FORM 10-QSB.--QUARTERLY REPORT UNDER SECTION 13 OR 15(D) OF
                     THE SECURITIES EXCHANGE ACT OF 1934
                       QUARTERLY OR TRANSITIONAL REPORT

                 (As last amended by 34-32231, eff. 6/3/93.)

                   U.S. Securities and Exchange Commission
                           Washington, D.C.  20549


                                 FORM 10-QSB

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


              For the quarterly period ended September 30, 1996


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

                For the transition period.........to.........

                        Commission file number 0-10199


                        ANGELES PARK COMMUNITIES, LTD.
      (Exact name of small business issuer as specified in its charter)


         California                                           95-3558497
(State or other jurisdiction of                             (IRS Employer
incorporation or organization)                            Identification No.)

One Insignia Financial Plaza, P.O. Box 1089
   Greenville, South Carolina                                   29602
(Address of principal executive offices)                      (Zip Code)


                   Issuer's telephone number (864) 239-1000



Check whether the issuer (1) filed all reports required to be filed by Section
13 or 15(d) of the Exchange Act during the past 12 months (or for such shorter
period that the registrant was required to file such reports), and (2) has been
subject to such filing requirements for the past 90 days.  Yes  X  No


                        PART I - FINANCIAL INFORMATION

ITEM 1.  FINANCIAL STATEMENTS

a)                      ANGELES PARK COMMUNITIES, LTD.

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

                              September 30, 1996



Assets
  Cash and cash equivalents:
     Unrestricted                                                  $      209
     Restricted--tenant security deposits                                  14
  Accounts receivable, less allowance of $1                                 8
  Escrow for taxes                                                        165
  Other assets                                                            249
  Investment properties:
     Land                                           $  1,043
     Buildings and related personal property           4,829
                                                       5,872
     Less accumulated depreciation                    (4,465)           1,407
                                                                   $    2,052

  Liabilities and Partners' Deficit

  Liabilities
     Accounts payable                                              $       24
     Tenant security deposits                                              14
     Other liabilities                                                    285
     Mortgage note payable                                              4,923

  Partners' Deficit
     General partners'                              $   (164)
     Limited partners' (15,093 units issued
       and outstanding)                               (3,030)          (3,194)

                                                                   $    2,052

         See Accompanying Notes to Consolidated Financial Statements


b)                         ANGELES PARK COMMUNITIES, LTD.

                      CONSOLIDATED STATEMENTS OF OPERATIONS
                                    (Unaudited)
                          (in thousands, except unit data)
<TABLE>
<CAPTION>
                                         Three Months Ended       Nine Months Ended
                                            September 30,           September 30,
                                         1996         1995         1996         1995
<S>                                  <C>          <C>          <C>          <C>
Revenues:
 Rental income                        $   474      $   400      $ 1,452      $ 1,359
 Other income                              10           29           32          126
   Total revenues                         484          429        1,484        1,485

Expenses:
 Operating                                164          177          531          528
 General and administrative                49           36          139          119
 Maintenance                               57           48          123          111
 Depreciation                              82           80          243          237
 Interest                                 124          131          374          438
 Property taxes                            51           40          158          123
 Bad debt (recovery) expense, net          (4)           6           (9)        (744)
   Total expenses                         523          518        1,559          812

   Net (loss) income                  $   (39)     $   (89)     $   (75)     $   673

Net (loss) income allocated
 to general partners (1%)             $    (1)     $    (1)     $    (1)     $     7
Net (loss) income allocated
 to limited partners (99%)                (38)         (88)         (74)         666

   Net (loss) income                  $   (39)     $   (89)     $   (75)     $   673

   Net (loss) income per
     limited partnership unit         $ (2.52)     $ (5.83)     $ (4.91)     $ 44.13
<FN>
            See Accompanying Notes to Consolidated Financial Statements
</TABLE>

c)                          ANGELES PARK COMMUNITIES, LTD.

                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      15,112       $     1     $15,112       $15,113

Partners' deficit at
  December 31, 1995                 15,093       $  (163)     $(2,956)     $(3,119)

Net loss for the nine months
  ended September 30, 1996              --            (1)         (74)         (75)

Partners' deficit at
  September 30, 1996                15,093       $  (164)     $(3,030)     $(3,194)
<FN>
            See Accompanying Notes to Consolidated Financial Statements
</TABLE>

d)                      ANGELES PARK COMMUNITIES, LTD.

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

                                                        Nine Months Ended
                                                           September 30,
                                                        1996         1995
Cash flows from operating activities:
  Net (loss) income                                    $  (75)      $  673
  Adjustments to reconcile net (loss) income to
    net cash provided by operating activities:
    Depreciation                                          243          237
    Amortization of loan costs                             37           50
    Bad debt (recovery) expense                            (9)           6
  Change in accounts:
    Restricted cash                                       (12)         (14)
    Accounts receivable                                     9          172
    Escrows for taxes                                    (134)        (159)
    Other assets                                           --         (749)
    Accounts payable                                      (12)           6
    Tenant security deposit liabilities                    12           12
    Other liabilities                                      71          (87)

         Net cash provided by
            operating activities                          130          147

Cash flows from investing activities:
  Property improvements and replacements                  (74)         (35)
  Proceeds from AMIT investment                            --          750

      Net cash (used in) provided by
         investing activities                             (74)         715

Cash flows used in financing activities:
  Payments on mortgage notes payable                      (28)        (938)

Net increase (decrease) in cash                            28          (76)

Cash and cash equivalents at beginning of period          181          149

Cash and cash equivalents at end of period             $  209       $   73

Supplemental disclosure of cash flow information:
  Cash paid for interest                               $  337       $  392

         See Accompanying Notes to Consolidated Financial Statements


e)                           ANGELES PARK COMMUNITIES, LTD.

                      NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                                     (Unaudited)


NOTE A - BASIS OF PRESENTATION

  The accompanying unaudited financial statements 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 Angeles Realty Corporation (the
"Managing 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, 1996,
are not necessarily indicative of the results that may be expected for the
fiscal year ending December 31, 1996.  For further information, refer to the
financial statements and footnotes thereto included in Angeles Park Communities,
Ltd.'s (the "Partnership") annual report on Form 10-KSB for the fiscal year
ended December 31, 1995.

  Certain reclassifications have been made to the 1995 information to conform
to the 1996 presentation.


NOTE B - TRANSACTIONS WITH AFFILIATED PARTIES

  The Partnership has no employees and is dependent on the Managing General
Partner and its affiliates for the management and administration of all
Partnership activities.  The Partnership Agreement provides for payments to
affiliates for services and as reimbursement of certain expenses incurred by
affiliates on behalf of the Partnership.  The following amounts were paid to the
Managing General Partner and affiliates during the nine month periods ended
September 30, 1996 and 1995:

                                                    1996        1995

  Property management fees (included in
      operating expenses)                        $74,000       $70,000
  Reimbursement for services of affiliates
     (included in general and administrative
        expenses)                                 98,000        71,000


  The Partnership insures its properties under a master policy through an
agency and insurer unaffiliated with the Managing General Partner.  An affiliate
of the Managing General Partner acquired, in the acquisition of a business,
certain financial obligations from an insurance agency which was later
acquired by the agent who placed the current year's master policy.  The current
agent assumed the financial obligations to the affiliate of the Managing General
Partner who receives payments on these obligations from the agent.  The amount
of the Partnership's insurance premiums accruing to the benefit of the affiliate
of the Managing General Partner by virtue of the agent's obligations is not
significant.

  In July 1993, Angeles Mortgage Investment Trust ("AMIT"), a real estate
investment trust, formerly affiliated with Angeles Corporation ("Angeles"),
initiated litigation against the Partnership and other partnerships which loaned
money to AMIT seeking to avoid repayment of such obligations.  The Partnership
subsequently filed a counterclaim against AMIT seeking to enforce the
obligation, the principal amount of which was $750,000 plus accrued interest
from March 1993 ("AMIT Obligation").  This amount was fully reserved in 1993.

  On November 9, 1994, the Partnership executed a definitive Settlement
Agreement to settle the dispute with respect to the AMIT Obligation.  The actual
closing of the Settlement occurred April 14, 1995.  The Partnership's claim was
satisfied by a cash payment to the Partnership by AMIT totaling $827,000 (the
"Settlement Amount") at closing, of which $750,000 was payment of the obligation
mentioned above and $77,000 was previously unrecognized interest income.

   MAE GP Corporation ("MAE GP"), an affiliate of the Managing General Partner,
owns 1,675,113 Class B Shares of AMIT.  MAE GP has the option to convert these
Class B Shares, in whole or in part, into Class A Shares on the basis of 1 Class
A Share for every 49 Class B Shares.  These Class B Shares entitle MAE GP to
receive 1.2% of the distributions of net cash distributed by AMIT.  These Class
B Shares also entitle MAE GP to vote on the same basis as Class A Shares which
allows MAE GP to vote approximately 37% of the total shares (unless and until
converted to Class A Shares at which time the percentage of the vote controlled
represented by the shares held by MAE GP would approximate 1.2% of the vote).
Between the date of acquisition of these shares (November 24, 1992) and March
31, 1995, MAE GP declined to vote these shares.  Since that date, MAE GP voted
its shares at the 1995 annual meeting in connection with the election of
trustees and other matters.  MAE GP has not exerted, and continues to decline to
exert, any management control over or participate in the management of AMIT.
MAE GP may choose to vote these shares as it deems appropriate in the future.
In addition, Liquidity Assistance, LLC, ("LAC"), an affiliate of the Managing
General Partner and an affiliate of Insignia Financial Group, Inc., which
provides property management and partnership administration services to the
Partnership, currently owns 87,700 Class A Shares of AMIT.  These Class A Shares
entitle LAC to vote approximately 2% of the total shares. The number of Class A 
Shares of AMIT owned by LAC increased from 63,200 shares on September 30, 1996, 
to 87,700 shares as of October 22, 1996. The voting percentage also increased 
from 1.5% to 2% over the same time period.

   As part of the above described settlement, MAE GP granted to AMIT an option
to acquire the Class B shares owned by it.  This option can be exercised at the
end of 10 years or when all loans made by AMIT to partnerships affiliated with
MAE GP as of November 9, 1994 (which is the date of execution of a definitive
Settlement Agreement), have been paid in full, but in no event prior to November
9, 1997.  AMIT delivered to MAE GP cash in the sum of $250,000 at closing, which
occurred on April 14, 1995, as payment for the option.  Upon exercise of the
option, AMIT would remit to MAE GP an additional $94,000.

   Simultaneously with the execution of the option, MAE GP executed an
irrevocable proxy in favor of AMIT the result of which is MAE GP will be able to
vote the Class B Shares on all matters except those involving transactions
between AMIT and MAE GP affiliated borrowers or the election of any MAE GP
affiliate as an officer or trustee of AMIT.  On those matters, MAE GP granted to
the AMIT trustees, in their capacity as trustees of AMIT, proxies with regard to
the Class B Shares instructing such trustees to vote said Class B Shares in
accordance with the vote of the majority of the Class A Shares voting to be
determined without consideration of the votes of "Excess Class A Shares" as
defined in Section 6.13 of the Declaration of Trust of AMIT.

   The Partnership filed a Proof of Claim in the bankruptcy proceeding of
Angeles concerning the Partnership's indebtedness to Angeles Acceptance Pool,
L.P. ("AAP").  Angeles is the 99% limited partner of AAP and Angeles Acceptance
Directives, an affiliate of the Managing General Partner was, until April 14,
1995, the 1% general partner of AAP.  The Proof of Claim alleged that, instead
of causing the Partnership to pay AAP on account of such debt, Angeles, either
itself or through an affiliate, caused the Partnership to make payment to
another Angeles affiliate.  To the extent that such action resulted in the
Partnership not receiving credit for the payments so made, the Partnership would
have been damaged in an amount equal to the misappropriated payments.  On August
9, 1995, AAP acknowledged constructive receipt of such payment and, therefore,
the Managing General Partner withdrew this claim.

   Finally, the Managing General Partner of the Partnership has been informed by
representatives of Angeles that, in connection with certain sales of properties
in prior years, the Partnership paid an incentive fee of $840,000 to Angeles
Real Estate Corporation ("ARECO"), a wholly owned subsidiary of Angeles.  The
last incentive fee, which was paid to ARECO without the knowledge of the current
management of the Managing General Partner in January 1993, was equal to 4% of
the sales price of the properties sold in 1992, or $167,000.  The Managing
General Partner originally believed that the incentive fees previously paid were
not in accordance with the Partnership Agreement. As a result, the Partnership 
filed a claim against Angeles for the total fees, or $1,007,000.  After 
investigating this matter further, it appears that the incentive fees may have 
been paid in accordance with the terms of the Partnership Agreement or that the 
matter in which they were paid may not give rise to a sustainable claim on 
behalf of the Partnership.  However, it is possible that a claim for repayment 
of some or all of these fees could arise at some point in the future if 
sufficient distributions are not made to the partners to result in their 
receiving their original capital investment plus a cumulative return of 6%. In 
light of all of the facts and circumstances known, the Managing General Partner 
determined that the likelihood of success and significant recovery resulting 
from pursuit of a claim would not be sufficient to warrant the costs which the 
Partnership would incur to pursue the claim.  Therefore, the Managing General 
Partner withdrew this claim on August 9, 1995.


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

   The Partnership's investment properties consist of one mobile home park and
one recreational vehicle park.  The following table sets forth the average
occupancy of the properties for each of the nine month periods ended September
30, 1996 and 1995:

                                               Average Occupancy
Property                                       1996         1995

Cloverleaf Farms, Mobile Home Park              99%          99%
  Brooksville, Florida

Cloverleaf Forest, Recreational                 73%          68%
  Vehicle Park
  Brooksville, Florida (1)

(1)  This is a normal average occupancy for this property for this time of the
     year due to many tenants returning to their summer homes which are located
     in cooler climates.  Occupancy should increase again in the fall and winter
     months.

   For the three and nine months ended September 30, 1996, the Partnership
generated a net loss of $39,000 and $75,000 versus net loss and income of
$89,000 and $673,000 for the three and nine months ended September 30, 1995. The
Partnership did not experience significant changes in total revenues or total
expenses, exclusive of the recovery, in 1995, of an amount previously written
off as bad debt, during the three and nine months ended September 30, 1996, as
compared to the three and nine months ended September 30, 1995.

   The Partnership experienced an increase in rental income primarily due to an
increase in rental rates at the mobile home park.  In April 1995, the
Partnership received $827,000 from AMIT in satisfaction of a $750,000 note
receivable that the Partnership had from AMIT.  Of the $827,000 received,
$77,000 was interest, resulting in increased other income in 1995 as compared to
1996 (see Part I, Item 1, "Note B-Transactions with Affiliated Parties" for
further discussion).

   The increases in general and administrative, maintenance, and property tax
expense were substantially offset by a decrease in interest expense.  The
increase in general and administrative expense was due primarily to an increase
in reimbursements for expenses incurred by affiliates on behalf of the
Partnership (see Part I, Item 1, "Note B-Transactions with Affiliated Parties).
Additionally, maintenance expense increased due to parking lot repairs made to
the Cloverleaf Forest property during 1996. Property taxes increased due to an
increase in the assessed value of the properties. Interest expense decreased due
to the Partnership paying off the second mortgage debt in late 1995.  Also
contributing to this decrease was a decrease in loan cost amortization related
to the pay off of the second mortgage debt.

   As part of the ongoing business plan of the Partnership, the Managing General
Partner monitors the rental market environment of each of its investment
properties to assess the feasibility of increasing rents, maintaining or
increasing occupancy levels and protecting the Partnership from increases in
expense.  As part of this plan, the Managing General Partner attempts to protect
the Partnership from 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
Managing General Partner will be able to sustain such a plan.

   On September 30, 1996, the Partnership had unrestricted cash of $209,000
versus $73,000 at September 30, 1995.  The decrease in cash provided by
operating activities results from reduced cash generated from operations, a
settlement of a receivable in early 1995 from the tenants of an investment
property that the Partnership sold in 1987 which did not recur in 1996, offset,
in part, by an increase in other liabilities during the nine months ended
September 30, 1996.  The increase in cash used in investing activities is
attributable to an increase in spending on paving projects and the proceeds
received in 1995 on the AMIT investment which did not recur in 1996.  Cash used
in financing activities decreased due to lower mortgage principal payments
attributable to the pay off of the second mortgage debt in late 1995.

   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.  The mortgage indebtedness
of $4,923,000 is being amortized over 30 years with a balloon payment of
$4,692,000 due in July 2001, at which time the properties will either be
refinanced or sold.  Subsequent to September 30, 1996, the Partnership has
received a purchase offer from the tenants of Cloverleaf Farms, Mobile Home
Park.  The Managing General Partner is currently evaluating the purchase offer
and expects to extend a counteroffer or reject the original offer during the
fourth quarter of 1996. Future cash distributions will depend on the levels of
net cash generated from operations, property sales and the availability of cash
reserves.  There were no cash distributions during the nine months ended
September 30, 1996 and 1995.

                          PART II - OTHER INFORMATION


ITEM 6.     EXHIBITS AND REPORTS ON FORM 8-K

          a) Exhibits:  Exhibit 27, Financial Data Schedule.

          b) Reports on Form 8-K:  None filed during the quarter ended
             September 30, 1996.


                                  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.



                              ANGELES PARK COMMUNITIES, LTD.

                              By:   Angeles Realty Corporation
                                    Managing General Partner


                              By:   /s/Carroll D. Vinson
                                    Carroll D. Vinson
                                    President, Director


                              By:   /s/Robert D. Long, Jr.
                                    Robert D. Long, Jr.
                                    Vice President/CAO


                              Date: November 8, 1998