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, 2000

[ ]   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.  $11,949,000

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, 2000. 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

                                     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").  (See  "Transfer  of
Control").  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.

Transfer of Control

Pursuant  to a series  of  transactions  which  closed  on  October  1, 1998 and
February 26, 1999,  Insignia  Financial  Group,  Inc.  ("Insignia") and Insignia
Properties  Trust  ("IPT")  merged  into  AIMCO,  a publicly  traded real estate
investment  trust with AIMCO  being the  surviving  corporation  (the  "Insignia
Merger").  As a result,  AIMCO acquired 100%  ownership  interest in the General
Partner.  The General Partner does not believe that this  transaction has had or
will have a material effect on the affairs and operations of the Partnership.


<PAGE>


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>        <C>                         <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>       <C>
  Apartments               $ 8,964       $ 6,862     5-22 yrs    S/L       $ 2,358
Churchill Park
  Apartments                 9,203         5,234     5-20 yrs    S/L         4,260
The Lakes Apartments        15,896         9,827     5-19 yrs    S/L         8,453
Doral Springs
   Apartments               12,809         7,218     5-20 yrs    S/L         7,844

     Total                 $46,872       $29,141                           $22,915
</TABLE>

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


<PAGE>


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              2000          Rate     Amortized    Date     Maturity (2)
                        (in thousands)                                   (in thousands)

Breckinridge Square
 Apartments
<S>                         <C>            <C>         <C>      <C>          <C>
  1st mortgage              $ 6,000        6.95%       (1)      12/1/05      $ 6,000

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

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

Doral Springs
  Apartments
  1st mortgage                6,000        7.33%       (1)      11/1/03        6,000

      Total                 $30,690                                          $30,690
</TABLE>

(1)   Interest only payments

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

Rental Rates and Occupancy:

The following table sets forth the average annual rental rates and occupancy for
2000 and 1999 for each property.

<TABLE>
<CAPTION>

                                              Average Annual         Average Annual
                                               Rental Rates            Occupancy
                                                (per unit)
 Property                                    2000          1999      2000     1999

<S>                                         <C>           <C>         <C>     <C>
 Breckinridge Square Apartments             $7,906        $7,663      93%     95%

 Churchill Park Apartments                   7,263         7,034      92%     96%

 The Lakes Apartments                        7,403         7,292      86%     92%

 Doral Springs Apartments                    8,324         8,046      97%     95%
</TABLE>

The General Partner attributes the decrease in occupancy at Churchill Apartments
to  several  new  apartment  communities  in the area and the  first  time  home
purchases of many  residents.  The General  Partner  attributes  the decrease in
occupancy  at The Lakes  Apartments  to the fire that  occurred in January  2000
which destroyed 12 units and to increased competition in the area.

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, 2000, 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 2000 for each property were:

                                                 2000            2000
                                                Billing          Rate
                                            (in thousands)

Breckinridge Square Apartments                   $106            1.11%
Churchill Park Apartments                          99            0.88%
The Lakes Apartments                              236            0.99%
Doral Springs Apartments                          303            2.14%

Capital Improvements:

Breckinridge Square Apartments: The Partnership completed approximately $361,000
in capital expenditures at Breckinridge Square Apartments during the year ending
December 31, 2000, consisting primarily of plumbing upgrades, floor covering and
appliance  replacements,  recreation facilities,  and air conditioning upgrades.
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 $275 per unit
or $80,850.  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 $285,000 in
capital  expenditures at Churchill Park Apartments  during the year December 31,
2000,  consisting  primarily of plumbing  upgrades,  air conditioning  upgrades,
appliance and floor covering  replacements  and structural  improvements.  These
improvements were funded primarily from replacement reserves and 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 $275 per unit or $105,600. 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  $783,000  in
capital expenditures at The Lakes Apartments during the year ending December 31,
2000,  consisting  primarily  of floor  covering,  HVAC  replacements,  building
repairs, structural improvements, and appliance replacements. These improvements
were  funded  primarily  from  replacement  reserves,   insurance  proceeds  and
operations.  Of the  $783,000,  $245,000 is related to the fire that occurred in
January 2000,  which damaged 12 units.  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 $275 per unit or  $165,000.  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  $407,000 in
capital expenditures at Doral Springs Apartments during the year ending December
31, 2000, consisting primarily of carpet and tile replacements,  appliances, air
conditioning  replacements  and parking lot upgrades.  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 $275 per unit or  $101,200.  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.


<PAGE>



Item 3.  Legal Proceedings

The Partnership is a party to certain legal actions resulting from its operating
activities.  These actions are routine litigation and administrative proceedings
arising in the  ordinary  course of business  and none of which are  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, 2000, no matter was submitted to a vote of
security holders through the solicitation of proxies or otherwise.


<PAGE>


                                     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
2,191 holders of record  owning an aggregate of 49,196 Units.  Affiliates of the
General Partner owned 29,929.75  units or  approximately  60.84% at December 31,
2000.  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, 1999 and 2000,  as well as for  subsequent to December
31, 2000.

                                                Distributions
                                                            Per Limited
                                        Aggregate        Partnership Unit

       01/01/99 - 12/31/99           $ 1,491,000 (1)          $30.00

       01/01/00 - 12/31/00             2,872,000 (2)           57.81

      Subsequent to 12/31/00             632,000 (3)           11.68

(1)   Distributions  were  made  from  operations  ($1,476,000  to  the  limited
      partners or $30.00 per limited  partnership unit), and includes $26,000 in
      withholding taxes paid by the Partnership on behalf of the Partners.

(2)   Distributions  were  made  from  operations  ($2,844,000  to  the  limited
      partners  or $57.81  per  limited  partnership  unit),  and also  includes
      $19,000  in  withholding  taxes paid by the  Partnership  on behalf of the
      partners.

(3)   Distribution  was  declared  and paid  from  operations  ($574,000  to the
      limited partners or $11.68 per limited partnership unit).

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 distribution
policy is reviewed on a quarterly  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 2001 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 29,929.75 limited partnership units
in the Partnership  representing 60.84% of the outstanding units at December 31,
2000. 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.  In this regard, on January 31, 2001, AIMCO
Properties, L.P., commenced a tender offer to acquire all of the Units not owned
by affiliates of AIMCO for a purchase price of $385.00 per Unit (which price was
higher than that being offered in a competing offer by a third party).  Pursuant
to this offer,  AIMCO  acquired an additional  774 units  resulting in its total
ownership being increased to 30,703.75 units or 62.41% of the total  outstanding
units. Under the Partnership  Agreement,  unitholders  holding a majority of the
Units are  entitled to take action with  respect to a variety of matters,  which
would  include  without   limitation,   voting  on  certain  amendments  to  the
Partnership  Agreement and voting to remove the General Partner.  As a result of
its  ownership  of 62.41% of the  outstanding  units,  AIMCO is in a position to
influence all voting  decisions with respect to the  Registrant.  When voting on
matters,  AIMCO would in all  likelihood  vote the Units it acquired in a manner
favorable to the interest of the General  Partner  because of their  affiliation
with the General Partner.


<PAGE>



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,  2000  was
approximately  $1,208,000 as compared to  approximately  $1,784,000 for the year
ended  December  31,  1999.  The decrease in net income is due to an increase in
total expenses, which was partially offset by an increase in total revenues. The
increase in total revenues is primarily attributable to the recognition of a net
casualty gain of approximately  $183,000 at the Lakes Apartments (see "Liquidity
and Capital  Resources") and to a lesser extent, to an increase in rental income
and other income.

The increase in rental income is primarily due to an increase in average  rental
rates at all four of the  Partnership's  properties and an increase in occupancy
at Doral Springs, which more than offset the decrease in occupancy at The Lakes,
Churchill Park, and Breckinridge Square. Other income increased due to telephone
rebates  at all four  properties  and a cable  rebate at Doral  Springs  plus an
increase in interest  income due to higher cash balances  being held in interest
bearing accounts.

Total  expenses  increased   primarily  due  to  an  increase  in  depreciation,
operating, general and administrative and property tax expenses. The increase in
depreciation expense resulted from capital improvements  performed at all of the
investment properties during 1999 and 2000 to improve the overall appearance and
quality of the properties.  The increase in operating  expenses is primarily due
to an increase in  utilities,  salaries,  and related  employee  benefits at The
Lakes Apartments and Breckenridge Square and an increase in expenses relating to
interior  decoration  at The Lakes.  The  increase  in  property  tax expense is
primarily due to an increase in the assessed value of The Lakes and Breckenridge
Square.

General and administrative  expenses increased due to an increase in Partnership
Management  fees  paid as a result of the  distributions  from  operations  made
during 2000, as required by the Partnership Agreement in addition to an increase
in the cost of services included in the management  reimbursement 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.


<PAGE>



Liquidity and Capital Resources

At  December  31,  2000,  the  Partnership  had  cash and  cash  equivalents  of
approximately  $1,340,000  compared to approximately  $1,988,000 at December 31,
1999.  The decrease in cash and cash  equivalents of  approximately  $648,000 is
primarily due to approximately  $1,536,000 of cash used in investing  activities
and  approximately  $2,872,000  of cash used in financing  activities  which was
partially  offset by  approximately  $3,760,000  of cash  provided by  operating
activities.   Cash  used  in   financing   activities   consisted   of   partner
distributions. Cash used in investing activities consisted primarily of property
improvements and replacements and net deposits to escrow accounts  maintained by
the mortgage lender which was partially offset by insurance proceeds received as
a result of fire damage at The Lakes  Apartments.  The  Partnership  invests its
working capital reserves in money market accounts.

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.

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,  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 $275 per unit
or $452,650.  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.

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  of  approximately   $30,690,000  requires  monthly  interest  only
payments. These notes require balloon payments on November 1, 2003, and December
1, 2005. The General Partner may attempt to refinance such  indebtedness  and/or
sell the properties  prior to such maturity  date. If the  properties  cannot be
refinanced or sold for a sufficient amount, the Registrant will risk losing such
properties through foreclosure.

During the year ended December 31, 2000,  cash  distributions  of  approximately
$2,872,000  ($2,844,000 of which was paid to the limited  partners or $57.81 per
limited  partnership  unit)  were paid from  operations.  During  the year ended
December  31,  1999,  the  Partnership  distributed   approximately   $1,491,000
($1,476,000 to the limited partners or $30.00 per limited partnership unit) from
operations. Payments were made by the Partnership of $19,000 and $26,000 in 2000
and  1999,  respectively,  to the  North  Carolina  Department  of  Revenue  for
withholding  taxes related to income generated by the  Partnership's  investment
properties located in these states. These payments were treated as distributions
to the partners and are included in the distribution  amounts above.  Subsequent
to December 31, 2000,  the  Partnership  declared and paid a  distribution  from
operations of approximately  $632,000 ($574,000 of which was paid to the limited
partners or $11.68 per limited partnership unit). 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  distribution  policy is reviewed on a quarterly 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 2001 or subsequent periods.

In addition to its  indirect  ownership of the general  partner  interest in the
Partnership,  AIMCO and its affiliates owned 29,929.75 limited partnership units
in the Partnership  representing 60.84% of the outstanding units at December 31,
2000. 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.  In this regard, on January 31, 2001, AIMCO
Properties, L.P., commenced a tender offer to acquire all of the Units not owned
by affiliates of AIMCO for a purchase price of $385.00 per Unit (which price was
higher than that being offered in a competing offer by a third party).  Pursuant
to this offer,  AIMCO  acquired an additional  774 units  resulting in its total
ownership being increased to 30,703.75 units or 62.41% of the total  outstanding
units. Under the Partnership  Agreement,  unitholders  holding a majority of the
Units are  entitled to take action with  respect to a variety of matters,  which
would  include  without   limitation,   voting  on  certain  amendments  to  the
Partnership  Agreement and voting to remove the General Partner.  As a result of
its  ownership  of 62.41% of the  outstanding  units,  AIMCO is in a position to
influence all voting  decisions with respect to the  Registrant.  When voting on
matters,  AIMCO would in all  likelihood  vote the Units it acquired in a manner
favorable to the interest of the General  Partner  because of their  affiliation
with the General Partner.


<PAGE>


Item 7.  Financial Statements



CONSOLIDATED CAPITAL GROWTH FUND

LIST OF FINANCIAL STATEMENTS


      Report of Ernst & Young LLP, Independent Auditors

      Balance Sheet - December 31, 2000

      Statements of Operations - Years ended December 31, 2000 and 1999

      Statements  of Changes in Partners'  Deficit - Years ended  December 31,
      2000 and 1999

      Statements of Cash Flows - Years ended December 31, 2000 and 1999

      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, 2000, 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, 2000. 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, 2000,  and the results of its operations and its cash flows
for each of the two years in the period ended  December 31, 2000,  in conformity
with accounting principles generally accepted in the United States.

                                                         /s/ ERNST & YOUNG LLP



Greenville, South Carolina
March 13, 2001


<PAGE>






                        CONSOLIDATED CAPITAL GROWTH FUND

                                  BALANCE SHEET
                       (in thousands, except unit data)

                                December 31, 2000
<TABLE>
<CAPTION>


Assets
<S>                                                            <C>        <C>
   Cash and cash equivalents                                              $  1,340
   Receivables and deposits                                                    297
   Restricted escrows                                                          384
   Other assets                                                                440
   Investment properties (Notes C and E):
      Land                                                   $  4,610
      Buildings and related personal property                  42,262
                                                               46,872
      Less accumulated depreciation                           (29,141)      17,731
                                                                          $ 20,192

Liabilities and Partners' Deficit
Liabilities
   Accounts payable                                                       $    405
   Tenant security deposit liabilities                                         241
   Accrued property taxes                                                       41
   Other liabilities                                                           560
   Mortgage notes payable (Note C)                                          30,690

Partners' Deficit
   General partner                                         $   (4,795)
   Limited partners (49,196 units issued and
      outstanding)                                             (6,950)     (11,745)
                                                                          $ 20,192
</TABLE>

                See Accompanying Notes to Financial Statements


<PAGE>



                        CONSOLIDATED CAPITAL GROWTH FUND

                            STATEMENTS OF OPERATIONS
                       (in thousands, except unit data)

<TABLE>
<CAPTION>

                                                           Years Ended December 31,
                                                              2000         1999
Revenues:
<S>                                                          <C>         <C>
   Rental income                                             $11,085     $11,066
   Other income                                                  681         647
   Casualty gain (Note G)                                        183          --
      Total revenues                                          11,949      11,713

Expenses:
   Operating                                                   4,695       4,294
   General and administrative                                    668         536
   Depreciation                                                2,369       2,227
   Interest                                                    2,234       2,234
   Property taxes                                                775         638

      Total expenses                                          10,741       9,929

Net income (Note F)                                          $ 1,208     $ 1,784

Net income allocated to general partner (1%)                 $    12     $    18

Net income allocated to limited partners (99%)                 1,196       1,766

                                                             $ 1,208     $ 1,784

Net income per limited partnership unit                      $ 24.31     $ 35.90

Distributions per limited partnership unit                   $ 57.81     $ 30.00
</TABLE>

                See Accompanying Notes to Financial Statements


<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, 1998                  49,196      $ (4,782)   $ (5,592)  $(10,374)

Distribution to partners                     --           (15)     (1,476)    (1,491)

Net income for the year ended
   December 31, 1999                         --            18       1,766      1,784

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)
</TABLE>

                See Accompanying Notes to Financial Statements


<PAGE>


                        CONSOLIDATED CAPITAL GROWTH FUND

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

                                                               Years Ended December 31,
                                                                  2000          1999

Cash flows from operating activities:
<S>                                                             <C>           <C>
   Net income                                                   $ 1,208       $ 1,784
   Adjustments to reconcile net income to
    net cash provided by operating activities:
      Depreciation                                                2,369         2,227
      Amortization of loan costs                                     78            78
      Casualty gain                                                (183)          (29)
      Bad debt                                                      182           123
      Changes in assets and liabilities:
        Receivables and deposits                                    (85)          131
        Other assets                                                 (8)          (47)
        Accounts payable                                             55           103
        Tenant security deposit liabilities                          --           (70)
        Accrued property taxes                                       18          (152)
        Other liabilities                                           126            11

            Net cash provided by operating activities             3,760         4,159

Cash flows used in investing activities:
   Property improvements and replacements                        (1,753)       (1,982)
   (Net deposits to) withdrawals from restricted
     escrows                                                        (25)          286
   Insurance proceeds received                                      242            48
            Net cash used in investing activities                (1,536)       (1,648)

Cash flows used in financing activities:
   Distributions to partners                                     (2,872)       (1,491)

            Net cash used in financing activities                (2,872)       (1,491)

Net (decrease) increase in cash and cash equivalents               (648)        1,020

Cash and cash equivalents at beginning of period                  1,988           968

Cash and cash equivalents at end of period                      $ 1,340       $ 1,988


Supplemental disclosure of cash flow information:
   Cash paid for interest                                       $ 2,156       $ 2,156
Supplemental disclosure of non-cash flow information:
   Property improvements and replacements included in
     accounts payable                                           $    83       $    --
</TABLE>

                See Accompanying Notes to Financial Statements


<PAGE>




                        CONSOLIDATED CAPITAL GROWTH FUND

                          NOTES TO FINANCIAL STATEMENTS

                                December 31, 2000

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"). See "Note B
- Transfer of Control".  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
generally accepted  accounting  principles 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 and money market
accounts.  At certain  times,  the amount of cash deposited at a bank may exceed
the limit on insured deposits.  Cash balances included approximately  $1,248,000
at December 31, 2000 that are maintained by the affiliated management company on
behalf of affiliated entities in cash concentration accounts.

Restricted  Escrows:  At  the  time  of  the  December  15,  1995,  refinancing,
approximately  $357,000  of the  proceeds  were  designated  for a  "replacement
reserve fund" for certain  capital  replacements  (as defined in the Replacement
Reserve Agreement) at Breckinridge Square Apartments, Churchill Park Apartments,
and The Lakes  Apartments.  At December 31, 2000, the balance was  approximately
$384,000.

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 (1)
for real property over 15 years for additions  prior to March 16, 1984, 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, and (2) for personal
property over 5 years for additions prior to 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 $695,000, less accumulated  amortization
of  approximately  $370,000 are included in other assets and are being amortized
on a straight-line basis 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 2000 and
1999 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 $23,000 and
$12,000 from the Partnership during 2000 and 1999, respectively.

The following table sets forth the distributions made by the Partnership for the
years ended  December 31, 1999 and 2000,  as well as  subsequent to December 31,
2000.

                                                Distributions
                                                            Per Limited
                                        Aggregate        Partnership Unit

       01/01/99 - 12/31/99           $ 1,491,000 (1)          $30.00

       01/01/00 - 12/31/00             2,872,000 (2)           57.81

      Subsequent to 12/31/00             632,000 (3)           11.68

(1)   Distributions  were  made  from  operations  ($1,476,000  to  the  limited
      partners or $30.00 per limited  partnership unit), and includes $26,000 in
      withholding taxes paid by the Partnership on behalf of the Partners.

(2)   Distributions  were  made  from  operations  ($2,844,000  to  the  limited
      partners  or $57.81  per  limited  partnership  unit),  and also  includes
      $19,000  in  withholding  taxes paid by the  Partnership  on behalf of the
      partners.

(3)   Distribution  was  declared  and paid  from  operations  ($574,000  to the
      limited partners or $11.68 per limited partnership unit).

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 Statement of Financial  Accounting Standards ("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, 2000 and 1999.

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 establishes  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  $219,000  and $181,000 for the years ended
December 31, 2000 and 1999,  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.

Note B - Transfer of Control

Pursuant  to a series  of  transactions  which  closed  on  October  1, 1998 and
February 26, 1999,  Insignia Financial Group, Inc. and Insignia Properties Trust
merged into AIMCO, a publicly traded real estate  investment  trust,  with AIMCO
being the surviving  corporation  (the "Insignia  Merger").  As a result,  AIMCO
acquired 100% ownership  interest in the General  Partner.  The General  Partner
does not believe that this transaction has had or will have a material effect on
the affairs and operations of the Partnership.


<PAGE>



Note C - 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                2000       Interest     Rate      Date      Maturity
                                  (in thousands)                          (in thousands)

Breckinridge Square
 Apartments
<S>                            <C>            <C>       <C>       <C>         <C>
  1st mortgage                 $ 6,000        $ 35      6.95%     12/1/05     $ 6,000

Churchill Park
 Apartments
  1st mortgage                    6,450         37      6.95%     12/1/05       6,450

The Lakes Apartments
  1st mortgage                   12,240         71      6.95%     12/1/05      12,240

Doral Springs Apartments
  1st mortgage                    6,000         37      7.33%     11/1/03       6,000

      Total                    $ 30,690       $180                           $ 30,690
</TABLE>

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.

Note D - 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  following  amounts were paid or accrued to the
General  Partner and  affiliates  during the years ended  December  31, 2000 and
1999:

                                                              2000       1999
                                                              (in thousands)

   Property management fees (included in
     operating expense)                                      $ 577      $ 598

   Reimbursement for services of affiliates (included in
     investment properties, operating expense and
     general and administrative expense)                       410        229

   Partnership management fees (included in general and
     administrative expense)                                   256        131

During the years ended  December  31, 2000 and 1999,  affiliates  of the General
Partner  were  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  $577,000 and $598,000 for the
years ended December 31, 2000 and 1999, respectively.

An  affiliate  of the General  Partner  received  reimbursement  of  accountable
administrative expenses amounting to approximately $410,000 and $229,000 for the
years ended December 31, 2000 and 1999, respectively.

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.  During the years ended
December 31, 2000 and 1999, the General Partner received  $256,000 and $131,000,
respectively, for providing these services.

In addition to its  indirect  ownership of the general  partner  interest in the
Partnership,  AIMCO and its affiliates owned 29,929.75 limited partnership units
in the Partnership  representing 60.84% of the outstanding units at December 31,
2000. 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.  In this regard, on January 31, 2001, AIMCO
Properties, L.P., commenced a tender offer to acquire all of the Units not owned
by affiliates of AIMCO for a purchase price of $385.00 per Unit (which price was
higher than that being offered in a competing offer by a third party).  Pursuant
to this offer,  AIMCO  acquired an additional  774 units  resulting in its total
ownership being increased to 30,703.75 units or 62.41% of the total  outstanding
units. Under the Partnership  Agreement,  unitholders  holding a majority of the
Units are  entitled to take action with  respect to a variety of matters,  which
would  include  without   limitation,   voting  on  certain  amendments  to  the
Partnership  Agreement and voting to remove the General Partner.  As a result of
its  ownership  of 62.41% of the  outstanding  units,  AIMCO is in a position to
influence all voting  decisions with respect to the  Registrant.  When voting on
matters,  AIMCO would in all  likelihood  vote the Units it acquired in a manner
favorable to the interest of the General  Partner  because of their  affiliation
with the General Partner.


<PAGE>



Note E - 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          $ 3,603
Churchill Park Apartments
  Louisville, Kentucky            6,450             566         6,510            2,127
The Lakes Apartments
  Raleigh, North Carolina        12,240             946         9,605            5,345
Doral Springs Apartments
  Miami, Florida                  6,000           2,848         8,492            1,469

Totals                          $30,690         $ 5,001       $29,327          $12,544
</TABLE>

                          Gross Amount At Which Carried
                              At December 31, 2000
                                 (in thousands)
<TABLE>
<CAPTION>


                              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     $ 8,323 $ 8,964   $ 6,862           1971      10/78      5-22

ChurchillPark
Apartments
  Louisville, Kentucky    566       8,637   9,203     5,234           1970      05/90      5-20

The Lakes Apartments
  Raleigh,       North    946      14,950  15,896     9,827           1973      05/88      5-19
Carolina

Doral Springs
Apartments
  Miami, Florida        2,457      10,352  12,809     7,218        1972 - 1975  11/87      5-20

  Totals               $4,610     $42,262 $46,872   $29,141
</TABLE>

Reconciliation of "Investment Properties and Accumulated Depreciation":

                                           Years Ended December 31,
                                             2000             1999
                                                (in thousands)
Real Estate
Balance at beginning of year               $45,203          $43,307
Property improvements                        1,836            1,982
Disposals of property                         (167)             (86)
Balance at end of Year                     $46,872          $45,203

Accumulated Depreciation
Balance at beginning of year               $26,880          $24,705
Additions charged to expense                 2,369            2,227
Disposals of property                         (108)             (52)
Balance at end of year                     $29,141          $26,880

The  aggregate  cost of the real  estate  for  Federal  income tax  purposes  at
December  31,  2000 and 1999,  is  approximately  $44,185,000  and  $42,596,000,
respectively. The accumulated depreciation taken for Federal income tax purposes
at December 31, 2000 and 1999, is  approximately  $21,270,000  and  $19,194,000,
respectively.

Note F - 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):

                                          2000          1999

Net income as reported                  $1,208        $1,784
Add (deduct):
     Fixed asset write-offs and
      casualty gain                       (209)          (29)
     Depreciation differences              292           418
     Prepaid rent                           32           (41)
     Other                                  29            19

Federal taxable income                  $1,352        $2,151

Federal taxable income per
     limited partnership unit           $27.21        $43.28

The tax basis of the  Partnership's  assets  and  liabilities  is  approximately
$11,102,000 greater than the assets and liabilities as reported in the financial
statements.


<PAGE>



Note G - Casualty Gain

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 H - Legal Proceedings

The Partnership is a party to certain legal actions resulting from its operating
activities.  These actions are routine litigation and administrative proceedings
arising in the  ordinary  course of business  and none of which are  expected to
have a  material  adverse  effect  on the  financial  condition  or  results  of
operations of the Partnership.


<PAGE>





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

            None.


<PAGE>



                                    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              43    Executive Vice President and Director

Martha L. Long               41    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  generally  accepted
accounting  principles,  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
generally  accepted  auditing  standards.   In  addition,  the  Partnership  has
discussed with the independent

<PAGE>


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,
2000 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  annual  audit  services  of  $48,000  and
non-audit services (principally tax-related) of $24,000.

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, 2000.

Entity                                  Number of Units      Percentage

AIMCO Properties, LP
 (an affiliate of AIMCO)                    7,929.10           16.12%
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,  2000,  an  affiliate  of the  General  Partner was the sole
shareholder of its common stock:

                                             Number of         Percent
                                               Units          Of Total
                  Name and Address

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



<PAGE>



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  following  amounts were paid or accrued to the
General  Partner and  affiliates  during the years ended  December  31, 2000 and
1999:

                                                              2000       1999
                                                              (in thousands)

   Property management fees                                  $ 577      $ 598

   Reimbursement for services of affiliates                    410        229

   Partnership management fees                                 256        131

During the years ended  December  31, 2000 and 1999,  affiliates  of the General
Partner  were  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  $577,000 and $598,000 for the
years ended December 31, 2000 and 1999, respectively.

An  affiliate  of the General  Partner  received  reimbursement  of  accountable
administrative expenses amounting to approximately $410,000 and $229,000 for the
years ended December 31, 2000 and 1999, respectively.

The  Partnership  Agreement  provides  for  a fee  equal  to  9%  of  the  total
distributions   made  to  the  limited   partners   from  "cash   available  for
distribution"  to the limited  partners (as defined in the Agreement) to be paid
to the General  Partner for executive and  administrative  management  services.
During the years ended December 31, 2000 and 1999, the General Partner  received
$256,000 and $131,000, respectively, for providing these services.

In addition to its  indirect  ownership of the general  partner  interest in the
Partnership,  AIMCO and its affiliates owned 29,929.75 limited partnership units
in the Partnership  representing 60.84% of the outstanding units at December 31,
2000. 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.  In this regard, on January 31, 2001, AIMCO
Properties, L.P., commenced a tender offer to acquire all of the Units not owned
by affiliates of AIMCO for a purchase price of $385.00 per Unit (which price was
higher than that being offered in a competing offer by a third party).  Pursuant
to this offer,  AIMCO  acquired an additional  774 units  resulting in its total
ownership being increased to 30,703.75 units or 62.41% of the total  outstanding
units. Under the Partnership  Agreement,  unitholders  holding a majority of the
Units are  entitled to take action with  respect to a variety of matters,  which
would  include  without   limitation,   voting  on  certain  amendments  to  the
Partnership  Agreement and voting to remove the General Partner.  As a result of
its  ownership  of 62.41% of the  outstanding  units,  AIMCO is in a position to
influence all voting  decisions with respect to the  Registrant.  When voting on
matters,  AIMCO would in all  likelihood  vote the Units it acquired in a manner
favorable to the interest of the General  Partner  because of their  affiliation
with the General Partner.


<PAGE>



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
            2000:

            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: April 2, 2001


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:  April 2, 2001
Patrick J. Foye        and Director



/s/Martha L. Long      Senior Vice President and     Date: April 2, 2001
Martha L. Long         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).



<PAGE>


                                  EXHIBIT INDEX

      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).


<PAGE>



                                  EXHIBIT INDEX

      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.


<PAGE>


                                  EXHIBIT INDEX

      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).