UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                                   Form 10-QSB

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

                 For the quarterly period ended September 30, 2002


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


                For the transition period from _________to _________

                         Commission file number 0-10273


                       CONSOLIDATED CAPITAL PROPERTIES III
        (Exact name of small business issuer as specified in its charter)



         California                                             94-2653686
(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
                           (Issuer's telephone number)


<PAGE>


                         PART I - FINANCIAL INFORMATION


ITEM 1.     FINANCIAL STATEMENTS


                       CONSOLIDATED CAPITAL PROPERTIES III

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

                               September 30, 2002


<TABLE>
<CAPTION>

Assets
<S>                                                                          <C>
   Cash and cash equivalents                                                 $ 561
   Receivables and deposits, net of allowance for
    bad debt of $61                                                              69
   Other assets                                                                 423
   Investment properties:
      Land                                                    $ 507
      Buildings and related personal property                 11,799
                                                              12,306
      Less accumulated depreciation                           (8,919)         3,387
                                                                            $ 4,440
Liabilities and Partners' Deficit
Liabilities
   Accounts payable                                                          $ 74
   Tenant security deposit liabilities                                           74
   Accrued property taxes                                                       137
   Other liabilities                                                            332
   Mortgage notes payable                                                     8,680

Partners' Deficit
   General partners                                           $(1,875)
   Limited partners (158,582 units issued and
      outstanding)                                            (2,982)        (4,857)
                                                                            $ 4,440

            See Accompanying Notes to Consolidated Financial Statements
</TABLE>


<PAGE>





                       CONSOLIDATED CAPITAL PROPERTIES III

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




<TABLE>
<CAPTION>

                                               Three Months              Nine Months
                                           Ended September 30,       Ended September 30,
                                            2002         2001         2002        2001
                                                      (Restated)               (Restated)
Revenues:
<S>                                        <C>          <C>         <C>          <C>
  Rental income                            $ 709        $ 755       $ 2,144      $ 2,255
  Other income                                 78           68          219          170
      Total revenues                          787          823        2,363        2,425

Expenses:
  Operating                                   485          452        1,181        1,192
  General and administrative                   66           69          199          272
  Depreciation                                152          146          465          441
  Interest                                    177          206          519          459
  Property taxes                               49           51          147          150
      Total expenses                          929          924        2,511        2,514

Net loss                                   $ (142)      $ (101)      $ (148)      $ (89)

Net loss allocated to general
  partners (4%)                             $ (6)        $ (4)        $ (6)       $ (3)
Net loss allocated to
  limited partners (96%)                     (136)         (97)        (142)         (86)

                                           $ (142)      $ (101)      $ (148)      $ (89)
Net loss per limited partnership
  unit                                    $ (0.86)     $ (0.61)     $ (0.90)     $ (0.54)

Distributions per limited
  partnership unit                          $ --       $ 17.40       $ 1.91      $ 20.33

            See Accompanying Notes to Consolidated Financial Statements
</TABLE>

<PAGE>




                       CONSOLIDATED CAPITAL PROPERTIES III

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

<TABLE>
<CAPTION>

                                     Limited
                                     Partnership     General      Limited
                                        Units        Partners    Partners      Total


<S>                                    <C>             <C>       <C>          <C>
Original capital contributions         158,945         $ 1       $ 79,473     $ 79,474

Partners' deficit
   at December 31, 2001                158,582       $(1,869)    $ (2,537)    $ (4,406)

Distributions to partners                  --             --         (303)        (303)

Net loss for the nine months
   ended September 30, 2002                --             (6)        (142)        (148)

Partners' deficit
   at September 30, 2002               158,582       $(1,875)    $ (2,982)    $ (4,857)


            See Accompanying Notes to Consolidated Financial Statements
</TABLE>

<PAGE>



                       CONSOLIDATED CAPITAL PROPERTIES III

                      CONSOLIDATED STATEMENTS OF CASH FLOWS
                                   (Unaudited)
                                 (in thousands)

<TABLE>
<CAPTION>

                                                                  Nine Months Ended
                                                                    September 30,
                                                                  2002         2001
Cash flows from operating activities:
<S>                                                              <C>           <C>
  Net loss                                                       $ (148)       $ (89)
  Adjustments to reconcile net loss to net cash
   provided by operating activities:
   Depreciation                                                      465          441
   Loss on early extinguishment of debt                               --           70
   Amortization of loan costs                                         23           23
   Bad debt expense                                                  172           37
   Change in accounts:
      Receivables and deposits                                      (179)        (168)
      Other assets                                                   (18)         (21)
      Accounts payable                                               (33)          (4)
      Tenant security deposit liabilities                             (6)          (6)
      Accrued property taxes                                         137          140
      Other liabilities                                              116           78

       Net cash provided by operating activities                     529          501

Cash flows from investing activities:
  Property improvements and replacements                            (198)        (618)
  Insurance proceeds received                                        173           --
  Net withdrawals from (deposits to) restricted escrows              178          (33)
       Net cash provided by (used in) investing activities           153         (651)

Cash flows from financing activities:
  Loan costs paid                                                     --         (338)
  Proceeds from mortgage notes payable                                --        7,800
  Repayment of mortgage notes payable                                 --       (4,200)
  Payments on mortgage notes payable                                (154)         (41)
  Distributions to partners                                         (303)      (3,257)
  Advance from affiliate                                              --          150
  Payment on advance from affiliate                                   --         (150)

       Net cash used in financing activities                        (457)         (36)

Net increase (decrease) in cash and cash equivalents                 225         (186)

Cash and cash equivalents at beginning of period                     336          545
Cash and cash equivalents at end of period                        $ 561        $ 359
Supplemental disclosure of cash flow information:
  Cash paid for interest                                          $ 498        $ 343

At December 31,  2001,  receivables  and  deposits and cash flow from  investing
activities were adjusted by approximately $173,000 for non-cash activity related
to  insurance  proceeds  received  which were held on deposit  with the mortgage
lender and received during the nine months ended September 30, 2002.

            See Accompanying Notes to Consolidated Financial Statements
</TABLE>

<PAGE>






                       CONSOLIDATED CAPITAL PROPERTIES III

                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                                   (Unaudited)


Note A - Basis of Presentation

The accompanying  unaudited  consolidated  financial  statements of Consolidated
Capital Properties III (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 the general partner of the Partnership,
ConCap Equities,  Inc. (the "General Partner"),  all adjustments  (consisting of
normal recurring  accruals)  considered  necessary for a fair  presentation have
been  included.  Operating  results for the three and nine month  periods  ended
September  30, 2002 are not  necessarily  indicative  of the results that may be
expected for the fiscal year ending December 31, 2002. For further  information,
refer to the consolidated financial statements and footnotes thereto included in
the  Partnership's  Annual  Report on Form  10-KSB  for the  fiscal  year  ended
December 31, 2001. The General Partner is  wholly-owned by Apartment  Investment
and  Management  Company  ("AIMCO"),  a publicly  traded real estate  investment
trust.

Effective  April  1,  2002,  the  Partnership  adopted  Statement  of  Financial
Accounting  Standards ("SFAS") No. 145, "Rescission of FASB Statements No. 4, 44
and 64". SFAS No. 4 "Reporting  Gains and Losses from  Extinguishment  of Debt,"
required  that all gains and losses from  extinguishment  of debt be  aggregated
and, if material,  classified as an  extraordinary  item.  SFAS No. 145 rescinds
SFAS No. 4, and accordingly, gains and losses from extinguishment of debt should
only be  classified  as  extraordinary  if they are  unusual in nature and occur
infrequently. Neither of these criteria applies to the Partnership. As a result,
the  accompanying  consolidated  statements of operations for the three and nine
months ended  September 30, 2001 have been restated to reflect the loss on early
extinguishment  of  debt  at  Ventura  Landing   Apartments  and  Village  Green
Apartments (see "Note D") as interest expense.

Note B - 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 ("Partnership Agreement") provides for (i) payments to
affiliates for services and (ii)  reimbursements of certain expenses incurred by
affiliates of the General Partner on behalf of the Partnership.

Affiliates of the General  Partner are entitled to receive 5% of gross  receipts
from all of the Registrant's  properties as compensation for providing  property
management  services.  The  Registrant  paid  to such  affiliates  approximately
$118,000 and $122,000  for the nine months  ended  September  30, 2002 and 2001,
respectively, which are included in operating expenses.

Affiliates  of  the  General  Partner  received   reimbursement  of  accountable
administrative expenses amounting to approximately $135,000 and $358,000 for the
nine months ended September 30, 2002 and 2001,  respectively.  Included in these
amounts are fees  related to  construction  management  services  provided by an
affiliate of the General  Partner of  approximately  $3,000 and $215,000 for the
nine months ended September 30, 2002 and 2001,  respectively.  The  construction
management  service  fees  are  calculated  based  on  additions  to  investment
properties.  These  reimbursements  of accountable  administrative  expenses are
included in investment properties and general and administrative expenses.

The Partnership  Agreement  provides for a special management fee equal to 9% of
the  total  distributions  made to the  limited  partners  from  cash  flow from
operations to be paid to the General  Partner for  executive and  administrative
management  services.  During the nine months ended  September 30, 2001, fees of
approximately  $46,000 were paid to the General  Partner,  which are included in
general and administrative expenses.  During the nine months ended September 30,
2002, no special management fee was paid as no distributions from cash flow from
operations were made.

During the nine months ended  September  30,  2001,  an affiliate of the General
Partner advanced the Registrant $150,000 to pay for repairs related to a fire in
January  2001 (see "Note C").  This advance  accrued  interest at the prime rate
plus 2%. During the nine months ended September 30, 2001, the Partnership repaid
this advance and accrued interest of  approximately  $1,000 with the refinancing
proceeds from Ventura Landing Apartments. There were no advances from affiliates
of the General Partner to the Partnership during the nine months ended September
30, 2002.

For  services  provided in  connection  with the  refinancing  of two  mortgages
encumbering the  Partnership's  investment  properties,  the General Partner was
paid  approximately  $78,000  during the nine months ended  September  30, 2001.
These  costs  were   capitalized  and  are  included  in  other  assets  on  the
consolidated balance sheet.

Beginning in 2001, the  Partnership  began insuring its properties up to certain
limits through coverage provided by AIMCO which is generally  self-insured for a
portion of losses and  liabilities  related  to workers  compensation,  property
casualty and vehicle liability. The Partnership insures its properties above the
AIMCO  limits  through  insurance  policies  obtained  by  AIMCO  from  insurers
unaffiliated  with the General  Partner.  During the nine months ended September
30,  2002 and 2001,  the  Partnership  was  charged by AIMCO and its  affiliates
approximately $37,000 and $63,000, respectively, for insurance coverage and fees
associated with policy claims administration.

Note C - Casualty Event

In January 2001, a fire  occurred at West Chase  Apartments,  which  resulted in
damage to twelve apartment units. The property incurred damages of approximately
$178,000.  Insurance proceeds of approximately $173,000 were received in 2001 to
cover these  damages.  These  proceeds  were held on deposit  with the  mortgage
lender at December  31,  2001 and were  released  during the nine  months  ended
September 30, 2002 upon  completion of repairs at the property.  The Partnership
recognized a casualty gain of  approximately  $132,000 during the fourth quarter
of 2001, due to the write off of the undepreciated damaged assets.

Note D - Refinancing and Loss on Early Extinguishment of Debt

On June 28, 2001, the Partnership  refinanced the mortgage  encumbering  Ventura
Landing  Apartments.  The refinancing  replaced  indebtedness  of  approximately
$2,200,000  with a new  mortgage  in the  amount  of  $4,225,000.  Approximately
$60,000 of the proceeds were placed into a restricted escrow account  maintained
by the  lender.  The new  mortgage  carries  a stated  interest  rate of  7.54%.
Interest on the old mortgage was 7.33%.  Principal and interest  payments on the
mortgage loan of approximately $34,000 are due monthly until the loan matures in
July 2021 at which time the loan will be fully amortized. Total capitalized loan
costs were  approximately  $180,000  during the nine months ended  September 30,
2001. The Partnership  recognized a loss on the early  extinguishment of debt of
approximately  $36,000 due to the write-off of unamortized loan costs,  which is
included in interest expense.

On July 24, 2001, the Partnership  refinanced the mortgage  encumbering  Village
Green  Apartments.   The  refinancing  replaced  indebtedness  of  approximately
$2,000,000  with a new  mortgage  in the  amount  of  $3,575,000.  Approximately
$117,000 of the proceeds was placed into a restricted escrow account  maintained
by the lender.  The new mortgage  carries a stated  interest rate of 7.54%.  The
interest rate on the old mortgage was 7.33%.  Principal and interest payments on
the  mortgage  loan of  approximately  $29,000  are due  monthly  until the loan
matures in August 2021 at which time the mortgage will be fully amortized. Total
capitalized loan costs were approximately  $158,000 during the nine months ended
September   30,  2001.   The   Partnership   recognized  a  loss  on  the  early
extinguishment  of  debt  of  approximately  $34,000  due  to the  write-off  of
unamortized loan costs, which is included in interest expense.

Note E - 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  current  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  can have an  opportunity  to discuss  settlement.  On
October  30,  2002,  the court  entered  an order  extending  the stay in effect
through January 10, 2003.

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. The parties are currently in the midst of briefing that appeal.

The  General  Partner  does not  anticipate  that any  costs,  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 Private  Securities  Litigation  Reform Act of 1995 provides a "safe harbor"
for forward-looking  statements in certain circumstances.  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 consist of three apartment  complexes.
The following table sets forth the average  occupancy of the properties for each
of the nine month periods ended September 30, 2002 and 2001:

                                                   Average Occupancy
      Property                                      2002       2001

      Ventura Landing Apartments                    91%        94%
        Orlando, Florida

      Village Green Apartments                      93%        94%
        Altamonte Springs, Florida

      West Chase Apartments                         94%        90%
        Lexington, Kentucky

The General  Partner  attributes  the decrease in  occupancy at Ventura  Landing
Apartments to increased market competition in the Orlando area.

The  General  Partner  attributes  the  increase  in  occupancy  at  West  Chase
Apartments to increased  marketing  efforts and competitive  pricing relative to
other apartment complexes in the Lexington area.

Results of Operations

The  Partnership's  net loss for the nine months  ended  September  30, 2002 was
approximately  $148,000 as compared to a net loss of  approximately  $89,000 for
the nine months ended  September 30, 2001.  The  Partnership's  net loss for the
three months ended September 30, 2002 was approximately  $142,000 as compared to
a net loss of  approximately  $101,000 for the three months ended  September 30,
2001.  The  increase  in net  loss  for both the  three  and nine  months  ended
September  30,  2002 is due to a  decrease  in total  revenues.  Total  revenues
decreased due to a decrease in rental income, partially offset by an increase in
other  income.  Rental  income  decreased  primarily  due  to the  decreases  in
occupancy  at Ventura  Landing  Apartments  and  Village  Green  Apartments,  an
increase in bad debt expense at Ventura  Landing  Apartments,  and a decrease in
the average  rental rate at Village  Green  Apartments,  partially  offset by an
increase in the average rental rate at Ventura Landing Apartments and West Chase
Apartments and the increase in occupancy at West Chase Apartments.  Other income
increased  primarily  due to  increases  in lease  cancellation  fees at Ventura
Landing  Apartments and West Chase Apartments and an increase in late charges at
Village Green Apartments and Ventura Landing  Apartments,  partially offset by a
decrease  in  interest  income   resulting  from  lower  average  cash  balances
maintained in interest bearing accounts.

Total expenses remained relatively constant for the comparable periods.  For the
three  months  ended  September  30,  2002,  increases  in  both  operating  and
depreciation expense were offset by a decrease in interest expense.  General and
administrative  and property tax expenses remained  relatively  constant for the
three months ended  September 30, 2002. For the nine months ended  September 30,
2002,  increases  in both  depreciation  and  interest  expense  were  offset by
decreases in operating and general and administrative  expenses,  while property
tax expense remained relatively constant. The increase in operating expenses for
the three  months  ended  September  30, 2002 is  primarily  due to increases in
utility and maintenance  expenses,  partially  offset by a decrease in insurance
expense at Village Green Apartments and Ventura Landing Apartments. The decrease
in interest  expense for the three  months  ended  September  30, 2002 is due to
scheduled principal payments made on the mortgages encumbering the Partnership's
investment  properties,  which reduced the carrying  balances of the  respective
loans,  and the loss recognized in 2001 on the early  extinguishment  of debt at
Village Green  Apartments  (as discussed in  "Liquidity  and Capital  Resources"
below).

The decrease in operating  expenses for the nine months ended September 30, 2002
is primarily due to a decrease in insurance  expense at Village Green Apartments
and Ventura Landing  Apartments.  Interest expense increased for the nine months
ended  September  30, 2002 due to the  refinancing  of the  mortgages at Ventura
Landing Apartments and Village Green Apartments in 2001 which resulted in larger
loan  balances,  partially  offset by the loss  recognized  in 2001 on the early
extinguishment   of  debt  at  Village  Green  Apartments  and  Ventura  Landing
Apartments (as discussed  below).  Depreciation  expense  increased for both the
three  and  nine  months  ended  September  30,  2002  at all  three  investment
properties due to property  improvements  and  replacements  placed into service
during the past twelve months. General and administrative expenses decreased for
the  nine  months  ended  September  30,  2002  primarily  due  to  the  special
partnership  management  fees charged during the nine months ended September 30,
2001, as a result of the distributions from operations, and, to a lesser extent,
a decrease in management reimbursements to the General Partner allowed under the
Partnership Agreement.  Also included in general and administrative  expenses at
both  September  30, 2002 and 2001 are costs  associated  with the quarterly and
annual  communications  with  investors and  regulatory  agencies and the annual
audit required by the Partnership Agreement.

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  September  30,  2002,  the  Partnership  had cash and  cash  equivalents  of
approximately  $561,000,  compared to  approximately  $359,000 at September  30,
2001.  Cash and  cash  equivalents  increased  approximately  $225,000  from the
Partnership's fiscal year ended December 31, 2001, due to approximately $529,000
of cash  provided by operating  activities  and  approximately  $153,000 of cash
provided by investing activities,  partially offset by approximately $457,000 of
cash  used in  financing  activities.  Cash  provided  by  investing  activities
consisted of the release of insurance  proceeds  related to the 2001 casualty at
West Chase  Apartments and net receipts from escrow  accounts  maintained by the
mortgage  lender,  partially offset by property  improvements and  replacements.
Cash used in  financing  activities  consisted  of payments of  principal on the
mortgages   encumbering  the  Partnership's   properties  and  distributions  to
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 Registrant 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.

Village Green Apartments

For 2002, the  Partnership  has budgeted,  but is not limited to,  approximately
$88,000  for  capital   improvements,   consisting   primarily   of   structural
improvements  and air  conditioning  unit and floor covering  replacements.  The
Partnership  completed  approximately  $113,000  of  budgeted  and  non-budgeted
capital  improvements at Village Green  Apartments  during the nine months ended
September 30, 2002, consisting primarily of gutter replacement,  heating and air
conditioning upgrades, structural improvements,  and floor covering replacement.
These  improvements  were funded from  replacement  reserves and operating  cash
flow. Additional  improvements may be considered and will depend on the physical
condition  of the  property as well as  anticipated  cash flow  generated by the
property.

West Chase Apartments

For 2002, the  Partnership  has budgeted,  but is not limited to,  approximately
$45,000 for capital improvements, consisting primarily of parking area upgrades,
fencing improvements and floor covering  replacement.  The Partnership completed
approximately  $38,000 of capital  improvements at West Chase Apartments  during
the nine months ended September 30, 2002,  consisting  primarily of construction
related to the damage caused by a January 2001 fire (as discussed in "Note C" to
the financial statements),  office computers,  water heaters, and floor covering
replacement.  These  improvements  were  funded  from  operating  cash  flow and
insurance proceeds. Additional improvements may be considered and will depend on
the  physical  condition  of the  property  as well  as  anticipated  cash  flow
generated by the property.

Ventura Landing Apartments

For 2002, the  Partnership  has budgeted,  but is not limited to,  approximately
$72,000 for capital improvements  consisting primarily of parking area upgrades,
structural   improvements,   and  air  conditioning   unit  and  floor  covering
replacements.   The  Partnership  completed  approximately  $47,000  of  capital
improvements  at  Ventura  Landing  Apartments  during  the  nine  months  ended
September  30,  2002,  consisting  primarily of parking  area  upgrades,  office
computers,  and floor covering replacement.  These improvements were funded from
operating cash flow and replacement  reserves.  Additional  improvements  may be
considered and will depend on the physical  condition of the property as well as
anticipated cash flow generated by the property.

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 completed, the Registrant's distributable cash flow, if
any, may be adversely affected at least in the short term.


<PAGE>



The Partnership's  current assets are thought to be sufficient for any near-term
needs (exclusive of capital improvements) of the Partnership.  On June 28, 2001,
the Partnership  refinanced the mortgage encumbering Ventura Landing Apartments.
The refinancing  replaced  indebtedness of  approximately  $2,200,000 with a new
mortgage in the amount of $4,225,000. Approximately $60,000 of the proceeds were
placed into a  restricted  escrow  account  maintained  by the  lender.  The new
mortgage  carries a stated interest rate of 7.54%.  The interest rate on the old
mortgage  was 7.33%.  Principal  and interest  payments on the mortgage  loan of
approximately  $34,000  are due monthly  until the loan  matures in July 2021 at
which time the mortgage will be fully  amortized.  The Partnership  recognized a
loss on the early  extinguishment  of debt of  approximately  $36,000 due to the
write-off of unamortized loan costs, which is included in interest expense.

On July 24, 2001, the Partnership  refinanced the mortgage  encumbering  Village
Green  Apartments.   The  refinancing  replaced  indebtedness  of  approximately
$2,000,000  with a new  mortgage  in the  amount  of  $3,575,000.  Approximately
$117,000 of the proceeds was placed into a restricted escrow account  maintained
by the lender.  The new mortgage  carries a stated  interest rate of 7.54%.  The
interest rate on the old mortgage was 7.33%.  Principal and interest payments on
the  mortgage  loan of  approximately  $29,000  are due  monthly  until the loan
matures in August 2021 at which time the mortgage will be fully  amortized.  The
Partnership   recognized  a  loss  on  the  early   extinguishment  of  debt  of
approximately  $34,000 due to the write-off of unamortized loan costs,  which is
included in interest expense.

The mortgage  indebtedness on West Chase Apartments of approximately  $1,077,000
requires  monthly  payments of principal and interest  until the loan matures in
December 2019, at which time the loan will be fully amortized.

Pursuant to the Partnership Agreement,  the term of the Partnership is scheduled
to expire on December 31, 2010. 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 nine months ended
September 30, 2002 and 2001 (in thousands, except per unit data):

<TABLE>
<CAPTION>

                                           Per                                Per
                     Nine months         Limited         Nine months        Limited
                        Ended          Partnership          Ended         Partnership
                  September 30, 2002       Unit       September 30, 2001      Unit

<S>                    <C>                <C>              <C>                 <C>
Operations             $   --             $   --           $  497              $ 2.93
Refinancing
  Proceeds (1)            303               1.91            2,760               17.40
                       $  303             $ 1.91           $3,257              $20.33
</TABLE>

(1)   From proceeds from the 2001  refinancings of Village Green  Apartments and
      Ventura Landing Apartments.

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,   property  sales,  and/or  refinancings.   The  Partnership's  cash
available  for  distribution  is  reviewed on a monthly  basis.  There can be no
assurance that the Partnership  will generate  sufficient  funds from operations
after required  capital  expenditures to permit any additional  distributions to
its partners during the remainder of 2002 or subsequent periods.


<PAGE>



Other

In addition to its indirect  ownership of the general  partner  interests in the
Partnership,  AIMCO and its affiliates owned 81,505.50 limited partnership units
(the "Units") in the Partnership representing 51.40% of the outstanding Units at
September  30,  2002. 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 51.40% of
the outstanding  Units,  AIMCO is in a position to control all voting  decisions
with  respect to the  Registrant.  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 consolidated 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. 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.

<PAGE>

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 Managing  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  Managing  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 Managing 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  Managing  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 current 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 can
have an  opportunity  to discuss  settlement.  On October  30,  2002,  the court
entered an order extending the stay in effect through January 10, 2003.

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 Managing  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. The parties are currently in the midst of briefing that appeal.

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


<PAGE>



ITEM 6.     EXHIBITS AND REPORTS ON FORM 8-K

            a) Exhibits:

                  3.1   Certificate of Limited  Partnership,  as amended to date
                        (Exhibit  3 to the  Registrant's  Annual  Report on Form
                        10-K  for  the  year  ended   December  31,   1991,   is
                        incorporated herein by reference).

                  3.2   Partnership Agreement dated May 22, 1980 is incorporated
                        by  reference  to  Exhibit  A to the  Prospectus  of the
                        Registration  dated  August  17,  1981 as filed with the
                        Commission pursuant to Rule 424(b) under the Act.

                  99    Certification of Chief  Executive   Officer   and  Chief
                        Financial Officer

b) Reports on Form 8-K:

                  None filed during the quarter ended September 30, 2002.



<PAGE>


                                   SIGNATURES



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



                                    CONSOLIDATED CAPITAL PROPERTIES III


                                    By:   CONCAP EQUITIES, INC.
                                          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: November 13, 2002


<PAGE>



                                  CERTIFICATION


I, Patrick J. Foye, certify that:


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


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:  November 13, 2002

                                -----------------------
                                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
Properties III;


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:  November 13, 2002

                                -----------------------
                                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
Properties III (the "Partnership"), for the quarterly period ended September 30,
2002 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:  November 13, 2002


                                           /s/Paul J. McAuliffe
                                    Name:  Paul J. McAuliffe
                                    Date:  November 13, 2002


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.