Loan No.: 734079524
                               MULTIFAMILY NOTE

US $6,780,000.00                                            New York, New York
                                                       As of November 30, 1995

      FOR VALUE RECEIVED, the undersigned promise to pay LEHMAN BROTHERS
HOLDINGS INC. d/b/a Lehman Capital, A Division of Lehman Brothers Holdings
Inc., or order, the principal sum of Six Million Seven Hundred Eighty Thousand
and 00/100 Dollars, with interest on the unpaid principal balance from the
date of this Note, until paid, at the rate of 6.95 percent per annum. Interest
only shall be payable at 3 World Financial Center, New York, New York 10285,
or such other place as the holder hereof may designate in writing, in
consecutive monthly installments of Thirty Nine Thousand Two Hundred Sixty
Seven Dollars and 50/100 (US $39,267.50) on the first day of each month
beginning January, 1996, until the entire indebtedness evidenced hereby is
fully paid, except that any remaining indebtedness, if not sooner paid, shall
be due and payable on December 1, 2005.

      If any installment under this Note is not paid when due, the entire
principal amount outstanding hereunder and accrued interest thereon shall at
once become due and payable, at the option of the holder hereof.  The holder
hereof may exercise this option to accelerate during any default by the
undersigned regardless of any prior forbearance.  In the event of any default
in the payment of this Note, and if the same is referred to an attorney at law
for collection or any action at law or in equity is brought with respect
hereto, the undersigned shall pay the holder hereof all expenses and costs,
including, but not limited to, attorney's fees.

      Prepayments shall be applied against the outstanding principal balance
of this Note and shall not extend or postpone the due date of any subsequent
monthly installments, unless the holder hereof shall agree otherwise in
writing. The holder hereof may require that any partial prepayments be made on
the date monthly installments are due and be in the amount of that part of one
or more monthly installments which would be applicable to principal.

      From time to time, without affecting the obligation of the undersigned
or the successors or assigns of the undersigned to pay the outstanding
principal balance of this Note and observe the covenants of the undersigned
contained herein, without affecting the guaranty of any person, corporation,
partnership or other entity for payment of the outstanding principal balance
of this Note, without giving notice to or obtaining the consent of the
undersigned, the successors or assigns of the undersigned or guarantors, and
without liability on the part of the holder hereof, the holder hereof may, at
the option of the holder hereof, extend the time for payment of said
outstanding principal balance or any part thereof, reduce the payments
thereon, release anyone liable on any of said outstanding principal balance,
accept a renewal of this Note, modify the terms and time of payment of said
outstanding principal balance, join in any extension or subordination
agreement, release any security given herefor, take or release other or
additional security, and agree in writing with the undersigned to modify the
rate of interest or period of amortization of this Note or change the amount
of the monthly installments payable hereunder.

      Presentment, notice of dishonor, and protest are hereby waived by all
makers, sureties, guarantors and endorsers hereof.  This Note shall be the
joint and several obligation of all makers, sureties, guarantors and
endorsers, and shall be binding upon them and their successors and assigns.

      The undersigned shall pay any installment of interest due hereunder
within ten (10) calendar days after such installment of interest is due.  The
undersigned shall pay any other installment due hereunder or due in accordance
with the terms of the Mortgage or Deed of Trust securing this Note, within
thirty (30) calendar days of the date such installment is due.

      The monthly installment payable on January 1, 1996 shall include
interest on the outstanding principal balance of this Note for a full month at
the above-specified interest rate, notwithstanding the fact that as of the due
date of that installment principal may not have been outstanding for a full
month.

      Witness the hand(s) and seal(s) of the undersigned.

                              CCP IV ASSOCIATES, LTD., a Texas limited
                              partnership

                              By:   CONCAP CCP/IV RESIDENTIAL, INC., a Texas
                                    corporation, its general partner


                                    By:                                       
                                          Robert Long
                                          Vice President and Chief Accounting
                                          Officer



                        PAY TO THE ORDER OF FEDERAL HOME LOAN
                        MORTGAGE CORPORATION WITHOUT RECOURSE.
                        This 30th day of November, 1995.

                        LEHMAN BROTHERS HOLDINGS INC. d/b/a
                        Lehman Capital, A Division of Lehman Brothers
                        Holdings Inc.


                        By:                                       
                              Name:
                              Title: