incorporated  by  reference  to the  Annual  Report on Form
                  10-K for the year ended December 31, 1991).

      10.13       Construction  Management  Cost  Reimbursement  Agreement dated
                  January 1, 1991,  by and  between  the  Partnership  and Metro
                  ConCap,  Inc.  (Incorporated by reference to the Annual Report
                  on Form 10-K for the year ended December 31, 1991).

      10.14       Construction  Management  Cost  Reimbursement  Agreement dated
                  January  1,  1991,  by and  between  the  Partnership  and R&B
                  Apartment Management Company, Inc.  (Incorporated by reference
                  to the Annual Report on Form 10-K for the year ended  December
                  31, 1991).

      10.15       Investor  Services  Agreement  dated  October 23, 1990, by and
                  between the Partnership and CCEC (Incorporated by reference to
                  the  Quarterly  Report  on Form  10-Q  for the  quarter  ended
                  September 30, 1990).

      10.16       Assignment  and  Assumption   Agreement   (Investor   Services
                  Agreement)  dated  October 23,  1990,  by and between CCEC and
                  ConCap  Services  Company  (Incorporated  by  reference to the
                  Annual  Report on Form 10-K for the year  ended  December  31,
                  1990).

      10.17       Letter of Notice dated  December 20,  1991,  from  Partnership
                  Services, Inc. ("PSI") to the Partnership regarding the change
                  in  ownership  and  dissolution  of  ConCap  Services  Company
                  whereby   PSI  assumed  the   Investor   Services   Agreement.
                  (Incorporated  by reference to the Annual  Report on Form 10-K
                  for the year ended December 31, 1991).

      10.18       Financial  Services  Agreement  dated October 23, 1990, by and
                  between the Partnership and CCEC (Incorporated by reference to
                  the  Quarterly  Report  on Form  10-Q  for the  quarter  ended
                  September 30, 1990).

      10.19       Assignment  and  Assumption   Agreement   (Financial   Service
                  Agreement)  dated  October 23,  1990,  by and between CCEC and
                  ConCap  Capital  Company  (Incorporated  by  reference  to the
                  Quarterly  Report on Form 10-Q for the quarter ended September
                  30, 1990).

      10.20       Letter of Notice  dated  December  20,  1991,  from PSI to the
                  Partnership  regarding the change in ownership and dissolution
                  of ConCap  Captial  Company  whereby PSI assumed the Financial
                  Services  Agreement  (Incorporated  by reference to the Annual
                  Report on Form 10-K for the year ended December 31, 1991).

      10.21       Property  Management  Agreement  No. 414 dated May 13, 1993,
                  by and  between the  Partnership  and  Coventry  Properties,
                  Inc.  (Incorporated  by reference to the Quarterly Report on
                  Form 10-Q for the quarter ended September 30, 1993).

      10.22       Assignment and  Assumption  Agreement  (Property  Management
                  Agreement  No.  414)  dated  May 13,  1993,  by and  between
                  Coventry   Properties,   Inc.,   R&B  Apartment   Management
                  Company, Inc., and Partnership Services,  Inc. (Incorporated
                  by  reference to the  Quarterly  Report on Form 10-Q for the
                  quarter ended September 30, 1993).

      10.23       Assignment  Agreement  as  to  Certain  Property  Management
                  Services  dated  May  13,  1993,  by  and  between  Coventry
                  Properties,    Inc.   and   Partnership    Services,    Inc.
                  (Incorporated  by reference to the Quarterly  Report on Form
                  10-Q for the quarter ended September 30, 1993).

      10.24       Property  Management  Agreement  No. 506 dated June 1, 1993,
                  by and between the Partnership and Coventry Properties, Inc.

      10.25       Assignment and Assumption  Agreement as to Certain  Property
                  Management  Services dated November 17, 1993, by and between
                  Coventry Properties, Inc. and Partnership Services, Inc.

      10.27       Assignment and Assumption  Agreement as to Certain  Property
                  Management  Services dated November 17, 1993, by and between
                  Coventry Properties, Inc. and Partnership Services, Inc.

      10.28       Multifamily   Note   dated   November   30,   1995   between
                  Consolidated  Capital  Growth  Fund,  a  California  limited
                  partnership,  and Lehman Brothers Holdings Inc. d/b/a Lehman
                  Capital, A Division of Lehman Brothers Holdings, Inc.

      10.29       Multifamily   Note   dated   November   30,   1995   between
                  Consolidated  Capital  Growth  Fund,  a  California  limited
                  partnership,  and Lehman Brothers Holdings Inc. d/b/a Lehman
                  Capital, A Division of Lehman Brothers Holdings, Inc.

      10.30       Multifamily   Note   dated   November   30,   1995   between
                  Consolidated  Capital  Growth  Fund,  a  California  limited
                  partnership,  and Lehman Brothers Holdings Inc. d/b/a Lehman
                  Capital, A Division of Lehman Brothers Holdings, Inc.

      10.31       Multifamily    Note   dated   November   1,   1996   between
                  Consolidated  Capital  Growth  Fund,  a  California  limited
                  partnership,  and Lehman Brothers Holdings Inc. d/b/a Lehman
                  Capital, A Division of Lehman Brothers Holdings, Inc.

      11          Statement  regarding  computation  of Net Income per Limited
                  Partnership  Unit  (Incorporated  by  reference to Note A of
                  Item 7 - Financial Statements of this Form 10-K).

      16          Letter,  dated  August  12,  1992,  from  Ernst & Young to the
                  Securities  and  Exchange   Commission   regarding  change  in
                  certifying accountant.  (Incorporated by reference to Form 8-K
                  dated August 6, 1992).