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

                                  FORM 10-KSB
(Mark One)
[X] ANNUAL REPORT UNDER SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT 
    OF 1934 [NO FEE REQUIRED]

                  For the fiscal year ended December 31, 1997

[]  TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT
    OF 1934 [NO FEE REQUIRED]

            For the transition period from ___________ to __________

                         Commission file number 0-16209

                              ANGELES PARTNERS 16
                (Name of small business insurer in its charter)

         California                                             95-4106417
(State or other jurisdiction of                              (I.R.S. 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

         Securities registered under Section 12(b) of the Exchange Act:
                                      None

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

                           Limited Partnership Units
                                (Title of class)

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

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

State issuer's revenues for its most recent fiscal year. $2,974,000.

State the aggregate market value of the voting partnership interests held by
non-affiliates computed by reference to the price at which the partnership
interests were sold, or the average bid and asked prices of such partnership
interests, as of a specified date within the past 60 days.  Market value
information for Registrant's partnership interests is not available.  Should a
trading market develop for these interests, it is the General Partner's belief
that the aggregate market value of the voting partnership interests would not
exceed $25,000,000.


                                       PART I

ITEM 1.    DESCRIPTION OF BUSINESS

Angeles Partners 16  (the "Partnership" or "Registrant") is a publicly-held
limited partnership organized under the California Uniform Limited Partnership
Act pursuant to the Certificate and Restated Agreement of Limited Partnership -
(the "Agreement") dated March 24, 1987.  The Partnership's General Partner is
Angeles Realty Corporation II ("General Partner" or "ARC II"), a California
corporation and wholly-owned subsidiary of MAE GP Corporation ("MAE GP").
Effective February 25, 1998, MAE GP was merged into Insignia Properties Trust
("IPT"), which is an affiliate of Insignia Financial Group, Inc. ("Insignia").
Thus, the General Partner is now a wholly-owned subsidiary of IPT.

On March 17, 1998, Insignia entered into an agreement to merge its national
residential property management operations, and its controlling interest in
Insignia Properties Trust, with Apartment Investment and Management Company
("AIMCO"), a publicly traded real estate investment trust.  The closing, which
is anticipated to happen in the third quarter of 1998, is subject to customary
conditions, including government approvals and the approval of Insignia's
shareholders.  If the closing occurs, AIMCO will then control the General
Partner of the Partnership.

The Partnership, through its public offering of Limited Partnership Units, sold
14,050 units aggregating $14,050,000.  The General Partner contributed capital
in the amount of $1,000 for a 1% interest in the Partnership.  The Partnership
was formed for the purpose of acquiring fee interests in various types of real
property. The Partnership presently owns two investment properties.  The General
Partner of the Partnership intends to maximize the operating results and,
ultimately, the net realizable value of each of the Partnership's properties in
order to achieve the best possible return for the investors.  Such results may
best be achieved through property sales, refinancings, debt restructurings or
relinquishment of the assets. The Partnership intends to evaluate each of its
holdings periodically to determine the most appropriate strategy for each of the
assets.

The Partnership has no full time employees.  The General Partner is vested with
full authority as to the general management and supervision of the business and
affairs of the Partnership.  Limited Partners have no right to participate in
the management or conduct of such business and affairs.  Insignia Residential
Group, L.P., an affiliate of Insignia, provides day-to-day property management
services to all of the Partnership's investment properties.

The business in which the Partnership is engaged is highly competitive, and the
Partnership is not a significant factor in its industry.  Each investment
property is located in or near a major urban area and, accordingly, competes for
rentals not only with similar properties in its immediate area but with hundreds
of similar properties throughout the urban area.  Such competition is primarily
on the basis of location, rents, services and amenities.  In addition, the
Partnership competes with significant numbers of individuals and organizations
(including similar partnerships, real estate investment trusts and financial
institutions) with respect to the sale of improved real properties, primarily on
the basis of the prices and terms of such transactions.


ITEM 2.  DESCRIPTION OF PROPERTIES:

The following table sets forth the Registrant's investment in properties:

<TABLE>
<CAPTION>
                                  Date of
Property                          Purchase     Type of Ownership         Use
<S>                              <C>        <C>                       <C>
Whispering Pines Apartments       06/30/89   Fee ownership subject     Residential
                                             to first trust deed       Rental
                                                                       136 units
Silver Ridge Apartments           12/29/87   Fee ownership subject     Residential
                                             to first mortgage         Rental
                                             bond payable and          186 units
                                             second trust deed
</TABLE>

SCHEDULE OF PROPERTIES:
(dollar amounts in thousands)


                        Gross
                      Carrying     Accumulated                         Federal
Property                Value      Depreciation    Rate     Method    Tax Basis

Whispering Pines     $  5,087          (1)          (1)      (1)     $ 4,813
  Apartments

Silver Ridge            5,400          (1)          (1)      (1)       5,332
  Apartments

     Total           $ 10,487                                        $10,145


(1)  As a result of adopting the liquidation basis of accounting, the gross
     carrying values of the properties were adjusted to their net realizable
     value and will not be depreciated further.

See "Note B" of the financial statements included in "Item 7." for a description
of the Partnership's former depreciation policy.



SCHEDULE OF MORTGAGES:
(dollar amounts in thousands)

<TABLE>
<CAPTION>
                                  Principal                                     Principal
                                  Balance At    Stated                           Balance
                                 December 31,  Interest    Period    Maturity    Due At
Property/Partnership                 1997         Rate    Amortized    Date     Maturity
<S>                             <C>            <C>        <C>         <C>     <C>
Whispering Pines Apartments
 First trust deed, in default    $  4,252         (2)      30 yrs      01/97   $  4,252

Silver Ridge Apartments
 First mortgage bond payable        4,525         (3)        (1)       07/23      4,525
 Second trust deed, in default        375       10.00%       (1)       12/97        375

Angeles Partners 16
 Note payable, in default (5)         859     12.50% (7)     (1)       06/97        859
 Note payable, in default (5)       2,017     12.25% (7)     (1)       06/96      2,017
 Working capital loan, in
    default (6)                     1,517         (4)        (1)       11/97      1,517

 Total                           $ 13,545                                      $ 13,545
<FN>
(1) Interest payments only.
(2) 11th District Federal Home Loan Bank Board base rate plus 2.25%, monthly
    payment varies with interest rate (7.084% at December 31, 1997).
(3) Interest only payments based on a variable rate not to exceed 12% (3.40% at
    December 31, 1997).
(4) Interest only payments at the prime rate plus 2% payable from available cash
    flow, as defined (10.50% at December 31, 1997).
(5) Payable to Angeles Mortgage Investment Trust ("AMIT").
(6) Payable to Angeles Acceptance Pool, L.P ("AAP").
(7) Default interest rate of 18.00%.
</FN>
</TABLE>

Average annual rental rate and occupancy information for 1997 and 1996 for each
property:


                                      Average Annual           Average Annual
                                       Rental Rates              Occupancy
Property                            1997           1996        1997      1996

Whispering Pines Apartments    $7,761/unit    $7,754/unit       96%       86%

Silver Ridge Apartments        $8,037/unit    $7,774/unit       94%       97%


Average occupancy at Whispering Pines Apartments increased due to rental
concessions being offered, as well as the completion of construction that was
impeding access to the property.

As noted under "Item 1. Description of Business," the real estate industry is
highly competitive.  All of the properties of the Partnership are subject to
competition from other residential apartment complexes in the area.  The General
Partner believes that all of the properties are adequately insured.  The multi-
family residential properties' lease terms are for one year or less.  No
residential tenant leases 10% or more of the available rental space.

Real estate taxes and rates in 1997 for each property were:


                                     1997                 1997
                                    Billing               Rate
                                 (in thousands)
Whispering Pines Apartments        $  126                 2.46%
Silver Ridge Apartments               245*                4.79%


 *Amount per 1996 billings; tax bills for 1997 not yet received.


ITEM 3.      LEGAL PROCEEDINGS

In January 1993, a local fuel oil distributor pumped fuel oil into a testing
well instead of into the storage tank at North Prior Industrial Park.  The
Partnership notified the necessary authorities and engaged an environmental
engineering firm to develop a plan of action to clean up the site.  The cost of
the clean up, which was not covered by insurance, was estimated to be
approximately $900,000 over a five year period.  A liability has been recorded
to cover the estimated costs to clean up the site and the funds have been set
aside in an escrow account.  The Partnership entered into an Environmental
Undertaking and Indemnity Agreement with the buyer of the property limiting the
Partnership's liability with regard to the clean up of this site to the balance
of the escrow account. In January 1998, the Partnership received a "Site Closure
Letter" from the Minnesota Pollution and Control Agency which states that
environmental risks have been reduced to minimal levels and that monitoring and
remedial efforts may be discontinued.  The remaining funds in the escrow account
will be used to pay down Partnership debt to AMIT.  In January 1995, the holder
of the first mortgage, along with the former receiver, initiated two separate
lawsuits against the Partnership, among others, for damages sustained as a
result of the above.  In June 1995 the suit with the former holder of the first
mortgage was dismissed.  During November 1995, the Partnership was removed as
the defendant and became the Plaintiff in the lawsuit initiated by the former
receiver in a suit filed against the fuel distributor, among others.  The former
receiver was removed as Plaintiff in the suit due to it no longer being a party-
in-interest.  A mediation hearing was held in December 1996 in which the
defendants have tentatively agreed that the claims may be resolved by payment by
the defendants to the Partnership. During the second quarter of 1997, a complete
settlement of the litigation was concluded.  The total amount of the settlement
was $340,000.

During the third quarter of 1996, AMIT filed a complaint against the
Partnership, in the State of Minnesota, demanding payment on the $2,017,000
obligation plus accrued interest.  At December 31, 1997, accrued interest on
this debt payable to AMIT totaled approximately $329,000.  The debt was in
default previously due to non-payment of interest and now is in default due to
non-payment upon maturity.  AMIT has obtained a judgment against the
Partnership.  On June 19, 1997 a Notice of Sheriff's Execution Sale of Personal
and Real Property was filed for the sale of Silver Ridge Apartments.  On October
29, 1997, Silver Ridge Apartments was sold at a sheriff's sale to AMIT.  Under
the laws of the State Minnesota, this foreclosure is subject to a one year right
of redemption.  On January 30, 1998, the Partnership executed an Agreement for
Deed in Lieu of Foreclosure by and between the Partnership, the General Partner
and AMIT.  Pursuant thereto, the Partnership conveyed the Silver Ridge
Apartments, located in Maplewood, Minnesota, to AMIT and thereby waived its one
year right of redemption.

The Partnership is unaware of any other pending or outstanding litigation that
is not of a routine nature.  The General Partner of the Partnership believes
that all such pending or outstanding litigation will be resolved without a
material adverse effect upon the business, financial condition, or operations of
the Partnership.

ITEM 4.      SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS

The Unit holders of the Partnership did not vote on any matter during the fiscal
year covered by this report.

                                      PART II

ITEM 5.   MARKET FOR THE PARTNERSHIP'S COMMON EQUITY AND RELATED SECURITY
          HOLDER MATTERS

The Partnership, a publicly-held limited partnership, sold 14,050 Limited
Partnership Units aggregating $14,050,000 during its offering period through
December 30, 1988, and at December 31, 1997, has 13,993 Limited Partnership
Units outstanding held by 1,466 Limited Partners of record. There is no
intention to sell additional Limited Partnership Units nor is there an
established market for these units.

The Partnership has discontinued making cash distributions and does not
anticipate any cash being available for distributions upon the liquidation of
the Partnership.

ITEM 6.   MANAGEMENTS' DISCUSSION AND ANALYSIS OR PLAN OF OPERATION

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

Results of Operations

As of December 31, 1997, the Partnership adopted the liquidation basis of
accounting due to the imminent loss of its investment properties.  The
Partnership has experienced significant recurring operating losses, is in
default on substantially all of its indebtedness and continues to suffer from
inadequate liquidity.  No other sources of additional financing are available to
the Partnership and the General Partner does not have any other plans to remedy
the liquidity problems the Partnership is currently experiencing.

At December 31, 1997, the Partnership was in default on $2,876,000 of unsecured
indebtedness payable to Angeles Mortgage Investment Trust ("AMIT"), plus related
accrued interest of approximately $987,000, due to its inability to make
interest and principal payments when due. In addition, during January 1998, AMIT
purchased the second trust deed, in the amount of $375,000, which is secured by
Silver Ridge Apartments and matured in December 1997. The lender obtained a
judgment against the Partnership that secured their position on $2,017,000 of
this indebtedness ("North Prior debt").  On June 19, 1997, a Notice of Sheriff's
Execution Sale of Personal and Real Property was filed for the sale of Silver
Ridge Apartments.  On October 29, 1997, Silver Ridge Apartments was sold at a
sheriff's sale to AMIT.  Under the laws of the State of Minnesota, this
foreclosure was subject to a one year right of redemption. In January 1998, the
Partnership granted to AMIT a Deed in Lieu of Foreclosure on Silver Ridge
Apartments thereby waiving its right of redemption.

The first mortgage, in the amount of $4,252,000, which is secured by Whispering
Pines Apartments, is in default due to nonpayment upon its maturity in January
1997. ARC II is currently marketing this investment property for sale.  Monthly
payments of principal and interest are still being made and the lender has not
initiated foreclosure proceedings.  AMIT intends to purchase this first trust
deed in April 1998 if the General Partner is unsuccessful in obtaining a
purchase agreement.  At that time AMIT intends to initiate foreclosure
proceedings.  The General Partner expects to lose this last investment property
in May 1998, and it anticipates that the Partnership will terminate in June
1998.

As a result of the decision to liquidate the Partnership, the Partnership
changed its basis of accounting for its financial statements at December 31,
1997, from the going concern basis of accounting to the liquidation basis of
accounting.  Consequently, assets have been valued at estimated net realizable
value (including subsequent actual transactions described below) and liabilities
are presented at their estimated settlement amounts, including estimated costs
associated with carrying out the liquidation.  The valuation of assets and
liabilities necessarily requires many estimates and assumptions and there are
substantial uncertainties in carrying out the liquidation.  The actual
realization of assets and settlement of liabilities could be higher or lower
than amounts indicated and is based upon the General Partner's estimates as of
the date of the financial statements.

The statement of net liabilities in liquidation as of December 31, 1997,
includes approximately $261,000 of costs, net of income, that the General
Partner estimates will be incurred during the period of liquidation, based on
the assumption that the liquidation process will be completed by June 30, 1998.
These costs principally include interest and administrative expenses.  Because
the success in realization of assets and the settlement of liabilities is based
on the General Partner's best estimates, the liquidation period may be shorter
than projected or it may be extended beyond the projected period.

At December 31, 1997, in accordance with the liquidation basis of accounting,
assets were adjusted to their estimated net realizable value and liabilities
were adjusted to their settlement amount and include all estimated costs
associated with carrying out the liquidation.  The net adjustment required to
convert to the liquidation basis of accounting was a decrease in net liabilities
of approximately $1,678,000 which is included in the Statement of Changes in
Partners' Capital (Deficit)/Net Liabilities In Liquidation.  The adjustments are
summarized as follows:

                                                             (Increase) Decrease
                                                             in Net Liabilities
                                                               (in thousands)
Adjustment from book value of property and
 improvements to estimated net realizable value                   $ 2,157
Adjustment to record estimated costs associated
 with the liquidation (Note A)                                       (261)
Adjustment of other assets and liabilities                           (218)
Net decrease in net liabilities                                   $ 1,678


Prior to adopting the liquidation basis of accounting, the Partnership realized
a net loss of approximately $383,000 for the year ended December 31, 1997,
versus a net loss of approximately $499,000 for the year ended December 31,
1996.  The decrease in net loss for the year ended December 31, 1997, is
attributable to an increase in total revenues, primarily attributable to the
income from the settlement of certain litigation (see discussion below),
partially offset by an increase in expenses.

Rental income increased due to an increase in occupancy at Whispering Pines
Apartments, along with an increase in rental rates at both Whispering Pines
Apartments and Silver Ridge Apartments.

Operating expenses increased for the year ended December 31, 1997, due to an
increase in advertising and maintenance expenses.  The increase in advertising
is a result of concessions being offered at Whispering Pines Apartments in an
effort to increase occupancy.  Maintenance expense increased due to an interior
painting project at Silver Ridge Apartments. Also, interest expense increased
for the year ended December 31, 1997, due to the assessment of a late charge on
the $859,000 note payable to AMIT ("Angola debt") due to the maturity of the
note on June 30, 1997, along with the increasing default interest charged on the
$2,017,000 note payable to AMIT ("North Prior debt").

In January 1993, a local fuel oil distributor pumped fuel oil into a testing
well instead of into the storage tank at North Prior Industrial Park.  The
Partnership notified the necessary authorities and engaged an environmental
engineering firm to develop a plan of action to clean up the site.  The cost of
the clean up, which was not covered by insurance, was estimated to be
approximately $900,000 over a five year period.  A liability has been recorded
to cover the estimated costs to clean up the site and the funds have been set
aside in an escrow account.  The Partnership entered into an Environmental
Undertaking and Indemnity Agreement with the buyer of the property limiting the
Partnership's liability with regard to the clean up of this site to the balance
of the escrow account.  In January 1998, the Partnership received a "Site
Closure Letter" from the Minnesota Pollution and Control Agency which states
that environmental risks have been reduced to minimal levels and that monitoring
and remedial efforts may be discontinued.  The remaining funds in the escrow
account will be used to pay down Partnership debt to AMIT.  The Partnership was
the plaintiff in a lawsuit filed against the fuel distributor, among others, for
damages sustained as a result of the above.  A mediation hearing was held in
December 1996 in which the defendants agreed that the claims may be resolved by
payment by the defendants to the Partnership. During the second quarter of 1997,
a complete settlement of the litigation was concluded.  The total amount of the
settlement was $340,000 and is included in total revenues at December 31, 1997.
These funds were remitted to AMIT and were applied to the principal balance
($11,000) and accrued interest ($329,000) on the North Prior debt.

For the year ended December 31, 1997, the Partnership recognized a loss on
disposal of property of approximately $127,000.  This loss resulted from a roof
replacement project at Silver Ridge Apartments.  These roofs were not fully
depreciated at the time of the write-off.

Included in operating expense for the year ended December 31, 1997, is
approximately $9,000 of major repairs and maintenance comprised mainly of major
landscaping expenses. Included in operating expense for the year ended December
31, 1996, is approximately $16,000 of major repairs and maintenance comprised
mainly of exterior building repairs.

LIQUIDITY AND CAPITAL RESOURCES

The Partnership's primary source of cash is from the operations of its
properties and from financing placed on such properties.  Cash from these
sources is utilized for property operations, capital improvements, and/or
repayment of debt.

The financial statements have been prepared assuming the Partnership will
liquidate during 1998 (see "Note A" to the financial statements).  The
Partnership has incurred recurring operating losses, is in default on
substantially all of its indebtedness and continues to suffer from inadequate
liquidity.  In addition, there are no identified capital resources available to
the Partnership.

At December 31, 1997, the Partnership had cash and cash equivalents of $479,000
versus $529,000 at December 31, 1996.  For the year ended December 31, 1997, net
cash decreased by approximately $50,000 compared to an increase of approximately
$123,000 for the year ended December 31, 1996.  Net cash provided by operating
activities increased for the year ended December 31, 1997, compared to the year
ended December 31, 1996, primarily due to the decrease in net loss and a lesser
decrease in other liabilities.  The decrease in other liabilities reflects the
payments for the clean up of the fuel oil contamination at North Prior
Industrial Complex.  Net cash used in investing activities increased for the
year ended December 31, 1997, versus the year ended December 31, 1996, due
primarily to an increase in property improvements and replacements resulting
from the roof replacement project at Silver Ridge Apartments.  Net cash used in
financing activities increased for the year ended December 31, 1997, as compared
to the year ended December 31, 1996, despite a decrease in principal payments,
due to additions to notes payable in 1996.  The additions to notes payable of
approximately $44,000 were recorded as a result of the costs incurred by AMIT in
pursuit of the collection of the North Prior debt.  No such activity occurred
during the year ended December 31, 1997.

The mortgage indebtedness of approximately $13,545,000 consists of, (1) a first
mortgage of approximately $4,252,000, which is in default due to its maturity in
January 1997 (2) a second trust deed and a working capital loan with principal
balances of approximately $375,000 and $1,517,000, respectively, which are in
default due to their maturity in December and November 1997, respectively; and
(3) a first mortgage bond payable in the principal amount of $4,525,000 due July
2023.  The Partnership also has unsecured debt to AMIT in the amount of
approximately $859,000 and $2,017,000 which is in default due to their maturity
in June 1997 and June 1996, respectively.  As mentioned previously, the
Partnership granted AMIT a Deed in Lieu of Foreclosure for Silver Ridge
Apartments in January 1998.  Total mortgage indebtedness secured by this
property amounted to $4,900,000 at December 31, 1997. The Partnership has
discontinued making cash distributions and does not anticipate any cash being
available for distributions upon the liquidation of the Partnership.

Other

Certain items discussed in this annual report may constitute forward-looking
statements within the meaning of the Private Securities Litigation Reform Act of
1995 (the "Reform Act") and as such may involve known and unknown risks,
uncertainties and other factors which may cause the actual results, performance
or achievements to be materially different from any future results, performance
or achievements of the Partnership expressed or implied by such forward-looking
statements.  Such forward-looking statements speak only as of the date of this
annual report.  The Partnership expressly disclaims any obligation or
undertaking to release publicly any updates or revisions to any forward-looking
statements contained herein to reflect any change in the Partnership's
expectations with regard thereto or any change in events, conditions or
circumstances on which any such statement is based.


ITEM 7.      FINANCIAL STATEMENTS

ANGELES PARTNERS 16

LIST OF FINANCIAL STATEMENTS

        Report of Ernst & Young LLP, Independent Auditors

        Statement of Net Liabilities in Liquidation - December 31, 1997

        Statements of Operations - Years ended December 31, 1997 and 1996

        Statements of Changes in Partners' Deficit/Net Liabilities in
        Liquidation - Years ended December 31, 1997 and 1996

        Statements of Cash Flows - Years ended December 31, 1997 and 1996

        Notes to Financial Statements



              Report of Ernst & Young LLP, Independent Auditors



The Partners
Angeles Partners 16


We have audited the statement of net liabilities in liquidation of Angeles
Partners 16 as of December 31, 1997, and the related statements of operations,
changes in partners' deficit/net liabilities in liquidation and cash flows for
each of the two years in the period ended December 31, 1997.  These financial
statements are the responsibility of the Partnership's management.  Our
responsibility is to express an opinion on these financial statements based on
our audits.

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

As more fully described in Note A, due to the imminent disposal of its
investment properties, the General Partner has decided, effective December 31,
1997, to liquidate the Partnership.  As a result, the Partnership has changed
its basis of accounting as of December 31, 1997 from a going concern basis to a
liquidation basis.

In our opinion, the financial statements referred to above present fairly, in
all material respects, the net liabilities in liquidation of Angeles Partners 16
at December 31, 1997, and the results of its operations and its cash flows for
each of the two years in the period ended December 31, 1997, in conformity with
generally accepted accounting principles.

                                                       /S/ ERNST & YOUNG LLP



Greenville, South Carolina
February 25, 1998,
except for Note K, as to which the date is
March 17, 1998


                              ANGELES PARTNERS 16
                  STATEMENT OF NET LIABILITIES IN LIQUIDATION
                               December 31, 1997
                                 (in thousands)



Assets
 Cash and cash equivalents                                          $    479
 Receivables and deposits                                                323
 Restricted escrows                                                    1,264
 Investment properties                                                10,487

                                                                      12,553

Liabilities
 Accounts payable                                                         31
 Tenant security deposits                                                 69
 Accrued taxes                                                           383
 Accrued interest                                                      1,783
 Other liabilities                                                       815
 Notes payable, including $9,020 in default                           13,545
 Estimated costs during the period of liquidation                        261
                                                                      16,887

Net liabilities in liquidation                                      $ (4,334)

                 See Accompanying Notes to Financial Statements

                              ANGELES PARTNERS 16
                            STATEMENTS OF OPERATIONS
                        (in thousands, except unit data)


                                                       Years Ended December 31,
                                                         1997           1996
Revenues:
 Rental income                                        $   2,380     $   2,302
 Other income                                               254           228
 Income from settlement of litigation                       340            --
     Total revenues                                       2,974         2,530
Expenses:
 Operating                                                1,113         1,025
 General and administrative                                 131           139
 Depreciation                                               308           297
 Interest                                                 1,304         1,194
 Property taxes                                             374           374
  Loss on disposal of property                              127            --
     Total expenses                                       3,357         3,029

     Net loss                                         $    (383)    $    (499)

Net loss allocated to general
 partner  (1%)                                        $      (4)    $      (5)
Net loss allocated to limited
 partners (99%)                                            (379)         (494)
     Net loss                                         $    (383)    $    (499)

Net loss per limited partnership unit:                $  (27.10)    $  (35.20)

                 See Accompanying Notes to Financial Statements


                              ANGELES PARTNERS 16
                  STATEMENTS OF CHANGES IN PARTNERS' DEFICIT/
                         NET LIABILITIES IN LIQUIDATION
                        (in thousands, except unit data)

<TABLE>
<CAPTION>
                                      Limited
                                    Partnership    General      Limited
                                       Units       Partner      Partners       Total
<S>                                  <C>        <C>          <C>           <C>
Original capital contributions        14,050     $      1     $  14,050     $  14,051

Partners' deficit at
  December 31, 1995
   (going concern basis)              14,033     $   (169)    $  (4,961)    $  (5,130)

Abandoned limited
  partnership units                      (40)          --            --            --

Net loss for the year ended
  December 31, 1996                       --           (5)         (494)         (499)

Partners' deficit at
  December 31, 1996
   (going concern basis)              13,993         (174)       (5,455)       (5,629)

Net loss for the year ended
  December 31, 1997                       --           (4)         (379)         (383)

Partners deficit at
  December 31, 1997
  (going concern basis)              13,993          (178)       (5,834)       (6,012)

Adjustment to liquidation basis                                                 1,678

Net liabilities in liquidation at
  December 31, 1997                                                         $  (4,334)
<FN>
                   See Accompanying Notes to Financial Statements
</FN>
</TABLE>


                              ANGELES PARTNERS 16
                            STATEMENTS OF CASH FLOWS
                                 (in thousands)

<TABLE>
<CAPTION>
                                                                  Years Ended December 31,
                                                                     1997         1996
<S>                                                             <C>           <C>
Cash flows from operating activities:
  Net loss                                                       $   (383)     $   (499)
  Adjustments to reconcile net loss to net cash provided
    by operating activities:
    Depreciation                                                      308           297
    Amortization of loan costs                                          9             9
    Loss on disposal of property                                      127            --
  Change in accounts:
    Receivables and deposits                                           (8)          111
    Other assets                                                      (13)           --
    Accounts payable                                                   (6)           (2)
    Tenant security deposit liabilities                                 4             2
    Accrued taxes                                                     (22)          (37)
    Accrued interest                                                  452           511
    Other liabilities                                                 (93)         (283)
      Net cash provided by operating activities                       375           109

Cash flows from investing activities:
  Property improvements and replacements                             (321)          (62)
  Net (deposits to) withdrawals from restricted escrows               (21)          130
      Net cash (used in) provided by investing activities            (342)           68

Cash flows from financing activities:
  Additions to notes payable                                           --            44
  Payments on notes payable                                           (83)          (98)
      Net cash used in financing activities                           (83)          (54)

Net (decrease) increase in cash and cash equivalents                  (50)          123

Cash and cash equivalents at beginning of period                      529           406
Cash and cash equivalents at end of period                       $    479      $    529
Supplemental disclosure of cash flow information:
  Cash paid for interest                                         $    843      $    674
  Interest on notes transferred to notes payable                 $     --      $    807
<FN>
                 See Accompanying Notes to Financial Statements
</FN>
</TABLE>

                              ANGELES PARTNERS 16
                         Notes to Financial Statements

                               December 31, 1997

NOTE A - BASIS OF PRESENTATION

As of December 31, 1997, Angeles Partners 16 (the "Partnership" or "Registrant")
adopted the liquidation basis of accounting due to the imminent loss of its
investment properties.  The Partnership has experienced significant recurring
operating losses, is in default on substantially all of its indebtedness and
continues to suffer from inadequate liquidity.  No other sources of additional
financing are available to the Partnership and Angeles Realty Corporation II
("ARC II" or the "General Partner") does not have any other plans to remedy the
liquidity problems the Partnership is currently experiencing.

At December 31, 1997, the Partnership was in default on $2,876,000 of unsecured
indebtedness payable to Angeles Mortgage Investment Trust ("AMIT"), plus related
accrued interest of approximately $987,000, due to its inability to make
interest and principal payments when due. In addition, during January 1998, AMIT
purchased the second trust deed, in the amount of $375,000, which is secured by
Silver Ridge Apartments and matured in December 1997. The lender obtained a
judgment against the Partnership that secured their position on $2,017,000 of
this indebtedness ("North Prior debt").  On June 19, 1997, a Notice of Sheriff's
Execution Sale of Personal and Real Property was filed for the sale of Silver
Ridge Apartments.  On October 29, 1997, Silver Ridge Apartments was sold at a
sheriff's sale to AMIT.  Under the laws of the State of Minnesota, this
foreclosure was subject to a one year right of redemption. In January 1998, the
Partnership granted to AMIT a Deed in Lieu of Foreclosure on Silver Ridge
Apartments thereby waiving its right of redemption.

The first mortgage, in the amount of $4,252,000, which is secured by Whispering
Pines Apartments, is in default due to nonpayment upon its maturity in January
1997. ARC II is currently marketing this investment property for sale.  Monthly
payments of principal and interest are still being made and the lender has not
initiated foreclosure proceedings.  AMIT intends to purchase this first trust
deed in April 1998 if the General Partner is unsuccessful in obtaining a
purchase agreement.  At that time AMIT intends to initiate foreclosure
proceedings.  The General Partner expects to lose this last investment property
in May 1998, and it anticipates that the Partnership will terminate in June
1998.

As a result of the decision to liquidate the Partnership, the Partnership
changed its basis of accounting for its financial statements at December 31,
1997, from the going concern basis of accounting to the liquidation basis of
accounting.  Consequently, assets have been valued at estimated net realizable
value (including subsequent actual transactions described below) and liabilities
are presented at their estimated settlement amounts, including estimated costs
associated with carrying out the liquidation.  The valuation of assets and
liabilities necessarily requires many estimates and assumptions and there are
substantial uncertainties in carrying out the liquidation.  The actual
realization of assets and settlement of liabilities could be higher or lower
than amounts indicated and is based upon the General Partner's estimates as of
the date of the financial statements.

The statement of net liabilities in liquidation as of December 31, 1997,
includes approximately $261,000 of costs, net of income, that the General
Partner estimates will be incurred during the period of liquidation, based on
the assumption that the liquidation process will be completed by June 30, 1998.
These costs principally include interest and administrative expenses.  Because
the success in realization of assets and the settlement of liabilities is based
on the General Partner's best estimates, the liquidation period may be shorter
than projected or it may be extended beyond the projected period.

NOTE B - ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES

Organization:  The Partnership is a California limited partnership organized on
March 24, 1987, to acquire fee or other equity interests in, or long-term
leasehold interests in, improved residential, commercial or industrial
properties.  The Partnership's General Partner is ARC II, a California
corporation and wholly-owned subsidiary of MAE GP Corporation ("MAE GP").
Effective February 25, 1998, MAE GP was merged into Insignia Properties Trust
("IPT"), which is an affiliate of Insignia Financial Group, Inc. ("Insignia").
Thus the General Partner is now a wholly-owned subsidiary of IPT. As of December
31, 1997, the Partnership operates two residential properties located in
Fitchburg, Wisconsin and Maplewood, Minnesota.

Allocations to Partners:  In accordance with the Partnership Agreement, any gain
from the sale or other disposition of Partnership assets will be allocated first
to the General Partner to the extent of the amount of any Incentive Interests
(as defined below) to which the General Partner is entitled.  Any gain remaining
after said allocation will be allocated to the General Partner and Limited
Partners in proportion to their interests in the Partnership; provided that the
gain shall first be allocated to Partners with negative account balances, in
proportion to such balances, in an amount equal to the sum of such negative
capital account balances.

The Partnership will allocate other profits and losses 1% to the General Partner
and 99% to the Limited Partners.

Except as discussed below, the Partnership will allocate distributions 1% to the
General Partner and 99% to the Limited Partners.  Upon the sale or other
disposition, or refinancing of any asset of the Partnership, the Distributable
Net Proceeds shall be distributed as follows: (i) First, to the Partners in
proportion to their interests until the Limited Partners have received proceeds
equal to their Original Capital Investment applicable to the property; (ii)
Second, to the Partners until the Limited Partners have received distributions
from all sources equal to their 6% Cumulative Distribution; (iii) Third, to the
General Partner until it has received an amount equal to 3% of the aggregate
disposition price of all properties ("Initial Incentive Interest") and (iv)
Fourth, to the Partners according to their Interests in the Partnership until
the Limited Partners have received distributions from all sources equal to their
10% Cumulative Distribution and, thereafter, until certain of the Limited
Partners receive additional priority returns ranging from 1.5% to 4.5% per annum
on their Adjusted Capital Investment (not compounded) as set forth in the
Partnership Agreement and (v) thereafter, 85% to the Partners in proportion to
their interests and 15% ("Final Incentive Interest") to the General Partner.

Depreciation:  Depreciation was calculated by the straight-line method over the
estimated lives of the investment properties and related personal property
through December 31, 1997.  No depreciation will be recorded under the
liquidation basis of accounting.  For Federal income tax purposes, the
accelerated cost recovery method is used (1) for real property over 18 years for
additions after March 15, 1984, and before May 9, 1985, and 19 years for
additions after May 8, 1985, and before January 1, 1987, and (2) for personal
property over 5 years for additions prior to January 1, 1987.  As a result of
the Tax Reform Act of 1986, for additions after December 31, 1986, the
alternative depreciation system is used for depreciation of (1) real property
additions over 40 years, and (2) personal property additions over 6-20 years.

Cash and Cash Equivalents: Cash and cash equivalents includes cash on hand and
in banks, money market funds and certificates of deposit with original
maturities of less than 90 days.  At certain times, the amount of cash deposited
at a bank may exceed the limit on insured deposits.

Loan Costs:  Loan costs were being amortized on a straight line basis over the
lives of the related loans.  At December 31, 1997, these loan costs were written
off in the adjustment to liquidation basis because the Partnership determined
that these intangible assets no longer have value.

Leases:  The Partnership generally leases apartment units for twelve-month terms
or less.

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

Advertising Costs:  Advertising costs, approximately $51,000 in 1997 and
approximately $45,000 in 1996, are charged to expense as they are incurred and
are included in operating expenses in the statements of operations.

Investment Properties: Investment properties were stated at cost.  Acquisition
fees are capitalized as a cost of real estate. The Partnership records
impairment losses on long-lived assets used in operations when events and
circumstances indicate that the assets might be impaired and the undiscounted
cash flows estimated to be generated by those assets are less than the carrying
amounts of those assets.  As a result of the Partnership adopting the
liquidation basis of accounting, the investment properties were adjusted to
their estimated net realizable values at December 31, 1997.  The effect of
adoption was to increase the carrying value of the investment properties by
approximately $2,157,000.

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

Reclassifications:  Certain reclassifications have been made to the 1996
balances to conform to the 1997 presentation.


NOTE C - ADJUSTMENT TO LIQUIDATION BASIS OF ACCOUNTING

At December 31, 1997, in accordance with the liquidation basis of accounting,
assets were adjusted to their estimated net realizable value and liabilities
were adjusted to their estimated settlement amount and include all estimated
costs associated with carrying out the liquidations.  The net adjustment
required to convert to the liquidation basis of accounting was a decrease in net
liabilities of approximately $1,678,000.  The adjustments are summarized as
follows:

                                                       (Increase) Decrease
                                                        in Net Liabilities
                                                          (in thousands)
Adjustment from book value of property and
 improvements to estimated net realizable value             $ 2,157

Adjustment to record estimated costs associated
 with the liquidation (Note A)                                 (261)

Adjustment of other assets and liabilities                     (218)

Net decrease in net liabilities                             $ 1,678

NOTE D - NOTES PAYABLE

The principle terms of notes payable are as follows:
(dollar amounts in thousands)

<TABLE>
<CAPTION>
                                     Monthly                                      Principal
                                     Payment    Stated                 Balance    Balance at
                                    Including  Interest     Maturity    Due at   December 31,
Property/Partnership                Interest     Rate         Date     Maturity      1997
<S>                               <C>          <C>         <C>       <C>        <C>
Whispering Pines Apartments
  First trust deed, in default     $   32       (1)         Jan. 1997 $ 4,252    $  4,252

Silver Ridge Apartments
  First mortgage bond payable          15       (3)         July 2023   4,525       4,525
  Second trust deed, in default         3      10.00%       Dec. 1997     375         375

Angeles Partners 16
 Note payable, in default (4)          22     12.50% (6)    June 1997     859         859
 Note payable, in default (4)          30     12.25% (6)    June 1996   2,017       2,017
 Working capital loan,
    in default (5)                     14       (2)         Nov. 1997   1,517       1,517

                                   $  116                             $13,545    $ 13,545
<FN>
(1) 11th District Federal Home Loan Bank Board base rate plus 2.25%, monthly
    payment varies with interest rate (7.084% at December 31, 1997).
(2) Interest only payments at the prime rate plus 2% payable from available
    cash flow, as defined (10.50% at December 31, 1997).
(3) Interest only payments based on a variable rate not to exceed 12% (3.40% at
    December 31, 1997)
(4) Payable to AMIT.
(5) Payable to AAP.
(6) Default interest rate of 18.00%.
</FN>
</TABLE>



The first mortgage notes payable are nonrecourse and are secured by pledge of
certain of the Partnership's investment properties and by pledge of revenues
from the respective investment properties.  Certain of the notes include
prepayment penalties if repaid prior to maturity.

The Partnership is in default on approximately $9,020,000 of its indebtedness,
plus related accrued interest of approximately $1,767,000 due to maturity.

Scheduled principal payments of notes payable subsequent to December 31, 1997,
are as follows (dollar amounts in thousands):


                    1998                       $    9,020
                    1999                               --
                    2000                               --
                    2001                               --
                    2002                               --
                 Thereafter                         4,525
                                               $   13,545

NOTE E - INCOME TAXES

Taxable income or loss of the Partnership is reported in the income tax returns
of its partners.  Accordingly, no provision for income taxes is made in the
financial statements of the Partnership.

The following is a reconciliation of reported net loss and Federal taxable loss:


                                                1997             1996
                                                   (in thousands)

Net loss as reported                        $   (383)        $   (499)
Add (deduct):
   Roof replacement                              127               --
   Environmental clean-up costs                  (63)            (269)
   Depreciation differences                      (70)             (72)
   Unearned income                                (3)             (15)
   Miscellaneous                                  85               97

Federal taxable loss                        $   (307)        $   (758)

Federal taxable loss per limited
   partnership unit                         $ (21.70)        $ (53.48)


The following is a reconciliation between the Partnership's reported amounts and
Federal tax basis of net liabilities:


Net liabilities in liquidation, as reported      $ (4,334)
Land and buildings                                  3,005
Accumulated depreciation                           (3,347)
Syndication and distribution costs                  2,043
Estimated costs of liquidation                        261
Accrued environmental clean-up costs                  759
Prepaid rent                                          100
Other                                                 266

Net liabilities - Federal tax basis              $ (1,287)

NOTE F - TRANSACTIONS WITH AFFILIATED PARTIES

The Partnership has no employees and is dependent on the General Partner and its
affiliates for the management and administration of all partnership activities.
The Partnership Agreement provides for certain payments to affiliates for
services and as reimbursement of certain expenses incurred by affiliates on
behalf of the Partnership. The following payments were paid or accrued to the
General Partner and affiliates in 1997 and in 1996:


                                                              1997         1996
                                                                (in thousands)
Property management fees (included in operating expenses)    $ 129         $ 122

Reimbursements for services of affiliates
   (included in operating and general and administrative
   expenses and investment property)                            86            67

Included in "Reimbursements for services of affiliates" for 1997 is
approximately $7,000 in reimbursements for construction oversight costs.

For the period from January 1, 1996, to August 31, 1997, the Partnership insured
its properties under a master policy through an agency and insurer unaffiliated
with the General Partner.  An affiliate of the General Partner acquired, in the
acquisition of a business, certain financial obligations from an insurance
agency which were later acquired by the agent who placed the master policy.  The
agent assumed the financial obligations to the affiliate of the General Partner,
who receives payment on these obligations from the agent. The amount of the
Partnership's insurance premiums that accrued to the benefit of the affiliate of
the General Partner by virtue of the agent's obligations was not significant.

In November 1992, AAP, a Delaware limited partnership, was organized to acquire
and hold the obligations evidencing the working capital loan previously provided
to the Partnership by Angeles Capital Investments, Inc. ("ACII"). Angeles
Corporation ("Angeles") is the 99% limited partner of AAP and Angeles Acceptance
Directives, Inc. ("AAD"), an affiliate of the General Partner, was, until April
14, 1995, the 1% general partner of AAP.  On April 14, 1995, as part of a
settlement of claims between affiliates of the General Partner and Angeles, AAD
resigned as general partner of AAP and simultaneously received a 1/2% limited
partner interest in AAP.  An affiliate of Angeles now serves as the general
partner of AAP.

The AAP working capital loan funded the Partnership's operating deficits in
prior years. Total indebtedness, including accrued interest of approximately
$751,000, was approximately $2,267,000 at December 31, 1997, all of which is in
default due to nonpayment at maturity in November 1997.  Total interest expense
for this loan was approximately $161,000 and $156,000 for the years ended
December 31, 1997 and 1996, respectively.

At December 31, 1997, AMIT holds one secured and two unsecured notes receivable
from the Partnership. Total indebtedness from the two unsecured notes, including
accrued interest of approximately $987,000, is approximately $3,863,000 all of
which is in default at December 31, 1997, due to maturity. Subsequent to
December 31, 1997, a second trust deed of $375,000 and related accrued interest
of approximately $3,000 was purchased by AMIT. This second trust deed matured
December 1997.  Total interest expense paid or accrued to AMIT was $619,000 and
$514,000 for the years ended December 31, 1997 and 1996, respectively.  As
discussed in "Note A", in January 1998, the Partnership granted AMIT a Deed in
Lieu of Foreclosure on Silver Ridge Apartments.  This transfer of the investment
property to AMIT effectively reduced the amounts owed to AMIT by approximately
$992,000.  AMIT assumed the first mortgage of approximately $4,525,000 secured
by the property.

In November 1992, MAE GP acquired 1,675,113 Class B Common Shares of AMIT. The
terms of the Class B shares provide that they are convertible, in whole or in
part, into Class A Common Shares of AMIT on the basis of 1 Class A share for
every 49 Class B shares (however, in connection with the settlement agreement
described in the following paragraph, MAE GP agreed not to convert the Class B
shares so long as AMIT's option is outstanding).  These Class B Shares entitle
the holder to receive 1% of the distributions of net cash distributed by AMIT
(however, in connection with the settlement agreement described in the following
paragraph, MAE GP agreed to waive its right to receive dividends and
distributions so long as AMIT's option is outstanding).  The holder of the Class
B shares is also entitled to vote on the same basis as the holders of Class A
shares, providing the holder with approximately 39% of the total voting power of
AMIT (unless and until converted to Class A shares, in which case the percentage
of the vote controlled represented by such shares would approximate 1.3% of the
total voting power of AMIT).

As part of a settlement of certain disputes with AMIT, 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 which were
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.  In connection with
such settlement, AMIT delivered to MAE GP cash in the sum of $250,000 at closing
(which occurred April 14, 1995), as payment for the option. If and when the
option is exercised, AMIT will be required to remit to MAE GP an additional
$94,000.

Simultaneously with the grant of the option and as part of the settlement, MAE
GP also executed an irrevocable proxy in favor of AMIT, which provides that the
holder of the Class B shares is permitted to vote those 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.  With
respect to such matters, the trustees of AMIT are required to vote (pursuant to
the irrevocable proxy) the Class B shares (as a single block) in the same manner
as a majority of the Class A shares are voted (to be determined without
consideration of the votes of "Excess Class A Shares" (as defined in Section
6.13 of AMIT's Declaration of Trust)).

Between its acquisition of the Class B shares (in November 1992) and March 31,
1995, MAE GP declined to vote these shares.  Since that date, MAE GP voted its
shares at the 1995 and 1996 annual meetings in connection with the election of
trustees and other matters. In February 1998, MAE GP was merged into Insignia
Properties Trust ("IPT"), an affiliate of Insignia Financial Group, Inc.
("Insignia"), and in connection with that merger, MAE GP dividended all of the
Class B shares to its sole stockholder, Metropolitan Asset enhancement, L.P.
("MAE").  As a result, MAE, as the holder of the Class B shares, is now subject
to the terms of the settlement agreement, option and irrevocable proxy described
in the two preceding paragraphs.  Neither MAE GP nor MAE has exerted and intends
to exert any management control over or participate in the management of AMIT.
However, subject to the terms of the proxy described below, MAE may choose to
vote the Class B shares as it deems appropriate in the future.

Liquidity Assistance L.L.C., which is an affiliate of the General Partner, MAE
and Insignia (which provides property management and partnership administration
services to the Partnership), owned 96,800 Class A shares of AMIT at December
31, 1997. These Class A shares represent approximately 2.2% of the total voting
power of AMIT.

On April 3, 1997, Insignia and AMIT entered into a non-binding agreement in
principle contemplating, among other things, a business combination of AMIT and
IPT, an entity then owned 98% by Insignia and its affiliates.  On July 18, 1997,
IPT, Insignia and MAE GP entered into a definitive merger agreement pursuant to
which (subject to shareholder approval and certain other conditions, including
the receipt by AMIT of a fairness opinion from its investment bankers) AMIT
would be merged with and into IPT, with each Class A share and Class B share
being converted into 1.625 and 0.0332 common shares of IPT, respectively.  The
foregoing exchange ratios are subject to adjustment to account for dividends
paid by AMIT from January 1, 1997 and dividends paid by IPT from February 1,
1997.  It is anticipated that Insignia and its affiliates (including MAE) would
own approximately 57% of post-merger IPT when this transaction is consummated.

NOTE G - INVESTMENT PROPERTIES AND ACCUMULATED DEPRECIATION


<TABLE>
<CAPTION>
                                              Initial Cost
                                             To Partnership
                                             (in thousands)
                                                                     Cost
                                                    Buildings     Capitalized    Adjustment
                                                   and Related     (Removed)         to
                                                     Personal    Subsequent to   Liquidation
         Description         Encumbrances   Land     Property     Acquisition       Basis
<S>                          <C>        <C>        <C>            <C>            <C>
Whispering Pines Apartments   $  4,252   $  579     $  5,211       $  (312)       $  (391)

Silver Ridge Apartments          4,900      642        6,244          (464)        (1,022)

Angeles Partners 16              4,393       --           --            --             --

   Totals                     $ 13,545   $1,221     $ 11,455       $  (776)       $(1,413)
</TABLE>

<TABLE>
<CAPTION>
                                      At December 31, 1997
                                          (in thousands)
                                       Buildings
                                      And Related
                                        Personal              Accumulated     Date      Depreciable
        Description            Land     Property     Total    Depreciated   Acquired    Life-Years
<S>                         <C>       <C>          <C>           <C>       <C>            <C>
Whispering Pines Apartments  $  509    $ 4,578      $ 5,087       (1)       06/30/89       (1)
                                                                           
Silver Ridge Apartments         567      4,833        5,400       (1)       12/29/87       (1)

   Totals                    $1,076    $ 9,411      $10,487
<FN>
(1)  As a result of adopting the liquidation basis of accounting, the gross
     carrying values of the properties were adjusted to their net realizable value
     and will not be depreciated further.
</FN>
</TABLE>

Reconciliation of "Investment Properties and Accumulated Depreciation":


                                            Years Ended December 31,
                                              1997           1996
                                                (in thousands)
Investment Properties

Balance at beginning of year               $  11,747      $  11,685
Property improvements                            321             62
Adjustments to liquidation basis              (1,413)            --
Dispositions                                    (168)            --

Balance at end of Year                     $  10,487      $  11,747

Accumulated Depreciation

Balance at beginning of year               $   3,303      $   3,006
Additions charged to expense                     308            297
Adjustments to liquidation basis              (3,570)            --
Dispositions                                     (41)            --

Balance at end of Year                     $      --      $   3,303

The aggregate cost of the real estate for Federal income tax purposes at
December 31, 1997 and 1996, is $13,492,000 and $13,169,000.  The accumulated
depreciation taken for Federal income tax purposes at December 31, 1997 and
1996, is $3,347,000 and $2,968,000.

NOTE H - ENVIRONMENTAL ESCROW

In 1995, the Partnership sold the North Prior Industrial Park to an unrelated
party. As required by the sales agreement, the Partnership established three
escrows, one of which has  not been expended at December 31, 1997.

This escrow was established for costs associated with fuel oil contamination at
the property.  In January 1993, a local fuel oil distributor pumped fuel oil
into a testing well instead of into the storage tank at North Prior Industrial
Park. The Partnership notified the necessary authorities and engaged an
environmental engineering firm to develop a plan of action to clean up the site.
The cost of the clean up, which was not covered by insurance, was estimated to
be approximately $900,000 over a five year period. A liability has been recorded
to cover the estimated costs to clean-up the site and is included in other
Liabilities, and the funds have been set aside in an escrow account.  At
December 31, 1997, the balance remaining in this account was approximately
$872,000.  The Partnership entered into an agreement with the buyer of the
property limiting the Partnership's liability with regard to the clean up of
this site to the balance of the escrow account. In January 1998, the Partnership
received a "Site Closure Letter" from the Minnesota Pollution and Control Agency
which states that environmental risks have been reduced to minimal levels and
that monitoring and remedial efforts may be discontinued for the present. The
General Partner has not decreased the accrual for this liability as it believes
the obligation has not been satisfied.  The Partnership expects to receive any
remaining funds in the escrow account in 1998.  They will be used to pay down
the AMIT debt discussed above (see "Note D").

NOTE I - LEGAL SETTLEMENT

The Partnership was the plaintiff in a lawsuit filed against the fuel oil
distributor for damages sustained as discussed in "Note H" above.  A mediation
hearing was held in December 1996 in which the defendants agreed that the claims
may be resolved by payment by the defendants to the Partnership. During the
second quarter of 1997, a complete settlement of the litigation was concluded.
The total amount of the settlement was $340,000 and is included in total
revenues at December 31, 1997. These funds were remitted to AMIT and were
applied to the principal balance ($11,000) and accrued interest ($329,000) on
the North Prior debt.

NOTE J - ABANDONMENT OF LIMITED PARTNERSHIP UNITS

In 1996, the number of Limited Partnership Units decreased by 40 units due to
limited partners abandoning their units.  In abandoning his or her Limited
Partnership Units, a limited partner relinquishes all right, title and interest
in the Partnership as of the date of abandonment. However, during the year of
abandonment, the Limited Partner will still be allocated his or her share of the
income or loss for that entire year. The loss per limited partnership unit in
the accompanying statements of operations is calculated based on the number of
units outstanding at the beginning of the year.

NOTE K - SUBSEQUENT EVENT

On March 17, 1998, Insignia entered into an agreement to merge its national
residential property management operations, and its controlling interest in
Insignia Properties Trust, with Apartment Investment and Management Company
("AIMCO"), a publicly traded real estate investment trust.  The closing, which
is anticipated to happen in the third quarter of 1998, is subject to customary
conditions, including government approvals and the approval of Insignia's
shareholders.  If the closing occurs, AIMCO will then control the General
Partner of the Partnership.


ITEM 8.  CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANT ON ACCOUNTING AND
         FINANCIAL DISCLOSURES

There were no disagreements with Ernst & Young LLP regarding the 1997 or 1996
audits of the Partnership's financial statements.



                                   PART III

ITEM 9. DIRECTORS, EXECUTIVE OFFICERS, PROMOTERS AND CONTROL PERSONS; COMPLIANCE
        WITH SECTION 16(A) OF THE EXCHANGE ACT

Angeles Realty Corporation II ("ARC II" or the "General Partner"), is a wholly-
owned subsidiary of MAE GP Corporation (MAE GP), an affiliate of Insignia
Financial Group, Inc. ("Insignia").  Effective February 25, 1998, MAE GP was
merged into Insignia Properties Trust ("IPT"), which is an affiliate of
Insignia.  Thus the Managing General Partner is now a wholly-owned subsidiary of
IPT.

The names of the directors and executive officers of ARC II, their ages and the
nature of all positions with ARC II presently held by them are as follows:


     Name                          Age                 Position

Carroll D. Vinson                   57             President and Director

Robert D. Long, Jr.                 30             Vice President and Chief
                                                   Accounting Officer

William H. Jarrard, Jr.             51             Vice President

Daniel M. LeBey                     32             Secretary

Kelley M. Buechler                  40             Assistant Secretary


Carroll D. Vinson has been President and Director of the General Partner and
President of Metropolitan Asset Enhancement, L.P. ("MAE"), and subsidiaries
since August 1994. He has acted as Chief Operating Officer of IPT, since May
1997. During 1993 to August 1994, Mr. Vinson was affiliated with Crisp, Hughes &
Co. (regional CPA firm) and engaged in various other investment and consulting
activities which included portfolio acquisitions, asset dispositions, debt
restructurings and financial reporting. Briefly, in early 1993, Mr. Vinson
served as President and Chief Executive Officer of Angeles Corporation, a real
estate investment firm.  From 1991 to 1993, Mr. Vinson was employed by Insignia
in various capacities including Managing Director - President during 1991.

Robert D. Long, Jr. has been Vice President of the General Partner since August
1994. Mr. Long joined MAE in September 1993.  Since 1994 he has acted as Vice
President and Chief Accounting Officer of the MAE subsidiaries. Mr. Long was an
accountant for Insignia until joining MAE in 1993. Prior to joining Insignia,
Mr. Long was an auditor for the State of Tennessee and was associated with the
accounting firm of Harsman Lewis and Associates.

William H. Jarrard, Jr. has been Vice President of the General Partner since
December 1992.  He has acted as Senior Vice President of IPT since May 1997. Mr.
Jarrard previously acted as Managing Director - Partnership Administration of
Insignia from January 1991 through September 1997 and served as Managing
Director - Partnership Administration and Asset Management from July 1994 until
January 1996.

Daniel M. LeBey has been Secretary of the General Partner since January 29, 1998
and Insignia's Assistant Secretary since April 30, 1997. Since July 1996 he has
also served as Insignia's Associate General Counsel.  From September 1992 until
June 1996, Mr. LeBey was an attorney with the law firm of Alston & Bird LLP,
Atlanta, Georgia.

Kelley M. Buechler has been Assistant Secretary of the General Partner since
December 1992 and Assistant Secretary of Insignia since 1991.

ITEM 10.  EXECUTIVE COMPENSATION

No direct form of compensation or remuneration was paid by the Partnership to
any officer or director of ARC II.  The Partnership has no plan, nor does the
Partnership presently propose a plan, which will result in any remuneration
being paid to any officer or director upon termination of employment. However,
certain fees and other payments have been made to the Partnership's General
Partner and its affiliates, as described in "Item 12." below.


ITEM 11.  SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT

As of January 1, 1997, no person owned of record more than 5% of the Limited
Partnership Units of the Partnership nor was any person known by the Partnership
to own of record and beneficially, or beneficially only, more than 5% of such
securities.

The Partnership knows of no contractual arrangements, the operation of the terms
of which may at a subsequent date result in a change in control of the
Partnership, except as follows:  Article 12.1 of the Agreement, which provides
that upon a vote of the Limited Partners holding more than 50% of the then
outstanding Limited Partnership Units the General Partner may be expelled from
the Partnership upon 90 days written notice.  In the event that a successor
general partner has been elected by Limited Partners holding more than 50% of
the then outstanding Limited Partnership Units and if said Limited Partners
elect to continue the business of the Partnership, the Partnership is required
to pay in cash to the expelled General Partner an amount equal to the accrued
and unpaid management fee described in Article 10 of the Agreement and to
purchase the General Partner's interest in the Partnership on the effective date
of the expulsion, which shall be an amount equal to the difference between i)
the balance of the General Partner's capital account and ii) the fair market
value of the share of Distributable Net Proceeds to which the General Partner
would be entitled. Determination of the fair market value of the share of
Distributable Net Proceeds is defined in Article 12.2 (b) of the Agreement.


ITEM 12.  CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS

The Partnership has no employees and is dependent on the General Partner and its
affiliates for the management and administration of all partnership activities.
The Partnership Agreement provides for certain payments to affiliates for
services and as reimbursement of certain expenses incurred by affiliates on
behalf of the Partnership. The following payments were paid or accrued to the
General Partner and affiliates in 1997 and in 1996:


                                                     1997           1996
                                                        (in thousands)
Property management fees                            $ 129          $ 122

Reimbursements for services of affiliates              86             67

Included in "Reimbursements for services of affiliates" for 1997 is
approximately $7,000 in reimbursements for construction oversight costs.

For the period from January 1, 1996, to August 31, 1997, the Partnership insured
its properties under a master policy through an agency and insurer unaffiliated
with the General Partner.  An affiliate of the General Partner acquired, in the
acquisition of a business, certain financial obligations from an insurance
agency which were later acquired by the agent who placed the master policy.  The
agent assumed the financial obligations to the affiliate of the General Partner,
who receives payment on these obligations from the agent. The amount of the
Partnership's insurance premiums that accrued to the benefit of the affiliate of
the General Partner by virtue of the agent's obligations was not significant.

In November 1992, AAP, a Delaware limited partnership, was organized to acquire
and hold the obligations evidencing the working capital loan previously provided
to the Partnership by Angeles Capital Investments, Inc. ("ACII"). Angeles
Corporation ("Angeles") is the 99% limited partner of AAP and Angeles Acceptance
Directives, Inc. ("AAD"), an affiliate of the General Partner, was, until April
14, 1995, the 1% general partner of AAP.  On April 14, 1995, as part of a
settlement of claims between affiliates of the General Partner and Angeles, AAD
resigned as general partner of AAP and simultaneously received a 1/2% limited
partner interest in AAP.  An affiliate of Angeles now serves as the general
partner of AAP.

The AAP working capital loan funded the Partnership's operating deficits in
prior years. Total indebtedness, including accrued interest of approximately
$751,000, was approximately $2,267,000 at December 31, 1997, all of which is in
default due to maturity.  This loan requires monthly interest only payments at
prime plus 2% paid from available cash flow.  Principal is to be paid the
earlier of i) the availability of funds, ii) the sale of one or more properties
owned by the Partnership generating excess proceeds, or iii) November 25, 1997.
Total interest expense for this loan was approximately $161,000 and $156,000 for
the years ended December 31, 1997 and 1996, respectively.

At December 31, 1997, AMIT holds one secured and two unsecured notes receivable
from the Partnership. Total indebtedness from the two unsecured notes, including
accrued interest of approximately $987,000, is approximately $3,863,000 all of
which is in default at December 31, 1997, due to maturity.  Subsequent to
December 31, 1997, a second trust deed of $375,000 and related accrued interest 
of approximately $3,000 was purchased by AMIT. Total interest expense paid or 
accrued to AMIT was $619,000 and $514,000 for the years ended December 31, 1997 
and 1996, respectively.  As discussed in "Note A", in January 1998, the 
Partnership granted AMIT a Deed in Lieu of Foreclosure on Silver Ridge 
Apartments. This transfer of the investment property to AMIT effectively reduced
the amounts owed to AMIT by approximately $992,000.  AMIT assumed the first 
mortgage of approximately $4,525,000 secured by the property.

In November 1992, MAE GP Corporation ("MAE GP") acquired 1,675,113 Class B
Common Shares of AMIT. The terms of the Class B shares provide that they are
convertible, in whole or in part, into Class A Common Shares of AMIT on the
basis of 1 Class A share for every 49 Class B shares (however, in connection
with the settlement agreement described in the following paragraph, MAE GP
agreed not to convert the Class B shares so long as AMIT's option is
outstanding).  These Class B Shares entitle the holder to receive 1% of the
distributions of net cash distributed by AMIT (however, in connection with the
settlement agreement described in the following paragraph, MAE GP agreed to
waive its right to receive dividends and distributions so long as AMIT's option
is outstanding).  The holder of the Class B shares is also entitled to vote on
the same basis as the holders of Class A shares, providing the holder with
approximately 39% of the total voting power of AMIT (unless and until converted
to Class A shares, in which case the percentage of the vote controlled
represented by such shares would approximate 1.3% of the total voting power of
AMIT).

As part of a settlement of certain disputes with AMIT, 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 which were
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.  In connection with
such settlement, AMIT delivered to MAE GP cash in the sum of $250,000 at closing
(which occurred April 14, 1995), as payment for the option. If and when the
option is exercised, AMIT will be required to remit to MAE GP an additional
$94,000.

Simultaneously with the grant of the option and as part of the settlement, MAE
GP also executed an irrevocable proxy in favor of AMIT, which provides that the
holder of the Class B shares is permitted to vote those 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.  With
respect to such matters, the trustees of AMIT are required to vote (pursuant to
the irrevocable proxy) the Class B shares (as a single block) in the same manner
as a majority of the Class A shares are voted (to be determined without
consideration of the votes of "Excess Class A Shares" (as defined in Section
6.13 of AMIT's Declaration of Trust)).

Between its acquisition of the Class B shares (in November 1992) and March 31,
1995, MAE GP declined to vote these shares.  Since that date, MAE GP voted its
shares at the 1995 and 1996 annual meetings in connection with the election of
trustees and other matters. In February 1998, MAE GP was merged into Insignia
Properties Trust ("IPT"), an affiliate of Insignia Financial Group, Inc.
("Insignia"), and in connection with that merger, MAE GP dividended all of the
Class B shares to its sole stockholder, Metropolitan Asset enhancement, L.P.
("MAE").  As a result, MAE, as the holder of the Class B shares, is now subject
to the terms of the settlement agreement, option and irrevocable proxy described
in the two preceding paragraphs.  Neither MAE GP nor MAE has exerted and intends
to exert any management control over or participate in the management of AMIT.
However, subject to the terms of the proxy described below, MAE may choose to
vote the Class B shares as it deems appropriate in the future.

Liquidity Assistance L.L.C., which is an affiliate of the General Partner, MAE
and Insignia (which provides property management and partnership administration
services to the Partnership), owned 96,800 Class A shares of AMIT at December
31, 1997. These Class A shares represent approximately 2.2% of the total voting
power of AMIT.

On April 3, 1997, Insignia and AMIT entered into a non-binding agreement in
principle contemplating, among other things, a business combination of AMIT and
IPT, an entity then owned 98% by Insignia and its affiliates.  On July 18, 1997,
IPT, Insignia and MAE GP entered into a definitive merger agreement pursuant to
which (subject to shareholder approval and certain other conditions, including
the receipt by AMIT of a fairness opinion from its investment bankers) AMIT
would be merged with and into IPT, with each Class A share and Class B share
being converted into 1.625 and 0.0332 common shares of IPT, respectively.  The
foregoing exchange ratios are subject to adjustment to account for dividends
paid by AMIT from January 1, 1997 and dividends paid by IPT from February 1,
1997.  It is anticipated that Insignia and its affiliates (including MAE) would
own approximately 57% of post-merger IPT when this transaction is consummated.

On March 17, 1998, Insignia entered into an agreement to merge its national
residential property management operations, and its controlling interest in
Insignia Properties Trust, with Apartment Investment and Management Company
("AIMCO"), a publicly traded real estate investment trust.  The closing, which
is anticipated to happen in the third quarter of 1998, is subject to customary
conditions, including government approvals and the approval of Insignia's
shareholders.  If the closing occurs, AIMCO will then control the General
Partner of the Partnership.


ITEM 13.  EXHIBITS AND REPORTS ON FORM 8-K

     (a)  See Exhibit Index contained herein.
     (b)  Reports on Form 8-K filed during the fourth quarter of 1997:  None.

      A   Form 8-K was filed on January 30, 1998, reporting Deed in Lieu of
          Foreclosure between the Partnership and Angeles Mortgage Investment
          Trust.


                                  SIGNATURES


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


                            ANGELES PARTNERS 16
                            (A California Limited Partnership)
                            (Registrant)


                            By:   Angeles Realty Corporation II
                                  General Partner


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


                            Date: March 26, 1998



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



/s/ Carroll D. Vinson       President and Director      Date:  March 26, 1998
Carroll D. Vinson


/s/ Robert D. Long, Jr.     Vice President and          Date:  March 26, 1998
Robert D. Long, Jr.         Chief Accounting Officer




                                 EXHIBIT INDEX


Exhibit Number                      Description of Exhibits

   3.1         Amended Certificate and Agreement of the Limited Partnership's
               filed in the Partnership's prospectus dated June 15, 1987 which
               is incorporated herein by reference.

   10.1        Agreement of Purchase and Sale of Property with Exhibits -
               Angola Beach, filed in Form 8K dated December 29, 1987, which is
               incorporated herein by reference.

   10.2        Amendment of Contract - Angola Beach filed in Form 8K dated
               December 29, 1987, which is incorporated herein by reference.

   10.3        Agreement of Purchase and Sale of Property - Silver Ridge filed
               in Form 8K dated December 29, 1987, which is incorporated herein
               by reference.

   10.4        Contract of Sale with Exhibits - Angola Estates, file in Form 8K
               dated January 12, 1988, which is incorporated herein by
               reference.

   10.5        First Trust Deed - Angola Beach, filed in Form 10Q dated
               September 30, 1988, which is incorporated herein by reference.

   10.6        Agreement of Purchase and Sale of Property - North Prior filed
               in Form 8K dated January 18, 1989, which is incorporated herein
               by reference.

   10.7        Agreement of Purchase and Sale of Property - Whispering Pines
               filed in Form 8K dated July 19, 1989, which is incorporated
               herein by reference.

   10.8        Stock Purchase Agreement dated November 24, 1992 showing the
               purchase of 100% of the outstanding stock of Angeles Realty
               Corporation II by IAP GP Corporation, a subsidiary of MAE GP
               Corporation, filed in Form 8-K dated December 31, 1992, which is
               incorporated herein by reference.

   10.9        Agreement of Purchase and Sale of Property - Angola Beach and
               Angola Estates Mobile Home Park filed in Form 8K dated May 20,
               1993, which is incorporated herein by reference.

  10.10        Letter from the Registrant's former independent accountant
               regarding its concurrence with the statements made by the
               Registrant is incorporated by reference to the exhibit filed
               with Form 8K dated September 1, 1993.

  10.11        Purchase Agreement with Exhibits between Angeles Partners 16 and
               North Prior, L.L.C. dated March 3, 1993, documenting the sale of
               North Prior Industrial Park.

  10.12        First Amendment to Purchase Agreement with Exhibits between
               Angeles Partners 16 and North Prior, L.L.C. dated June 12, 1995,
               documenting the sale of North Prior Industrial Park.

  10.13        Assignment and Assumption of Leases with Exhibits between
               Angeles Partners 16 and North Prior, L.L.C. dated June 12, 1995.

  10.14        Assignment and Assumption of Service Contracts with Exhibits
               between Angeles Partners 16 and North Prior Industrial, L.L.C.
               dated June 12, 1995.

  10.15        Assignment of Permits and Warranties with Exhibits between
               Angeles Partners 16 and North Prior, L.L.C. dated June 12, 1995.

  10.16        Assignment of Rents and Leases with Exhibits between Angeles
               Partners 16 and Towle Real Estate Company dated June 12, 1995.

  10.17        Assignment of Service Contracts with Exhibits between Angeles
               Partners 16 and Towle Real Estate Company dated June 12, 1995.

  10.18        Assignment of Permits and Warranties with Exhibits between
               Angeles Partners 16 and Towle Real Estate Company dated June 12,
               1995.

  10.19        Deed in Lieu of Foreclosure between Angeles Partners 16, a
               California partnership, Angeles Realty Corporation II, a
               California corporation and Angeles Mortgage Investment Trust, a
               California business trust, as of January 30, 1998.

  27           Financial Data Schedule, is filed as an exhibit to this report.