United States
                       Securities and Exchange Commission
                             Washington, D.C. 20549

                                   Form 10-QSB

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

                   For the quarterly period ended March 31, 2003


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


                For the transition period from _________to _________

                         Commission file number 0-14187


                  CONSOLIDATED CAPITAL INSTITUTIONAL PROPERTIES/3
               (Exact name of registrant as specified in its charter)



              California                                        94-2940208
    (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)

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

<PAGE>

                         PART I - FINANCIAL INFORMATION


ITEM 1.     FINANCIAL STATEMENTS



                  CONSOLIDATED CAPITAL INSTITUTIONAL PROPERTIES/3

                                  BALANCE SHEET
                                   (Unaudited)
                        (in thousands, except unit data)

                                 March 31, 2003

<TABLE>
<CAPTION>

Assets
<S>                                                                        <C>
   Cash and cash equivalents                                               $  859
   Receivables and deposits                                                   394
   Restricted escrows                                                         250
   Other assets                                                             1,242
   Investment properties:
      Land                                               $ 8,641
      Buildings and related personal property              50,331
                                                           58,972
      Less accumulated depreciation                       (26,367)         32,605
                                                                         $ 35,350
Liabilities and Partners' Deficit
Liabilities
   Accounts payable                                                        $ 171
   Tenant security deposit liabilities                                        292
   Accrued property taxes                                                     300
   Other liabilities                                                          641
   Mortgage notes payable                                                  46,286

Partners' Deficit
   General partner                                        $ (965)
   Limited partners (383,033 units outstanding)           (11,375)        (12,340)
                                                                         $ 35,350



                   See Accompanying Notes to Financial Statements

</TABLE>

<PAGE>

                  CONSOLIDATED CAPITAL INSTITUTIONAL PROPERTIES/3

                            STATEMENTS OF OPERATIONS
                                   (Unaudited)
                      (in thousands, except per unit data)

<TABLE>
<CAPTION>

                                                               Three Months Ended
                                                                    March 31,
                                                               2003            2002
Revenues:
<S>                                                          <C>             <C>
  Rental income                                              $ 2,724         $ 2,976
  Other income                                                   369             395
  Casualty gain (Note C)                                          --             292
      Total revenues                                           3,093           3,663

Expenses:
  Operating                                                    1,305           1,167
  General and administrative                                     146             153
  Depreciation                                                   754             733
  Interest                                                       876             886
  Property taxes                                                 229             179
      Total expenses                                           3,310           3,118

Net (loss) income                                            $ (217)          $ 545

Net (loss) income allocated to general partner (1%)              (2)               5
Net (loss) income allocated to limited partners (99%)           (215)            540
                                                             $ (217)          $ 545

Net (loss) income per limited partnership unit               $ (0.56)        $ 1.41

Distributions per limited partnership unit                   $ 0.66           $ --

                   See Accompanying Notes to Financial Statements

</TABLE>

<PAGE>
                  CONSOLIDATED CAPITAL INSTITUTIONAL PROPERTIES/3

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

<TABLE>
<CAPTION>

                                     Limited
                                    Partnership     General     Limited
                                       Units        Partner     Partners      Total

<S>                                   <C>             <C>       <C>         <C>
Original capital contributions        383,033         $ 1       $ 95,758    $ 95,759

Partners' deficit at
   December 31, 2002                  383,033       $ (960)     $(10,908)   $(11,868)

Distributions to partners                  --            (3)        (252)       (255)

Net loss for the three months
   ended March 31, 2003                    --           (2)         (215)       (217)

Partners' deficit at
   March 31, 2003                     383,033       $ (965)     $(11,375)   $(12,340)

                   See Accompanying Notes to Financial Statements

</TABLE>

<PAGE>
                  CONSOLIDATED CAPITAL INSTITUTIONAL PROPERTIES/3

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

                                                                  Three Months Ended
                                                                       March 31,
                                                                    2003        2002
Cash flows from operating activities:
<S>                                                               <C>          <C>
  Net (loss) income                                               $ (217)      $ 545
  Adjustments to reconcile net (loss) income to net cash
   provided by operating activities:
      Casualty gain                                                    --        (292)
      Depreciation                                                    754         733
      Amortization of loan costs                                       29          27
      Change in accounts:
        Receivables and deposits                                       99        (253)
        Other assets                                                  (37)       (209)
        Accounts payable                                               37         206
        Tenant security deposit liabilities                            (2)         (4)
        Accrued property taxes                                         96          63
        Other liabilities                                             144         312
         Net cash provided by operating activities                    903       1,128

Cash flows from investing activities:
  Property improvements and replacements                             (262)       (891)
  Insurance proceeds received                                          --         529
  Net (deposits to) withdrawals from restricted escrows               (15)         29
         Net cash used in investing activities                       (277)       (333)

Cash flows from financing activities:
  Payments on mortgage notes payable                                 (225)       (209)
  Distributions to partners                                          (255)         --
         Net cash used in financing activities                       (480)       (209)

Net increase in cash and cash equivalents                             146         586

Cash and cash equivalents at beginning of period                      713         510

Cash and cash equivalents at end of period                         $ 859      $ 1,096

Supplemental disclosure of cash flow information:
  Cash paid for interest                                           $ 872       $ 864


                   See Accompanying Notes to Financial Statements

</TABLE>

<PAGE>

                  CONSOLIDATED CAPITAL INSTITUTIONAL PROPERTIES/3

                          NOTES TO FINANCIAL STATEMENTS
                                   (Unaudited)


Note A - Basis of Presentation

The  accompanying   unaudited  financial   statements  of  Consolidated  Capital
Institutional   Properties/3  (the  "Partnership"  or  "Registrant")  have  been
prepared in accordance with generally accepted accounting principles for interim
financial  information and with the  instructions to Form 10-QSB and Item 310(b)
of Regulation S-B.  Accordingly,  they do not include all of the information and
footnotes  required by generally  accepted  accounting  principles  for complete
financial  statements.  In the opinion of ConCap  Equities,  Inc.  (the "General
Partner"),  which is wholly owned by Apartment Investment and Management Company
("AIMCO"),  a publicly  traded real estate  investment  trust,  all  adjustments
(consisting  of  normal  recurring  accruals)  considered  necessary  for a fair
presentation  have been included.  Operating  results for the three month period
ended March 31, 2003, are not necessarily  indicative of the results that may be
expected for the fiscal year ending December 31, 2003. For further  information,
refer  to  the  financial  statements  and  footnotes  thereto  included  in the
Partnership's  Annual  Report on Form 10-KSB for the fiscal year ended  December
31, 2002.

Note B - Transactions with Affiliated Parties

The  Partnership has no employees and is dependent on the General Partner and/or
its  affiliates  for  the  management  and  administration  of  all  Partnership
activities. The limited partnership agreement ("Partnership Agreement") provides
for  payments  to  affiliates  for  property  management  services  based  on  a
percentage of revenue. The Partnership Agreement also provides for reimbursement
to the General  Partner and its affiliates for costs incurred in connection with
the administration of Partnership activities.

During the three months ended March 31, 2003 and 2002, affiliates of the General
Partner  were  entitled  to  receive  5% of  gross  receipts  from  all  of  the
Partnership's  properties  as  compensation  for providing  property  management
services.  The Partnership  paid to such affiliates  approximately  $152,000 and
$181,000 for management fees for the three months ended March 31, 2003 and 2002,
respectively, which is included in operating expenses.

Affiliates  of  the  General  Partner  received   reimbursement  of  accountable
administrative expenses amounting to approximately $129,000 and $130,000 for the
three months ended March 31, 2003 and 2002,  respectively,  which is included in
investment properties and general and administrative expenses. Included in these
amounts are fees  related to  construction  management  services  provided by an
affiliate of the General  Partner of  approximately  $13,000 and $16,000 for the
three  months  ended March 31,  2003 and 2002,  respectively.  The  construction
management fees are calculated  based on a percentage of additions to investment
properties.

The  Partnership  insures its properties up to certain  limits through  coverage
provided by AIMCO which is  generally  self-insured  for a portion of losses and
liabilities  related to workers  compensation,  property  casualty  and  vehicle
liability. The Partnership insures its properties above the AIMCO limits through
insurance policies obtained by AIMCO from insurers unaffiliated with the General
Partner. During 2003 and 2002, the Partnership's cost for insurance coverage and
fees  associated  with policy  claims  administration  provided by AIMCO and its
affiliates will be approximately $146,000 and $177,000, respectively.

Note C - Casualty Event

In October 2001, a fire occurred at  Lamplighter  Park  Apartments  which caused
damage to thirty  units of the  complex.  As a result,  the assets  and  related
accumulated  depreciation  with a net book value of $237,000 were written off in
2001 and an insurance  receivable of $237,000 was recorded at December 31, 2001.
During the three months ended March 31, 2002 insurance proceeds of approximately
$529,000  were  received  which  resulted  in a casualty  gain of  approximately
$292,000  relating to this  casualty  being  recognized  during the three months
ended March 31, 2002.

Note D - Legal Proceedings

In March 1998, several putative unit holders of limited partnership units of the
Partnership  commenced an action  entitled  Rosalie  Nuanes,  et al. v. Insignia
Financial Group, Inc., et al. (the "Nuanes action") in the Superior Court of the
State of  California  for the  County  of San  Mateo.  The  plaintiffs  named as
defendants,  among others,  the Partnership,  its General Partner and several of
their  affiliated  partnerships and corporate  entities.  The action purports to
assert  claims on behalf of a class of  limited  partners  and  derivatively  on
behalf of a number of limited partnerships (including the Partnership) which are
named as nominal defendants, challenging, among other things, the acquisition of
interests in certain General Partner entities by Insignia  Financial Group, Inc.
("Insignia") and entities which were, at one time, affiliates of Insignia;  past
tender offers by the Insignia  affiliates to acquire limited  partnership units;
management of the  partnerships  by the Insignia  affiliates;  and the series of
transactions  which  closed on October 1, 1998 and  February  26,  1999  whereby
Insignia and Insignia  Properties Trust,  respectively,  were merged into AIMCO.
The plaintiffs seek monetary damages and equitable  relief,  including  judicial
dissolution of the  Partnership.  On June 25, 1998, the General  Partner filed a
motion seeking dismissal of the action. In lieu of responding to the motion, the
plaintiffs  filed an amended  complaint.  The General Partner filed demurrers to
the amended complaint which were heard February 1999.

Pending the ruling on such  demurrers,  settlement  negotiations  commenced.  On
November 2, 1999,  the parties  executed and filed a Stipulation  of Settlement,
settling claims, subject to court approval, on behalf of the Partnership and all
limited partners who owned units as of November 3, 1999. Preliminary approval of
the  settlement  was obtained on November 3, 1999 from the Court,  at which time
the Court set a final  approval  hearing for  December  10,  1999.  Prior to the
December  10,  1999  hearing,  the  Court  received  various  objections  to the
settlement, including a challenge to the Court's preliminary approval based upon
the alleged lack of authority of prior lead counsel to enter the settlement.  On
December  14,  1999,  the General  Partner  and its  affiliates  terminated  the
proposed settlement.  In February 2000, counsel for some of the named plaintiffs
filed a motion to disqualify plaintiff's lead and liaison counsel who negotiated
the settlement.  On June 27, 2000, the Court entered an order disqualifying them
from the case and an appeal was taken  from the order on  October  5,  2000.  On
December 4, 2000, the Court  appointed the law firm of Lieff Cabraser  Heimann &
Bernstein  LLP as new  lead  counsel  for  plaintiffs  and the  putative  class.
Plaintiffs  filed a third  amended  complaint on January 19,  2001.  On March 2,
2001,  the  General  Partner  and its  affiliates  filed a demurrer to the third
amended  complaint.  On May 14, 2001,  the Court heard the demurrer to the third
amended  complaint.  On July 10,  2001,  the Court  issued  an order  sustaining
defendants'  demurrer on certain grounds.  On July 20, 2001,  Plaintiffs filed a
motion for  reconsideration  of the Court's July 10, 2001 order granting in part
and denying in part defendants' demurrer. On September 7, 2001, Plaintiffs filed
a fourth amended class and derivative action  complaint.  On September 12, 2001,
the Court denied Plaintiffs' motion for reconsideration. On October 5, 2001, the
General Partner and affiliated defendants filed a demurrer to the fourth amended
complaint,  which was heard on December 11, 2001. On February 2, 2002, the Court
served its order granting in part the demurrer.  The Court has dismissed without
leave  to amend  certain  of the  plaintiffs'  claims.  On  February  11,  2002,
plaintiffs  filed a motion seeking to certify a putative class  comprised of all
non-affiliated  persons  who own or have owned  units in the  partnerships.  The
General Partner and affiliated  defendants oppose the motion. On April 29, 2002,
the Court held a hearing on plaintiffs' motion for class  certification and took
the matter under submission after further briefing, as ordered by the court, was
submitted by the parties.  On July 10, 2002, the Court entered an order vacating
the trial date of  January  13,  2003 (as well as the  pre-trial  and  discovery
cut-off dates) and stayed the case in its entirety  through  November 7, 2002 so
that the parties could have an opportunity to discuss settlement. On October 30,
2002, the court entered an order  extending the stay in effect  through  January
10, 2003.

On January 8, 2003,  the parties filed a  Stipulation  of Settlement in proposed
settlement of the Nuanes action and the Heller action  described below. On April
4, 2003, the Court preliminarily approved the settlement and scheduled a hearing
on final approval for June 2, 2003.

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

During the third  quarter of 2001, a complaint  (the "Heller  action") was filed
against  the same  defendants  that are named in the  Nuanes  action,  captioned
Heller v. Insignia Financial Group. On or about August 6, 2001, plaintiffs filed
a first amended  complaint.  The first amended complaint in the Heller action is
brought as a purported  derivative  action,  and asserts  claims for among other
things  breach  of  fiduciary  duty;  unfair  competition;   conversion,  unjust
enrichment;  and judicial  dissolution.  Plaintiffs in the Nuanes action filed a
motion to  consolidate  the Heller action with the Nuanes action and stated that
the Heller action was filed in order to preserve the derivative claims that were
dismissed  without  leave to amend in the Nuanes action by the Court order dated
July 10, 2001. On October 5, 2001, the General Partner and affiliated defendants
moved to strike the first  amended  complaint in its entirety for  violating the
Court's  July 10, 2001 order  granting  in part and denying in part  defendants'
demurrer in the Nuanes action, or  alternatively,  to strike certain portions of
the  complaint  based on the statute of  limitations.  Other  defendants  in the
action demurred to the fourth amended complaint,  and,  alternatively,  moved to
strike the  complaint.  On December  11, 2001,  the court heard  argument on the
motions and took the matters under  submission.  On February 4, 2002,  the Court
served  notice of its order  granting  defendants'  motion to strike  the Heller
complaint  as a violation  of its July 10, 2001 order in the Nuanes  action.  On
March 27, 2002, the plaintiffs  filed a notice  appealing the order striking the
complaint.  Before completing briefing on the appeal, the parties stayed further
proceedings  in the  appeal  pending  the  Court's  review  of the  terms of the
proposed settlement described above.
Note D - Legal Proceedings (continued)

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

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



<PAGE>




ITEM 2.     MANAGEMENT'S DISCUSSION AND ANALYSIS OR PLAN OF OPERATION

The matters discussed in this report contain certain forward-looking statements,
including, without limitation, statements regarding future financial performance
and the effect of government  regulations.  The discussions of the  Registrant's
business  and  results  of  operations,   including  forward-looking  statements
pertaining to such matters,  do not take into account the effects of any changes
to the  Registrant's  business  and results of  operations.  Actual  results may
differ  materially  from those described in the  forward-looking  statements and
will  be  affected  by  a  variety  of  risks  and  factors  including,  without
limitation:  national and local economic  conditions;  the terms of governmental
regulations that affect the Registrant and interpretations of those regulations;
the competitive  environment in which the Registrant operates;  financing risks,
including the risk that cash flows from  operations may be  insufficient to meet
required  payments of  principal  and  interest;  real estate  risks,  including
variations  of real  estate  values and the  general  economic  climate in local
markets and competition for tenants in such markets; and possible  environmental
liabilities.   Readers  should  carefully  review  the  Registrant's   financial
statements and the notes thereto,  as well as the risk factors  described in the
documents  the  Registrant  files  from  time to time  with the  Securities  and
Exchange Commission.

The  Partnership's  investment  properties at March 31, 2003  consisted of seven
apartment complexes. The following table sets forth the average occupancy of the
properties for each of the three month periods ended March 31, 2003 and 2002:

                                                   Average Occupancy
      Property                                      2003       2002

      Cedar Rim                                     74%        91%
        New Castle, Washington
      Hidden Cove by the Lake                       97%        95%
        Belleville, Michigan
      Lamplighter Park                              92%        82%
        Bellevue, Washington
      Park Capital                                  91%        99%
        Salt Lake City, Utah
      Sandpiper I and II                            94%        93%
        St. Petersburg, Florida
      Tamarac Village I, II, III, IV                86%        88%
        Denver, Colorado
      Williamsburg Manor                            93%        90%
        Cary, North Carolina

The General Partner attributes the decrease in occupancy at Cedar Rim Apartments
to a  poor  local  economy.  The  increase  in  occupancy  at  Lamplighter  Park
Apartments is due to units which were damaged by a fire in October 2001 and were
unavailable  for  rental.  These  units  have  been  reconstructed  and  are now
available  for rental.  The decrease in occupancy at Park Capital  Apartments is
due to the slow  economy in the local  market and  military  deployments  in the
area.  The increase in occupancy at  Williamsburg  Manor  Apartments is due to a
more aggressive marketing campaign.

Results of Operations

The  Partnership had a net loss of  approximately  $217,000 for the three months
ended March 31, 2003, compared to a net income of approximately $545,000 for the
three  months  ended  March 31,  2002.  The  decrease  in net income is due to a
decrease in total revenues and an increase in total expenses.

Total  revenues  decreased  for the three  months  ended  March 31,  2003 due to
decreases in rental income and other income and the casualty gain  recognized at
Lamplighter Park Apartments during the three months ended March 31, 2002. Rental
income  decreased  due  to  decreases  in  average  rental  rates  at all of the
Partnership's  properties,  decreases  in occupancy  primarily at Park  Capital,
Cedar Rim,  and  Tamarac  Village  Apartments,  an increase  in  concessions  at
Sandpiper I and II and Tamarac Village Apartments and an increase in bad debt at
Williamsburg  Manor,  Park Capital,  Lamplighter  Park and Cedar Rim Apartments.
Other  income  decreased  due to  decreases  in  utilities  at  Tamarac  Village
Apartments and corporate unit rent at Park Capital  Apartments  partially offset
by increases in late charges at Tamarac Village and Lamplighter Park Apartments.

In October 2001, a fire occurred at  Lamplighter  Park  Apartments  which caused
damage to thirty  units of the  complex.  As a result,  the assets  and  related
accumulated  depreciation  with a net book value of $237,000 were written off in
2001 and an insurance  receivable of $237,000 was recorded at December 31, 2001.
During the three months ended March 31, 2002 insurance proceeds of approximately
$529,000  were  received  which  resulted  in a casualty  gain of  approximately
$292,000  relating to this  casualty  being  recognized  during the three months
ended March 31, 2002.

Total expenses increased for the three months ended March 31, 2003 due primarily
to increases in operating,  depreciation  and property tax  expenses.  Operating
expense increased  primarily due to an increase in maintenance expense partially
offset by a decrease in property expense.  Maintenance  expense increased at all
of the Partnership's properties primarily due to the decreased capitalization of
certain  direct and indirect  costs,  primarily  payroll  costs and increases in
contract labor at  Williamsburg  Manor,  Sandpiper I and II, Tamarac Village and
Lamplighter  Park  Apartments.  Property  expense  decreased  primarily  due  to
decreased  payroll and  related  benefits  expenses at all of the  Partnership's
properties.  Depreciation  expenses  increased  primarily  due to  the  casualty
renovations at Lamplighter Park during the past twelve months that are now being
depreciated.  Property tax expense  increased  primarily due to a prior year tax
refund received at Tamarac Village Apartments in 2002.

General  and  administrative  expenses  remained  relatively  constant  over the
comparable  periods.  Included  in general and  administrative  expenses at both
March 31, 2003 and 2002 are  reimbursements to the General Partner allowed under
the Partnership Agreement associated with its management of the Partnership.  In
addition,  costs  associated with the quarterly and annual  communications  with
investors  and  regulatory  agencies  and  the  annual  audit  required  by  the
Partnership Agreement are 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 expenses.  As part of
this plan,  the General  Partner  attempts to protect the  Partnership  from the
burden of  inflation-related  increases  in  expenses  by  increasing  rents and
maintaining a high overall  occupancy  level.  However,  due to changing  market
conditions,  which  can  result  in the use of  rental  concessions  and  rental
reductions to offset softening market conditions, there is no guarantee that the
General Partner will be able to sustain such a plan.

Liquidity and Capital Resources

At  March  31,  2003,  the  Partnership   had  cash  and  cash   equivalents  of
approximately  $859,000 compared to approximately  $1,096,000 at March 31, 2002.
The increase in cash and cash  equivalents  for the three months ended March 31,
2003,  from the  Partnership's  year ended December 31, 2002, was  approximately
$146,000.  This  increase is due to  approximately  $903,000 of cash provided by
operating  activities which was partially  offset by  approximately  $277,000 of
cash used in investing  activities  and  approximately  $480,000 of cash used in
financing  activities.  Cash used in investing  activities consisted of property
improvements and replacements and net deposits to restricted escrows.  Cash used
in  financing  activities  consisted  of  principal  payments on mortgage  notes
payable and distributions to the partners.  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  properties  to  adequately  maintain the physical
assets and other  operating needs of the Partnership and to comply with Federal,
state, and local legal and regulatory requirements. The General Partner monitors
developments in the area of legal and regulatory  compliance and is studying new
federal laws,  including the  Sarbanes-Oxley Act of 2002. The Sarbanes-Oxley Act
of 2002  mandates  or suggests  additional  compliance  measures  with regard to
governance,  disclosure,  audit and other areas. In light of these changes,  the
Partnership  expects that it will incur higher  expenses  related to compliance,
including increased legal and audit fees. Capital  improvements planned for each
of the Partnership's properties are detailed below.

Cedar Rim

During  the  three  months  ended  March 31,  2003,  the  Partnership  completed
approximately   $19,000  of  capital   improvements  at  Cedar  Rim  Apartments,
consisting  primarily  of  floor  covering  replacements  and  water  and  sewer
improvements.  These improvements were funded from the property's operating cash
flow. The Partnership  evaluates the capital  improvement  needs of the property
during the year and  currently  expects to  complete an  additional  $306,000 in
capital  improvements  during the  remainder  of 2003.  The  additional  capital
improvements   will  consist   primarily  of   appliance   and  floor   covering
replacements,  parking lot repairs, signage, and exterior building and water and
sewer improvements.  Additional capital  improvements may be considered and will
depend on the physical condition of the property as well as the anticipated cash
flow generated by the property.

Hidden Cove by the Lake

During  the  three  months  ended  March 31,  2003,  the  Partnership  completed
approximately  $30,000  of  capital  improvements  at  Hidden  Cove by the Lake,
consisting  primarily of air conditioning unit and floor covering  replacements.
These  improvements  were funded from the  property's  operating  cash flow. The
Partnership  evaluates the capital  improvement needs of the property during the
year  and  currently  expects  to  complete  an  additional  $6,000  in  capital
improvements  during the remainder of 2003. The additional capital  improvements
will consist primarily of roof replacements. Additional capital improvements may
be considered and will depend on the physical  condition of the property as well
as the anticipated cash flow generated by the property.

Lamplighter Park

During  the  three  months  ended  March 31,  2003,  the  Partnership  completed
approximately  $67,000 of capital  improvements at Lamplighter Park,  consisting
primarily  of  building   improvements   and   appliance   and  floor   covering
replacements.  These improvements were funded from the property's operating cash
flow and replacement reserves. The Partnership evaluates the capital improvement
needs of the  property  during the year and  currently  expects to  complete  an
additional  $51,000 in capital  improvements  during the remainder of 2003.  The
additional  capital  improvements  will consist  primarily of  appliance,  floor
covering,  cabinet,  and air conditioning unit replacements,  plumbing upgrades,
interior  hallway  renovations  and an  irrigation  system.  Additional  capital
improvements may be considered and will depend on the physical  condition of the
property as well as the anticipated cash flow generated by the property.

Park Capital

During  the  three  months  ended  March 31,  2003,  the  Partnership  completed
approximately  $12,000  of  capital  improvements  at Park  Capital,  consisting
primarily of floor covering  replacements.  These  improvements were funded from
the  property's  operating  cash flow.  The  Partnership  evaluates  the capital
improvement  needs of the  property  during  the year and  currently  expects to
complete an additional $96,000 in capital  improvements  during the remainder of
2003.  The  additional  capital  improvements  will  consist  primarily of floor
covering and elevator replacements and walkway improvements.  Additional capital
improvements may be considered and will depend on the physical  condition of the
property as well as the anticipated cash flow generated by the property.

Tamarac Village

During  the  three  months  ended  March 31,  2003,  the  Partnership  completed
approximately  $71,000 of capital  improvements at Tamarac  Village,  consisting
primarily  of  structural   improvements   and  appliance  and  floor   covering
replacements.  These improvements were funded from the property's operating cash
flow. The Partnership  evaluates the capital  improvement  needs of the property
during the year and  currently  expects to  complete an  additional  $942,000 in
capital  improvements  during the  remainder  of 2003.  The  additional  capital
improvements  will consist  primarily of floor covering  replacements,  elevator
repair and  improvements  and  exterior  painting on all  buildings.  Additional
capital improvements may be considered and will depend on the physical condition
of the property as well as the anticipated cash flow generated by the property.

Williamsburg Manor

During  the  three  months  ended  March 31,  2003,  the  Partnership  completed
approximately $34,000 of capital improvements at Williamsburg Manor,  consisting
primarily of structural  improvements  and floor  covering  replacements.  These
improvements   were  funded  from  the  property's   operating  cash  flow.  The
Partnership  evaluates the capital  improvement needs of the property during the
year and  currently  expects  to  complete  an  additional  $94,000  in  capital
improvements  during the remainder of 2003. The additional capital  improvements
will consist  primarily of vinyl siding and floor covering  replacements,  a new
fitness  center,   exterior   painting,   parking  lot  repairs,   and  building
improvements.  Additional capital improvements may be considered and will depend
on the physical  condition of the property as well as  replacement  reserves and
the anticipated cash flow generated by the property.

Sandpiper I and II

During  the  three  months  ended  March 31,  2003,  the  Partnership  completed
approximately  $29,000 of capital improvements at Sandpiper I and II, consisting
primarily of floor  covering  and cabinet  replacements  and major  landscaping.
These  improvements  were funded from the  property's  operating  cash flow. The
Partnership  evaluates the capital  improvement needs of the property during the
year and  currently  expects  to  complete  an  additional  $703,000  in capital
improvements  during the remainder of 2003. The additional capital  improvements
will consist primarily of floor covering replacements,  parking lot repairs, and
exterior building repairs. Additional capital improvements may be considered and
will depend on the physical  condition  of the  property as well as  replacement
reserves and the anticipated cash flow generated by the property.

The additional  capital  expenditures will be incurred only if cash is available
from operations or from Partnership  reserves.  To the extent that such budgeted
capital improvements are required, the Partnership's distributable cash flow, if
any, may be adversely affected.

The  Partnership's  assets are thought to be sufficient for any near-term  needs
(exclusive  of  capital   improvements)   of  the   Partnership.   The  mortgage
indebtedness  of  approximately  $46,286,000  has  maturity  dates  ranging from
December  2005 to October  2021.  The  mortgage  indebtedness  of  approximately
$35,461,000  requires  monthly payments until the loans mature between July 2021
and October 2021 at which time the loans are  scheduled  to be fully  amortized.
The Partnership's other mortgage  indebtedness of $10,825,000  requires interest
only  payments,  matures  in  December  2005  and has  balloon  payments  due at
maturity. The General Partner will attempt to refinance such indebtedness and/or
sell the properties  prior to such maturity dates.  If the properties  cannot be
refinanced or sold for a sufficient amount, the Partnership may risk losing such
properties through foreclosure.

Pursuant to the Partnership Agreement,  the term of the Partnership is scheduled
to expire on December 31, 2015. Accordingly,  prior to such date the Partnership
will need to either  sell its  investment  properties  or extend the term of the
Partnership.

The Partnership  distributed the following amounts during the three months ended
March 31, 2003 and 2002 (in thousands, except per unit data):
<TABLE>
<CAPTION>

                     Three Months     Per Limited      Three Months     Per Limited
                        Ended         Partnership         Ended         Partnership
                    March 31, 2003        Unit        March 31, 2002        Unit

<S>                     <C>              <C>               <C>              <C>
Operations              $ 255            $ 0.66            $ --             $ --
</TABLE>

Future  cash  distributions  will  depend on the levels of cash  generated  from
operations, timing of debt maturities,  refinancings, and/or property sales, and
the  availability  of  cash  reserves.  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 additional distributions to its partners
during the remainder of 2003 or subsequent periods.

Other

In addition to its  indirect  ownership of the general  partner  interest in the
Partnership, AIMCO and its affiliates owned 203,932.70 limited partnership units
(the "Units") in the Partnership representing 53.24% of the outstanding units at
March 31, 2003. A number of these Units were acquired  pursuant to tender offers
made by AIMCO or its  affiliates.  It is possible  that AIMCO or its  affiliates
will acquire additional Units of limited partnership interest in the Partnership
in  exchange  for  cash or a  combination  of cash and  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 53.24% of the
outstanding  Units,  AIMCO is in a position to control all such voting decisions
with respect to the  Partnership.  Although the General  Partner owes  fiduciary
duties to the limited partners of the Partnership, the General Partner also owes
fiduciary duties to AIMCO as its sole  stockholder.  As a result,  the duties of
the General  Partner,  as general  partner,  to the  Partnership and its limited
partners may come into conflict with the duties of the General Partner to AIMCO,
as its sole stockholder.

Critical Accounting Policies and Estimates

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

Impairment of Long-Lived Assets

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

Real  property  investments  are  subject  to varying  degrees of risk.  Several
factors  may  adversely  affect  the  economic  performance  and  value  of  the
Partnership's  investment  properties.  These  factors  include  changes  in the
national,  regional and local economic  climate;  local  conditions,  such as an
oversupply  of  multifamily   properties;   competition   from  other  available
multifamily  property  owners and changes in market  rental  rates.  Any adverse
changes in these factors could cause an impairment in the Partnership's assets.

Revenue Recognition

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

ITEM 3.     CONTROLS AND PROCEDURES

The principal  executive officer and principal  financial officer of the General
Partner, who are the equivalent of the Partnership's principal executive officer
and  principal  financial  officer,  respectively,  have,  within 90 days of the
filing  date  of this  quarterly  report,  evaluated  the  effectiveness  of the
Partnership's  disclosure  controls and  procedures  (as defined in Exchange Act
Rules 13a-14(c) and 15d-14(c)) and have determined that such disclosure controls
and  procedures  are  adequate.  There have been no  significant  changes in the
Partnership's  internal  controls or in other  factors that could  significantly
affect the  Partnership's  internal  controls since the date of evaluation.  The
Partnership does not believe any significant deficiencies or material weaknesses
exist in the Partnership's internal controls. Accordingly, no corrective actions
have been taken.



<PAGE>


                           PART II - OTHER INFORMATION



ITEM 1.     LEGAL PROCEEDINGS

In March 1998, several putative unit holders of limited partnership units of the
Partnership  commenced an action  entitled  Rosalie  Nuanes,  et al. v. Insignia
Financial Group, Inc., et al. (the "Nuanes action") in the Superior Court of the
State of  California  for the  County  of San  Mateo.  The  plaintiffs  named as
defendants,  among others,  the Partnership,  its General Partner and several of
their  affiliated  partnerships and corporate  entities.  The action purports to
assert  claims on behalf of a class of  limited  partners  and  derivatively  on
behalf of a number of limited partnerships (including the Partnership) which are
named as nominal defendants, challenging, among other things, the acquisition of
interests in certain General Partner entities by Insignia  Financial Group, Inc.
("Insignia") and entities which were, at one time, affiliates of Insignia;  past
tender offers by the Insignia  affiliates to acquire limited  partnership units;
management of the  partnerships  by the Insignia  affiliates;  and the series of
transactions  which  closed on October 1, 1998 and  February  26,  1999  whereby
Insignia and Insignia  Properties Trust,  respectively,  were merged into AIMCO.
The plaintiffs seek monetary damages and equitable  relief,  including  judicial
dissolution of the  Partnership.  On June 25, 1998, the General  Partner filed a
motion seeking dismissal of the action. In lieu of responding to the motion, the
plaintiffs  filed an amended  complaint.  The General Partner filed demurrers to
the amended complaint which were heard February 1999.

Pending the ruling on such  demurrers,  settlement  negotiations  commenced.  On
November 2, 1999,  the parties  executed and filed a Stipulation  of Settlement,
settling claims, subject to court approval, on behalf of the Partnership and all
limited partners who owned units as of November 3, 1999. Preliminary approval of
the  settlement  was obtained on November 3, 1999 from the Court,  at which time
the Court set a final  approval  hearing for  December  10,  1999.  Prior to the
December  10,  1999  hearing,  the  Court  received  various  objections  to the
settlement, including a challenge to the Court's preliminary approval based upon
the alleged lack of authority of prior lead counsel to enter the settlement.  On
December  14,  1999,  the General  Partner  and its  affiliates  terminated  the
proposed settlement.  In February 2000, counsel for some of the named plaintiffs
filed a motion to disqualify plaintiff's lead and liaison counsel who negotiated
the settlement.  On June 27, 2000, the Court entered an order disqualifying them
from the case and an appeal was taken  from the order on  October  5,  2000.  On
December 4, 2000, the Court  appointed the law firm of Lieff Cabraser  Heimann &
Bernstein  LLP as new  lead  counsel  for  plaintiffs  and the  putative  class.
Plaintiffs  filed a third  amended  complaint on January 19,  2001.  On March 2,
2001,  the  General  Partner  and its  affiliates  filed a demurrer to the third
amended  complaint.  On May 14, 2001,  the Court heard the demurrer to the third
amended  complaint.  On July 10,  2001,  the Court  issued  an order  sustaining
defendants'  demurrer on certain grounds.  On July 20, 2001,  Plaintiffs filed a
motion for  reconsideration  of the Court's July 10, 2001 order granting in part
and denying in part defendants' demurrer. On September 7, 2001, Plaintiffs filed
a fourth amended class and derivative action  complaint.  On September 12, 2001,
the Court denied Plaintiffs' motion for reconsideration. On October 5, 2001, the
General Partner and affiliated defendants filed a demurrer to the fourth amended
complaint,  which was heard on December 11, 2001. On February 2, 2002, the Court
served its order granting in part the demurrer.  The Court has dismissed without
leave  to amend  certain  of the  plaintiffs'  claims.  On  February  11,  2002,
plaintiffs  filed a motion seeking to certify a putative class  comprised of all
non-affiliated  persons  who own or have owned  units in the  partnerships.  The
General Partner and affiliated  defendants oppose the motion. On April 29, 2002,
the Court held a hearing on plaintiffs' motion for class  certification and took
the matter under submission after further briefing, as ordered by the court, was
submitted by the parties.  On July 10, 2002, the Court entered an order vacating
the trial date of  January  13,  2003 (as well as the  pre-trial  and  discovery
cut-off dates) and stayed the case in its entirety  through  November 7, 2002 so
that the parties could have an opportunity to discuss settlement. On October 30,
2002, the court entered an order  extending the stay in effect  through  January
10, 2003.

On January 8, 2003,  the parties filed a  Stipulation  of Settlement in proposed
settlement of the Nuanes action and the Heller action  described below. On April
4, 2003, the Court preliminarily approved the settlement and scheduled a hearing
on final approval for June 2, 2003.

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

During the third  quarter of 2001, a complaint  (the "Heller  action") was filed
against  the same  defendants  that are named in the  Nuanes  action,  captioned
Heller v. Insignia Financial Group. On or about August 6, 2001, plaintiffs filed
a first amended  complaint.  The first amended complaint in the Heller action is
brought as a purported  derivative  action,  and asserts  claims for among other
things  breach  of  fiduciary  duty;  unfair  competition;   conversion,  unjust
enrichment;  and judicial  dissolution.  Plaintiffs in the Nuanes action filed a
motion to  consolidate  the Heller action with the Nuanes action and stated that
the Heller action was filed in order to preserve the derivative claims that were
dismissed  without  leave to amend in the Nuanes action by the Court order dated
July 10, 2001. On October 5, 2001, the General Partner and affiliated defendants
moved to strike the first  amended  complaint in its entirety for  violating the
Court's  July 10, 2001 order  granting  in part and denying in part  defendants'
demurrer in the Nuanes action, or  alternatively,  to strike certain portions of
the  complaint  based on the statute of  limitations.  Other  defendants  in the
action demurred to the fourth amended complaint,  and,  alternatively,  moved to
strike the  complaint.  On December  11, 2001,  the court heard  argument on the
motions and took the matters under  submission.  On February 4, 2002,  the Court
served  notice of its order  granting  defendants'  motion to strike  the Heller
complaint  as a violation  of its July 10, 2001 order in the Nuanes  action.  On
March 27, 2002, the plaintiffs  filed a notice  appealing the order striking the
complaint.  Before completing briefing on the appeal, the parties stayed further
proceedings  in the  appeal  pending  the  Court's  review  of the  terms of the
proposed settlement described above.

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


ITEM 6.     EXHIBITS AND REPORTS ON FORM 8-K

      a)    Exhibits:

            Exhibit 3.1, Certificate of Limited Partnership,  as amended to date
            (Exhibit 3 to the Registrant's  Annual Report on Form 10-KSB for the
            year ended December 31, 2002, is incorporated herein by reference).

            Exhibit  3.2,  Agreement  of Limited  Partnership,  incorporated  by
            reference to Exhibit 3 to the Partnership's  Registration  Statement
            on  Amendment 1 on Form S-11 (Reg.  No.  2-97664)  filed on July 17,
            1985.

            Exhibit 99,  Certification  Pursuant to 18 U.S.C.  Section  1350, as
            Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

      b)    Reports on Form 8-K filed during the quarter ended March 31, 2003:

            None.


<PAGE>


                                   SIGNATURES



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



                                 CONSOLIDATED CAPITAL INSTITUTIONAL PROPERTIES/3


                                    By:   CONCAP EQUITIES, INC.
                                          Its General Partner


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


                                    By:   /s/Thomas C. Novosel
                                          Thomas C. Novosel
                                          Senior Vice President
                                          and Chief Accounting Officer


                                    Date: May 14, 2003



<PAGE>



                                  CERTIFICATION


I, Patrick J. Foye, certify that:


1. I have reviewed this quarterly report on Form 10-QSB of Consolidated  Capital
Institutional Properties/3;


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


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


4.  The  registrant's  other  certifying  officers  and  I are  responsible  for
establishing and maintaining  disclosure  controls and procedures (as defined in
Exchange Act Rules 13a-14 and 15d-14) for the registrant and we have:


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


      b) Evaluated the effectiveness of the registrant's disclosure controls and
      procedures  as of a date  within 90 days prior to the filing  date of this
      quarterly report (the "Evaluation Date"); and


      c)  Presented  in  this  quarterly   report  our  conclusions   about  the
      effectiveness  of the  disclosure  controls  and  procedures  based on our
      evaluation as of the Evaluation Date;


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


      a) All  significant  deficiencies  in the design or  operation of internal
      controls which could adversely affect the registrant's  ability to record,
      process,  summarize and report  financial data and have identified for the
      registrant's auditors any material weaknesses in internal controls; and


      b) Any fraud,  whether or not material,  that involves management or other
      employees  who  have  a  significant  role  in the  registrant's  internal
      controls; and


6. The  registrant's  other  certifying  officers  and I have  indicated in this
quarterly  report  whether or not there  were  significant  changes in  internal
controls or in other factors that could  significantly  affect internal controls
subsequent to the date of our most recent  evaluation,  including any corrective
actions with regard to significant deficiencies and material weaknesses.


Date:  May 14, 2003

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


<PAGE>



                                  CERTIFICATION


I, Paul J. McAuliffe, certify that:


1. I have reviewed this quarterly report on Form 10-QSB of Consolidated  Capital
Institutional Properties/3;


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


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


4.  The  registrant's  other  certifying  officers  and  I are  responsible  for
establishing and maintaining  disclosure  controls and procedures (as defined in
Exchange Act Rules 13a-14 and 15d-14) for the registrant and we have:


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


      b) Evaluated the effectiveness of the registrant's disclosure controls and
      procedures  as of a date  within 90 days prior to the filing  date of this
      quarterly report (the "Evaluation Date"); and


      c)  Presented  in  this  quarterly   report  our  conclusions   about  the
      effectiveness  of the  disclosure  controls  and  procedures  based on our
      evaluation as of the Evaluation Date;


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


      a) All  significant  deficiencies  in the design or  operation of internal
      controls which could adversely affect the registrant's  ability to record,
      process,  summarize and report  financial data and have identified for the
      registrant's auditors any material weaknesses in internal controls; and


      b) Any fraud,  whether or not material,  that involves management or other
      employees  who  have  a  significant  role  in the  registrant's  internal
      controls; and


6. The  registrant's  other  certifying  officers  and I have  indicated in this
quarterly  report  whether or not there  were  significant  changes in  internal
controls or in other factors that could  significantly  affect internal controls
subsequent to the date of our most recent  evaluation,  including any corrective
actions with regard to significant deficiencies and material weaknesses.


Date:  May 14, 2003

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



<PAGE>


Exhibit 99


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



In connection with the Quarterly  Report on Form 10-QSB of Consolidated  Capital
Institutional  Properties/3 (the "Partnership"),  for the quarterly period ended
March 31, 2003 as filed with the Securities and Exchange  Commission on the date
hereof (the "Report"), Patrick J. Foye, as the equivalent of the chief executive
officer of the  Partnership,  and Paul J.  McAuliffe,  as the  equivalent of the
chief financial officer of the Partnership,  each hereby certifies,  pursuant to
18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley
Act of 2002, that, to the best of his knowledge:

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

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


                                    /s/  Patrick J. Foye
                                    Name:  Patrick J. Foye
                                    Date:  May 14, 2003


                                    /s/  Paul J. McAuliffe
                                    Name:  Paul J. McAuliffe
                                    Date:  May 14, 2003


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