FORM 10-K--ANNUAL REPORT PURSUANT TO
          SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

                                  UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                              Washington, DC 20549

                                    Form 10-K
(Mark One)
[X]   ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
      EXCHANGE ACT OF 1934
      [No Fee Required]

                 For the fiscal year ended December 31, 2001

                                       or

[ ]   TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
      EXCHANGE ACT OF 1934
      [No Fee Required]

             For the transition period from _________to _________

                         Commission file number 0-11002

                      CONSOLIDATED CAPITAL PROPERTIES IV
                (Name of small business issuer in its charter)

         California                                             94-2768742
(State or other jurisdiction of                              (I.R.S. Employer
 incorporation or organization)                             Identification No.)

                          55 Beattie Place, PO Box 1089
                       Greenville, South Carolina 29602
                   (Address of principal executive offices)

                   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:

                     Units of Limited Partnership Interests
                                (Title of class)

Indicate by check mark whether the registrant (1) has filed all reports required
to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during
the  preceding 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___

Indicate by check mark if  disclosure of  delinquent  filers  pursuant to Item
405 of Regulation S-K is not contained herein,  and will not be contained,  to
the best of the  registrant's  knowledge,  in definitive  proxy or information
statements  incorporated  by  reference  in Part III of this  Form 10-K or any
amendment to this Form 10-K. [X]

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 December 31, 2001. No market exists for the limited  partnership
interests of the Registrant,  and,  therefore,  no aggregate market value can be
determined.

                       DOCUMENTS INCORPORATED BY REFERENCE
                                      None



                                     PART I

Item 1.     Description of Business

Consolidated  Capital  Properties IV (the  "Partnership"  or  "Registrant")  was
organized on September 22, 1981 as a limited  partnership  under the  California
Uniform Limited Partnership Act. On December 18, 1981, the Partnership commenced
a public offering for the sale of 200,000 Units with the general partner's right
to increase the offering to 400,000 Units.  The Units represent equity interests
in the  Partnership  and entitle the holders  thereof to  participate in certain
allocations and  distributions of the  Partnership.  The sale of Units closed on
December 14, 1983,  with 343,106 Units sold at $500 each,  or gross  proceeds of
$171,553,000 to the Partnership. Since its initial offering, the Partnership has
not received,  nor are limited  partners  required to make,  additional  capital
contributions.

By the end of fiscal year 1985,  approximately  73% of the  proceeds  raised had
been  invested in 48  properties.  Of the  remaining  27%,  11% was required for
organizational  and offering  expenses,  sales commissions and acquisition fees,
and 16% was  retained  in  Partnership  reserves  for project  improvements  and
working capital as required by the Partnership Agreement.

The general  partner of the  Partnership  is ConCap  Equities,  Inc., a Delaware
corporation  (the  "General  Partner"  or  "CEI").  The  General  Partner  is  a
subsidiary of Apartment Investment and Management Company ("AIMCO"),  a publicly
traded real estate  investment  trust. The directors and officers of the General
Partner also serve as executive  officers of AIMCO.  The  Partnership  Agreement
provides  that the  Partnership  is to  terminate  on  December  31, 2011 unless
terminated prior to that date.

The  Partnership's  primary  business and only  industry  segment is real estate
related operations.  The Partnership is engaged in the business of operating and
holding real estate  properties for  investment.  As of the close of fiscal year
1985,  the  Partnership  had  completed its property  acquisition  stage and had
acquired  48  properties.  At  December  31,  2001,  the  Partnership  owned  15
income-producing  properties (or interests therein),  which range in age from 25
to  30  years  old,  principally  located  in  the  midwest,   southeastern  and
southwestern  United States.  Prior to 2001, the  Partnership had disposed of 33
properties  originally  owned by the  Partnership.  See "Item 2.  Description of
Properties"  for  further   information   about  the   Partnership's   remaining
properties.

The  real  estate  business  in which  the  Partnership  is  engaged  is  highly
competitive.  There are other  residential  properties within the market area of
the Partnership's properties.  The number and quality of competitive properties,
including those which may be managed by an affiliate of the General Partner,  in
such  market  area  could have a  material  effect on the rental  market for the
apartments at the Registrant's  properties and the rents that may be charged for
such apartments. While the General Partner and its affiliates own and/or control
a  significant  number of  apartment  units in the  United  States,  such  units
represent an  insignificant  percentage of total  apartment  units in the United
States and competition for the apartments is local.

Both  the  income  and  expenses  of  operating  the  properties  owned  by  the
Partnership are subject to factors outside of the Partnership's control, such as
changes in the supply and demand for similar  properties  resulting from various
market  conditions,  increases/decreases  in unemployment or population  shifts,
changes in the availability of permanent mortgage  financing,  changes in zoning
laws,  or changes in patterns or needs of users.  In  addition,  there are risks
inherent in owning and operating residential  properties because such properties
are  susceptible to the impact of economic and other  conditions  outside of the
control of the Partnership.

The Registrant has no employees. Property management and administrative services
are provided by the General  Partner and by agents of the General  Partner.  The
General  Partner has also selected an affiliate to provide real estate  advisory
and asset  management  services to the Partnership.  As advisor,  such affiliate
provides all  Partnership  accounting and  administrative  services,  investment
management, and supervisory services over property management and leasing.

There have been, and it is possible there may be other, Federal, state and local
legislation  and  regulations   enacted   relating  to  the  protection  of  the
environment.  The Partnership is unable to predict the extent,  if any, to which
such new  legislation  or  regulations  might occur and the degree to which such
existing or new legislation or regulations might adversely affect the properties
owned by the Partnership.

The Partnership  monitors its properties for evidence of pollutants,  toxins and
other dangerous substances, including the presence of asbestos. In certain cases
environmental  testing has been performed which resulted in no material  adverse
conditions or liabilities.  In no case has the Partnership  received notice that
it is a potentially  responsible party with respect to an environmental clean up
site.

A further description of the Partnership's business is included in "Management's
Discussion  and  Analysis of  Financial  Condition  and  Results of  Operations"
included in "Item 7" of this Form 10-K.

Transfers of Control

Upon  the  Partnership's   formation  in  1981,  Consolidated  Capital  Equities
Corporation ("CCEC"), a Colorado corporation,  was the corporate general partner
and Consolidated  Capital  Management  Company  ("CCMC"),  a California  general
partnership, was the non-corporate general partner. In 1988, through a series of
transactions,   Southmark  Corporation   ("Southmark")  acquired  a  controlling
interest in CCEC. In December 1988, CCEC filed for reorganization  under Chapter
11 of the United States Bankruptcy Code. In 1990, as part of its  reorganization
plan, CEI acquired CCEC's general partner interests in the Partnership and in 15
other affiliated public limited partnerships (the "Affiliated Partnerships") and
CEI  replaced  CCEC as  managing  general  partner in all 16  partnerships.  The
selection of CEI as the sole managing general partner was approved by a majority
of the  Limited  Partners  in the  Partnership  and in  each  of the  affiliated
partnerships pursuant to a solicitation of the Limited Partners dated August 10,
1990.  As part of this  solicitation,  the  Limited  Partners  also  approved an
amendment  to the  Partnership  Agreement  to limit  changes  of  control of the
Partnership,  and the  conversion  of CCMC from a general  partner  to a special
limited  partner,  thereby  leaving  CEI  as the  sole  general  partner  of the
Partnership.  On November 14, 1990,  CCMC was dissolved and its special  limited
partnership  interest  was  divided  among  its  former  partners.  All of CEI's
outstanding stock was owned by Insignia Properties Trust ("IPT") (See below).

Pursuant  to a series  of  transactions  which  closed  on  October  1, 1998 and
February 26, 1999,  Insignia  Financial Group, Inc. and IPT merged into AIMCO, a
publicly  traded real estate  investment  trust,  with AIMCO being the surviving
corporation (the "Insignia Merger").  As a result, AIMCO acquired 100% ownership
interest in the General Partner.  The General Partner does not believe that this
transaction has had or will have a material effect on the affairs and operations
of the Partnership.

Item 2.     Description of Properties

The  Partnership  originally  acquired 48 properties of which thirteen (13) were
sold,  ten (10) were  conveyed to lenders in lieu of  foreclosure,  and ten (10)
were  foreclosed  upon by the lenders.  As of December 31, 2001, the Partnership
owned  fifteen  (15)  apartment  complexes.  Additional  information  about  the
properties is found in "Item 8. Financial Statements and Supplementary Data".



                                     Date of
Property                             Purchase       Type of Ownership           Use

                                
The Apartments (1)                    04/84    Fee ownership, subject to     Apartment
   Omaha, Nebraska                             a first mortgage              204 units
Arbours of Hermitage Apts. (1)        09/83    Fee ownership subject to      Apartment
   Nashville, Tennessee                        a first mortgage              350 units
Briar Bay Racquet Club Apts. (2)      09/82    Fee ownership subject to      Apartment
   Miami, Florida                              a first mortgage              194 units
Chimney Hill Apts. (2)                08/82    Fee ownership subject to      Apartment
   Marietta, Georgia                           a first mortgage              326 units
Citadel Apts. (1)                     05/83    Fee ownership subject         Apartment
   El Paso, Texas                              to a first mortgage           261 units
Citadel Village Apts. (1)             12/82    Fee ownership subject         Apartment
   Colorado Springs, Colorado                  to a first mortgage           122 units
Foothill Place Apts. (2)              08/85    Fee ownership subject         Apartment
   Salt Lake City, Utah                        to a first mortgage           450 units
Knollwood Apts. (1)                   07/82    Fee ownership subject         Apartment
   Nashville, Tennessee                        to a first mortgage           326 units
Lake Forest Apts.                     04/84    Fee ownership subject         Apartment
   Omaha, Nebraska                             to a first mortgage           312 units
Nob Hill Villa Apts. (1)              04/83    Fee ownership subject         Apartment
   Nashville, Tennessee                        to a first mortgage           472 units
Point West Apts. (1)                  11/85    Fee ownership subject         Apartment
   Charleston, South Carolina                  a first mortgage              120 units
Post Ridge Apts. (2)                  07/82    Fee ownership subject         Apartment
   Nashville, Tennessee                        to a first mortgage           150 units
Rivers Edge Apts. (2)                 04/83    Fee ownership subject         Apartment
   Auburn, Washington                          to a first mortgage           120 units
South Port Apts. (3)                  11/83    Fee ownership subject         Apartment
   Tulsa, Oklahoma                             to a first mortgage           240 units
Village East Apts. (1)                12/82    Fee ownership subject         Apartment
   Cimarron Hills, Colorado                    to a first mortgage           137 units


(1)   Property  is  held  by a  limited  partnership  and/or  limited  liability
      corporation in which the Partnership owns a 100% interest.

(2)   Property is held by a limited  partnership in which the Registrant  owns a
      99% interest.

(3)   Property is held by a limited  partnership in which the Partnership owns a
      50% interest.

Schedule of Properties

Set forth below for each of the  Registrant's  properties is the gross  carrying
value,  accumulated  depreciation,  depreciable life, method of depreciation and
Federal tax basis.



                              Gross
                            Carrying    Accumulated   Depreciable              Federal
Property                      Value    Depreciation      Life      Method     Tax Basis
                                (in thousands)                             (in thousands)

                                                                  
The Apartments               $ 9,302      $ 7,860      5-18 yrs      S/L      $ 1,731
Arbours of Hermitage
  Apartments                  14,880       11,601      5-18 yrs      S/L        3,653
Briar Bay Racquet Club
  Apartments                   8,166        6,645      5-18 yrs      S/L        2,132
Chimney Hill Apartments       11,887       10,121      5-18 yrs      S/L        2,627
Citadel Apartments             8,056        6,816      5-18 yrs      S/L        1,100
Citadel Village
  Apartments                   4,580        3,672      5-18 yrs      S/L        1,436
Foothill Place
  Apartments                  16,519       10,958      5-18 yrs      S/L        6,974
Knollwood Apartments          12,466       10,160      5-18 yrs      S/L        2,774
Lake Forest Apartments         9,978        7,910      5-18 yrs      S/L        2,082
Nob Hill Villa
  Apartments                  14,054       11,816      5-18 yrs      S/L        2,205
Point West Apartments          3,313        2,561      5-40 yrs      S/L        1,040
Post Ridge Apartments          5,466        4,215      5-18 yrs      S/L        1,441
Rivers Edge Apartments         3,598        2,763      5-18 yrs      S/L        1,012
South Port Apartments          8,968        6,881      5-18 yrs      S/L        1,817
Village East Apartments        3,975        3,236      5-18 yrs      S/L          881

          Total             $135,208     $107,215                             $32,905


See  "Note A" to the  consolidated  financial  statements  included  in "Item 8.
Financial   Statements  and  Supplementary   Data"  for  a  description  of  the
Partnership's depreciation policy.

Schedule of Property Indebtedness

The  following  table  sets  forth  certain  information  relating  to the loans
encumbering the Registrant's properties.



                          Principal    Principal                                  Principal
                          Balance At  Balance At   Stated                          Balance
                         December 31, December 31, Interest   Period    Maturity     Due At
        Property             2001        2000       Rate    Amortized    Date    Maturity (2)
                              (in thousands)                                     (in thousands)

                                                                   
The Apartments             $ 4,601      $ 4,703     8.37%    20 yrs     03/20        $ --
Arbours of Hermitage
  Apartments                 5,650        5,650     6.95%      (1)      12/05        5,650
Briar Bay Racquet Club
  Apartments                 3,500        3,500     6.95%      (1)      12/05        3,500
Chimney Hill Apartments      5,400        5,400     6.95%      (1)      12/05        5,400
Citadel Apartments           4,536        4,638     8.25%    20 yrs     03/20           --
Citadel Village Apartments   2,450        2,450     6.95%      (1)      12/05        2,450
Foothill Place Apartments   10,100       10,100     6.95%      (1)      12/05       10,100
Knollwood Apartments         6,780        6,780     6.95%      (1)      12/05        6,780
Lake Forest Apartments       6,475        4,700     7.13%    20 yrs     10/21           --
Nob Hill Villa Apartments    6,789        6,926     9.20%    25 yrs     04/05        6,250
Point West Apartments        2,350        2,407     7.86%    20 yrs     12/19           --
Post Ridge Apartments        4,500        4,050     6.63%    20 yrs     01/22           --
Rivers Edge Apartments       3,891        3,979     7.82%    20 yrs     09/20           --
South Port Apartments        4,303        4,358     7.19%    30 yrs     12/04        4,119
Village East Apartments      2,150        2,150     6.95%      (1)      12/05        2,150

      Totals               $73,475      $71,791                                    $46,399


(1)   Monthly payments of interest only at the stated rate until maturity.

(2)   See "Item 8.  Financial  Statements and  Supplementary  Date - Note D" for
      information with respect to the Registrant's  ability to repay these loans
      and other specific details about the loans.

See "Item 7.  Management's  Discussion  and Analysis of Financial  Condition and
Results of Operations" for  information  relating to the financing at Point West
Apartments  in the fourth  quarter of 1999,  the  refinancing  of the  mortgages
encumbering  The  Apartments  and  Citadel  Apartments  in  February  2000,  the
refinancing of the mortgage encumbering  Stratford Place Apartments in May 2000,
the  refinancing of the mortgage  encumbering  River's Edge Apartments in August
2000, the  refinancing  of the mortgage  encumbering  Lake Forest  Apartments in
September  2001,  and the  refinancing  of the mortgage  encumbering  Post Ridge
Apartments in December 2001.

Rental Rate and Occupancy

The following table sets forth the average annual rental rates and occupancy for
2001 and 2000 for each property.

                                          Average Annual              Average
                                           Rental Rates              Occupancy
                                            (per unit)
 Property                                2001        2000        2001       2000

 The Apartments                        $ 7,344      $ 7,088       91%        94%
 Arbours of Hermitage Apartments         7,926        7,697       92%        94%
 Briar Bay Racquet Club Apartments       9,781        9,204       96%        97%
 Chimney Hill Apartments                 8,934        8,553       94%        94%
 Citadel Apartments                      6,908        6,892       93%        92%
 Citadel Village Apartments              9,549        9,098       95%        96%
 Foothill Place Apartments               8,257        8,043       96%        96%
 Knollwood Apartments                    8,434        8,197       93%        94%
 Lake Forest Apartments                  7,409        7,530       92%        89%
 Nob Hill Villa Apartments               6,408        6,277       92%        94%
 Point West Apartments                   6,897        6,450       96%        97%
 Post Ridge Apartments                   9,924        9,763       91%        92%
 Rivers Edge Apartments                  8,232        7,795       96%        98%
 South Port Apartments                   6,851        6,641       95%        96%
 Village East Apartments                 8,331        7,756       93%        97%

The decrease in occupancy at The Apartments  and Village East  Apartments is due
to increased  competition and changing  economic  conditions in their respective
local  markets.   The  increase  in  occupancy  at  Lake  Forest  Apartments  is
attributable  to capital  improvements  incurred at the  investment  property to
improve the curb appeal to potential tenants.

As noted under "Item 1.  Description of Business",  the real estate  industry is
highly competitive.  All of the properties are subject to competition from other
residential  apartment  complexes in the area. The General Partner believes that
all of the  properties  are  adequately  insured.  Each property is an apartment
complex which leases units for lease terms of one year or less.  No  residential
tenant leases 10% or more of the available  rental space.  All of the properties
are in good physical condition, subject to normal depreciation and deterioration
as is typical for assets of this type and age.

Real Estate Taxes and Rates

Real estate taxes and rates in 2001 and 2000 for each property were:



                                       2001          2001          2000         2000
                                     Billing         Rate        Billing        Rate
                                  (in thousands)              (in thousands)

                                                                     
The Apartments                         $147          2.0%          $135          1.9%
Arbours of Hermitage Apartments         192          3.8%           149          3.4%
Briar Bay Racquet Club Apartments       167          2.2%           169          2.2%
Chimney Hill Apartments                 139          3.0%           135          2.9%
Citadel Apartments                      205          3.0%           147          2.9%
Citadel Village Apartments               21          5.5%            23          5.8%
Foothill Place Apartments               169          1.4%           180          0.8%
Knollwood Apartments                    206          3.8%           163          3.4%
Lake Forest Apartments                  193          2.0%           190          1.9%
Nob Hill Villa Apartments               238          4.6%           205          4.2%
Point West Apartments                    62         28.0%            35         36.4%
Post Ridge Apartments                   108          3.8%            92          3.4%
Rivers Edge Apartments                   53          1.4%            55          1.5%
South Port Apartments                    66          1.4%            62          1.4%
Village East Apartments                  24          5.7%            21          5.9%


Capital Improvements

The Apartments

During the year ended December 31, 2001, the Partnership completed approximately
$232,000  of  capital  improvements  at the  property  consisting  primarily  of
structural  upgrades,  brick  replacement,   floor  covering  replacements,  and
perimeter fencing upgrades.  These  improvements were funded from operating cash
flow. The Partnership is currently  evaluating the capital  improvement needs of
the  property  for the  upcoming  year.  The  minimum  amount to be  budgeted is
expected  to be  $300  per  unit  or  $61,200.  Additional  improvements  may be
considered and will depend on the physical  condition of the property as well as
Partnership reserves and anticipated cash flow generated by the property.

Arbours of Hermitage Apartments

During the year ended December 31, 2001, the Partnership completed approximately
$413,000  of capital  improvements  at the  property,  consisting  primarily  of
structural enhancements, a vinyl siding project, floor covering replacements and
perimeter  fencing  upgrades.  These  improvements  were funded from Partnership
reserves,  insurance  proceeds  and  operating  cash flow.  The  Partnership  is
currently  evaluating  the capital  improvement  needs of the  property  for the
upcoming year. The minimum amount to be budgeted is expected to be $300 per unit
or $105,000.  Additional  improvements  may be considered and will depend on the
physical  condition  of  the  property  as  well  as  replacement  reserves  and
anticipated  cash flow generated by the property.  In April 2001, The Arbours of
Hermitage had a fire, which damaged one apartment  building.  Insurance proceeds
of approximately  $83,000 were received during the year ended December 31, 2001.
The Partnership recognized a casualty gain of approximately $83,000 for the year
ended December 31, 2001.  The damaged assets were fully  depreciated at the time
of the fire.

Briar Bay Racquet Club Apartments

During the year ended December 31, 2001, the Partnership completed approximately
$160,000  of  capital  improvements  at the  property  consisting  primarily  of
plumbing enhancements,  floor covering replacements and elevator upgrades. These
improvements were funded from operating cash flow and Partnership reserves.  The
Partnership  is  currently  evaluating  the  capital  improvement  needs  of the
property for the upcoming year. The minimum amount to be budgeted is expected to
be $300 per unit or $58,200.  Additional improvements may be considered and will
depend on the physical condition of the property as well as replacement reserves
and anticipated cash flow generated by the property.

Chimney Hill Apartments

During the year ended December 31, 2001, the Partnership completed approximately
$263,000 of capital  improvements at the property consisting  primarily of floor
covering replacements,  structural upgrades, interior decorating and cabinet and
countertop replacements. These improvements were funded from operating cash flow
and Partnership  reserves.  The Partnership is currently  evaluating the capital
improvement  needs of the property for the upcoming  year. The minimum amount to
be budgeted is expected to be $300 per unit or $97,800.  Additional improvements
may be considered  and will depend on the physical  condition of the property as
well  as  replacement  reserves  and  anticipated  cash  flow  generated  by the
property.

Citadel Apartments

During the year ended December 31, 2001, the Partnership completed approximately
$97,000 of capital  improvements at the property  consisting  primarily of HVAC,
floor  covering and  appliance  replacements  and  replacement  of swimming pool
decking.   These   improvements  were  funded  from  operating  cash  flow.  The
Partnership  is  currently  evaluating  the  capital  improvement  needs  of the
property for the upcoming year. The minimum amount to be budgeted is expected to
be $300 per unit or $78,300.  Additional improvements may be considered and will
depend on the physical condition of the property as well as Partnership reserves
and anticipated cash flow generated by the property.

Citadel Village Apartments

During the year ended December 31, 2001, the Partnership completed approximately
$142,000 of capital improvements at the property,  consisting primarily of floor
covering replacements, structural improvements and swimming pool upgrades. These
improvements were funded from Partnership  reserves and operating cash flow. The
Partnership  is  currently  evaluating  the  capital  improvement  needs  of the
property for the upcoming year. The minimum amount to be budgeted is expected to
be $300 per unit or $36,600.  Additional improvements may be considered and will
depend on the physical condition of the property as well as replacement reserves
and anticipated cash flow generated by the property.

Foothill Place Apartments

During the year ended December 31, 2001, the Partnership completed approximately
$502,000 of capital improvements at the property,  consisting primarily of floor
covering   and   appliance   replacements,   interior   decorating,   structural
improvements,  plumbing replacements,  lighting  replacements,  and water heater
replacements.  These  improvements  were funded from  Partnership  reserves  and
operating  cash flow.  The  Partnership  is  currently  evaluating  the  capital
improvement  needs of the property for the upcoming  year. The minimum amount to
be budgeted is expected to be $300 per unit or $135,000. Additional improvements
may be considered  and will depend on the physical  condition of the property as
well  as  replacement  reserves  and  anticipated  cash  flow  generated  by the
property.

Knollwood Apartments

During the year ended December 31, 2001, the Partnership completed approximately
$452,000 of capital  improvements  at the  property,  consisting  primarily of a
water submetering project and floor covering and appliance  replacements.  These
improvements were funded from Partnership  reserves and operating cash flow. The
Partnership  is  currently  evaluating  the  capital  improvement  needs  of the
property for the upcoming year. The minimum amount to be budgeted is expected to
be $300 per unit or $97,800.  Additional improvements may be considered and will
depend on the physical condition of the property as well as replacement reserves
and anticipated cash flow generated by the property.

Lake Forest Apartments

During the year ended December 31, 2001, the Partnership completed approximately
$217,000 of capital improvements at the property,  consisting primarily of floor
covering  and  water  heater   replacements,   window  coverings  and  appliance
replacements.  These  improvements  were funded from  Partnership  reserves  and
operating  cash flow.  The  Partnership  is  currently  evaluating  the  capital
improvement  needs of the property for the upcoming  year. The minimum amount to
be budgeted is expected to be $300 per unit or $93,600.  Additional improvements
may be considered  and will depend on the physical  condition of the property as
well  as  replacement  reserves  and  anticipated  cash  flow  generated  by the
property.

Nob Hill Villa Apartments

During the year ended December 31, 2001, the Partnership completed approximately
$454,000 of capital  improvements at the property consisting  primarily of floor
covering  replacements,  a water submetering  project,  appliance  replacements,
other building  improvements and water heater  replacements.  These improvements
were funded from Partnership  reserves,  insurance proceeds,  and operating cash
flow. The Partnership is currently  evaluating the capital  improvement needs of
the  property  for the  upcoming  year.  The  minimum  amount to be  budgeted is
expected  to be  $300  per  unit or  $141,600.  Additional  improvements  may be
considered and will depend on the physical  condition of the property as well as
Partnership reserves and anticipated cash flow generated by the property. In May
2000, Nob Hill Villa  Apartments had a fire,  which damaged two apartment units.
Insurance proceeds of approximately  $33,000 were received during the year ended
December 31, 2001. The Partnership  recognized a casualty gain of  approximately
$25,000 for the year ended December 31, 2001 which  represents the excess of the
proceeds   received  as  of  December  31,  2001  over  the   write-off  of  the
undepreciated damaged assets.

Point West Apartments

During the year ended December 31, 2001, the Partnership completed approximately
$97,000 of capital  improvements at the property  consisting  primarily of floor
covering replacements,  a water submetering project and appliance  replacements.
These  improvements  were funded from operating  cash flow.  The  Partnership is
currently  evaluating  the capital  improvement  needs of the  property  for the
upcoming year. The minimum amount to be budgeted is expected to be $300 per unit
or $36,000.  Additional  improvements  may be considered  and will depend on the
physical  condition  of  the  property  as  well  as  Partnership  reserves  and
anticipated cash flow generated by the property.

Post Ridge Apartments

During the year ended December 31, 2001, the Partnership completed approximately
$239,000 of capital improvements at the property,  consisting primarily of floor
covering  and  appliance   replacements,   structural   improvements,   plumbing
enhancements,  major  landscaping,   lighting  and  electrical  upgrades.  These
improvements were funded from operating cash flow and Partnership reserves.  The
Partnership  is  currently  evaluating  the  capital  improvement  needs  of the
property for the upcoming year. The minimum amount to be budgeted is expected to
be $300 per unit or $45,000.  Additional improvements may be considered and will
depend on the physical condition of the property as well as Partnership reserves
and anticipated cash flow generated by the property.

Rivers Edge Apartments

During the year ended December 31, 2001, the Partnership completed approximately
$91,000 of capital  improvements at the property  consisting  primarily of floor
covering  and   appliance   replacements   and  plumbing   enhancements.   These
improvements  were funded from operating cash flow. The Partnership is currently
evaluating the capital  improvement needs of the property for the upcoming year.
The  minimum  amount to be  budgeted is expected to be $300 per unit or $36,000.
Additional  improvements  may be  considered  and will  depend  on the  physical
condition of the property as well as Partnership  reserves and anticipated  cash
flow generated by the property.

South Port Apartments

During the year ended December 31, 2001, the Partnership completed approximately
$305,000  of capital  improvements  at the  property,  consisting  primarily  of
building upgrades, land improvements,  floor covering and appliance replacements
and plumbing fixture replacements. These improvements were funded from operating
cash flow,  insurance  proceeds and  Partnership  reserves.  The  Partnership is
currently  evaluating  the capital  improvement  needs of the  property  for the
upcoming year. The minimum amount to be budgeted is expected to be $300 per unit
or $72,000.  Additional  improvements  may be considered  and will depend on the
physical  condition  of  the  property  as  well  as  replacement  reserves  and
anticipated  cash flow  generated  by the  property.  In March 2000,  South Port
Apartments  had hail and wind damage,  which  affected all 240 units and damaged
100% of the roof,  which  was  replaced.  Insurance  proceeds  of  approximately
$182,000 were received  during the year ended December 31, 2001. The Partnership
recognized a casualty gain of approximately $128,000 for the year ended December
31, 2001 which represents the excess of the proceeds received as of December 31,
2001 over the write-off of the undepreciated damaged assets.

Village East Apartments

During the year ended December 31, 2001, the Partnership completed approximately
$231,000  of capital  improvements  at the  property,  consisting  primarily  of
plumbing and sewer upgrades and floor covering and appliance replacements. These
improvements were funded from Partnership  reserves and operating cash flow. The
Partnership  is  currently  evaluating  the  capital  improvement  needs  of the
property for the upcoming year. The minimum amount to be budgeted is expected to
be $300 per unit or $41,100.  Additional improvements may be considered and will
depend on the physical condition of the property as well as replacement reserves
and anticipated cash flow generated by the property.

Item 3.     Legal Proceedings

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

Pending the ruling on such  demurrers,  settlement  negotiations  commenced.  On
November 2, 1999,  the parties  executed and filed a Stipulation  of Settlement,
settling claims, subject to court approval, on behalf of the Partnership and all
limited partners who owned units as of November 3, 1999. Preliminary approval of
the  settlement  was obtained on November 3, 1999 from the Court,  at which time
the Court set a final  approval  hearing for  December  10,  1999.  Prior to the
December  10,  1999  hearing,  the  Court  received  various  objections  to the
settlement, including a challenge to the Court's preliminary approval based upon
the alleged lack of authority of prior lead counsel to enter the settlement.  On
December  14,  1999,  the General  Partner  and its  affiliates  terminated  the
proposed settlement.  In February 2000, counsel for some of the named plaintiffs
filed a motion to disqualify plaintiff's lead and liaison counsel who negotiated
the settlement.  On June 27, 2000, the Court entered an order disqualifying them
from the case and an appeal was taken  from the order on  October  5,  2000.  On
December 4, 2000, the Court  appointed the law firm of Lieff Cabraser  Heimann &
Bernstein  LLP as new  lead  counsel  for  plaintiffs  and the  putative  class.
Plaintiffs  filed a third  amended  complaint on January 19,  2001.  On March 2,
2001,  the  General  Partner  and its  affiliates  filed a demurrer to the third
amended  complaint.  On May 14, 2001,  the Court heard the demurrer to the third
amended  complaint.  On July 10,  2001,  the Court  issued  an order  sustaining
defendants'  demurrer on certain grounds.  On July 20, 2001,  Plaintiffs filed a
motion for  reconsideration  of the Court's July 10, 2001 order granting in part
and denying in part defendants' demurrer. On September 7, 2001, Plaintiffs filed
a fourth amended class and derivative action  complaint.  On September 12, 2001,
the Court denied Plaintiffs' motion for reconsideration. On October 5, 2001, the
General Partner and affiliated defendants filed a demurrer to the fourth amended
complaint,  which was heard on December 11, 2001. On February 2, 2002, the Court
served its order granting in part the demurrer.  The Court has dismissed without
leave  to amend  certain  of the  plaintiffs'  claims.  On  February  11,  2002,
plaintiffs  filed a motion seeking to certify a putative class  comprised of all
non-affiliated  persons  who own or have owned  units in the  partnerships.  The
General  Partner and affiliated  defendants  intend to oppose the motion and are
scheduled  to file their  opposition  brief on March 26,  2002. A hearing on the
motion has been  scheduled for April 29, 2002.  The Court has set the matter for
trial in January 2003.

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

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

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

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
quarter ended December 31, 2001.

                                     PART II

Item 5.     Market for the Registrant's Units of Limited Partnership and
            Related Security Holder Matters

(A)   No established  trading market for the Partnership's  Units exists, nor is
      one expected to develop.

(B)   Title of Class                      Number of Unitholders of Record

      Limited Partnership Units            8,070 as of December 31, 2001

There were 342,773 Units  outstanding at December 31, 2001, of which  affiliates
of the General Partner owned 186,758.50 Units or approximately 54.48%.

The following table sets forth the distributions declared by the Partnership for
the years ended  December  31,  1999,  2000 and 2001 (see "Item 7.  Management's
Discussion and Analysis of Financial  Condition and Results of  Operations"  for
more details):

                                                Distributions
                                                            Per Limited
                                        Aggregate        Partnership Unit
                                      (in thousands)

       01/01/99 - 12/31/99            $17,601 (1)             $49.29
       01/01/00 - 12/31/00             11,239 (2)              31.32
       01/01/01 - 12/31/01              9,205 (3)              25.59

(1)   Consists  of  approximately  $12,544,000  of cash  from  operations  and
      approximately  $5,057,000 of surplus funds.  The surplus funds were from
      the  financing at Point West  Apartments  and  previously  undistributed
      refinance proceeds from 1996 and 1997. Of these amounts,  $4,318,000 was
      accrued at December 31, 2000. In January 2000,  approximately $4,113,000
      of this  distribution was paid and the remainder was accrued at December
      31, 2001.

(2)   Consists  of   approximately   $6,250,000  of  cash  from  operations  and
      approximately  $4,989,000 of surplus cash. The surplus funds were from the
      refinancing  of  The  Apartments,  Citadel  Apartments,   Stratford  Place
      Apartments,  and River's Edge  Apartments and sales proceeds from Overlook
      Apartments  sold  in  December  1999.   Approximately   $197,000  of  this
      distribution from surplus cash was accrued at December 31, 2001.

(3)   Consists  of   approximately   $5,047,000  of  cash  from  operations  and
      approximately  $4,158,000  of surplus  cash.  Surplus  funds were from the
      refinancing  of Lake Forest  Apartments  and sales proceeds from Stratford
      Place Apartments sold in December of 2000.  Approximately $166,000 of this
      distribution from surplus cash was accrued at December 31, 2001.

Future cash  distributions  will depend on the levels of net cash generated from
operations,  the  availability  of cash  reserves  and the  timing  of the  debt
maturities, refinancings and/or property sales. The Partnership's cash available
for  distribution  is reviewed on a monthly  basis.  There can be no  assurance,
however,  that the Partnership  will generate  sufficient  funds from operations
after required capital  expenditures to permit  distributions to its partners in
the year 2002 or subsequent  periods.  See "Item 7. Management's  Discussion and
Analysis of  Financial  Condition  and Results of  Operations"  for  information
relating to anticipated capital expenditures at the properties.

In addition to its  indirect  ownership of the general  partner  interest in the
Partnership, AIMCO and its affiliates owned 186,758.50 limited partnership units
in the Partnership  representing 54.48% of the outstanding units at December 31,
2001. A number of these units were  acquired  pursuant to tender  offers made by
AIMCO or its  affiliates.  It is possible that AIMCO or its affiliates will make
one  or  more  additional  offers  to  acquire  additional  limited  partnership
interests in the  Partnership for cash or in exchange for units in the operating
partnership of AIMCO either through  private  purchases or tender offers.  Under
the  Partnership  Agreement,  unitholders  holding a  majority  of the units are
entitled  to take  action  with  respect to a variety of  matters,  which  would
include voting on certain amendments to the Partnership  Agreement and voting to
remove  the  General  Partner.  As a result  of its  ownership  of 54.48% of the
outstanding  units,  AIMCO is in a position to control all such voting decisions
with  respect to the  Registrant.  When  voting on  matters,  AIMCO would in all
likelihood  vote the units it acquired in a manner  favorable to the interest of
the General Partner because of its affiliation with the General Partner.

Item 6.     Selected Financial Data

The  following  table sets forth a summary  of  certain  financial  data for the
Partnership. Certain reclassifications have been made to the 1997 information to
conform to the 1998,  1999, 2000 and 2001  presentation.  This summary should be
read in conjunction with the Partnership's consolidated financial statements and
notes  thereto  appearing in "Item 8.  Financial  Statements  and  Supplementary
Data."



                                               Years Ended December 31,
                                         (in thousands, except per unit data)
   Consolidated Statements
        of Operations             2001       2000       1999        1998        1997

                                                               
Total revenues                  $ 29,079   $ 33,687   $ 31,189    $ 30,093    $ 28,710
Total expenses                   (24,739)   (25,006)   (25,071)    (26,164)    (28,296)
Income before
  extraordinary items              4,340      8,681      6,118       3,929         414
Extraordinary items                 (182)      (207)        --          (5)        (47)
Net income                      $ 4,158    $ 8,474     $ 6,118     $ 3,924     $ 367
Per Limited Partnership Unit:
  Income before
   extraordinary items          $ 12.16    $ 24.31     $ 17.13     $ 11.00     $ 1.15
  Extraordinary items               (.51)     (0.58)        --       (0.01)      (0.12)
Net income                      $ 11.65    $ 23.73     $ 17.13     $ 10.99     $ 1.03
Distributions per Limited
  Partnership Unit              $ 25.59    $ 31.32     $ 49.29     $ 11.07     $ 7.01
Limited Partnership Units
  outstanding                    342,773    342,773    342,773     342,773     342,773

Consolidated Balance Sheets

Total assets                    $ 34,180   $ 38,870   $ 44,464    $ 50,671    $ 52,381
Mortgage notes payable          $ 73,475   $ 71,791   $ 70,997    $ 70,775    $ 72,439


Item 7.     Management's  Discussion  and Analysis of Financial  Condition and
            Results of Operations

INTRODUCTION

The  matters  discussed  in  this  Form  10-K  contain  certain  forward-looking
statements  and  involve  risks and  uncertainties  (including  changing  market
conditions, competitive and regulatory matters, etc.) detailed in the disclosure
contained  in this Form  10-K and the  other  filings  with the  Securities  and
Exchange  Commission made by the Registrant from time to time. The discussion of
the Registrant's business and results of operations,  including  forward-looking
statements pertaining to such matters, does not take into account the effects of
any changes to the Registrant's business and results of operation.  Accordingly,
actual   results   could  differ   materially   from  those   projected  in  the
forward-looking  statements as a result of a number of factors,  including those
identified herein.

The  operations  of the  Partnership  primarily  include  operating  and holding
income-producing  real  estate  properties  for  the  benefit  of its  partners.
Therefore,  the  following  discussion  of  operations,  liquidity  and  capital
resources will focus on these  activities and should be read in conjunction with
"Item 8.  Financial  Statements  and  Supplementary  Data" and the notes related
thereto included elsewhere in this report.

Results of Operations

The  Partnership's  income  before  extraordinary  items  totaled  approximately
$4,340,000  for the year ended  December 31, 2001, as compared to  approximately
$8,681,000 for the year ended December 31, 2000 and income before  extraordinary
items of approximately  $6,118,000 for the year ended December 31, 1999. For the
year ended  December 31,  2001,  a decrease in total  revenues and a decrease in
total expenses  resulted in a decrease in income before  extraordinary  items as
compared to 2000.

As part of the ongoing  business plan of the  Partnership,  the General  Partner
monitors the rental market  environment of each of its investment  properties to
assess the feasibility of increasing rents,  maintaining or increasing occupancy
levels and protecting  the  Partnership  from increases in expenses.  As part of
this plan,  the General  Partner  attempts to protect the  Partnership  from the
burden of  inflation-related  increases  in  expenses  by  increasing  rents and
maintaining a high overall  occupancy  level.  However,  due to changing  market
conditions,  which  can  result  in the use of  rental  concessions  and  rental
reductions to offset softening market conditions, there is no guarantee that the
General Partner will be able to sustain such a plan.

2001 Compared to 2000

The decrease in total  revenues is primarily  attributable  to a decrease in the
gain on sale of investment  properties and a decrease in rental income which was
partially offset by an increase in casualty gain for the year ended December 31,
2001,  as compared to the year ended  December 31,  2000.  During the year ended
December 31, 2001,  the  Partnership  did not sell an investment  property while
Stratford Place was sold during the year ended December 31, 2000.  Excluding the
results  of  operations  and gain on sale of  investment  property  relating  to
Stratford  Place  Apartments,  total  revenues  increased  due to an increase in
rental  income,  casualty gain income and other  income.  The increase in rental
income is due to increased average rental rates at fourteen of the Partnership's
fifteen properties  partially offset by a decrease in occupancy levels at eleven
of the  investment  properties.  The increase in casualty gain was the result of
fires and wind and hail damage at three of the  properties  as discussed  below.
The increase in other income is primarily attributable to an increase in utility
reimbursements  partially  offset by a decrease in interest  income due to lower
average cash balances being maintained in interest bearing accounts.

Excluding the operations of Stratford Place Apartments, total expenses increased
due  to  increases  in  operating,  general  and  administrative,  depreciation,
property  tax,  and  interest  expenses,  partially  offset  by  a  decrease  in
extraordinary loss on early  extinguishment of debt. Operating expense increased
due to increases in property,  insurance,  and  maintenance  expenses.  Property
expense  increased due to an increase in employee  salaries and related benefits
and an increase in utility  expense  relating  to vacant  apartments.  Insurance
expense  increased  due to an increase in insurance  premiums at fourteen of the
Partnership's  investment  properties.  Maintenance  expense  increased  due  to
contract  labor and materials and supplies  used by the  investment  properties.
General and administrative expenses increased primarily due to a new tax imposed
by the State of Tennessee on the  Partnership's  properties in that state during
the year ended  December  31,  2001 and in an  increase  in the cost of services
included in management  reimbursements  to the General  Partner as allowed under
the Partnership  Agreement  partially  offset by a decrease in the 9% management
fee on  distributions  from  operating cash flows.  Depreciation  expense on the
remaining properties increased due to capital improvements  completed and placed
into service during the past twelve months. The increase in property tax expense
is due to an  increase  in the  assessed  value  of  five  of the  Partnership's
properties.  The increase in interest  expense is primarily  attributable to new
financing  at  River's  Edge  Apartments  in  September  2000  and  Lake  Forest
Apartments  in  September  2001 which  increased  the debt  balances.  For 2001,
extraordinary losses on early extinguishment of debt arose from the refinancings
of Lake Forest  Apartments and Post Ridge  Apartments,  while the  extraordinary
losses on early  extinguishment  of debt for 2000 arose from the refinancings at
The Apartments,  Stratford Place Apartments, Rivers Edge Apartments, and Citadel
Apartments in 2000.

2000 Compared to 1999

The increase in total revenues is  attributable to increased gain on the sale of
investment  properties,  casualty  gain,  and other  income  for the year  ended
December  31,  2000,  as  compared  to the year ended  December  31,  1999.  The
Partnership  recognized  a gain on the sale of  Stratford  Place  Apartments  of
approximately  $3,440,000  versus a gain on the sale of Overlook  Apartments  of
approximately  $638,000  recognized in 1999.  Excluding the results of Stratford
Place  Apartments and Overlook  Apartments,  total revenues  increased due to an
increase in rental and other  income.  The  increase in rental  income is due to
increased rental rates at the Partnership's investment properties accompanied by
increased  occupancy  levels at five of the  properties,  which more than offset
occupancy  decreases at eight properties.  The increase in rental income is also
due to increases in tenant reimbursements primarily at Arbor East Apartments. An
increase in bad debt expense at most of the Partnership's  properties  partially
offset the increase in rental income. A casualty gain of approximately  $154,000
at Stratford  Place  Apartments  due to a fire which damaged 12 apartment  units
also  contributed  to the increase in total revenues for the year ended December
31, 2000. The increase in other income is primarily  attributable to an increase
in interest income due to higher average  balances being  maintained in interest
bearing accounts.

Excluding the results of Stratford  Place  Apartments  and Overlook  Apartments,
total  expenses  increased due to increases in operating  and interest  expenses
partially offset by a decrease in general and administrative expenses. Operating
expenses  increased  due  to  reduced  net  insurance  proceeds  on  casualties,
increased  utility charges,  and increased salary expenses;  partially offset by
decreased interior building expenses and decreased snow removal charges.  During
the twelve months ended  December 31, 1999,  there were several small  insurance
claims made and proceeds received, primarily at Nob Hill Villa Apartments. Fewer
similar  claims were made during the twelve  months  ended  December 31, 2000 at
various  Partnership  properties.  The increase in interest expense is primarily
attributable  to the new financing at Point West Apartments late in 1999 and due
to increased debt balances at The Apartments, Stratford Place Apartments, Rivers
Edge,  and  Citadel   Apartments  due  to  refinancings  in  2000.  General  and
administrative  expenses decreased due to a decrease in the 9% management fee on
distributions  from  operating cash flows  partially  offset by increases in the
cost of  services  included in the  management  reimbursements  to the  Managing
General Partner as allowed under the  Partnership  Agreement and in professional
fees. Extraordinary loss on early extinguishment of debt increased primarily due
to the refinancings at Stratford Place Apartments,  The Apartments,  and Citadel
Apartments (see discussions below).

On December 28, 2000,  ConCap  Stratford  Associates,  Ltd. sold Stratford Place
Apartments  to an  unaffiliated  third party for  $7,600,000.  After  payment of
closing  costs of  approximately  $587,000,  the net  proceeds  received  by the
Partnership were  approximately  $2,508,000.  The purchaser assumed the mortgage
encumbering  the  property  of  approximately  $4,505,000.  The gain on the sale
recognized during the fourth quarter of 2000 was approximately $3,440,000.

On December 14, 1999, Overlook Associates, Ltd. sold Overlook to an unaffiliated
third party for  $1,975,000.  After  payment of closing  costs of  approximately
$84,000  the  net  proceeds  received  by  the  Partnership  were  approximately
$1,891,000.  The  Partnership  used most of the proceeds to pay off the mortgage
encumbering the property of approximately $1,780,000. The remaining net proceeds
were  used to  establish  additional  cash  reserves  for the  Partnership.  The
Partnership's   gain  on  the  sale  during  the  fourth  quarter  of  1999  was
approximately $638,000.

LIQUIDITY AND CAPITAL RESOURCES

2001 Compared to 2000

At  December  31,  2001,  the  Partnership  held  cash and cash  equivalents  of
approximately $2,729,000 as compared to approximately $6,377,000 at December 31,
2000.  The decrease in cash and cash  equivalents  of  approximately  $3,648,000
since the  Partnership's  year ended  December 31, 2000 is due to  approximately
$7,936,000  and  $3,341,000 of cash used in financing and investing  activities,
respectively,  partially offset by approximately  $7,629,000 of cash provided by
operating  activities.  Cash used in financing activities consisted primarily of
distributions to partners,  repayment of mortgages at Lake Forest Apartments and
Post Ridge Apartments due to refinancing, payments of principal on the mortgages
encumbering  the  Partnership's  properties,  payment  of new  loan  costs,  and
prepayment   penalties  associated  with  the  repaid  mortgage  at  Post  Ridge
Apartments,  partially  offset by proceeds from the  refinancing  of Lake Forest
Apartments  and  Post  Ridge  Apartments.  Cash  used  in  investing  activities
consisted primarily of property  improvements and replacements  partially offset
by net insurance proceeds received for casualties (see discussion below) and net
withdrawals from restricted escrows. The Partnership invests its working capital
in interest bearing accounts.

In April 2001, The Arbours of Hermitage had a fire,  which damaged one apartment
building.  Insurance proceeds of approximately  $83,000 were received during the
year ended  December 31, 2001.  The  Partnership  recognized a casualty  gain of
approximately  $83,000 for the year ended  December 31, 2001. The damaged assets
were fully depreciated at the time of the fire.

In May 2000, Nob Hill Villa  Apartments had a fire,  which damaged two apartment
units. Insurance proceeds of approximately $33,000 were received during the year
ended  December  31,  2001.  The  Partnership  recognized  a  casualty  gain  of
approximately $25,000 for the year ended December 31, 2001, which represents the
excess of the proceeds  received as of December  31, 2001 over the  write-off of
the undepreciated damaged assets.

In March 2000,  South Port  Apartments had hail and wind damage,  which affected
all 240  units and  damaged  100% of the roof,  which  was  replaced.  Insurance
proceeds of approximately  $182,000 were received during the year ended December
31, 2001. The Partnership  recognized a casualty gain of approximately  $128,000
for the year  ended  December  31,  2001,  which  represents  the  excess of the
proceeds  received as of December 31, 2001 over the  write-off of  undepreciated
damaged assets.

In  January  2000,  Stratford  Place  Apartments  had a fire  which  damaged  12
apartment  units  and  30% of the  roof.  Insurance  proceeds  of  approximately
$354,000 were  received  during the year ended  December 31, 2000.  The Managing
General  Partner  successfully  completed  the repairs  prior to the sale of the
property on December 28, 2000.  The  Partnership  recognized a casualty  gain of
approximately $154,000 for the year ended December 31, 2000.

The sufficiency of existing  liquid assets to meet future  liquidity and capital
expenditure   requirements   is  directly   related  to  the  level  of  capital
expenditures  required at the  properties  to  adequately  maintain the physical
assets and other  operating needs of the Partnership and to comply with Federal,
state, and local legal and regulatory requirements. The Partnership is currently
evaluating  the capital  improvement  needs of the  properties  for the upcoming
year.  The  minimum  amount to be  budgeted  is  expected to be $300 per unit or
$1,135,200.  Additional  improvements  may be considered  and will depend on the
physical  condition  of the  properties  as well  as  replacement  reserves  and
anticipated  cash flow  generated  by the  properties.  The  additional  capital
expenditures  will be incurred only if cash is available from operations or from
Partnership  reserves. To the extent that such budgeted capital improvements are
completed,  the Partnership's  distributable cash flow, if any, may be adversely
affected at least in the short term.

The Partnership's  current assets are thought to be sufficient for any near-term
needs (exclusive of capital improvements) of the Partnership.  The Partnership's
remaining mortgage  indebtedness of approximately  $49,472,000 is amortized over
various periods with required  balloon  payments ranging from 2004 and 2005. The
General  Partner  will attempt to refinance  such  indebtedness  and/or sell the
properties  prior to such maturity  dates. If a property cannot be refinanced or
sold for a sufficient  amount,  the  Partnership  will risk losing such property
through foreclosure.

On December 21, 2001, the Partnership  refinanced the mortgage  encumbering Post
Ridge   Apartments.   The   refinancing   replaced   mortgage   indebtedness  of
approximately  $4,050,000  with a new mortgage of  $4,500,000.  The mortgage was
refinanced at a rate of 6.63% compared to the prior rate of 7.33% and matures on
January 1,  2022.  Capitalized  loan costs  incurred  for the  refinancing  were
approximately  $254,000.  The  Partnership  wrote off  approximately  $32,000 in
unamortized loan costs and paid prepayment  penalties of approximately  $110,000
resulting  in  an  extraordinary  loss  on  early   extinguishment  of  debt  of
approximately $142,000.

On September 27, 2001, the Partnership  refinanced the mortgage encumbering Lake
Forest   Apartments.   The  refinancing   replaced   mortgage   indebtedness  of
approximately  $4,700,00  with a new  mortgage of  $6,500,000.  The mortgage was
refinanced at a rate of 7.13% compared to the prior rate of 7.33% and matures on
October 1,  2021.  Capitalized  loan costs  incurred  for the  refinancing  were
approximately  $217,000. The Partnership wrote off unamortized loan costs, which
resulted  in  an  extraordinary   loss  on  early   extinguishment  of  debt  of
approximately $40,000. The Partnership was required to establish a repair escrow
of approximately $36,000 at the date of the refinancing. The Partnership is also
required to establish a replacement  reserve escrow by making  monthly  deposits
until the mortgage is paid in full.

On August 31, 2000, the Partnership  refinanced the mortgage  encumbering Rivers
Edge Apartments. The refinancing replaced mortgage indebtedness of approximately
$1,895,000  with a new mortgage of $4,000,000.  The mortgage was refinanced at a
rate of 7.82%  compared  to a prior rate of 8.40% and  matures on  September  1,
2020.  Capitalized  loan costs incurred for the refinancing  were  approximately
$90,000.  There was no  extraordinary  loss  recognized  due to the  refinancing
occurring at the maturity of the prior mortgage.

On May 31, 2000, the Partnership  refinanced the mortgage encumbering  Stratford
Place   Apartments.   The   refinancing   replaced   mortgage   indebtedness  of
approximately  $2,493,000  with a new mortgage of  $4,550,000.  The mortgage was
refinanced at a rate of 8.48%  compared to the prior rate of 8.65%.  Capitalized
loan  costs  incurred  for the  refinancing  were  approximately  $149,000.  The
Partnership  wrote off  approximately  $4,000 in unamortized loan costs and paid
prepayment  penalties of approximately $1,000 resulting in an extraordinary loss
on early  extinguishment of debt of approximately  $5,000. On December 28, 2000,
the Partnership sold Stratford Place  Apartments to an unaffiliated  third party
whom assumed the mortgage  encumbering the property.  The Partnership  wrote off
the  unamortized  loan costs  resulting in an additional  extraordinary  loss on
early extinguishment of debt of approximately $143,000.

On February 28,  2000,  the  Partnership  refinanced  the  mortgage  encumbering
Citadel   Apartments.   The  refinancing   replaced  mortgage   indebtedness  of
approximately  $4,548,000  with a new mortgage of  $4,710,000.  The mortgage was
refinanced at a rate of 8.25% compared to the prior rate of 8.38% and matures on
March  1,  2020.  Capitalized  loan  costs  incurred  for the  refinancing  were
approximately  $142,000.  The  Partnership  wrote off  approximately  $19,000 in
unamortized  loan costs and paid prepayment  penalties of  approximately  $7,000
resulting  in  an  extraordinary  loss  on  early   extinguishment  of  debt  of
approximately $26,000.

On February 2, 2000, the  Partnership  refinanced the mortgage  encumbering  The
Apartments.  The refinancing  replaced  mortgage  indebtedness of  approximately
$3,288,000  with a new mortgage of $4,775,000.  The mortgage was refinanced at a
rate of 8.37%  compared to the prior rate of 8.34% and matures on March 1, 2020.
Capitalized loan costs incurred for the refinancing were approximately $129,000.
The Partnership  wrote off  approximately  $11,000 in unamortized loan costs and
paid prepayment penalties of approximately $22,000 resulting in an extraordinary
loss on early extinguishment of debt of approximately $33,000.

On November 9, 1999, the Partnership obtained financing on Point West Apartments
in the amount of  $2,460,000.  The  mortgage was financed at a rate of 7.86% and
matures on December 1, 2019.  Capitalized  loan costs incurred for the financing
were  approximately  $47,000  during  the  year  ended  December  31,  1999.  An
additional  $20,000 of loan costs were incurred  during the year ended  December
31, 2000.

The Partnership's  current assets are thought to be sufficient for any near-term
needs (exclusive of capital improvements) of the Partnership.  The Partnership's
remaining mortgage  indebtedness of approximately  $49,472,000 is amortized over
various periods with required  balloon  payments ranging from 2004 and 2005. The
General  Partner  will attempt to refinance  such  indebtedness  and/or sell the
properties  prior to such maturity  dates. If a property cannot be refinanced or
sold for a sufficient  amount,  the  Partnership  will risk losing such property
through foreclosure.

Pursuant to the Partnership Agreement,  the term of the Partnership is scheduled
to expire on December 31, 2011. Accordingly,  prior to such date the Partnership
will need to either  sell its  investment  properties  or extend the term of the
Partnership.  If the Partnership is unable to extend its term, the ultimate sale
price of the investment properties may be adversely affected.

During 2001, the Partnership  declared and paid  distributions  of approximately
$9,139,000  (approximately  $8,773,000  to the  limited  partners  or $25.59 per
limited partnership unit) consisting of approximately $4,981,000  (approximately
$4,782,000 to the limited partners or $13.95 per limited  partnership unit) from
operations and approximately $4,158,000 (approximately $3,991,000 to the limited
partners or $11.64 per limited  partnership unit) of refinance proceeds for Lake
Forest Apartments and sale proceeds of Stratford Place Apartments, which sold in
December of 2000. Approximately $166,000 of these distributions from proceeds is
payable to the General Partner and special  limited  partners as this portion is
subordinated  and  deferred  per the  Partnership  Agreement  until the  limited
partners receive 100% of their original capital contributions from surplus cash.
In  conjunction  with the  transfer of funds from their  certain  majority-owned
sub-tier  limited  partnerships to the  Partnership,  approximately  $66,000 was
distributed  to the  general  partner of the  majority  owned  sub-tier  limited
partnerships.

During 2000, the Partnership declared distributions of approximately $11,183,000
(approximately  $10,736,000  to the  limited  partners  or  $31.32  per  limited
partnership   unit)  consisting  of  approximately   $6,194,000   (approximately
$5,947,000 to the limited partners or $17.35 per limited  partnership unit) from
operations and approximately $4,989,000 (approximately $4,789,000 to the limited
partners or $13.97 per limited  partnership  unit) of refinancing  proceeds from
The Apartments,  Citadel Apartments, Rivers Edge Apartments, and Stratford Place
Apartments and sale proceeds from Overlook  Apartments which sold December 1999.
Approximately $197,000 of the distribution from proceeds was payable at December
31,  2000  to  the  General  Partner  and  special  limited   partners  as  this
distribution  is subordinated  and deferred per the Partnership  Agreement until
the limited partners receive 100% of their original capital  contributions  from
surplus  funds.  In  conjunction  with the transfer of funds from their  certain
majority-owned  sub-tier limited partnerships to the Partnership,  approximately
$56,000 was  distributed  to the general  partner of the majority owned sub-tier
limited partnerships.

During 1999, the Partnership paid  distributions  of  approximately  $13,283,000
(approximately  $12,730,000  to the  limited  partners  or  $37.14  per  limited
partnership unit) consisting of cash flow from operations totaling approximately
$10,670,000  (approximately  $10,117,000  to the limited  partners or $29.52 per
limited  partnership  unit) and  approximately  $2,613,000  (all to the  limited
partners  or  $7.62  per  limited  partnership  unit)  representing  funds  from
previously  undistributed  refinance proceeds from 1996 and 1997. As of December
31, 1999, the Partnership had a distribution payable of approximately $4,318,000
(approximately  $3,921,000  to  the  limited  partners  or  $11.44  per  limited
partnership unit) consisting of cash from operations of approximately $1,874,000
(approximately   $1,679,000  to  the  limited  partners  or  $4.90  per  limited
partnership unit) and a distribution of refinance  proceeds  representing  funds
from  the  financing  of  Point  West  Apartments  of  approximately  $2,444,000
(approximately   $2,242,000  to  the  limited  partners  or  $6.54  per  limited
partnership   unit).   In  January  2000,   approximately   $4,113,000  of  this
distribution was paid and the remainder was accrued at December 31, 2000.

Future cash  distributions  will depend on the levels of net cash generated from
operations,   the  availability  of  cash  reserves,  and  the  timing  of  debt
maturities,   refinancings,   and/or  property  sales.  The  Partnership's  cash
available  for  distribution  is  reviewed on a monthly  basis.  There can be no
assurance,  however,  that the Partnership  will generate  sufficient funds from
operations  after required capital  expenditures to permit  distributions to its
partners in the year 2002 or subsequent periods.

On September 16, 2000, the Partnership  sought the vote of the limited  partners
to  amend  the  Partnership  Agreement  to  eliminate  the  requirement  for the
Partnership to maintain  reserves equal to at least 5% of the limited  partners'
capital   contributions  less  distributions  as  reserve  requirements  of  the
Partnership.  The vote,  sought pursuant to a Consent  Solicitation,  expired on
October  16, 2000 at which time the  amendment  was  approved  by the  requisite
percent of limited partnership units.

In addition to its  indirect  ownership of the general  partner  interest in the
Partnership, AIMCO and its affiliates owned 186,758.50 limited partnership units
in the Partnership  representing 54.48% of the outstanding units at December 31,
2001. A number of these units were  acquired  pursuant to tender  offers made by
AIMCO or its  affiliates.  It is possible that AIMCO or its affiliates will make
one  or  more  additional  offers  to  acquire  additional  limited  partnership
interests in the  Partnership for cash or in exchange for units in the operating
partnership of AIMCO either through  private  purchases or tender offers.  Under
the  Partnership  Agreement,  unitholders  holding a  majority  of the Units are
entitled  to take  action  with  respect to a variety of  matters,  which  would
include voting on certain amendments to the Partnership  Agreement and voting to
remove  the  General  Partner.  As a result  of its  ownership  of 54.48% of the
outstanding  units,  AIMCO is in a position to control all such voting decisions
with  respect to the  Registrant.  When  voting on  matters,  AIMCO would in all
likelihood  vote the Units it acquired in a manner  favorable to the interest of
the General Partner because of its affiliation with the General Partner.

Recent Accounting Pronouncements

In August 2001, the Financial  Accounting Standards Board issued SFAS No. 144,
"Accounting  for the  Impairment or Disposal of Long-Lived  Assets".  SFAS No.
144 provides  accounting  guidance for financial  accounting and reporting for
the impairment or disposal of long-lived assets.  SFAS No. 144 supersedes SFAS
No.  121,  "Accounting  for  the  Impairment  of  Long-Lived  Assets  and  for
Long-Lived  Assets to be Disposed  Of".  SFAS No. 144 is effective  for fiscal
years  beginning  after  December  15,  2001.  The  General  Partner  does not
anticipate  that its  adoption  will have a material  effect on the  financial
position or results of operations of the Partnership.

Item 7a.    Market Risk Factors

The  Partnership  is exposed to market  risks from  adverse  changes in interest
rates. In this regard, changes in U.S. interest rates affect the interest earned
on the  Partnership's  cash and cash equivalents as well as interest paid on its
indebtedness.  As a policy,  the  Partnership  does not engage in speculative or
leveraged  transactions,  nor does it hold or issue  financial  instruments  for
trading  purposes.  The  Partnership  is exposed to  changes in  interest  rates
primarily as a result of its borrowing activities used to maintain liquidity and
fund  business  operations.  To  mitigate  the  impact of  fluctuations  in U.S.
interest rates,  the  Partnership  maintains its debt as fixed rate in nature by
borrowing on a long-term basis.  Based on interest rates at December 31, 2001, a
100 basis point  increase or  decrease  in market  interest  rates would have an
annual impact of approximately $735,000 on the Partnership.

The following table  summarizes the  Partnership's  debt obligations at December
31, 2001.  The interest rates  represent the  weighted-average  rates.  The fair
value of the the debt obligations approximated the recorded value as of December
31, 2001.



                                                         Long-term Debt
Principal amount by expected maturity:      Fixed Rate Debt      Average Interest Rate
                                             (in thousands)

                                                                
                  2002                           $   845                 7.81%
                  2003                               923                 7.81%
                  2004                             5,112                 7.81%
                  2005                            43,138                 7.42%
                  2006                               875                 7.68%
               Thereafter                         22,582                 7.68%
                 Total                           $73,475


Item 8.     Financial Statements and Supplementary Data

CONSOLIDATED CAPITAL PROPERTIES IV

LIST OF FINANCIAL STATEMENTS

      Report of Ernst & Young LLP, Independent Auditors

      Consolidated Balance Sheets - December 31, 2001 and 2000

      Consolidated  Statements of Operations - Years ended  December 31, 2001,
      2000 and 1999

      Consolidated  Statements  of Changes in  Partners'  Deficit - Years  ended
      December 31, 2001, 2000, and 1999

      Consolidated  Statements  of Cash Flows - Years ended  December  31, 2001,
      2000 and 1999

      Notes to Consolidated Financial Statements





              Report of Ernst & Young LLP, Independent Auditors



The Partners
Consolidated Capital Properties IV


We have audited the  accompanying  consolidated  balance sheets of  Consolidated
Capital  Properties  IV as of  December  31,  2001  and  2000,  and the  related
consolidated  statements of operations,  changes in partners' deficit,  and cash
flows for each of the three years in the period ended  December 31, 2001.  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 auditing standards generally accepted
in the United States. 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.

In our opinion,  the financial  statements  referred to above present fairly, in
all material  respects,  the  consolidated  financial  position of  Consolidated
Capital  Properties  IV at  December  31,  2001 and 2000,  and the  consolidated
results of its  operations and its cash flows for each of the three years in the
period  ended  December 31,  2001,  in  conformity  with  accounting  principles
generally accepted in the United States.


                                                          /s/ERNST & YOUNG LLP



Greenville, South Carolina
February 15, 2002






                       CONSOLIDATED CAPITAL PROPERTIES IV

                           CONSOLIDATED BALANCE SHEETS
                       (in thousands, except unit data)




                                                                 December 31,
                                                               2001         2000
Assets
                                                                    
   Cash and cash equivalents                                 $ 2,729      $  6,377
   Receivables and deposits                                     1,186        1,854
   Restricted escrows                                             644          900
   Other assets                                                 1,628        1,497
   Investment properties (Notes D, G and H):
      Land                                                     10,907       10,907
      Buildings and related personal property                 124,301      120,607
                                                              135,208      131,514
      Less accumulated depreciation                          (107,215)    (103,272)
                                                               27,993       28,242
                                                             $ 34,180     $ 38,870
Liabilities and Partners' Deficit
Liabilities
   Accounts payable                                           $ 204       $ 1,021
   Tenant security deposit liabilities                            497          488
   Accrued property taxes                                       1,189        1,311
   Other liabilities                                              947        1,510
   Distribution payable (Note F)                                  568          402
   Mortgage notes payable (Note D)                             73,475       71,791
                                                               76,880       76,523
Partners' Deficit
   General partners (Note F)                                   (7,064)      (6,798)
   Limited partners (342,773 units issued and
      outstanding)                                            (35,636)     (30,855)
                                                              (42,700)     (37,653)
                                                             $ 34,180     $ 38,870

        See Accompanying Notes to Consolidated Financial Statements






                       CONSOLIDATED CAPITAL PROPERTIES IV

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




                                                         Years Ended December 31,
                                                      2001         2000         1999
Revenues:
                                                                     
  Rental income                                     $26,609      $27,859      $28,533
  Other income                                        2,234        2,234        2,018
  Gain on sale of investment property (Note E)           --        3,440          638
  Casualty gains (Note H)                               236          154           --
      Total revenues                                 29,079       33,687       31,189

Expenses:
  Operating                                          11,267       11,242       11,146
  General and administrative                          1,929        1,844        1,942
  Depreciation                                        4,082        4,161        4,398
  Interest                                            5,615        5,851        5,661
  Property taxes                                      1,846        1,908        1,924
      Total expenses                                 24,739       25,006       25,071

Income before extraordinary item                      4,340        8,681        6,118
Extraordinary loss on early extinguishment of
  debt (Note D)                                        (182)        (207)          --

Net income (Note I)                                 $ 4,158      $ 8,474      $ 6,118

Net income allocated to general partners (4%)        $ 166        $ 339        $ 245

Net income allocated to limited partners (96%)        3,992        8,135        5,873

Net income                                          $ 4,158      $ 8,474      $ 6,118

Per limited partnership unit:
  Income before extraordinary item                  $ 12.16      $ 24.31      $ 17.13
  Extraordinary loss on early extinguishment
   of debt                                             (.51)       (0.58)          --

Net income                                          $ 11.65      $ 23.73      $ 17.13

Distributions per limited partnership unit          $ 25.59      $ 31.32      $ 49.29

        See Accompanying Notes to Consolidated Financial Statements





                       CONSOLIDATED CAPITAL PROPERTIES IV

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




                                         Limited
                                       Partnership    General     Limited
                                          Units      Partners    Partners      Total

                                                                 
Original capital contributions           343,106        $ 1      $171,553    $171,554

Partners' deficit at
   December 31, 1998                     342,773     $ (6,175)   $(17,230)   $(23,405)

Net income for the year ended
   December 31, 1999                          --          245       5,873       6,118

Distributions to partners                     --         (704)    (16,897)    (17,601)

Partners' deficit at
   December 31, 1999                     342,773       (6,634)    (28,254)    (34,888)

Net income for the year ended
   December 31, 2000                          --          339       8,135       8,474

Distributions to partners                     --         (503)    (10,736)    (11,239)

Partners' deficit at
   December 31, 2000                     342,773       (6,798)    (30,855)    (37,653)

Net income for the year ended
   December 31, 2001                          --          166       3,992       4,158

Distributions to partners                     --         (432)     (8,773)     (9,205)

Partners' deficit at
   December 31, 2001                     342,773     $ (7,064)   $(35,636)   $(42,700)

        See Accompanying Notes to Consolidated Financial Statements




                       CONSOLIDATED CAPITAL PROPERTIES IV

                      CONSOLIDATED STATEMENTS OF CASH FLOWS
                                (in thousands)



                                                              Year Ended December 31,
                                                            2001        2000        1999
Cash flows from operating activities:
                                                                          
   Net income                                             $ 4,158      $ 8,474     $ 6,118
   Adjustments to reconcile net income to net cash
    provided by operating activities:
      Depreciation                                           4,082       4,161       4,398
      Amortization of loan costs                               221         281         315
      Gain on sale of investment property                       --      (3,440)       (638)
      Casualty gain                                           (236)       (154)         --
      Extraordinary loss on early extinguishment of
       debt                                                    182         207          --
      Change in accounts:
       Receivables and deposits                                668         327          32
       Other assets                                             47         (22)       (203)
       Accounts payable                                       (817)         61         581
       Tenant security deposit liabilities                       9         (18)        (62)
       Accrued property taxes                                 (122)         27         (25)
       Other liabilities                                      (563)        228         247

            Net cash provided by operating activities        7,629      10,132      10,763

Cash flows from investing activities:
   Property improvements and replacements                   (3,895)     (5,624)     (5,207)
   Net proceeds from sale of investment property                --       2,508       1,891
   Net withdrawals from restricted escrows                     256         502       1,341
   Net insurance proceeds from casualties                      298         354          --

            Net cash used in investing activities           (3,341)     (2,260)     (1,975)

Cash flows from financing activities:
   Payments on mortgage notes payable                         (566)       (512)       (458)
   Repayment of mortgage notes payable                      (8,750)    (12,224)     (1,780)
   Proceeds from mortgage notes payable                     11,000      18,035       2,460
   Prepayment penalties                                       (110)        (30)         --
   Loan costs paid                                            (471)       (530)        (47)
   Distributions to partners                                (9,039)    (15,155)    (13,283)

            Net cash used in financing activities           (7,936)    (10,416)    (13,108)

Net decrease in cash and cash equivalents                  (3,648)      (2,544)     (4,320)

Cash and cash equivalents at beginning of the year           6,377       8,921      13,241

Cash and cash equivalents at end of year                  $ 2,729      $ 6,377     $ 8,921

Supplemental disclosure of noncash activity:
   Extinguishment of debt in connection with sale of
    investment property                                     $ --       $ 4,505      $ --

Supplemental Disclosures of Cash Flow Information and Non-Cash Activities:

At December  31,  2001 and 2000,  distributions  payable to  partners  were each
adjusted  by  approximately   $166,000  and  $197,000  for  non-cash   activity,
respectively.

At December 31, 1999, distributions to partners of approximately $4,318,000 were
declared and  approximately  $4,113,000 of this balance was paid during the year
ended December 31, 2000. The remaining  balance is deferred per the  Partnership
Agreement.

Cash paid for interest was approximately  $5,408,000,  $5,552,000 and $5,372,000
for the years ended December 31, 2001, 2000 and 1999, respectively.


        See Accompanying Notes to Consolidated Financial Statements




                       CONSOLIDATED CAPITAL PROPERTIES IV

                  NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

                                December 31, 2001


Note A - Organization and Significant Accounting Policies

Organization:   Consolidated   Capital   Properties  IV  (the  "Partnership"  or
"Registrant"),  a California  limited  partnership,  was formed on September 22,
1981,  to operate and hold real estate  properties.  The general  partner of the
Partnership  is ConCap  Equities,  Inc.  (the  "General  Partner"  or "CEI"),  a
Delaware  corporation.  Additionally,  the General  Partner is a  subsidiary  of
Apartment  Investment and Management Company  ("AIMCO"),  a publicly traded real
estate  investment trust. The directors and officers of the General Partner also
serve as executive  officers of AIMCO. The Partnership  Agreement  provides that
the Partnership is to terminate on December 31, 2011 unless  terminated prior to
that date.  As of December 31, 2001,  the  Partnership  operates 15  residential
properties in or near major urban areas in the United States.

Upon  the  Partnership's   formation  in  1981,  Consolidated  Capital  Equities
Corporation ("CCEC"), a Colorado corporation,  was the corporate general partner
and Consolidated  Capital  Management  Company  ("CCMC"),  a California  general
partnership, was the non-corporate general partner. In 1988, through a series of
transactions,  Southmark Corporation ("Southmark") acquired controlling interest
in CCEC. In December 1988, CCEC filed for reorganization under Chapter 11 of the
United States Bankruptcy Code. In 1990, as part of CCEC's  reorganization  plan,
CEI acquired CCEC's general partner interests in the Partnership and in 15 other
affiliated public limited  partnerships (the "Affiliated  Partnerships") and CEI
replaced CCEC as managing general partner in all 16 partnerships.  The selection
of CEI as the sole  managing  general  partner was approved by a majority of the
limited  partners in the Partnership and in each of the Affiliated  Partnerships
pursuant to a  solicitation  of the Limited  Partners  dated August 10, 1990. As
part of the solicitation, the Limited Partners also approved an amendment to the
Partnership  Agreement to limit changes of control of the  Partnership,  and the
conversion of CCMC from a general partner to a Special Limited Partner,  thereby
leaving CEI as the sole  general  partner of the  Partnership.  On November  14,
1990,  CCMC was  dissolved  and its Special  Limited  Partnership  interest  was
divided among its former partners.

All of CEI's  outstanding  stock is owned by Insignia  Properties Trust ("IPT"),
which is an  affiliate  of AIMCO.  In December  1994,  the parent of GII Realty,
Inc.,  entered  into a  transaction  (the  "Insignia  Transaction")  in which an
affiliate of Insignia  acquired an option  (exercisable in whole or in part from
time to time) to purchase all of the stock of GII Realty,  Inc. and, pursuant to
a partial exercise of such option,  acquired 50.5% of that stock. As part of the
Insignia   Transaction,   the  Insignia  affiliate  also  acquired  all  of  the
outstanding stock of Partnership Services, Inc., an asset management entity, and
a  subsidiary  of Insignia  acquired  all of the  outstanding  stock of Coventry
Properties,  Inc., a property  management entity. In addition,  confidentiality,
non-competition,  and standstill  arrangements were entered into between certain
of the parties.  Those arrangements,  among other things,  prohibit GII Realty's
former sole shareholder from purchasing  Partnership Units for a period of three
years.  On October 24, 1995,  the Insignia  affiliate  exercised  the  remaining
portion of its option to purchase all of the remaining outstanding capital stock
of GII Realty, Inc.

Consolidation:  The consolidated  financial statements include the Partnership's
majority  interest  in a joint  venture  which owns South Port  Apartments.  The
Partnership  has the  ability  to  control  the major  operating  and  financial
policies of the joint venture.  No minority  interest has been reflected for the
joint  venture  because  minority  interests  are limited to the extent of their
equity capital, and losses in excess of the minority interest equity capital are
charged  against the  Partnership's  interest.  Should the losses  reverse,  the
Partnership  would be  credited  with the  amount of  minority  interest  losses
previously  absorbed.   The  other  partner  of  this  joint  venture  is  AIMCO
Properties, LP, an affiliate of the General Partner.

The Partnership's  consolidated financial statements also include the accounts
of the  Partnership,  its  wholly-owned  partnerships,  and  its  99%  limited
partnership  interest in Briar Bay  Apartments  Associates,  Ltd.,  Post Ridge
Associates,  Ltd.,  Concap River's Edge  Associates,  Ltd.,  Foothill  Chimney
Associates,  L.P., and ConCap Stratford  Associates,  Ltd. The Partnership may
remove the  general  partner  of its 99% owned  partnerships;  therefore,  the
partnerships  are  deemed   controlled  and  therefore   consolidated  by  the
Partnership.  All significant interpartnership balances have been eliminated.

Cash and Cash Equivalents: Cash and cash equivalents include cash on hand and in
banks.  At certain times,  the amount of cash deposited at a bank may exceed the
limit on insured deposits.  Cash balances include  approximately  $2,504,000 and
$2,899,000 at December 31, 2001 and 2000,  respectively,  that are maintained by
the  affiliated  management  company on behalf of affiliated  entities in a cash
concentration account.

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

Restricted Escrows:

      Capital  Improvement  Reserves  - At the time of the  refinancings  of the
      mortgage  notes  payable  encumbering  Nob  Hill  Villa,  the  Arbours  of
      Hermitage,  Briar Bay,  Chimney Hill,  Citadel  Village,  Foothill  Place,
      Knollwood,  Village  East,  Lake  Forest  and  South  Port,  approximately
      $1,638,000 was designated for certain  capital  improvements.  At December
      31, 2001, the total remaining escrow balance is approximately  $36,000 and
      $213,000  for Lake  Forest and South Port  Apartments,  respectively.  The
      capital  improvement  reserves for Nob Hill Villa,  Arbours of  Hermitage,
      Briar Bay, Chimney Hill,  Citadel Village,  Foothill Place,  Knollwood and
      Village East had been fully utilized as of December 31, 2001.

      Replacement  Reserve  Account  - At the  time  of the  refinancing  of the
      mortgage notes payable  encumbering  the Arbours of Hermitage,  Briar Bay,
      Chimney Hill,  Citadel  Village,  Foothill Place,  Knollwood,  and Village
      East,  $507,000 of the proceeds,  ranging from $191 to $325 per unit, were
      designated for replacement reserves. These funds were established to cover
      necessary repairs and replacements of existing  improvements.  At December
      31, 2001, the total remaining reserve balance was approximately $418,000.

Investments in Real Estate:  Investment  properties consist of fifteen apartment
complexes,  which are stated at cost. Acquisition fees are capitalized as a cost
of real estate. In accordance with Statement of Financial  Accounting  Standards
("SFAS") No. 121,  "Accounting  for the Impairment of Long-Lived  Assets and for
Long-Lived Assets to be Disposed Of", 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.
The impairment loss is measured by comparing the fair value of the assets to its
carrying  amount.  Costs of  apartment  properties  that have  been  permanently
impaired  have  been  written  down  to  appraised  value.  No  adjustments  for
impairment of value were  recorded in any of the years ended  December 31, 2001,
2000 or 1999. See "Recent Accounting Pronouncements" below.

Depreciation:  Depreciation  is  provided by the  straight-line  method over the
estimated lives of the investment properties and related personal property.  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. As a result of the Tax Reform Act of 1986,  for additions  after  December
31, 1986, the modified accelerated cost recovery method is used for depreciation
of (1) real property over 27 1/2 years and (2) personal property  additions over
5 years.

Leases: The Partnership  generally leases apartment units for twelve-month terms
or less. The Partnership recognizes income as earned on its leases. In addition,
the General Partner's policy is to offer rental concessions during  particularly
slow months or in response to heavy  competition from other similar complexes in
the area. Concessions are charged against rental income as incurred.

Loan Costs:  Loan  costs,  net of  accumulated  amortization,  of  approximately
$1,146,000  and  $1,180,000  at December  31, 2001 and 2000,  respectively,  are
amortized using the straight-line  method over the lives of the related mortgage
notes. Unamortized loan costs are included in other assets. Amortization of loan
costs is included in interest expense.

Fair Value of Financial Statements:  SFAS No. 107, "Disclosures about Fair Value
of  Financial  Instruments",  as amended  by SFAS No.  119,  "Disclosures  about
Derivative  Financial  Instruments  and Fair  Value of  Financial  Instruments",
requires  disclosure  of fair value  information  about  financial  instruments,
whether or not recognized in the balance  sheet,  for which it is practicable to
estimate  fair  value.  Fair value is defined in the SFAS as the amount at which
the  instruments  could be exchanged in a current  transaction  between  willing
parties,  other than in a forced or liquidation  sale. The Partnership  believes
that the  carrying  amount of its  financial  instruments  (except for long term
debt)  approximates  their fair value due to the short  term  maturity  of these
instruments.  The  fair  value  of  the  Partnership's  long  term  debt,  after
discounting the scheduled loan payments to maturity,  approximates  its carrying
balance.

Allocation of Net Income and Net Loss: The  Partnership  Agreement  provides for
net income (losses) and  distributions of distributable  cash from operations to
be  allocated  generally  96%  to the  Limited  Partners  and 4% to the  General
Partner.

Net Income (Loss) Per Limited  Partnership  Unit:  Net income (loss) per Limited
Partnership  Unit is computed by dividing  net income  (loss)  allocated  to the
Limited  Partners by the number of Units  outstanding.  Per Unit information has
been computed based on the number of Units  outstanding at the beginning of each
year.

Segment Reporting: SFAS No. 131, "Disclosure about Segments of an Enterprise and
Related  Information"  established  standards  for the way that public  business
enterprises  report  information  about operating  segments in annual  financial
statements and requires that those enterprises report selected information about
operating segments in interim financial reports.  It also established  standards
for related disclosures about products and services, geographic areas, and major
customers.  As defined in SFAS No. 131, the  Partnership has only one reportable
segment.  The General Partner believes that  segment-based  disclosures will not
result  in a  more  meaningful  presentation  than  the  consolidated  financial
statements as currently presented.

Advertising Costs:  Advertising costs of approximately $469,000,  $543,000 and
$549,000  in 2001,  2000 and 1999,  respectively,  are  charged  to  operating
expense as incurred.

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.

Commitments:  On September  16,  2000,  the  Partnership  sought the vote of the
limited partners to amend the Partnership Agreement to eliminate the requirement
for the  Partnership  to maintain  reserves  equal to at least 5% of the limited
partners' capital  contributions less  distributions as reserve  requirements of
the Partnership. The vote, sought pursuant to a Consent Solicitation, expired on
October  16, 2000 at which time the  amendment  was  approved  by the  requisite
percent of limited partnership units.

Reclassification:  Certain  reclassifications  have  been  made  to  the  1999
balances to conform to the 2000 and 2001 presentations.

Recent Accounting Pronouncements

In August 2001, the Financial  Accounting Standards Board issued SFAS No. 144,
"Accounting  for the  Impairment or Disposal of Long-Lived  Assets".  SFAS No.
144 provides  accounting  guidance for financial  accounting and reporting for
the impairment or disposal of long-lived assets.  SFAS No. 144 supersedes SFAS
No.  121,  "Accounting  for  the  Impairment  of  Long-Lived  Assets  and  for
Long-Lived  Assets to be Disposed  Of".  SFAS No. 144 is effective  for fiscal
years  beginning  after  December  15,  2001.  The  General  Partner  does not
anticipate  that its  adoption  will have a material  effect on the  financial
position or results of operations of the Partnership.

Note B - Transfer of Control

Pursuant  to a series  of  transactions  which  closed  on  October  1, 1998 and
February 26, 1999,  Insignia  Financial Group, Inc. and IPT merged into AIMCO, a
publicly  traded real estate  investment  trust,  with AIMCO being the surviving
corporation (the "Insignia Merger").  As a result, AIMCO acquired 100% ownership
interest in the General Partner.  The General Partner does not believe that this
transaction has had or will have a material effect on the affairs and operations
of the Partnership.

Note C - 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 of the  Partnership
activities.   The  Partnership   Agreement  provides  for  certain  payments  to
affiliates for services and as  reimbursements  of certain expenses  incurred by
affiliates on behalf of the  Partnership.  The following  transactions  with the
General  Partner  and/or its  affiliates  were  incurred  during the years ended
December 31, 2001, 2000 and 1999:

                                                    2001       2000       1999
                                                         (in thousands)
   Property management fees (included in
     operating expense)                            $1,569     $1,515     $1,547
   Reimbursements for services of affiliates
     (included in investment properties,
     general and administrative expense
     and operating expense)                         2,172      1,103        565
   Partnership management fee (included in
     general and administrative expense)              430        535      1,084
   Loan costs (included in other assets)              110        180         25
   Real estate commission                              --        268         --

During the years ended  December  31,  2001,  2000 and 1999,  affiliates  of the
General  Partner were  entitled to receive 5% of gross  receipts from all of the
Partnership's  properties  as  compensation  for providing  property  management
services.  The  Partnership  paid to such affiliates  approximately  $1,569,000,
$1,515,000 and $1,547,000 for the years ended December 31, 2001,  2000 and 1999,
respectively.

Affiliates of the General Partner received reimbursement of accountable expenses
amounting to approximately  $2,172,000,  $1,103,000 and $565,000,  for the years
ended December 31, 2001, 2000 and 1999, respectively.  Included in these amounts
are fees related to construction management services provided by an affiliate of
the General Partner of  approximately  $1,208,000,  $159,000 and $31,000 for the
years ended December 31, 2001,  2000 and 1999,  respectively.  The  construction
management  service fees are  calculated  based on a  percentage  of current and
certain  prior  period   additions  to  investment   properties  and  are  being
depreciated over 15 years.

The Limited  Partnership  Agreement  ("Partnership  Agreement")  provides  for a
special  management  fee  equal  to 9% of the  total  distributions  made to the
limited partners from cash flow provided by operations to be paid to the General
Partner for executive and administrative management services.  Affiliates of the
General Partner paid approximately $430,000,  $535,000 and $1,084,000 under this
provision of the  Partnership  Agreement to the General Partner during the years
ended December 31, 2001, 2000 and 1999, respectively.

In addition to reimbursement for services of affiliates, the Partnership paid an
affiliate of the General Partner approximately $110,000, $180,000 and $25,000 in
2001,  2000 and 1999,  respectively,  for loan costs which are  capitalized  and
included with other assets on the consolidated  balance sheets. These loan costs
were associated with the refinancing of two of the  Partnership's  properties in
2001, four of the Partnership's  properties in 2000 and one of the Partnership's
properties in 1999 (see "Note D").

For acting as real estate broker in connection  with the sale of Stratford Place
Apartments, a real estate commission of approximately $228,000 was accrued as of
December  31,  2000 and was paid to the  General  Partner  during the year ended
December 31, 2001. For acting as real estate broker in connection  with the sale
of Overlook  Apartments in December  1999,  the General  Partner was paid a real
estate  commission of  approximately  $40,000 during the year ended December 31,
2000. When the Partnership  terminates,  the General Partner will have to return
these commissions if the limited partners do not receive their original invested
capital plus a 6% per annum cumulative return.

Beginning in 2001, the  Partnership  began insuring its properties up to certain
limits through coverage provided by AIMCO which is generally  self-insured for a
portion of losses and  liabilities  related  to workers  compensation,  property
casualty and vehicle liability. The Partnership insures its properties above the
AIMCO  limits  through  insurance  policies  obtained  by  AIMCO  from  insurers
unaffiliated with the General Partner.  During the year ended December 31, 2001,
the  Partnership  paid  AIMCO  and its  affiliates  approximately  $250,000  for
insurance coverage and fees associated with policy claims administration.

In addition to its  indirect  ownership of the general  partner  interest in the
Partnership, AIMCO and its affiliates owned 186,758.50 limited partnership units
in the Partnership  representing 54.48% of the outstanding units at December 31,
2001. A number of these units were  acquired  pursuant to tender  offers made by
AIMCO or its  affiliates.  It is possible that AIMCO or its affiliates will make
one  or  more  additional  offers  to  acquire  additional  limited  partnership
interests in the  Partnership for cash or in exchange for units in the operating
partnership of AIMCO either through  private  purchases or tender offers.  Under
the  Partnership  Agreement,  unitholders  holding a  majority  of the Units are
entitled  to take  action  with  respect to a variety of  matters,  which  would
include voting on certain amendments to the Partnership  Agreement and voting to
remove  the  General  Partner.  As a result  of its  ownership  of 54.48% of the
outstanding  units,  AIMCO is in a position to control all such voting decisions
with  respect to the  Registrant.  When  voting on  matters,  AIMCO would in all
likelihood  vote the Units it acquired in a manner  favorable to the interest of
the General Partner because of its affiliation with the General Partner.

Note D - Mortgage Notes Payable

The principle terms of mortgage notes payable are as follows:



                         Principal    Principal    Monthly                     Principal
                         Balance At   Balance At   Payment   Stated             Balance
                        December 31, December 31, Including Interest  Maturity   Due At
       Property             2001         2000     Interest    Rate      Date    Maturity

                                                                
The Apartments            $ 4,601      $ 4,703    $  41 (b)   8.37%    03/20      $ --
Arbours of Hermitage
  Apartments                5,650        5,650       33 (a)   6.95%    12/05      5,650
Briar Bay Racquet Club
  Apartments                3,500        3,500       20 (a)   6.95%    12/05      3,500
Chimney Hill Apartments     5,400        5,400       31 (a)   6.95%    12/05      5,400
Citadel Apartments          4,536        4,638       40 (c)   8.25%    03/20         --
Citadel Village Apartments  2,450        2,450       14 (a)   6.95%    12/05      2,450
Foothill Place Apartments  10,100       10,100       58 (a)   6.95%    12/05     10,100
Knollwood Apartments        6,780        6,780       39 (a)   6.95%    12/05      6,780
Lake Forest Apartments      6,475        4,700       51 (e)   7.13%    10/21         --
Nob Hill Villa Apartments   6,789        6,926       64       9.20%    04/05      6,250
Point West Apartments       2,350        2,407       20       7.86%    12/19         --
Post Ridge Apartments       4,500        4,050       34 (f)   6.63%    01/22         --
Rivers Edge Apartments      3,891        3,979       33 (d)   7.82%    09/20         --
South Port Apartments       4,303        4,358       31       7.19%    12/04      4,119
Village East Apartments     2,150        2,150       12 (a)   6.95%    12/05      2,150

      Total               $73,475      $71,791    $ 521                         $46,399


(a)   Monthly payments of interest only at the stated rate until maturity.
(b)   Debt was  obtained  effective  February  2, 2000 (see below for  further
      explanation).
(c)   Debt was  obtained  effective  February  28,  2000 (see below for  further
      explanation).
(d)   Debt was  obtained  effective  August  31,  2000 (see  below  for  further
      explanation).
(e)   Debt was  obtained  effective  September  28,  2001 (see below for further
      explanation).
(f)   Debt was  obtained  effective  December  21,  2001 (see below for  further
      explanation).

On December 21, 2001, the Partnership  refinanced the mortgage  encumbering Post
Ridge   Apartments.   The   refinancing   replaced   mortgage   indebtedness  of
approximately  $4,050,000  with a new mortgage of  $4,500,000.  The mortgage was
refinanced at a rate of 6.63% compared to the prior rate of 7.33% and matures on
January 1,  2022.  Capitalized  loan costs  incurred  for the  refinancing  were
approximately $254,000.

The Partnership  wrote off  approximately  $32,000 in unamortized loan costs and
paid   prepayment   penalties  of   approximately   $110,000   resulting  in  an
extraordinary loss on early extinguishment of debt of approximately $142,000.

On September 27, 2001, the Partnership  refinanced the mortgage encumbering Lake
Forest   Apartments.   The  refinancing   replaced   mortgage   indebtedness  of
approximately  $4,700,000  with a new mortgage of  $6,500,000.  The mortgage was
refinanced at a rate of 7.13% compared to the prior rate of 7.33% and matures on
October 1,  2021.  Capitalized  loan costs  incurred  for the  refinancing  were
approximately  $217,000. The Partnership wrote off unamortized loan costs, which
resulted  in  an  extraordinary   loss  on  early   extinguishment  of  debt  of
approximately $40,000.

On August 31, 2000, the Partnership  refinanced the mortgage  encumbering Rivers
Edge Apartments. The refinancing replaced mortgage indebtedness of approximately
$1,895,000  with a new mortgage of $4,000,000.  The mortgage was refinanced at a
rate of 7.82%  compared  to a prior rate of 8.40% and  matures on  September  1,
2020.  Capitalized  loan costs incurred for the refinancing  were  approximately
$90,000.  There was no  extraordinary  loss  recognized  due to the  refinancing
occurring at the maturity of the prior mortgage.

On May 31, 2000, the Partnership  refinanced the mortgage encumbering  Stratford
Place   Apartments.   The   refinancing   replaced   mortgage   indebtedness  of
approximately  $2,493,000  with a new mortgage of  $4,550,000.  The mortgage was
refinanced at a rate of 8.48% compared to the prior rate of 8.65% and matures on
June  1,  2020.  Capitalized  loan  costs  incurred  for  the  refinancing  were
approximately  $149,000.  The  Partnership  wrote  off  approximately  $4,000 in
unamortized  loan costs and paid prepayment  penalties of  approximately  $1,000
resulting  in  an  extraordinary  loss  on  early   extinguishment  of  debt  of
approximately $5,000. On December 28, 2000, the Partnership sold Stratford Place
Apartments to an unaffiliated third party whom assumed the mortgage  encumbering
the property.  The Partnership wrote off the unamortized loan costs resulting in
an  additional   extraordinary   loss  on  early   extinguishment   of  debt  of
approximately $143,000.

On February 28,  2000,  the  Partnership  refinanced  the  mortgage  encumbering
Citadel   Apartments.   The  refinancing   replaced  mortgage   indebtedness  of
approximately  $4,548,000  with a new mortgage of  $4,710,000.  The mortgage was
refinanced at a rate of 8.25% compared to the prior rate of 8.38% and matures on
March  1,  2020.  Capitalized  loan  costs  incurred  for the  refinancing  were
approximately  $142,000.  The  Partnership  wrote off  approximately  $19,000 in
unamortized  loan costs and paid prepayment  penalties of  approximately  $7,000
resulting  in  an  extraordinary  loss  on  early   extinguishment  of  debt  of
approximately $26,000.

On February 2, 2000, the  Partnership  refinanced the mortgage  encumbering  The
Apartments.  The refinancing  replaced  mortgage  indebtedness of  approximately
$3,288,000  with a new mortgage of $4,775,000.  The mortgage was refinanced at a
rate of 8.37%  compared to the prior rate of 8.34% and matures on March 1, 2020.
Capitalized loan costs incurred for the refinancing were approximately $129,000.
The Partnership  wrote off  approximately  $11,000 in unamortized loan costs and
paid prepayment penalties of approximately $22,000 resulting in an extraordinary
loss on early extinguishment of debt of approximately $33,000.

On November 9, 1999, the Partnership obtained financing on Point West Apartments
in the amount of  $2,460,000.  The  mortgage was financed at a rate of 7.86% and
matures on December 1, 2019.  Capitalized  loan costs incurred for the financing
were  approximately  $47,000  during  the  year  ended  December  31,  1999.  An
additional  $20,000 of loan costs were incurred  during the year ended  December
31, 2000.

The notes  payable  represent  borrowings  on the  properties  purchased  by the
Partnership.  The notes are  non-recourse,  and are  collateralized  by deeds of
trust on the investment  properties.  The notes mature between 2004 and 2022 and
bear interest at rates ranging from 6.63% to 9.20%.  Various  mortgages  require
prepayment  penalties if repaid prior to maturity.  Further,  the properties may
not be sold subject to existing indebtedness.

Future annual principal  payments required under the terms of the mortgage notes
payable subsequent to December 31, 2001, are as follows (in thousands):

                                2002               $ 845
                                2003                  923
                                2004                5,112
                                2005               43,138
                                2006                  875
                             Thereafter            22,582
                               Total              $73,475

Note E - Disposition of Real Estate

On December 28, 2000,  ConCap  Stratford  Associated,  Ltd. sold Stratford Place
Apartments  to an  unaffiliated  third party for  $7,600,000.  After  payment of
closing  costs of  approximately  $587,000,  the net  proceeds  received  by the
Partnership were  approximately  $2,508,000.  The purchaser assumed the mortgage
encumbering the property of  approximately  $4,505,000.  The gain on the sale of
Stratford Place Apartments  during the fourth quarter of 2000 was  approximately
$3,440,000.

The sales transactions are summarized as follows (amounts in thousands):

       Net sale price, net of selling costs        $ 7,013
       Less: Net real estate (1)                    (3,574)
       Net other assets                                  1
       Gain on sale of real estate                 $ 3,440

(1)   Net of accumulated depreciation of approximately $4,851,000.

On December 14, 1999, Overlook  Associates,  Ltd. sold Overlook Apartments to an
unaffiliated  third  party for  $1,975,000.  After  payment of closing  costs of
approximately  $84,000  the  net  proceeds  received  by  the  Partnership  were
approximately  $1,891,000.  The Partnership used most of the proceeds to pay off
the mortgage encumbering the property of approximately $1,780,000. The remaining
net  proceeds  were  used  to  establish   additional   cash  reserves  for  the
Partnership.  The  Partnership's  gain on the sale during the fourth  quarter of
1999 was approximately $638,000.

Note F - Distributions

During 2001, the Partnership  declared and paid  distributions  of approximately
$9,139,000  (approximately  $8,773,000  to the  limited  partners  or $25.59 per
limited partnership unit) consisting of approximately $4,981,000  (approximately
$4,782,000 to the limited partners or $13.95 per limited  partnership unit) from
operations and approximately $4,158,000 (approximately $3,991,000 to the limited
partners or $11.64 per limited  partnership unit) of refinance proceeds for Lake
Forest Apartments and sale proceeds of Stratford Place Apartments, which sold in
December of 2000. Approximately $166,000 of these distributions from proceeds is
payable to the General Partner and special  limited  partners as this portion is
subordinated  and  deferred  per the  Partnership  Agreement  until the  limited
partners receive 100% of their original capital contributions from surplus cash.
In  conjunction  with the  transfer of funds from their  certain  majority-owned
sub-tier  limited  partnerships to the  Partnership,  approximately  $66,000 was
distributed  to the  general  partner of the  majority  owned  sub-tier  limited
partnerships.

During 2000, the Partnership declared distributions of approximately $11,183,000
(approximately  $10,736,000  to the  limited  partners  or  $31.32  per  limited
partnership   unit)  consisting  of  approximately   $6,194,000   (approximately
$5,947,000 to the limited partners or $17.35 per limited  partnership unit) from
operations and approximately $4,989,000 (approximately $4,789,000 to the limited
partners or $13.97 per limited  partnership  unit) of refinancing  proceeds from
The Apartments,  Citadel Apartments, Rivers Edge Apartments, and Stratford Place
Apartments and sale proceeds from Overlook  Apartments which sold December 1999.
Approximately $197,000 of the distribution from proceeds was payable at December
31,  2000  to  the  General  Partner  and  special  limited   partners  as  this
distribution  is subordinated  and deferred per the Partnership  Agreement until
the limited partners receive 100% of their original capital  contributions  from
surplus  funds.  In  conjunction  with the transfer of funds from their  certain
majority-owned  sub-tier limited partnerships to the Partnership,  approximately
$56,000 was  distributed  to the general  partner of the majority owned sub-tier
limited partnerships.

During 1999, the Partnership paid  distributions  of  approximately  $13,283,000
(approximately  $12,730,000  to the  limited  partners  or  $37.14  per  limited
partnership unit) consisting of cash flow from operations totaling approximately
$10,670,000  (approximately  $10,117,000  to the limited  partners or $29.52 per
limited  partnership  unit) and  approximately  $2,613,000  (all to the  limited
partners  or  $7.62  per  limited  partnership  unit)  representing  funds  from
previously  undistributed  refinance proceeds from 1996 and 1997. As of December
31, 1999, the Partnership had a distribution payable of approximately $4,318,000
(approximately  $3,921,000  to  the  limited  partners  or  $11.44  per  limited
partnership unit) consisting of cash from operations of approximately $1,874,000
(approximately   $1,679,000  to  the  limited  partners  or  $4.90  per  limited
partnership unit) and a distribution of refinance  proceeds  representing  funds
from  the  financing  of  Point  West  Apartments  of  approximately  $2,444,000
(approximately   $2,242,000  to  the  limited  partners  or  $6.54  per  limited
partnership   unit).   In  January  2000,   approximately   $4,113,000  of  this
distribution was paid and the remainder was accrued at December 31, 2000.

Note G - Real Estate and Accumulated Depreciation



                                                      Initial Cost
                                                     To Partnership
                                                     (in thousands)

                                                             Buildings       Net Cost
                                                                and         Capitalized
                                                             Personal      Subsequent to
         Description             Encumbrances      Land      Property       Acquisition
                                (in thousands)                            (in thousands)
                                                                  
The Apartments                     $ 4,601        $ 438       $ 6,218         $ 2,646
Arbours of Hermitage
  Apartments                         5,650           547        8,574           5,759
Briar Bay Racquet Club
  Apartments                         3,500         1,084        5,271           1,811
Chimney Hill Apartments              5,400           659        7,188           4,040
Citadel Apartments                   4,536           695        5,619           1,742
Citadel Village Apartments           2,450           337        3,334             909
Foothill Place Apartments           10,100         3,492        9,435           3,592
Knollwood Apartments                 6,780           345        7,065           5,056
Lake Forest Apartments               6,475           692        5,811           3,475
Nob Hill Villa Apartments            6,789           490        8,922           4,642
Point West Apartments                2,350           285        2,919             109
Post Ridge Apartments                4,500           143        2,498           2,825
Rivers Edge Apartments               3,891           512        2,160             926
South Port Apartments                4,303         1,175        6,496           1,297
Village East Apartments              2,150           184        2,236           1,555

Totals                             $73,475       $11,078      $83,746         $40,384





                         Gross Amount At Which
                                Carried
                         At December 31, 2001
                            (in thousands)

                                  Buildings
                                    And
                                  Related
                                  Personal          Accumulated   Date of      Date    Depreciable
     Description          Land    Property  Total   Depreciation Construction Acquired Life-Years
                                                 (in thousands)
                                                                
The Apartments          $   438   $ 8,864  $ 9,302    $ 7,860      1973       04/84      5-18
Arbours of Hermitage
  Apartments                547    14,333   14,880     11,601      1973       09/83      5-18
Briar Bay Racquet Club
  Apartments              1,084     7,082    8,166      6,645      1975       09/82      5-18
Chimney Hill Apartments     659    11,228   11,887     10,121      1973       08/82      5-18
Citadel Apartments          694     7,362    8,056      6,816      1973       05/83      5-18
Citadel Village Apartments  337     4,243    4,580      3,672      1974       12/82      5-18
Foothill Place Apartments 3,402    13,117   16,519     10,958      1973       08/85      5-18
Knollwood Apartments        345    12,121   12,466     10,160      1972       07/82      5-18
Lake Forest Apartments      692     9,286    9,978      7,910      1971       04/84      5-18
Nob Hill Villa Apartments   490    13,564   14,054     11,816      1971       04/83      5-18
Point West Apartments       206     3,107    3,313      2,561      1973       11/85      5-40
Post Ridge Apartments       143     5,323    5,466      4,215      1972       07/82      5-18
Rivers Edge Apartments      512     3,086    3,598      2,763      1976       04/83      5-18
South Port Apartments     1,175     7,793    8,968      6,881       --        11/83      5-18
Village East Apartments     183     3,792    3,975      3,236      1973       12/82      5-18

       Totals           $10,907  $124,301 $135,208  $107,215


Reconciliation of "Real Estate and Accumulated Depreciation":

                                            Years Ended December 31,
                                        2001           2000          1999
                                                 (in thousands)
Real Estate
Balance at beginning of year          $131,514       $134,633      $134,232
  Additions                              3,895          5,624         5,207
  Property dispositions - other           (201)        (8,743)       (4,806)
Balance at end of year                $135,208       $131,514      $134,633

Accumulated Depreciation
Balance at beginning of year          $103,272       $104,057      $103,250
  Additions charged to expense           4,082          4,161         4,398
  Property dispositions - other           (139)        (4,946)       (3,591)
Balance at end of year                $107,215       $103,272      $104,057

The  aggregate  cost of the real  estate  for  Federal  income tax  purposes  at
December 31, 2001, 2000 and 1999, is  approximately  $153,587,000,  $149,980,000
and $152,079,000,  respectively.  The accumulated depreciation taken for Federal
income tax  purposes at  December  31,  2001,  2000 and 1999,  is  approximately
$120,682,000, $116,415,000 and $116,541,000, respectively.

Note H - Casualties

In April 2001, The Arbours of Hermitage had a fire,  which damaged one apartment
building.  Insurance proceeds of approximately  $83,000 were received during the
year ended  December 31, 2001.  The  Partnership  recognized a casualty  gain of
approximately $83,000 for the year ended December 31, 2001 as the damaged assets
were fully depreciated at the time of the fire.

In May 2000, Nob Hill Villa  Apartments had a fire,  which damaged two apartment
units. Insurance proceeds of approximately $33,000 were received during the year
ended  December  31,  2001.  The  Partnership  recognized  a  casualty  gain  of
approximately  $25,000 for the year ended December 31, 2001 which represents the
excess of the proceeds  received as of December  31, 2001 over the  write-off of
the undepreciated damaged assets.

In March 2000,  South Port  Apartments had hail and wind damage,  which affected
all 240  units and  damaged  100% of the roof,  which  was  replaced.  Insurance
proceeds of approximately  $182,000 were received during the year ended December
31, 2001. The Partnership  recognized a casualty gain of approximately  $128,000
for the year ended December 31, 2001 which represents the excess of the proceeds
received as of December 31, 2001 over the write-off of the undepreciated damaged
assets.

In  January  2000,  Stratford  Place  Apartments  had a fire  which  damaged  12
apartment  units  and  30% of the  roof.  Insurance  proceeds  of  approximately
$354,000  were  received  during the year ended  December 31, 2000.  The General
Partner successfully  completed the repairs prior to the sale of the property on
December 20, 2000. The Partnership  recognized a casualty gain of  approximately
$154,000 for the year ended December 31, 2000.

Note I - Income Taxes

The  Partnership is classified as a partnership for Federal income tax purposes.
Accordingly, no provision for income taxes is made in the consolidated financial
statements of the  Partnership.  Taxable  income or loss of the  Partnership  is
reported in the income tax returns of its partners.

The  following  is a  reconciliation  between  net  income  as  reported  in the
consolidated  financial  statements and Federal taxable income  allocated to the
partners in the  Partnership's  information  return for the years ended December
31, 2001, 2000 and 1999 (in thousands, except per unit data):

                                          2001          2000         1999

Net income as reported                   $ 4,158      $ 8,474       $ 6,118
(Deduct) add:
  Deferred revenue and other
    liabilities                              (89)        (151)         (393)
  Depreciation differences                  (185)          15           473
  Accrued expenses                            20           30            39
  Minority interest                         (255)        (302)         (220)
  Other                                      (22)          41           (29)
  Gain (loss) on casualty/
    disposition/foreclosure                 (343)         412          (514)

Federal taxable income                   $ 3,284      $ 8,519       $ 5,474
Federal taxable income per
  Limited Partnership unit               $ 9.20       $ 23.86       $ 15.33

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

Net liabilities as reported                $(42,700)
Land and Buildings                           18,379
Accumulated depreciation                    (13,467)
Syndication fees                             18,871
Other                                         5,041

Net liabilities - Federal tax basis        $(13,876)

Note J - Legal Proceedings

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

Pending the ruling on such  demurrers,  settlement  negotiations  commenced.  On
November 2, 1999,  the parties  executed and filed a Stipulation  of Settlement,
settling claims, subject to court approval, on behalf of the Partnership and all
limited partners who owned units as of November 3, 1999. Preliminary approval of
the  settlement  was obtained on November 3, 1999 from the Court,  at which time
the Court set a final  approval  hearing for  December  10,  1999.  Prior to the
December  10,  1999  hearing,  the  Court  received  various  objections  to the
settlement, including a challenge to the Court's preliminary approval based upon
the alleged lack of authority of prior lead counsel to enter the settlement.  On
December  14,  1999,  the General  Partner  and its  affiliates  terminated  the
proposed settlement.  In February 2000, counsel for some of the named plaintiffs
filed a motion to disqualify plaintiff's lead and liaison counsel who negotiated
the settlement.  On June 27, 2000, the Court entered an order disqualifying them
from the case and an appeal was taken  from the order on  October  5,  2000.  On
December 4, 2000, the Court  appointed the law firm of Lieff Cabraser  Heimann &
Bernstein  LLP as new  lead  counsel  for  plaintiffs  and the  putative  class.
Plaintiffs  filed a third  amended  complaint on January 19,  2001.  On March 2,
2001,  the  General  Partner  and its  affiliates  filed a demurrer to the third
amended  complaint.  On May 14, 2001,  the Court heard the demurrer to the third
amended  complaint.  On July 10,  2001,  the Court  issued  an order  sustaining
defendants'  demurrer on certain grounds.  On July 20, 2001,  Plaintiffs filed a
motion for  reconsideration  of the Court's July 10, 2001 order granting in part
and denying in part defendants' demurrer. On September 7, 2001, Plaintiffs filed
a fourth amended class and derivative action  complaint.  On September 12, 2001,
the Court denied Plaintiffs' motion for reconsideration. On October 5, 2001, the
General Partner and affiliated defendants filed a demurrer to the fourth amended
complaint,  which was heard on December 11, 2001. On February 2, 2002, the Court
served its order granting in part the demurrer.  The Court has dismissed without
leave  to amend  certain  of the  plaintiffs'  claims.  On  February  11,  2002,
plaintiffs  filed a motion seeking to certify a putative class  comprised of all
non-affiliated  persons  who own or have owned  units in the  partnerships.  The
General  Partner and affiliated  defendants  intend to oppose the motion and are
scheduled  to file their  opposition  brief on March 26,  2002. A hearing on the
motion has been  scheduled for April 29, 2002.  The Court has set the matter for
trial in January 2003.

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

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

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

Note K - Selected Quarterly Financial Data (unaudited)

The following is a summary of the unaudited  quarterly results of operations for
the Partnership (in thousands, except per unit data):



2001                                1st         2nd        3rd        4th
                                  Quarter     Quarter    Quarter    Quarter     Total

                                                               
Total revenues                    $ 7,125     $ 7,224    $ 7,366    $ 7,364   $ 29,079
Total expenses                      (5,974)    (6,467)     (6,221)    (6,077)  (24,739)
Income before extraordinary
  item                               1,151        757       1,145      1,287     4,340
Extraordinary loss on early
  extinguishment of debt               --         --         (40)      (142)     (182)
Net income                        $ 1,151      $ 757     $ 1,105    $ 1,145    $ 4,158

Per limited partnership unit:
  Income before extraordinary
    item                           $ 3.22     $ 2.12      $ 3.21     $ 3.61    $ 12.16
  Extraordinary loss on early
    extinguishment of debt              --         --        (.11)     (0.40)    (0.51)

Net income                         $ 3.22     $ 2.12      $ 3.10     $ 3.21    $ 11.65


2000                                1st         2nd        3rd        4th
                                  Quarter     Quarter    Quarter    Quarter     Total

Total revenues                    $ 7,399     $ 7,548    $ 7,539    $ 11,201  $ 33,687
Total expenses                      (6,180)    (6,175)     (6,284)    (6,367)  (25,006)
Income before extraordinary
  item                               1,219      1,373       1,255      4,834     8,681
Extraordinary loss on early
  extinguishment of debt               (59)        (5)         --       (143)     (207)
Net income                        $ 1,160     $ 1,368    $ 1,255    $ 4,691    $ 8,474

Per limited partnership unit:
  Income before extraordinary
    item                           $ 3.41     $ 3.84      $ 3.52    $ 13.54    $ 24.31
  Extraordinary loss on early
    extinguishment of debt           (0.16)     (0.01)         --      (0.41)    (0.58)

Net income                         $ 3.25     $ 3.83      $ 3.52    $ 13.13    $ 23.73


The increase in net income for the fourth  quarter of 2000 is due to the sale of
Stratford Place Apartments which resulted in a gain on the sale of approximately
$3,440,000.

Item 8.     Changes in and  Disagreements  with  Accountants on Accounting and
            Financial Disclosure

            None.

                                    PART III

Item 10.    Directors,  Executive  Officers,  Promoters  and Control  Persons;
            Compliance with Section 16(a) of the Exchange Act

Consolidated  Capital  Properties IV (the "Registrant" or "Partnership")  has no
officers or directors.  ConCap Equities,  Inc. ("CEI" or the "General  Partner")
manages  and  controls  the  Partnership  and  has  general  responsibility  and
authority in all matters affecting its business.

The names of the directors, and executive officers of the General Partner, their
ages and the nature of all positions presently held by them are set forth below.

Name                        Age    Position

Patrick J. Foye              44    Executive Vice President and Director

Martha L. Long               42    Senior Vice President and Controller

Patrick J. Foye has been  Executive Vice President and Director of the General
Partner  since  October  1,  1998.  Mr.  Foye has  served  as  Executive  Vice
President  of AIMCO  since May 1998.  Prior to joining  AIMCO,  Mr. Foye was a
partner in the law firm of Skadden,  Arps, Slate, Meagher & Flom LLP from 1989
to 1998 and was Managing Partner of the firm's  Brussels,  Budapest and Moscow
offices from 1992 through 1994.  Mr. Foye is also Deputy  Chairman of the Long
Island  Power  Authority  and  serves  as a  member  of  the  New  York  State
Privatization  Council.  He received a B.A.  from  Fordham  College and a J.D.
from Fordham University Law School.

Martha L. Long has been  Senior Vice  President  and  Controller  of the General
Partner since October 1998 as a result of the acquisition of Insignia  Financial
Group, Inc. As of February 2001, Ms. Long was also appointed head of the service
business for AIMCO.  From June 1994 until January 1997,  she was the  Controller
for Insignia, and was promoted to Senior Vice President - Finance and Controller
in January 1998,  retaining  that title until  October  1998.  From 1988 to June
1994,  Ms. Long was Senior Vice  President and  Controller for The First Savings
Bank, FSB in Greenville, South Carolina.

One or more of the above persons are also directors and/or officers of a general
partner (or general partner of a general partner) of limited  partnerships which
either have a class of  securities  registered  pursuant to Section 12(g) of the
Securities Exchange Act of 1934, or are subject to the reporting requirements of
Section  15(d) of such Act.  Further,  one or more of the above persons are also
directors and/or officers of Apartment Investment and Management Company and the
general  partner  of  AIMCO  Properties,  L.P.,  entities  that  have a class of
securities  registered  pursuant to Section 12(g) of the Securities Exchange Act
of 1934, or are subject to the reporting  requirements of Section 15 (d) of such
Act.

The  executive  officers  and  director  of  the  General  Partner  fulfill  the
obligations  of the Audit  Committee  and  oversee the  Partnership's  financial
reporting  process on behalf of the General Partner.  Management has the primary
responsibility for the financial  statements and the reporting process including
the systems of internal controls. In fulfilling its oversight  responsibilities,
the executive  officers and director of the General Partner reviewed the audited
financial  statements with management including a discussion of the quality, not
just the  acceptability,  of the accounting  principles,  the  reasonableness of
significant  judgments,   and  the  clarity  of  disclosures  in  the  financial
statements.

The  executive  officers and director of the General  Partner  reviewed with the
independent  auditors,  who are  responsible  for  expressing  an opinion on the
conformity of those audited  financial  statements  with  accounting  principles
generally accepted in the United States,  their judgments as to the quality, not
just the  acceptability,  of the  Partnership's  accounting  principles and such
other  matters as are required to be discussed  with the Audit  Committee or its
equivalent under auditing standards  generally accepted in the United States. In
addition,  the  Partnership  has  discussed  with the  independent  auditors the
auditors' independence from management and the Partnership including the matters
in the written  disclosures  required by the  Independence  Standards  Board and
considered  the   compatibility   of  non-audit   services  with  the  auditors'
independence.

The executive  officers and director of the General  Partner  discussed with the
Partnership's  independent auditors the overall scope and plans for their audit.
In  reliance on the reviews and  discussions  referred to above,  the  executive
officers and director of the General  Partner have approved the inclusion of the
audited  financial  statements in the Form 10-K for the year ended  December 31,
2001 for filing with the Securities and Exchange Commission.

The General Partner has reappointed Ernst & Young LLP as independent auditors to
audit the financial  statements of the  Partnership for the current fiscal year.
Fees for the last fiscal year were audit services of approximately  $150,000 and
non-audit services (principally tax-related) of approximately $84,000.

Item 11.    Executive Compensation

None  of  the  directors  and  officers  of the  General  Partner  received  any
remuneration from the Registrant during the year ended December 31, 2001.

Item 12.    Security Ownership of Certain Beneficial Owners and Management

(a)   Security Ownership of Certain Beneficial Owners

Except as provided  below, as of December 31, 2001, no person or group was known
to CEI to own of record or  beneficially  more than five percent of the Units of
the Partnership:

               Entity                   Number of Units      Percentage

Insignia Properties, LP                     67,033.50          19.55%
  (an affiliate of AIMCO)
IPLP Acquisition I, LLC                     29,612.50           8.64%
  (an affiliate of AIMCO)
AIMCO Properties, LP                        90,112.50          26.29%
  (an affiliate of AIMCO)

Insignia Properties,  LP and IPLP Acquisition I, LLC are indirectly,  ultimately
owned by AIMCO.  Their  business  address is 55 Beattie  Place,  Greenville,  SC
29602.

AIMCO  Properties,  L.P. is indirectly  ultimately  controlled  by AIMCO.  Its
business address is 2000 South Colorado Blvd., Denver, CO  80222.

(b)   Beneficial Owners of Management

Neither CEI nor any of the  directors or officers or  associates  of CEI own any
Units of the Partnership of record or beneficially.

(c)   Changes in Control

      Beneficial Owners of CEI

      As of December 31, 2001, the following persons were known to CEI to be the
      beneficial owners of more than five percent (5%) of its common stock:

                                                           Number of     Percent
      Name and Address                                    CEI Shares    Of Total

      Insignia Properties Trust ("IPT")                     100,000        100%
      55 Beattie Place, Greenville, SC 29602

Effective  February 26, 1999, IPT was merged with and into AIMCO. As of December
31, 2001, AIMCO owns 51% of the outstanding common shares of beneficial interest
of IPT.

Item 13.    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 of the  Partnership
activities.   The  Partnership   Agreement  provides  for  certain  payments  to
affiliates for services and as  reimbursements  of certain expenses  incurred by
affiliates on behalf of the  Partnership.  The following  transactions  with the
General  Partner  and/or its  affiliates  were  incurred  during the years ended
December 31, 2001, 2000 and 1999:

                                                    2001       2000       1999
                                                         (in thousands)

   Property management fees                        $1,569     $1,515     $1,547
   Reimbursements for services of affiliates        2,172      1,103        565
   Partnership management fee                         430        535      1,084
   Loan costs                                         110        180         25
   Real estate commission                              --        268         --

During the years ended  December  31,  2001,  2000 and 1999,  affiliates  of the
General  Partner were  entitled to receive 5% of gross  receipts from all of the
Partnership's  properties  as  compensation  for providing  property  management
services.  The  Partnership  paid to such affiliates  approximately  $1,569,000,
$1,515,000 and $1,547,000 for the years ended December 31, 2001,  2000 and 1999,
respectively.

Affiliates of the General Partner received reimbursement of accountable expenses
amounting to approximately  $2,172,000,  $1,103,000 and $565,000,  for the years
ended December 31, 2001, 2000 and 1999, respectively.  Included in these amounts
are fees related to construction management services provided by an affiliate of
the General Partner of  approximately  $1,208,000,  $159,000 and $31,000 for the
years ended December 31, 2001,  2000 and 1999,  respectively.  The  construction
management  service fees are  calculated  based on a  percentage  of current and
certain  prior  period   additions  to  investment   properties  and  are  being
depreciated over 15 years.

The Limited  Partnership  Agreement  ("Partnership  Agreement")  provides  for a
special  management  fee  equal  to 9% of the  total  distributions  made to the
limited partners from cash flow provided by operations to be paid to the General
Partner for executive and administrative management services.  Affiliates of the
General Partner paid approximately $430,000,  $535,000 and $1,084,000 under this
provision of the  Partnership  Agreement to the General Partner during the years
ended December 31, 2001, 2000 and 1999, respectively.

In addition to reimbursement for services of affiliates, the Partnership paid an
affiliate of the General Partner approximately $110,000, $180,000 and $25,000 in
2001,  2000 and 1999,  respectively,  for loan costs which are  capitalized  and
included with other assets on the consolidated  balance sheets. These loan costs
were associated with the refinancing of two of the  Partnership's  properties in
2001, four of the Partnership's  properties in 2000 and one of the Partnership's
properties in 1999 (see "Note D").

For acting as real estate broker in connection  with the sale of Stratford Place
Apartments, a real estate commission of approximately $228,000 was accrued as of
December  31,  2000 and was paid to the  General  Partner  during the year ended
December 31, 2001. For acting as real estate broker in connection  with the sale
of Overlook  Apartments in December  1999,  the General  Partner was paid a real
estate  commission of  approximately  $40,000 during the year ended December 31,
2000. When the Partnership  terminates,  the General Partner will have to return
these commissions if the limited partners do not receive their original invested
capital plus a 6% per annum cumulative return.

Beginning in 2001, the  Partnership  began insuring its properties up to certain
limits through coverage provided by AIMCO which is generally  self-insured for a
portion of losses and  liabilities  related  to workers  compensation,  property
casualty and vehicle liability. The Partnership insures its properties above the
AIMCO  limits  through  insurance  policies  obtained  by  AIMCO  from  insurers
unaffiliated with the General Partner.  During the year ended December 31, 2001,
the  Partnership  paid  AIMCO  and its  affiliates  approximately  $250,000  for
insurance coverage and fees associated with policy claims administration.

In addition to its  indirect  ownership of the general  partner  interest in the
Partnership, AIMCO and its affiliates owned 186,758.50 limited partnership units
in the Partnership  representing 54.48% of the outstanding units at December 31,
2001. A number of these units were  acquired  pursuant to tender  offers made by
AIMCO or its  affiliates.  It is possible that AIMCO or its affiliates will make
one  or  more  additional  offers  to  acquire  additional  limited  partnership
interests in the  Partnership for cash or in exchange for units in the operating
partnership of AIMCO either through  private  purchases or tender offers.  Under
the  Partnership  Agreement,  unitholders  holding a  majority  of the Units are
entitled  to take  action  with  respect to a variety of  matters,  which  would
include voting on certain amendments to the Partnership  Agreement and voting to
remove  the  General  Partner.  As a result  of its  ownership  of 54.48% of the
outstanding  units,  AIMCO is in a position to control all such voting decisions
with  respect to the  Registrant.  When  voting on  matters,  AIMCO would in all
likelihood  vote the Units it acquired in a manner  favorable to the interest of
the General Partner because of its affiliation with the General Partner.

Item 14.    Exhibits, Financial Statements, Schedules and Reports on Form 8-K

(a)   The following documents are filed as part of this report:

      1.    Financial Statements

            Consolidated Balance Sheets - December 31, 2001 and 2000

            Consolidated  Statements of Operations - Years Ended  December 31,
            2001, 2000 and 1999

            Consolidated  Statements  of  Changes in  Partners'  Deficit - Years
            Ended December 31, 2001, 2000 and 1999

            Consolidated  Statements  of Cash Flows - Years Ended  December  31,
            2001, 2000 and 1999

            Notes to Consolidated Financial Statements

      2.    Schedules

            All schedules are omitted  because either they are not required,  or
            not  applicable  or the  financial  information  is  included in the
            financial statements or notes thereto.

      3.    Exhibits

S-K Reference
    Number        Document Description

       2.1        Agreement  and Plan of Merger,  dated as of October 1, 1999 by
                  and  between  AIMCO  and IPT;  incorporated  by  reference  to
                  Registrant's Current Report on Form 8-K dated October 1, 1999.

       3          Certificate of Limited Partnership, as amended to date.

      10.1        Property  Management  Agreement  No. 105 dated  October  23,
                  1990, by and between the Partnership and CCEC  (Incorporated
                  by  reference to the  Quarterly  Report on Form 10-Q for the
                  quarter ended September 30, 1990).

      10.2        Property  Management  Agreement  No. 106 dated  October  23,
                  1990,  by and between the  LeTourneau  Associates,  Ltd. and
                  CCEC  (Incorporated  by reference to the Quarterly Report on
                  Form 10-Q for the quarter ended September 30, 1990).

      10.3        Property  Management  Agreement  No. 107 dated  October  23,
                  1990,  by and between  Overlook  Associates,  Ltd.  and CCEC
                  (Incorporated  by reference to the Quarterly  Report on Form
                  10-Q for the quarter ended September 30, 1990).

      10.4        Property  Management  Agreement  No., 108 dated  October 23,
                  1990,  by and  between  Park 77  Associates,  Ltd.  and CCEC
                  (Incorporated  by reference to the Quarterly  Report on Form
                  10-Q for the quarter ended September 30, 1990).

      10.5        Property  Management  Agreement  No., 205 dated  October 23,
                  1990, by and between the Partnership and CCEC  (Incorporated
                  by  reference to the  Quarterly  Report on Form 10-Q for the
                  quarter ended September 30, 1990).

      10.6        Property  Management  Agreement  No., 306 dated  October 23,
                  1990, by and between the Partnership and CCEC  (Incorporated
                  by  reference to the  Quarterly  Report on Form 10-Q for the
                  quarter ended September 30, 1990).

      10.7        Property  Management  Agreement  No., 307 dated  October 23,
                  1990,  by and between Point West  Associates,  Ltd. and CCEC
                  (Incorporated  by reference to the Quarterly  Report on Form
                  10-Q for the quarter ended September 30, 1990).

      10.8        Property  Management  Agreement  No., 403 dated  October 23,
                  1990, by and between the Partnership and CCEC  (Incorporated
                  by  reference to the  Quarterly  Report on Form 10-Q for the
                  quarter ended September 30, 1990).

      10.9        Property  Management  Agreement  No., 404 dated  October 23,
                  1990, by and between  Denbigh Village  Associates,  Ltd. and
                  CCEC  (Incorporated  by reference to the Quarterly Report on
                  Form 10-Q for the quarter ended September 30, 1990).

      10.10       Property  Management  Agreement  No., 405 dated  October 23,
                  1990, by and between  Stratford Place  Associates,  Ltd. and
                  CCEC  (Incorporated  by reference to the Quarterly Report on
                  Form 10-Q for the quarter ended September 30, 1990).

      10.11       Bill of Sale and  Assignment  dated  October 23, 1990,  by and
                  between  CCEC and ConCap  Services  Company  (Incorporated  by
                  reference to the Quarterly Report on Form 10-Q for the quarter
                  ended September 30, 1990).

      10.12       Assignment and Assumption Agreement dated October 23, 1990, by
                  and between  CCEC and ConCap  Management  Limited  Partnership
                  ("CCMLP")  (Incorporated  by reference to the Quarterly Report
                  on Form 10-Q for the quarter ended September 30, 1990).

      10.13       Assignment  and  Assumption  Agreement as to Certain  Property
                  Management  Services  dated  October 23, 1990,  by and between
                  CCMLP and ConCap Capital Company (Incorporated by reference to
                  the  Quarterly  Report  on Form  10-Q  for the  quarter  ended
                  September 30, 1990).

      10.14       Assignment and Assumption Agreement dated October 23, 1990, by
                  and  between  CCMLP  and The  Hayman  Company  (100  Series of
                  Property Management  Contracts)  (Incorporated by reference to
                  the  Quarterly  Report  on Form  10-Q  for the  quarter  ended
                  September 30, 1990).

      10.15       Assignment and Assumption Agreement dated October 23, 1990, by
                  and between  CCMLP and  Horn-Barlow  Companies  (200 Series of
                  Property Management Contracts).  (Incorporated by reference to
                  the  Quarterly  Report  on Form  10-Q  for the  quarter  ended
                  September 30, 1990).

      10.16       Assignment and Assumption  Agreement dated October 23, 1990,
                  by and between CCMLP and Metro  ConCap,  Inc. (300 Series of
                  Property Management  Contracts).  (Incorporated by reference
                  to the  Quarterly  Report on Form 10-Q for the quarter ended
                  September 30, 1990).

      10.17       Assignment and Assumption Agreement dated October 23, 1990, by
                  and between CCMLP and R&B Realty Group (400 Series of Property
                  Management  Contracts).  (Incorporated  by  reference  to  the
                  Quarterly  Report on Form 10-Q for the quarter ended September
                  30, 1990).

      10.18       Assignment and Assumption  Agreement  dated February 21, 1991,
                  by and  between  the  Partnership  and  Greenbriar  Apartments
                  Associates Limited Partnership  (Property Management Agreement
                  No.  403).  CCMLP and  Horn-Barlow  Companies  (200  Series of
                  Property Management Contracts).  (Incorporated by reference to
                  the Annual Report on Form 10-K for the year ended December 31,
                  1991).

      10.19       Assignment  and  Assumption  Agreement  dated April 1, 1991,
                  by and  between  the  Partnership  and ConCap  Village  East
                  Apartments  Associates,  L.P. (Property Management Agreement
                  No. 205).  (Incorporated  by reference to the Annual  Report
                  on Form 10-K for the year ended December 31, 1991).

      10.20       Assignment and Assumption  Agreement dated April 1, 1991, by
                  and  between  the   Partnership   and  Nob  Hill  Apartments
                  Associates,  L.P. (Property  Management  Agreement No. 306).
                  (Incorporated  by  reference  to the  Annual  Report on Form
                  10-K for the year ended December 31, 1991).

      10.21       Assignment and Assumption  Agreement dated April 1, 1991, by
                  and  between  the  Partnership  and  Barnett  Regency  Tower
                  Associates,   Limited   Partnership   (Property   Management
                  Agreement  No.  105).  (Incorporated  by  reference  to  the
                  Annual  Report on Form 10-K for the year ended  December 31,
                  1991).

      10.22       Assignment  and  Assumption of Property  Management  Agreement
                  dated August 1, 1991,  by and between R & B Realty Group and R
                  & B Apartment  Management Company,  Inc. (Property  Management
                  Agreement   with   Denbigh    Village    Associates,    Ltd.).
                  (Incorporated  by reference to the Annual  Report on Form 10-K
                  for the year ended December 31, 1991).

      10.23       Assignment  and  Assumption of Property  Management  Agreement
                  dated August 1, 1991,  by and between R & B Realty Group and R
                  & B Apartment  Management Company,  Inc. (Property  Management
                  Agreement with  Greenbriar  Associates  Limited  Partnership).
                  (Incorporated  by reference to the Annual  Report on Form 10-K
                  for the year ended December 31, 1991).

      10.24       Assignment  and  Assumption of Property  Management  Agreement
                  dated August 1, 1991,  by and between R & B Realty Group and R
                  & B Apartment  Management Company,  Inc. (Property  Management
                  Agreement with the  Partnership  concerning  Briar Bay Racquet
                  Club). (Incorporated by reference to the Annual Report on Form
                  10-K for the year ended December 31, 1991).

      10.25       Assignment  and  Assumption of Property  Management  Agreement
                  dated August 1, 1991,  by and between R & B Realty Group and R
                  & B Apartment  Management Company,  Inc. (Property  Management
                  Agreement   with   Stratford    Place    Associates,    Ltd.).
                  (Incorporated  by reference to the Annual  Report on Form 10-K
                  for the year ended December 31, 1991).

      10.26       Assignment  and  Assumption  Agreement  dated  September  1,
                  1991, by and between the  Partnership and CCP IV Associates,
                  Ltd. (Property Management Agreement No. 306).  (Incorporated
                  by reference to the Annual  Report on Form 10-K for the year
                  ended December 31, 1991).

      10.27       Assignment  and  Assumption  Agreement  dated  September  1,
                  1991, by and between the  Partnership and CCP IV Associates,
                  Ltd. (Property Management Agreement No. 205).  (Incorporated
                  by reference to the Annual  Report on Form 10-K for the year
                  ended December 31, 1991).

      10.28       Assignment  and  Assumption  Agreement  dated  September  1,
                  1991,  by  and  between  ConCap   Village  East   Apartments
                  Associates,  L.P.  and  CCP IV  Associates,  Ltd.  (Property
                  Management  Agreement No. 205).  (Incorporated  by reference
                  to the  Annual  Report  on  Form  10-K  for the  year  ended
                  December 31, 1991).

      10.29       Assignment  and  Assumption  Agreement  dated  September 15,
                  1991, by and between the  Partnership  and Foothill  Chimney
                  Associates   Limited   Partnership    (Property   Management
                  Agreement  No.  105).  (Incorporated  by  reference  to  the
                  Annual  Report on Form 10-K for the year ended  December 31,
                  1991).

      10.30       Assignment  and  Assumption  Agreement  dated  September 15,
                  1991, by and between the  Partnership  and Foothill  Chimney
                  Associates   Limited   Partnership    (Property   Management
                  Agreement  No.  205).  (Incorporated  by  reference  to  the
                  Annual  Report on Form 10-K for the year ended  December 31,
                  1991).

      10.31       Construction  Management  Cost  Reimbursement  Agreement dated
                  January  1,  1991,   by  and  between  the   Partnership   and
                  Horn-Barlow    Companies   (the   "Horn-Barlow    Construction
                  Management  Agreement")  (Incorporated  by  reference  to  the
                  Annual  Report on Form 10-K for the year  ended  December  31,
                  1991).

      10.33       Assignment and Assumption  Agreement dated September 15, 1991,
                  by and between the Partnership and Foothill Chimney Associates
                  Limited  Partnership   (Horn-Barlow   Construction  Management
                  Agreement  Concerning Chimney Hill Apartments).  (Incorporated
                  by  reference  to the Annual  Report on Form 10-K for the year
                  ended December 31, 1991).

      10.34       Assignment  and  Assumption  Agreement  dated  September  1,
                  1991,  by  and  between  ConCap   Village  East   Apartments
                  Associates,  L.P. and CCP IV Associates,  Ltd. (Village East
                  Construction  Agreement).  (Incorporated by reference to the
                  Annual  Report on Form 10-K for the year ended  December 31,
                  1991).

      10.35       Construction  Management  Cost  Reimbursement  Agreement dated
                  January 1, 1991,  by and  between  the  Partnership  and Metro
                  ConCap, Inc. (the "Metro Construction  Management  Agreement")
                  (Incorporated  by reference to the Annual  Report on Form 10-K
                  for the year ended December 31, 1991).

      10.36       Assignment and Assumption  Agreement  dated September 1, 1991,
                  by and between the  Partnership  and CCP IV  Associates,  Ltd.
                  (Metro  Construction  Management  Agreement  concerning Arbour
                  East and Knollwood Apartments).  (Incorporated by reference to
                  the Annual Report on Form 10-K for the year ended December 31,
                  1991).

      10.37       Construction  Management  Cost  Reimbursement  Agreement dated
                  January 1, 1991, by and between the Partnership and The Hayman
                  Company  (the  "Hayman  Construction   Management  Agreement")
                  (Incorporated  by reference to the Annual  Report on Form 10-K
                  for the year ended December 31, 1991).

      10.38       Assignment and Assumption  Agreement dated September 15, 1991,
                  by and between the Partnership and Foothill Chimney Associates
                  Limited Partnership (Hayman Construction  Management Agreement
                  concerning   Chimney  Hill   Apartments).   (Incorporated   by
                  reference to the Annual Report on Form 10-K for the year ended
                  December 31, 1991).

      10.39       Construction  Management  Cost  Reimbursement  Agreement dated
                  January 1, 1991,  by and  between  the  Partnership  and R & B
                  Apartment Management Company, Inc.  (Incorporated by reference
                  to the Annual Report on Form 10-K for the year ended  December
                  31, 1991).

      10.40       Construction  Management  Cost  Reimbursement  Agreement dated
                  January  1,  1991,   by  and  between   ConCap   Metro  Centre
                  Associates, L.P. and R & B Commercial Management Company, Inc.
                  (Incorporated  by reference to the Annual  Report on Form 10-K
                  for the year ended December 31, 1991).

      10.41       Investor  Services  Agreement  dated  October 23, 1990, by and
                  between the Partnership and CCEC (Incorporated by reference to
                  the  Quarterly  Report  on Form  10-Q  for the  quarter  ended
                  September 30, 1990).  (Incorporated by reference to the Annual
                  Report on Form 10-K for the year ended December 31, 1991). .

      10.42       Assignment  and  Assumption   Agreement   (Investor   Services
                  Agreement)  dated  October 23,  1990,  by and between CCEC and
                  ConCap  Services  Company  (Incorporated  by  reference to the
                  Annual  Report on Form 10-K for the year  ended  December  31,
                  1990).

      10.43       Letter of Notice dated  December 20,  1991,  from  Partnership
                  Services, Inc. ("PSI") to the Partnership regarding the change
                  in  ownership  and  dissolution  of  ConCap  Services  Company
                  whereby   PSI  assumed  the   Investor   Services   Agreement.
                  (Incorporated  by reference to the Annual  Report on Form 10-K
                  for the year ended December 31, 1991).

      10.44       Financial  Services  Agreement  dated October 23, 1990, by and
                  between the Partnership and CCEC (Incorporated by reference to
                  the  Quarterly  Report  on Form  10-Q  for the  quarter  ended
                  September 30, 1990).

      10.45       Assignment  and  Assumption   Agreement   (Financial   Service
                  Agreement)  dated  October 23,  1990,  by and between CCEC and
                  ConCap  Capital  Company  (Incorporated  by  reference  to the
                  Quarterly  Report on Form 10-Q for the quarter ended September
                  30, 1990).

      10.46       Letter of Notice  dated  December  20,  1991,  from PSI to the
                  Partnership  regarding the change in ownership and dissolution
                  of  ConCap  Capital  Company  whereby  PSI   (Incorporated  by
                  reference to the Annual Report on Form 10-K for the year ended
                  December 31, 1991).

      10.47       Property  Management  Agreement  No. 419 dated May 13, 1993,
                  by and  between the  Partnership  and  Coventry  Properties,
                  Inc.  (Incorporated  by reference to the Quarterly Report on
                  Form 10-Q for the quarter ended September 30, 1993).

      10.48       Assignment and  Assumption  Agreement  (Property  Management
                  Agreement  No.  419)  dated  May 13,  1993,  by and  between
                  Coventry  Properties,  Inc.,  R  &  B  Apartment  Management
                  Company, Inc. and Partnership Services,  Inc.  (Incorporated
                  by  reference to the  Quarterly  Report on Form 10-Q for the
                  quarter ended September 30, 1993).

      10.49       Assignment and Assumption as to certain Property  Management
                  Services  dated  May  13,  1993,  by  and  between  Coventry
                  Properties,    Inc.   and   Partnership    Services,    Inc.
                  (Incorporated  by reference to the Quarterly  Report on Form
                  10-Q for the quarter ended September 30, 1993).

      10.50       Property  Management  Agreement  No. 419A dated  October 11,
                  1993, by and between ConCap Stratford  Associates,  Ltd. and
                  Coventry Properties,  Inc. (Incorporated by reference to the
                  Quarterly   Report  on  Form  10-Q  for  the  quarter  ended
                  September 30, 1993).

      10.51       Assignment and  Assumption  Agreement  (Property  Management
                  Agreement  No. 419A) dated  October 11, 1993, by and between
                  Coventry  Properties,  Inc.,  R  &  B  Apartment  Management
                  Company, Inc. and Partnership Services,  Inc.  (Incorporated
                  by  reference to the  Quarterly  Report on Form 10-Q for the
                  quarter ended September 30, 1993).

      10.52       Assignment and Agreement as to Certain  Property  Management
                  Services  dated  October 11, 1993,  by and between  Coventry
                  Properties,    Inc.,   and   Partnership   Services,    Inc.
                  (Incorporated  by reference to the Quarterly  Report on Form
                  10-Q for the quarter ended September 30, 1993).

      10.53       Property  Management  Agreement  No. 427A dated  October 11,
                  1993, by and between  ConCap River's Edge  Associates,  Ltd.
                  and Coventry Properties,  Inc. (Incorporated by reference to
                  the  Quarterly  Report  on Form 10-Q for the  quarter  ended
                  September 30, 1993).

      10.54       Assignment and  Assumption  Agreement  (Property  Management
                  Agreement  No. 427A) dated  October 11, 1993, by and between
                  Coventry  Properties,  Inc.,  R  &  B  Apartment  Management
                  Company, Inc. and Partnership Services,  Inc.  (Incorporated
                  by  reference to the  Quarterly  Report on Form 10-Q for the
                  quarter ended September 30, 1993).

      10.55       Assignment and Agreement as to Certain  Property  Management
                  Services  dated  October 11, 1993,  by and between  Coventry
                  Properties,    Inc.,   and   Partnership   Services,    Inc.
                  (Incorporated  by reference to the Quarterly  Report on Form
                  10-Q for the quarter ended September 30, 1993).

      10.56       Property  Management  Agreement  No.  513A dated  August 18,
                  1993, by and between  ConCap  Citadel  Associates,  Ltd. and
                  Coventry Properties, Inc.

      10.57       Assignment and Agreement as to Certain  Property  Management
                  Services  dated  November 17, 1993, by and between  Coventry
                  Properties, Inc., and Partnership Services, Inc.

      10.58       Property  Management  Agreement  No. 514 dated June 1, 1993,
                  by and between the Partnership and Coventry Properties, Inc.

      10.59       Assignment and Agreement as to Certain  Property  Management
                  Services  dated  November 17, 1993, by and between  Coventry
                  Properties, Inc., and Partnership Services, Inc.

      10.60       Stock and Asset Purchase  Agreement,  dated December 8, 1994
                  (the "Gordon Agreement"),  among MAE-ICC,  Inc. ("MAE-ICC"),
                  Gordon  Realty  Inc.  ("Gordon"),  GII  Realty,  Inc.  ("GII
                  Realty"),  and  certain  other  parties.   (Incorporated  by
                  reference to Form 8-K dated December 8, 1994).

      10.61       Exercise of the Option (as  defined in the Gordon  Agreement),
                  dated   December   8,  1994,   between   MAE-ICC  and  Gordon.
                  (Incorporated  by  reference  to Form 8-K  dated  December  8,
                  1994).

      10.62       Contracts related to refinancing of debt:

                  (a) Deed of Trust and  Security  Agreement  dated  March 27,
                  1995 between Nob Hill Villa  Apartment  Associates,  L.P., a
                  Tennessee  limited  partnership,  and First  Union  National
                  Bank of North Carolina, a North Carolina Corporation.

                  (b)  Promissory  Note dated March 27, 1995  between Nob Hill
                  Villa  Apartment  Associates,   L.P.,  a  Tennessee  limited
                  partnership,   and  First  Union   National  Bank  of  North
                  Carolina, a North Carolina Corporation.

                  (c)  Assignment  of leases and Rents  dated  March 27,  1995
                  between  Nob  Hill  Villa  Apartment  Associates,   L.P.,  a
                  Tennessee  limited  partnership,  and First  Union  National
                  Bank of North Carolina, a North Carolina Corporation.

      10.63       Multifamily  Note dated  November 30, 1995 between Briar Bay
                  Apartments,  LTD., a Texas limited  partnership,  and Lehman
                  Brothers  Holdings Inc. d/b/a Lehman Capital,  A Division of
                  Lehman Brothers Holdings Inc.

      10.64       Multifamily  Note dated  November  30,  1995  between CCP IV
                  Associates,  LTD., a Texas limited  partnership,  and Lehman
                  Brothers  Holdings Inc. d/b/a Lehman Capital,  A Division of
                  Lehman Brothers Holdings Inc.

      10.65       Multifamily  Note dated  November  30,  1995  between CCP IV
                  Associates,  LTD., a Texas limited  partnership,  and Lehman
                  Brothers  Holdings Inc. d/b/a Lehman Capital,  A Division of
                  Lehman Brothers Holdings Inc.

      10.66       Multifamily  Note dated  November  30,  1995  between CCP IV
                  Associates,  LTD., a Texas limited  partnership,  and Lehman
                  Brothers  Holdings Inc. d/b/a Lehman Capital,  A Division of
                  Lehman Brothers Holdings Inc.

      10.67       Multifamily  Note dated  November  30,  1995  between CCP IV
                  Associates,  LTD., a Texas limited  partnership,  and Lehman
                  Brothers  Holdings Inc. d/b/a Lehman Capital,  A Division of
                  Lehman Brothers Holdings Inc.

      10.68       Multifamily  Note dated  November 30, 1995 between  Foothill
                  Chimney  Associates Limited  Partnership,  a Georgia limited
                  partnership,  and Lehman Brothers Holdings Inc. d/b/a Lehman
                  Capital, A Division of Lehman Brothers Holdings Inc.

      10.69       Multifamily  Note dated  November 30, 1995 between  Foothill
                  Chimney  Associates Limited  Partnership,  a Georgia limited
                  partnership,  and Lehman Brothers Holdings Inc. d/b/a Lehman
                  Capital, A Division of Lehman Brothers Holdings Inc.

      10.70       Multifamily  Note dated September 30, 1996 between  Foothill
                  Post  Ridge   Associates,   Ltd.  Limited   Partnership,   a
                  Tennessee  Limited  Partnership and Lehman Brothers Holdings
                  Inc.  d/b/a Lehman  Capital,  A Division of Lehman  Brothers
                  Holdings, Inc.

      10.71       Exercise of the remaining portion of the option (as defined in
                  the Gordon Agreement),  dated December 8, 1994 between MAE-ICC
                  and  Gordon.  (Incorporated  by  reference  to Form 8-K  dated
                  October 24, 1995).

      10.72       Multifamily  Note dated  November 1, 1996 between Post Ridge
                  Associates,  Ltd., Limited Partnership,  a Tennessee Limited
                  Partnership and Lehman  Brothers  Holdings Inc. d/b/a Lehman
                  Capital, A Division of Lehman Brothers Holdings, Inc.

      10.73       Amended  and  Restated  Multifamily  note dated  November 1,
                  1996,   between  Post  Ridge   Associates,   Ltd.,   Limited
                  Partnership,  a  Tennessee  Limited  Partnership  and Lehman
                  Brothers Holding,  Inc. d/b/a Lehman Capital,  a division of
                  Lehman Brothers Holdings, Inc.

      10.74       Multifamily    Note   dated   November   1,   1996   between
                  Consolidated  Capital  Properties  IV, a California  Limited
                  Partnership and Lehman  Brothers  Holdings Inc. d/b/a Lehman
                  Capital, A Division of Lehman Brothers Holdings, Inc.

      10.75       Mortgage and  Security  Agreement  dated  November 18, 1997,
                  between  Southport CCP IV, L.L.C.,  a South Carolina limited
                  liability company and Lehman Brothers  Holdings,  Inc. d/b/a
                  Lehman  Capital,  a division  of Lehman  Brothers  Holdings,
                  Inc., a Delaware Corporation.

      10.76       Multifamily  Note dated  November 9, 1999  between  Point West
                  Associates Limited Partnership,  a Georgia limited partnership
                  and  GMAC  Commercial  Mortgage   Corporation,   a  California
                  corporation.  (Incorporated  by reference to Annual  Report on
                  Form 10-K ended December 31, 1999).

      10.77       Purchase and Sale  Contract  between  Registrant  and Overlook
                  Associates,  Ltd, a Georgia limited partnership dated December
                  13, 1999,  documenting sale of Overlook  Apartments located in
                  Memphis,  Tennessee.  (Incorporated  by  reference  to  Annual
                  Report on Form 10-K ended December 31, 1999).

      10.78       Multifamily  Note dated  February 2, 2000 between  Apartment
                  Associates,  Ltd.,  a Texas  limited  partnership  and  ARCS
                  Commercial   Mortgage  Co.,   L.P.,  a  California   limited
                  partnership.  (Incorporated by reference to Annual Report on
                  Form 10-K ended December 31, 1999).

      10.79       Multifamily  Note dated  February  28, 2000  between  ConCap
                  Citadel  Associated,  Ltd., a Texas limited  partnership and
                  ARCs   Commercial   Mortgage   Cl.,   L.P.,   a   California
                  corporation.  (Incorporated by reference to Annual Report on
                  Form 10-K ended December 31, 1999).

      10.80       Multifamily   Note  dated  May  31,  2000   between   Concap
                  Stratford Associates,  Ltd., a Texas limited partnership and
                  ARCS  Commercial  Mortgage Co.,  L.P., a California  limited
                  partnership.  (Incorporated by reference to Quarterly Report
                  on Form 10-Q for quarter ended June 30, 2000.)

      10.81       Multifamily  Note  dated  August  29,  2000  between  ConCap
                  Rivers Edge Associates,  Ltd., a Texas Limited  Partnership,
                  and  GMAC  Commercial  Mortgage  Corporation,  a  California
                  Corporation.  (Incorporated by reference to Quarterly Report
                  on Form 10-Q for quarter ended September 30, 2000.)

      10.82       Purchase and Sale Contract dated  September 26, 2000 between
                  ConCap   Stratford   Associates,   Ltd.,  a  Texas   Limited
                  Partnership,  and First Worthing  Company  Limited,  a Texas
                  Limited Partnership.

      10.83       First  Amendment to Purchase and Sale Contract dated October
                  26, 2000 between ConCap Stratford Associates,  Ltd., a Texas
                  Limited  Partnership,  and First Worthing Company Limited, a
                  Texas Limited Partnership.

      10.84       Second   Amendment  to  Purchase  and  Sale  Contract  dated
                  October 31, 2000 between ConCap Stratford Associates,  Ltd.,
                  a Texas  Limited  Partnership,  and First  Worthing  Company
                  Limited, a Texas Limited Partnership.

      10.85       Multifamily Note dated September 27, 2001 between Consolidated
                  Capital Properties IV, a California limited partnership, doing
                  business in Nebraska as  Consolidated  Capital  Properties  IV
                  Limited  Partnership  and AIMCO  Properties,  L.P., a Delaware
                  limited  partnership,  in  favor of GMAC  Commercial  Mortgage
                  Corporation, a California corporation.

      10.86       Multifamily  Note dated December 20, 2001 between Post Ridge
                  Associates,  Ltd., a Tennessee limited partnership, and GMAC
                  Commercial Mortgage Corporation, a California corporation.

      11          Statement  regarding  computation  of Net Income per Limited
                  Partnership  Unit  (Incorporated  by  reference to Note A of
                  Item 8 - Financial Statements of this Form 10-K).

      16.1        Letter,  dated  August  12,  1992,  from  Ernst & Young to the
                  Securities  and  Exchange   Commission   regarding  change  in
                  certifying accountant.  (Incorporated by reference to Form 8-K
                  dated August 6, 1992).

      16.2        Letter  dated  May  9,  1995  from  the  Registrant's   former
                  independent  accountant  regarding  its  concurrence  with the
                  statements  made by the  Registrant  regarding a change in the
                  certifying accountant.  (Incorporated by reference to Form 8-K
                  dated May 3, 1995).

      19.1        Chapter  11 Plan  of  CCP/IV  Associates,  Ltd.  (Restated  to
                  incorporate  first  amended  Chapter 11 Plan filed October 27,
                  1992  and  second  amendments  to  Chapter  11 Plan of  CCP/IV
                  Associates,  Ltd.  filed December 14, 1992) dated December 14,
                  1992,  and filed  December  14,  1992,  in the  United  States
                  Bankruptcy   Court  for  the  Middle  District  of  Tennessee.
                  (Incorporated  by reference to the Annual  Report on Form 10-K
                  for the year ended December 31, 1992).

      19.2        First  amended  disclosure  statement to accompany  Chapter 11
                  Plan,  dated February 21, 1992,  and amended  October 27, 1992
                  filed by CCP/IV  Associates,  Ltd.  filed October 27, 1992, in
                  the United States  Bankruptcy Court for the Middle District of
                  Tennessee.  (Incorporated by reference to the Annual Report on
                  Form 10-K for the year ended December 31, 1992).

(b) Reports on Form 8-K filed during the fourth quarter of calendar year 2001:

      None.



                                   SIGNATURES



Pursuant to the  requirements of Section 13 or 15(d) of the Securities  Exchange
Act of 1934,  the  Registrant  has duly  caused  this report to be signed on its
behalf by the undersigned, thereunto duly authorized.


                                    CONSOLIDATED CAPITAL PROPERTIES IV


                                    By:   ConCap Equities, Inc.
                                          General Partner


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


                                    By:   /s/Martha L. Long
                                          Martha L. Long
                                          Senior Vice President and
                                          Controller


                                      Date:


Pursuant to the requirements of the Securities Exchange Act of 1934, this report
has been signed below by the following  persons on behalf of the  Registrant and
in the capacities on the date indicated.

/s/Patrick J. Foye                                    Date:
Patrick J. Foye
Executive Vice President and Director


/s/Martha L. Long                                     Date:
Martha L. Long
Senior Vice President and Controller






                                                                 Exhibit 10.86

                                                      FHLMC Loan No. 002694271
                                                         Post Ridge Apartments

                               MULTIFAMILY NOTE
                   (MULTISTATE - REVISION DATE 11-01-2000)


US $4,500,000.00                                       As of December 20, 2001


      FOR VALUE RECEIVED, the undersigned ("Borrower") jointly and severally (if
more  than  one)  promises  to pay to the  order  of  GMAC  COMMERCIAL  MORTGAGE
CORPORATION,  a California  corporation,  the principal sum of Four Million Five
Hundred  Thousand and 00/100  Dollars (US  $4,500,000.00),  with interest on the
unpaid  principal  balance at the annual rate of six and sixty-three  hundredths
percent (6.63%).

      Defined  Terms.  As used in this  Note,  (i) the term  "Lender"  means the
holder of this Note,  and (ii) the term  "Indebtedness"  means the principal of,
interest  on,  and any other  amounts  due at any time  under,  this  Note,  the
Security Instrument or any other Loan Document,  including  prepayment premiums,
late  charges,  default  interest,  and  advances to protect the security of the
Security  Instrument  under  Section 12 of the  Security  Instrument.  "Event of
Default"  and other  capitalized  terms used but not  defined in this Note shall
have the meanings given to such terms in the Security Instrument.
       Address for Payment. All payments due under this Note shall be payable at
200  Witmer  Road,  Post  Office Box 809,  Horsham,  Pennsylvania  19044,  Attn:
Servicing - Account Manager, or such other place as may be designated by written
notice to Borrower from or on behalf of Lender.
       Payment of Principal  and  Interest.  Principal  and interest  shall be
paid as follows:
      Unless  disbursement  of  principal  is made by Lender to  Borrower on the
first  day of the  month,  interest  for the  period  beginning  on the  date of
disbursement and ending on and including the last day of the month in which such
disbursement is made shall be payable  simultaneously with the execution of this
Note.  Interest under this Note shall be computed on the basis of a 360-day year
consisting of twelve 30-day months.
      Consecutive  monthly  installments of principal and interest,  each in the
amount of Thirty Three  Thousand Eight Hundred Ninety Six and 08/100 Dollars (US
$33,896.08),  shall be  payable  on the first  day of each  month  beginning  on
February 1, 2002,  until the entire unpaid principal  balance  evidenced by this
Note is fully paid.
      Any  accrued  interest  remaining  past  due for 30 days or more  may,  at
Lender's discretion, be added to and become part of the unpaid principal balance
and shall bear  interest at the rate or rates  specified  in this Note,  and any
reference below to "accrued  interest" shall refer to accrued interest which has
not become part of the unpaid  principal  balance.  Any remaining  principal and
interest  shall be due and payable on January 1, 2022 or on any earlier  date on
which the unpaid  principal  balance of this Note  becomes due and  payable,  by
acceleration or otherwise (the "Maturity  Date").  The unpaid principal  balance
shall  continue to bear interest after the Maturity Date at the Default Rate set
forth in this Note until and including the date on which it is paid in full.
      Any regularly scheduled monthly installment of principal and interest that
is  received  by Lender  before  the date it is due shall be deemed to have been
received on the due date solely for the purpose of calculating interest due.
      Application of Payments. If at any time Lender receives,  from Borrower or
otherwise,  any amount  applicable  to the  Indebtedness  which is less than all
amounts due and payable at such time,  Lender may apply that  payment to amounts
then due and  payable in any manner and in any order  determined  by Lender,  in
Lender's  discretion.  Borrower  agrees that neither  Lender's  acceptance  of a
payment  from  Borrower in an amount that is less than all amounts  then due and
payable nor Lender's  application of such payment shall  constitute or be deemed
to  constitute  either  a  waiver  of  the  unpaid  amounts  or  an  accord  and
satisfaction.
      Security.   The  Indebtedness  is  secured,   among  other  things,  by  a
multifamily mortgage,  deed to secure debt or deed of trust dated as of the date
of this Note (the "Security Instrument"),  and reference is made to the Security
Instrument for other rights of Lender as to collateral for the Indebtedness.
      Acceleration.  If an Event of Default has occurred and is continuing,  the
entire unpaid principal  balance,  any accrued interest,  the prepayment premium
payable under  Paragraph  10, if any, and all other  amounts  payable under this
Note and any other Loan  Document  shall at once become due and payable,  at the
option of Lender,  without  any prior  notice to  Borrower  (except if notice is
required by applicable  law,  then after such notice).  Lender may exercise this
option to accelerate regardless of any prior forbearance.
      Late Charge.  If any monthly  amount  payable under this Note or under the
Security  Instrument or any other Loan Document is not received by Lender within
ten (10) days after the amount is due (unless  applicable  law requires a longer
period of time before a late  charge may be imposed,  in which event such longer
period shall be  substituted),  Borrower  shall pay to Lender,  immediately  and
without  demand by Lender,  a late  charge  equal to five  percent  (5%) of such
amount  (unless  applicable  law requires a lesser  amount be charged,  in which
event such lesser amount shall be substituted).  Borrower  acknowledges that its
failure to make timely payments will cause Lender to incur  additional  expenses
in servicing and processing  the loan  evidenced by this Note (the "Loan"),  and
that it is extremely  difficult and  impractical to determine  those  additional
expenses.  Borrower  agrees  that  the  late  charge  payable  pursuant  to this
Paragraph  represents a fair and  reasonable  estimate,  taking into account all
circumstances  existing  on the date of this Note,  of the  additional  expenses
Lender will incur by reason of such late payment.  The late charge is payable in
addition  to,  and not in lieu of, any  interest  payable  at the  Default  Rate
pursuant to Paragraph 8.
      Default  Rate.  So long as (a) any  monthly  installment  under  this Note
remains past due for thirty (30) days or more, or (b) any other Event of Default
has occurred  and is  continuing,  interest  under this Note shall accrue on the
unpaid  principal  balance  from the earlier of the due date of the first unpaid
monthly  installment  or the  occurrence  of such  other  Event of  Default,  as
applicable,  at a rate  (the  "Default  Rate")  equal to the  lesser of four (4)
percentage  points above the rate stated in the first paragraph of this Note and
the maximum  interest rate which may be collected from Borrower under applicable
law. If the unpaid  principal  balance and all accrued  interest are not paid in
full on the Maturity Date, the unpaid principal balance and all accrued interest
shall bear interest  from the Maturity  Date at the Default Rate.  Borrower also
acknowledges that its failure to make timely payments will cause Lender to incur
additional  expenses in servicing and processing the Loan, that, during the time
that any monthly  installment under this Note is delinquent for more than thirty
(30) days, Lender will incur additional costs and expenses arising from its loss
of the use of the money due and from the adverse  impact on Lender's  ability to
meet  its  other   obligations  and  to  take  advantage  of  other   investment
opportunities,  and that it is extremely  difficult and impractical to determine
those additional costs and expenses. Borrower also acknowledges that, during the
time that any monthly  installment  under this Note is delinquent  for more than
thirty (30) days or any other Event of Default has occurred  and is  continuing,
Lender's risk of nonpayment of this Note will be materially increased and Lender
is entitled to be compensated for such increased risk.  Borrower agrees that the
increase in the rate of  interest  payable  under this Note to the Default  Rate
represents a fair and reasonable estimate, taking into account all circumstances
existing on the date of this Note, of the additional  costs and expenses  Lender
will incur by reason of the  Borrower's  delinquent  payment and the  additional
compensation Lender is entitled to receive for the increased risks of nonpayment
associated with a delinquent loan.
      Limits on Personal Liability.
      Except as otherwise  provided in this  Paragraph 9, Borrower shall have no
personal  liability  under this Note, the Security  Instrument or any other Loan
Document for the repayment of the  Indebtedness  or for the  performance  of any
other  obligations  of Borrower  under the Loan  Documents,  and  Lender's  only
recourse for the  satisfaction of the  Indebtedness  and the performance of such
obligations  shall be Lender's  exercise of its rights and remedies with respect
to the Mortgaged  Property and any other  collateral  held by Lender as security
for the Indebtedness. This limitation on Borrower's liability shall not limit or
impair  Lender's  enforcement  of  its  rights  against  any  guarantor  of  the
Indebtedness or any guarantor of any obligations of Borrower.
      Borrower  shall be  personally  liable to Lender  for the  repayment  of a
portion of the Indebtedness equal to zero percent (0%) of the original principal
balance of this Note,  plus any other  amounts for which  Borrower  has personal
liability under this Paragraph 9.
      In  addition  to  Borrower's  personal  liability  under  Paragraph  9(b),
Borrower  shall be  personally  liable to Lender for the  repayment of a further
portion of the Indebtedness  equal to any loss or damage suffered by Lender as a
result of (1) failure of Borrower to pay to Lender upon demand after an Event of
Default all Rents to which Lender is entitled under Section 3(a) of the Security
Instrument  and the amount of all security  deposits  collected by Borrower from
tenants  then in  residence;  (2)  failure of  Borrower  to apply all  insurance
proceeds and condemnation  proceeds as required by the Security  Instrument;  or
(3)  failure of Borrower to comply  with  Section  14(d) or (e) of the  Security
Instrument relating to the delivery of books and records, statements,  schedules
and reports.
      For purposes of determining  Borrower's personal liability under Paragraph
9(b) and Paragraph  9(c), all payments made by Borrower or any guarantor of this
Note with respect to the  Indebtedness  and all amounts  received by Lender from
the  enforcement  of its rights under the Security  Instrument  shall be applied
first to the  portion of the  Indebtedness  for which  Borrower  has no personal
liability.
      Borrower shall become personally liable to Lender for the repayment of all
of the  Indebtedness  upon the  occurrence  of any of the  following  Events  of
Default: (1) Borrower's acquisition of any property or operation of any business
not  permitted  by  Section  33 of  the  Security  Instrument;  (2)  a  Transfer
(including,  but not  limited  to,  a lien or  encumbrance)  that is an Event of
Default  under  Section  21 of the  Security  Instrument,  other than a Transfer
consisting  solely of the  involuntary  removal or  involuntary  withdrawal of a
general  partner in a limited  partnership  or a manager in a limited  liability
company; or (3) fraud or written material  misrepresentation  by Borrower or any
officer,  director,  partner,  member or employee of Borrower in connection with
the  application  for or  creation  of the  Indebtedness  or any request for any
action or consent by Lender.
      In addition to any personal liability for the Indebtedness, Borrower shall
be  personally  liable to Lender for (1) the  performance  of all of  Borrower's
obligations   under  Section  18  of  the  Security   Instrument   (relating  to
environmental  matters);  (2) the costs of any audit under  Section 14(d) of the
Security  Instrument;  and (3) any  costs  and  expenses  incurred  by Lender in
connection  with the  collection of any amount for which  Borrower is personally
liable under this  Paragraph  9,  including  fees and out of pocket  expenses of
attorneys and expert witnesses and the costs of conducting any independent audit
of Borrower's  books and records to determine the amount for which  Borrower has
personal liability.
      To the extent that Borrower has personal liability under this Paragraph 9,
Lender may exercise its rights  against  Borrower  personally  without regard to
whether  Lender has exercised any rights  against the Mortgaged  Property or any
other  security,  or pursued any rights  against any  guarantor,  or pursued any
other rights available to Lender under this Note, the Security  Instrument,  any
other Loan  Document or  applicable  law. For purposes of this  Paragraph 9, the
term "Mortgaged Property" shall not include any funds that (1) have been applied
by Borrower as required or  permitted by the  Security  Instrument  prior to the
occurrence  of an  Event of  Default  or (2)  Borrower  was  unable  to apply as
required  or  permitted  by the  Security  Instrument  because of a  bankruptcy,
receivership, or similar judicial proceeding. To the fullest extent permitted by
applicable  law, in any action to enforce  Borrower's  personal  liability under
this  Paragraph  9,  Borrower  waives  any  right  to set off the  value  of the
Mortgaged Property against such personal liability.
      Voluntary and Involuntary Prepayments.
      A prepayment  premium shall be payable in connection  with any  prepayment
(any receipt by Lender of principal, other than principal required to be paid in
monthly installments pursuant to Paragraph 3(b), prior to the scheduled Maturity
Date set forth in Paragraph 3(c)) under this Note as provided below:
            Borrower may voluntarily  prepay all of the unpaid principal balance
of this Note on a Business Day  designated as the date for such  prepayment in a
written  notice from Borrower to Lender given at least 30 days prior to the date
of such  prepayment.  Such prepayment  shall be made by paying (A) the amount of
principal being prepaid, (B) all accrued interest, (C) all other sums due Lender
at the  time of such  prepayment,  and (D)  the  prepayment  premium  calculated
pursuant to Paragraph 10(c). For all purposes including the accrual of interest,
any prepayment received by Lender on any day other than the last calendar day of
the month shall be deemed to have been received on the last calendar day of such
month.  For purposes of this Note,  a "Business  Day" means any day other than a
Saturday,  Sunday  or any other  day on which  Lender is not open for  business.
Unless expressly provided for in the Loan Documents, Borrower shall not have the
option to  voluntarily  prepay  less than all of the unpaid  principal  balance.
However,  if a partial  prepayment  is provided for in the Loan  Documents or is
accepted by Lender in  Lender's  discretion,  a  prepayment  premium  calculated
pursuant to Paragraph 10(c) shall be due and payable by Borrower.
            Upon Lender's exercise of any right of acceleration under this Note,
Borrower shall pay to Lender, in addition to the entire unpaid principal balance
of this  Note  outstanding  at the  time of the  acceleration,  (A) all  accrued
interest  and  all  other  sums  due  Lender,  and (B)  the  prepayment  premium
calculated pursuant to Paragraph 10(c).
            Any application by Lender of any collateral or other security to the
repayment of any portion of the unpaid  principal  balance of this Note prior to
the  Maturity  Date and in the absence of  acceleration  shall be deemed to be a
partial prepayment by Borrower, requiring the payment to Lender by Borrower of a
prepayment premium.
      Notwithstanding  the provisions of Paragraph 10(a), no prepayment  premium
shall be payable with respect to (A) any prepayment  made during the period from
one  hundred  eighty  (180)  days  before  the  scheduled  Maturity  Date to the
scheduled  Maturity  Date,  or (B) any  prepayment  occurring as a result of the
application of any insurance  proceeds or condemnation  award under the Security
Instrument.
      Any  prepayment  premium  payable  under  this Note shall be  computed  as
follows:
            (1) If the  prepayment is made between the date of this Note and the
date  that is 180  months  after  the  first  day of the  first  calendar  month
following the date of this Note (the "Yield Maintenance Period"), the prepayment
premium shall be whichever is the greater of subparagraphs (i) and (ii) below:

            (i)   1.0% of the unpaid principal balance of this Note; or

            (ii)  the product obtained by multiplying:

                  (A)   the amount of principal being prepaid,
                  by
(B)   the  excess  (if  any)  of  the  Monthly  Note  Rate  over  the  Assumed
      Reinvestment Rate,
                  by
                  (C)   the Present Value Factor.

            For purposes of subparagraph  (ii), the following  definitions shall
            apply:

            Monthly Note Rate:  one-twelfth (1/12) of the annual interest rate
            of this Note, expressed as a decimal calculated to five digits.

            Prepayment Date: in the case of a voluntary prepayment,  the date on
            which the  prepayment  is made;  in the case of the  application  by
            Lender of  collateral  or  security  to a portion  of the  principal
            balance,  the date of such  application;  and in any other case, the
            date on which Lender  accelerates  the unpaid  principal  balance of
            this Note.

            Assumed  Reinvestment Rate:  one-twelfth (1/12) of the yield rate as
            of the date 5 Business  Days  before  the  Prepayment  Date,  on the
            9.250% U.S.  Treasury  Security due February 1, 2016, as reported in
            The Wall Street Journal,  expressed as a decimal  calculated to five
            digits.  In the event that no yield is published  on the  applicable
            date  for the  Treasury  Security  used  to  determine  the  Assumed
            Reinvestment  Rate,  Lender,  in its  discretion,  shall  select the
            non-callable  Treasury  Security  maturing  in the same  year as the
            Treasury Security specified above with the lowest yield published in
            The  Wall  Street  Journal  as  of  the  applicable   date.  If  the
            publication  of such  yield  rates in The  Wall  Street  Journal  is
            discontinued  for any reason,  Lender shall select a security with a
            comparable rate and term to the Treasury  Security used to determine
            the  Assumed  Reinvestment  Rate.  The  selection  of  an  alternate
            security  pursuant  to this  Paragraph  shall  be  made in  Lender's
            discretion.

            Present Value Factor: the factor that discounts to present value the
            costs  resulting  to Lender from the  difference  in interest  rates
            during the months remaining in the Yield Maintenance  Period,  using
            the Assumed  Reinvestment  Rate as the discount  rate,  with monthly
            compounding, expressed numerically as follows:

      [OBJECT OMITTED]

            n = number of months remaining in Yield Maintenance Period

            ARR = Assumed Reinvestment Rate

            (2) If the  prepayment  is made  after the  expiration  of the Yield
Maintenance  Period but before the period set forth in Paragraph 10(b)(A) above,
the  prepayment  premium shall be 1.0% of the unpaid  principal  balance of this
Note.

      Any  permitted or required  prepayment  of less than the unpaid  principal
balance of this Note shall not extend or postpone the due date of any subsequent
monthly  installments or change the amount of such  installments,  unless Lender
agrees otherwise in writing.
      Borrower recognizes that any prepayment of the unpaid principal balance of
this Note,  whether  voluntary or  involuntary  or  resulting  from a default by
Borrower,  will result in Lender's incurring loss, including  reinvestment loss,
additional expense and frustration or impairment of Lender's ability to meet its
commitments  to third  parties.  Borrower  agrees to pay to Lender  upon  demand
damages  for the  detriment  caused by any  prepayment,  and  agrees  that it is
extremely  difficult  and  impractical  to ascertain the extent of such damages.
Borrower  therefore  acknowledges  and agrees that the  formula for  calculating
prepayment  premiums set forth in this Note represents a reasonable  estimate of
the damages Lender will incur because of a prepayment.
      Borrower further  acknowledges that the prepayment  premium  provisions of
this  Note  are  a  material  part  of  the  consideration  for  the  Loan,  and
acknowledges that the terms of this Note are in other respects more favorable to
Borrower as a result of the  Borrower's  voluntary  agreement to the  prepayment
premium provisions.
      Costs and  Expenses.  To the fullest  extent  allowed by  applicable  law,
Borrower  shall pay all expenses  and costs,  including  fees and  out-of-pocket
expenses  of  attorneys  (including  Lender's  in-house  attorneys)  and  expert
witnesses  and  costs of  investigation,  incurred  by Lender as a result of any
default under this Note or in connection  with efforts to collect any amount due
under  this  Note,  or to  enforce  the  provisions  of any of  the  other  Loan
Documents,  including those incurred in post-judgment  collection efforts and in
any  bankruptcy  proceeding  (including any action for relief from the automatic
stay of any  bankruptcy  proceeding)  or  judicial or  non-judicial  foreclosure
proceeding.
      Forbearance.  Any  forbearance by Lender in exercising any right or remedy
under  this  Note,  the  Security  Instrument,  or any other  Loan  Document  or
otherwise  afforded by applicable  law, shall not be a waiver of or preclude the
exercise of that or any other right or remedy.  The  acceptance by Lender of any
payment after the due date of such  payment,  or in an amount which is less than
the required payment,  shall not be a waiver of Lender's right to require prompt
payment  when due of all other  payments or to exercise any right or remedy with
respect to any  failure to make  prompt  payment.  Enforcement  by Lender of any
security for  Borrower's  obligations  under this Note shall not  constitute  an
election by Lender of remedies so as to preclude the exercise of any other right
or remedy available to Lender.
      Waivers.  Presentment,  demand,  notice of  dishonor,  protest,  notice of
acceleration,  notice of intent to demand or  accelerate  payment  or  maturity,
presentment  for  payment,  notice  of  nonpayment,   grace,  and  diligence  in
collecting  the  Indebtedness  are  waived by  Borrower  and all  endorsers  and
guarantors of this Note and all other third party obligors.
      Loan Charges.  Neither this Note nor any of the other Loan Documents shall
be construed to create a contract for the use, forbearance or detention of money
requiring  payment of interest at a rate greater than the maximum  interest rate
permitted to be charged under applicable law. If any applicable law limiting the
amount of interest or other charges  permitted to be collected  from Borrower in
connection  with the Loan is  interpreted  so that any  interest or other charge
provided for in any Loan  Document,  whether  considered  separately or together
with other charges  provided for in any other Loan Document,  violates that law,
and Borrower is entitled to the benefit of that law,  that interest or charge is
hereby reduced to the extent necessary to eliminate that violation. The amounts,
if any,  previously  paid to Lender in excess of the permitted  amounts shall be
applied by Lender to reduce the unpaid  principal  balance of this Note. For the
purpose  of  determining  whether  any  applicable  law  limiting  the amount of
interest or other  charges  permitted  to be  collected  from  Borrower has been
violated,  all  Indebtedness  that  constitutes  interest,  as well as all other
charges made in connection with the Indebtedness that constitute interest, shall
be deemed to be allocated  and spread  ratably over the stated term of the Note.
Unless otherwise required by applicable law, such allocation and spreading shall
be  effected  in such a manner  that the rate of interest so computed is uniform
throughout the stated term of the Note.
      Commercial  Purpose.  Borrower  represents that the  Indebtedness is being
incurred  by  Borrower  solely for the  purpose  of  carrying  on a business  or
commercial enterprise,  and not for personal,  family, household or agricultural
purposes.
      Counting  of Days.  Except  where  otherwise  specifically  provided,  any
reference in this Note to a period of "days" means  calendar  days, not Business
Days.
      Governing   Law.  This  Note  shall  be  governed  by  the  law  of  the
jurisdiction in which the Land is located.
      Captions.   The  captions  of  the  paragraphs  of  this  Note  are  for
convenience only and shall be disregarded in construing this Note.
      Notices;   Written   Modifications.   All   notices,   demands  and  other
communications  required or permitted to be given by Lender to Borrower pursuant
to this  Note  shall be given in  accordance  with  Section  31 of the  Security
Instrument.  Any  modification  or amendment  to this Note shall be  ineffective
unless  in  writing  signed  by  the  party  sought  to  be  charged  with  such
modification or amendment;  provided,  however,  that in the event of a Transfer
under  the  terms  of  the  Security  Instrument,  any  or  some  or  all of the
Modifications  to Multifamily Note may be modified or rendered void by Lender at
Lender's option by notice to Borrower/transferee.
      Consent to  Jurisdiction  and Venue.  Borrower agrees that any controversy
arising under or in relation to this Note shall be litigated  exclusively in the
jurisdiction  in which the Land is located (the  "Property  Jurisdiction").  The
state and federal  courts and  authorities  with  jurisdiction  in the  Property
Jurisdiction  shall have exclusive  jurisdiction  over all  controversies  which
shall arise under or in relation to this Note. Borrower  irrevocably consents to
service,  jurisdiction,  and venue of such  courts for any such  litigation  and
waives  any other  venue to which it might be  entitled  by virtue of  domicile,
habitual residence or otherwise.
      WAIVER OF TRIAL BY JURY.  BORROWER AND LENDER EACH (A) AGREES NOT TO ELECT
A TRIAL BY JURY  WITH  RESPECT  TO ANY  ISSUE  ARISING  OUT OF THIS  NOTE OR THE
RELATIONSHIP BETWEEN THE PARTIES AS LENDER AND BORROWER THAT IS TRIABLE OF RIGHT
BY A JURY AND (B) WAIVES  ANY RIGHT TO TRIAL BY JURY WITH  RESPECT TO SUCH ISSUE
TO THE EXTENT THAT ANY SUCH RIGHT  EXISTS NOW OR IN THE  FUTURE.  THIS WAIVER OF
RIGHT  TO  TRIAL  BY JURY IS  SEPARATELY  GIVEN  BY EACH  PARTY,  KNOWINGLY  AND
VOLUNTARILY WITH THE BENEFIT OF COMPETENT LEGAL COUNSEL.
      ATTACHED EXHIBIT.  The following Exhibit is attached to this Note:

            -----
            X        Exhibit A     Modifications to Multifamily Note
            -----

      IN WITNESS WHEREOF, Borrower has signed and delivered this Note under seal
or has  caused  this  Note to be signed  and  delivered  under  seal by its duly
authorized representative. Borrower intends that this Note shall be deemed to be
signed and delivered as a sealed instrument.




            [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]




                                    POST  RIDGE  ASSOCIATES,   LTD.,   LIMITED
                                       PARTNERSHIP,    a   Tennessee   limited
                                       partnership

                                    By:   ConCap  Equities,  Inc.,  a Delaware
                                          corporation, its general partner



                                          By:
                                          --------------------------------
                                              Patti K. Fielding
                                              Senior Vice President


                                   58-1763207
                                    Borrower's  Social   Security/Employer  ID
                                     Number





PAY TO THE ORDER OF FEDERAL HOME LOAN MORTGAGE  CORPORATION,  WITHOUT  RECOURSE,
THIS _____ DAY OF _______________, 20__.

GMAC       COMMERCIAL       MORTGAGE
   CORPORATION,     a     California
   corporation



By:_________________________________
   Robert D. Falese, III
   Vice President






EXHIBIT A

MODIFICATIONS TO MULTIFAMILY NOTE

The following  modifications are made to the text of the Note that precedes this
Exhibit:

1.    The first sentence of Paragraph 8 of the Note  ("Default  Rate") is hereby
      deleted and replaced with the following:

            So long as (a) any monthly  installment under this Note remains past
            due for more than thirty (30) days or (b) any other event of Default
            has  occurred  and is  continuing,  interest  under  this Note shall
            accrue on the unpaid  principal  balance from the earlier of the due
            date of the first unpaid  monthly  installment  or the occurrence of
            such other Event of Default, as applicable,  at a rate (the "Default
            Rate")  equal to the lesser of (1) the maximum  interest  rate which
            may be  collected  from  Borrower  under  applicable  law or (2) the
            greater of (i) three  percent (3%) above the  Interest  Rate or (ii)
            four percent  (4.0%) above the  then-prevailing  Prime Rate. As used
            herein,  the term  "Prime  Rate"  shall  mean  the rate of  interest
            announced by The Wall Street Journal from time to time as the "Prime
            Rate".

2.    Paragraph 9(c) of the Note is amended to add the following  subparagraph
         (4):

(4)            failure  by  Borrower  to pay the  amount  of the water and sewer
               charges, taxes, fire, hazard or other insurance premiums,  ground
               rents,  assessments or other charges in accordance with the terms
               of the Security Instrument.

3.    Paragraph 19 is modified by deleting:  "; provided,  however,  that in the
      event of a Transfer  under the terms of the  Security  Instrument,  any or
      some or all of the  Modifications  to Multifamily  Note may be modified or
      rendered   void   by   Lender   at   Lender's    option   by   notice   to
      Borrower/transferee" in the last sentence of the Paragraph;  and by adding
      the following new sentence:

            The  Modifications  to Multifamily  Note set forth in this Exhibit A
            shall be null and void  unless  title to the  Mortgaged  Property is
            vested in an entity whose  Controlling  Interest(s)  are directly or
            indirectly  held by AIMCO  REIT or AIMCO OP. The  capitalized  terms
            used in this paragraph are defined in the Security Instrument.