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

                                    Form 10-Q

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

                     For the quarterly period ended September 30, 2002


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


                    For the transition period from _________to _________

                         Commission file number 0-11723


                      CONSOLIDATED CAPITAL INSTITUTIONAL PROPERTIES/2
                   (Exact name of registrant as specified in its charter)



         California                                               94-2883067
(State or other jurisdiction of                                (I.R.S. Employer
 incorporation or organization)                              Identification No.)

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

                                 (864) 239-1000
                           (Issuer's telephone number)


Check  whether the issuer (1) filed all reports  required to be filed by Section
13 or 15(d) of the  Exchange  Act during the past 12 months (or for such shorter
period that the Partnership was required to file such reports), and (2) has been
subject to such filing requirements for the past 90 days. Yes X No___







                         PART I - FINANCIAL INFORMATION

ITEM 1.     FINANCIAL STATEMENTS

                      CONSOLIDATED CAPITAL INSTITUTIONAL PROPERTIES/2
                                 BALANCE SHEETS
                        (in thousands, except unit data)



                                                          September 30,  December 31,
                                                               2002          2001
                                                           (Unaudited)       (Note)
Assets
                                                                       
   Cash and cash equivalents                                  $ 121          $ 381
   Accounts receivable                                            547           100
   Restricted escrows                                              96            --
   Other assets                                                    21            21
   Investment in affiliated partnerships                          899            --

   Investment properties                                       26,946            --

   Investment in Master Loan to affiliate                      10,222        39,423
     Less: allowance for impairment loss                           --       (28,129)
                                                               10,222        11,294
                                                             $ 38,852      $ 11,796
Liabilities and Partners' (Deficit) Capital
Liabilities
   Accounts payable                                            $ 15          $ --
   Other liabilities                                              245            45
   Distributions payable                                          141           141
   Accrued property taxes                                         315            --
   Due to affiliate                                             6,798            --
   Tenant security deposit liabilities                            104            --
   Mortgage notes payable                                      16,603            --
                                                               24,221           186
Partners' (Deficit) Capital
   General partner                                               (377)          (407)
   Limited partners (909,123.60 units issued and
     outstanding)                                              15,008        12,017
                                                               14,631        11,610
                                                             $ 38,852      $ 11,796

Note: The balance sheet at December 31, 2001,  has been derived from the audited
      financial   statements  at  that  date,  but  does  not  include  all  the
      information  and  footnotes  required  by  generally  accepted  accounting
      principles in the United States for complete financial statements.

                       See Accompanying Notes to Financial Statements




                      CONSOLIDATED CAPITAL INSTITUTIONAL PROPERTIES/2
                            STATEMENTS OF OPERATIONS
                                   (Unaudited)
                      (in thousands, except per unit data)



                                                  Three Months Ended      Nine Months Ended
                                                     September 30,          September 30,
                                                   2002        2001        2002       2001
Revenues:
                                                                          
  Rental income                                    $ 382       $ --       $ 382       $ --
  Other income                                         54          --         54         --
  Interest income on investments in Master
    Loan                                               --          --          1        904
  Reduction of provision for impairment loss           --       1,000      3,800      1,000
  Interest income                                      --           2         --         27
     Total revenues                                   436       1,002      4,237      1,931

Expenses:
  Operating                                           109          --        109         --
  General and administrative                          133         132        404        475
  Depreciation                                         63          --         63         --
  Interest                                            204          --        257         --
  Property taxes                                       40          --         40         --
     Total expenses                                   549         132        873        475

(Loss) income from continuing operations             (113)        870      3,364      1,456
Loss on foreclosure of real estate                   (343)         --       (343)        --
Net income                                        $ (456)      $ 870     $ 3,021    $ 1,456

Net (loss) income allocated to general
  partner (1%)                                     $ (5)        $ 9        $ 30       $ 15
Net (loss) income allocated to limited
  partners (99%)                                     (451)        861      2,991      1,441
                                                  $ (456)      $ 870     $ 3,021    $ 1,456

Net (loss) income per limited partnership unit:
    (Loss) income from continuing operations      $ (0.12)    $ 0.95      $ 3.66     $ 1.59
    Loss on foreclosure of real estate              (0.37)         --      (0.37)        --
                                                  $ (0.49)    $ 0.95      $ 3.29     $ 1.59

Distribution per limited partnership unit          $ --        $ --        $ --      $ 2.67

                       See Accompanying Notes to Financial Statements





                      CONSOLIDATED CAPITAL INSTITUTIONAL PROPERTIES/2
                    STATEMENTS OF CHANGES IN PARTNERS' (DEFICIT) CAPITAL
                                   (Unaudited)
                        (in thousands, except unit data)




                                       Limited
                                     Partnership     General      Limited
                                        Units        Partner     Partners       Total

                                                                  
Original capital contributions         912,182         $ 1       $228,046     $228,047

Partners' (deficit) capital
   at December 31, 2000                909,124        $ (421)    $ 13,038     $ 12,617

Net income for the nine months
   ended September 30, 2001                 --            15        1,441        1,456

Distributions to partners                   --            --       (2,428)      (2,428)

Partners' (deficit) capital
   at September 30, 2001               909,124        $ (406)    $ 12,051     $ 11,645

Partners' (deficit) capital
   at December 31, 2001                909,124        $ (407)    $ 12,017     $ 11,610

Net income for the nine months
   ended September 30, 2002                 --            30        2,991        3,021

Partners' (deficit) capital at
   September 30, 2002                  909,124        $ (377)    $ 15,008     $ 14,631

                       See Accompanying Notes to Financial Statements





                      CONSOLIDATED CAPITAL INSTITUTIONAL PROPERTIES/2
                            STATEMENTS OF CASH FLOWS
                                   (Unaudited)
                                 (in thousands)



                                                                  Nine Months Ended
                                                                    September 30,
                                                                  2002          2001
Cash flows from operating activities:
                                                                         
  Net income                                                    $ 3,021        $ 1,456
  Adjustments to reconcile net income to net cash (used
   in) provided by operating activities:
     Reduction of provision for impairment loss                  (3,800)        (1,000)
     Depreciation                                                    63             --
     Loss on foreclosure of real estate                             343             --
     Change in accounts:
      Receivables and deposits                                     (201)            --
      Other assets                                                    1             --
      Accounts payable                                               11             (1)
      Accrued property taxes                                         40             --
      Due to affiliates                                             354             --
      Other liabilities                                              79             26
        Net cash (used in) provided by operating
         activities                                                 (89)           481

Cash flows from investing activities:
  Advances on Master Loan                                        (6,781)            --
  Principal receipts on Master Loan                                  88            336
  Property improvements and replacements                             (9)            --
  Investments in affiliated partnerships                             19             --
        Net cash (used in) provided by investing
         activities                                              (6,683)           336

Cash flows from financing activities:
  Advances from affiliates                                        6,644             --
  Principal payments on advances from affiliates                   (100)            --
  Distributions to partners                                          --         (2,428)
  Principal payments on mortgage notes payable                      (32)            --
        Net cash provided by (used in) financing
         activities                                               6,512         (2,428)

Net decrease in cash and cash equivalents                          (260)        (1,611)
Cash and cash equivalents at beginning of period                    381          2,143

Cash and cash equivalents at end of period                       $ 121          $ 532

Supplemental disclosure of cash flow information:
  Cash paid for interest                                         $ 101          $ --

                       See Accompanying Notes to Financial Statements





                      CONSOLIDATED CAPITAL INSTITUTIONAL PROPERTIES/2
                      STATEMENTS OF CASH FLOWS (continued)
                                   (Unaudited)
                                 (in thousands)

SUPPLEMENTAL DISCLOSURES OF NON-CASH ACTIVITIES

Foreclosure

During the nine months  ended  September  30,  2002,  Canyon  Crest  Apartments,
Highcrest  Townhomes,  and  Windemere  Apartments  were  foreclosed  upon by the
Partnership. In connection with these foreclosures,  the following accounts were
adjusted by the non-cash amounts noted below:


                                                            2002

                  Accounts receivable                      $ (346)
                  Master Loan                               11,565
                  Restricted escrows                           (96)
                  Other assets                                  (1)
                  Investment properties                    (27,000)
                  Investment in affiliated
                    partnerships                              (918)
                  Accounts payable                               4
                  Tenant security deposit
                    liabilities                                104
                  Accrued property taxes                       275
                  Other liabilities                            121
                  Mortgage notes payable                    16,635
                  Loss on foreclosure of
                    real estate                             $ 343

                       See Accompanying Notes to Financial Statements



                 CONSOLIDATED CAPITAL INSTITUTIONAL PROPERTIES/2
                          NOTES TO FINANCIAL STATEMENTS
                                   (Unaudited)


Note A - Basis of Presentation

The  accompanying   unaudited  financial   statements  of  Consolidated  Capital
Institutional   Properties/2  (the  "Partnership"  or  "Registrant")  have  been
prepared in accordance with generally accepted accounting principles for interim
financial  information and with the  instructions to Form 10-Q and Article 10 of
Regulation  S-X.  Accordingly,  they do not include all of the  information  and
footnotes  required by generally  accepted  accounting  principles  for complete
financial  statements.  In the opinion of ConCap  Equities,  Inc.  (the "General
Partner"),  all adjustments (consisting of normal recurring accruals) considered
necessary for a fair presentation have been included.  Operating results for the
three and nine month  periods  ended  September  30, 2002,  are not  necessarily
indicative  of the  results  that may be  expected  for the fiscal  year  ending
December 31, 2002. For further  information,  refer to the financial  statements
and footnotes thereto included in the  Partnership's  Annual Report on Form 10-K
for the year ended  December 31, 2001.  The General  Partner is a subsidiary  of
Apartment  Investment and Management Company  ("AIMCO"),  a publicly traded real
estate investment trust.

Note B - Net Investment in Master Loan and Loss on Foreclosure Real Estate

The Partnership was formed for the benefit of its limited partners to lend funds
to  Consolidated  Capital Equity  Partners/Two,  L.P.  ("CCEP/2"),  a California
general  partnership.  The  general  partner  of CCEP/2 is an  affiliate  of the
General  Partner.   The  Partnership   loaned  funds  to  CCEP/2  subject  to  a
non-recourse note with a participation  interest (the "Master Loan").  The loans
were made to, and the real properties that secure the Master Loan were purchased
and are owned by, Consolidated Capital Equity Partners/Two, L.P. ("CCEP/2").

The  Master  Loan  matured  in  November  2000.  The  General  Partner  had been
negotiating  with CCEP/2 with respect to its options which included  foreclosing
on the properties that  collateralize  the Master Loan or extending the terms of
the Master Loan. The General Partner decided to foreclose on the properties that
collaterize the Master Loan.  During March 2002, the  Partnership  Agreement was
amended to allow the  Partnership  to  directly  or  indirectly  own  investment
properties. The General Partner executed deeds in lieu of foreclosure during the
third quarter of 2002 on the three active properties of CCEP/2. The deed in lieu
of foreclosure on the fourth property, which is currently being rebuilt, will be
executed at a later date. As the deeds were  executed,  title in the  properties
previously  owned by CCEP/2  were  vested  in the  Partnership,  subject  to the
existing  liens on such  properties  including the first  mortgage  loans.  As a
result,  during the nine months ended September 30, 2002 the Partnership assumed
responsibility for the operations of such properties.

The following table sets forth the Partnership's  non-cash activities during the
nine months ended  September 30, 2002 with respect to the  foreclosure of Canyon
Crest Apartments, Highcrest Townhomes and Windemere Apartments:

             Investment properties (a)                        $ 27,000
             Investments in affiliated partnerships (b)            918
             Mortgage notes payable (c)                        (16,635)
             Master loan, net of allowance (d)                 (11,565)
             Other liabilities received, net of
               other assets assumed                                (61)

             Loss on foreclosure of real estate                $ (343)

(a)   Amount  represents  the estimated fair value of the  properties.  The fair
      value was  determined by an appraisal  obtained in September  2000 from an
      independent  third party which have been updated by  management  using the
      net operating income of all of the collateral properties  capitalized at a
      rate deemed reasonable for the type of property and adjusted by management
      for current  market  conditions,  physical  condition  of each  respective
      property, and other factors.

(b)   See Note D.

(c)   Amount  represents  the present  value of the  mortgages  encumbering  the
      investment  properties  discounted  at a rate  currently  available to the
      Partnership.

(d)   Amount  represents the amount of the Master Loan associated with the three
      properties of $35,894 net of the allowance for impairment loss of $24,329.

Proforma  results  of  operations  assuming  the  foreclosure  of  Canyon  Crest
Apartments, Highcrest Townhomes, and Windemere Apartments occurred at January 1,
2001 are as follows (in thousands, except per unit data):



                     Three Months Ended September 30,  Nine Months Ended September 30,
                          2002             2001             2002             2001

                                                                
Revenues                 $1,215           $1,262           $3,725           $3,752
Net income                  (41)              70               35               29

Net income per
  limited
  partnership
  unit                   $(0.04)          $ 0.08           $ 0.04           $ 0.03


At September 30, 2002, the recorded  investment in the Master Loan is considered
to be impaired under "Statement of Financial Accounting Standards No. 114 ("SFAS
114"),  "Accounting  by Creditors  for  Impairment of a Loan".  The  Partnership
measures the  impairment of the loan based upon the fair value of the collateral
due to the fact that repayment of the loan is expected to be provided  solely by
the  collateral.  For the nine months ended  September 30, 2002, the Partnership
recorded  approximately  $3,800,000 in income based upon an increase in the fair
value of the collateral. The increase in the fair value of the collateral is due
to the reconstruction of Glenbridge Manor Apartments.  For the nine month period
ended  September  30,  2001,  there  was no  change  in the  fair  value  of the
collateral and accordingly no income was recognized.

The fair value of the remaining  collateral  property,  which secures the Master
Loan  is  based  on  the  cost  of  reconstruction   which  management  believes
approximates the fair value.

The  principal  balance  of the  Master  Loan  due to  the  Partnership  totaled
approximately $10,222,000 at September 30, 2002. This amount represents the fair
market value of the remaining property owned by CCEP/2, less the net liabilities
owed by the  property.  Interest,  calculated on the accrual  basis,  due to the
Partnership  pursuant  to the  terms  of the  Master  Loan  Agreement,  but  not
recognized in the income  statements due to the impairment of the loan,  totaled
approximately $19,096,000 for the nine months ended September 30, 2002. Interest
income is recognized on the cash basis in accordance with SFAS 114. At September
30, 2002 and December 31, 2001, such cumulative  unrecognized  interest  totaled
approximately $268,815,000 and $249,719,000,  respectively, and was not included
in the balance of the  investment in Master Loan.  The  cumulative  unrecognized
interest  owed on the Master  Loan was  forgiven  by the  Partnership  for those
properties which were foreclosed on during the third quarter of 2002.

During the nine months  ended  September  30,  2002,  the  Partnership  advanced
approximately  $6,781,000  on the Master Loan to CCEP/2 to cover  reconstruction
costs of Glenbridge Manor Apartments. During the nine months ended September 30,
2002 and 2001,  the  Partnership  received  approximately  $88,000 and $366,000,
respectively,  as  principal  payments  on the Master Loan  consisting  of funds
received  by CCEP/2 from  certain  investments.  These funds are  required to be
transferred to the Partnership under the terms of the Master Loan.

Note C - Related Party Transactions

CCIP/2  has no  employees  and is  dependent  on the  General  Partner  and  its
affiliates for the management and administration of all partnership  activities.
Affiliates  of  the  General  Partner  provide  property  management  and  asset
management  services to the  Partnership.  CCIP/2 paid property  management fees
based upon collected gross rental revenues for property  management services for
the nine months  ended  September  30,  2002.  The  Partnership  Agreement  (the
"Agreement")  also  provides for  reimbursement  to the General  Partner and its
affiliates for costs incurred in connection with the  administration of CCIP/2's
activities.

During the nine months  ended  September  30,  2002,  affiliates  of the General
Partner  were  entitled to receive 5% of gross  receipts  from the  Registrant's
residential   properties  for  providing  property  management   services.   The
Registrant  paid to such  affiliates  approximately  $13,000 for the nine months
ended  September 30, 2002 which is included in operating  expense.  No fees were
paid in 2001.

An  affiliate  of the General  Partner  received  reimbursement  of  accountable
administrative expenses amounting to approximately $296,000 and $351,000 for the
nine months ended September 30, 2002 and 2001,  respectively,  which is included
in general and administrative expenses.

In accordance with the Partnership Agreement, the General Partner has loaned the
Partnership  approximately $6,644,000 during the nine months ended September 30,
2002 so that the Partnership  could make advances on a non-recourse  note with a
participation  interest  (see  "Note  B") to  assist  in the  reconstruction  of
Glenbridge  Manor   Apartments.   Of  this  $6,644,000,   the  Partnership  paid
approximately  $100,000  in  principal  payments  during the nine  months  ended
September  30,  2002.  Interest  is charged at the prime rate plus 2%.  Interest
expense was approximately $155,000 for the nine months ended September 30, 2002.

Note D - Investment in Affiliated Partnerships

The Partnership has investments in the following affiliated partnerships:

                                                                    Estimated
                                                      Ownership   Net Realizable
Partnership                    Type of Ownership      Percentage      Value

Consolidated Capital            Non-controlling
  Growth Fund                    General Partner        0.40%         $ 47
Consolidated Capital            Non-controlling
  Properties III                 General Partner        1.85%           27
Consolidated Capital            Non-controlling
  Properties IV                  General Partner        1.85%          825
                                                                     $ 899

These  investments were assumed during the foreclosure of investment  properties
from  CCEP/2  (see  "Note  B") and are  accounted  for on the  equity  method of
accounting.   Subsequent  to  the  foreclosure,   the  Partnership   received  a
distribution of approximately $19,000 from one of the affiliated partnerships.

Note E - Legal Proceedings

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

Pending the ruling on such  demurrers,  settlement  negotiations  commenced.  On
November 2, 1999,  the parties  executed and filed a Stipulation  of Settlement,
settling claims, subject to court approval, on behalf of the Partnership and all
limited partners who owned units as of November 3, 1999. Preliminary approval of
the  settlement  was obtained on November 3, 1999 from the Court,  at which time
the Court set a final  approval  hearing for  December  10,  1999.  Prior to the
December  10,  1999  hearing,  the  Court  received  various  objections  to the
settlement, including a challenge to the Court's preliminary approval based upon
the alleged lack of authority of prior lead counsel to enter the settlement.  On
December  14,  1999,  the General  Partner  and its  affiliates  terminated  the
proposed settlement.  In February 2000, counsel for some of the named plaintiffs
filed a motion to disqualify plaintiff's lead and liaison counsel who negotiated
the settlement.  On June 27, 2000, the Court entered an order disqualifying them
from the case and an appeal was taken  from the order on  October  5,  2000.  On
December 4, 2000, the Court  appointed the law firm of Lieff Cabraser  Heimann &
Bernstein  LLP as new  lead  counsel  for  plaintiffs  and the  putative  class.
Plaintiffs  filed a third  amended  complaint on January 19,  2001.  On March 2,
2001,  the  General  Partner  and its  affiliates  filed a demurrer to the third
amended  complaint.  On May 14, 2001,  the Court heard the demurrer to the third
amended  complaint.  On July 10,  2001,  the Court  issued  an order  sustaining
defendants'  demurrer on certain grounds.  On July 20, 2001,  Plaintiffs filed a
motion for  reconsideration  of the Court's July 10, 2001 order granting in part
and denying in part defendants' demurrer. On September 7, 2001, Plaintiffs filed
a fourth amended class and derivative action  complaint.  On September 12, 2001,
the Court denied Plaintiffs' motion for reconsideration. On October 5, 2001, the
General Partner and affiliated defendants filed a demurrer to the fourth amended
complaint,  which was heard on December 11, 2001. On February 2, 2002, the Court
served its order granting in part the demurrer.  The Court has dismissed without
leave  to amend  certain  of the  plaintiffs'  claims.  On  February  11,  2002,
plaintiffs  filed a motion seeking to certify a putative class  comprised of all
non-affiliated  persons  who own or have owned  units in the  partnerships.  The
General Partner and affiliated  defendants oppose the motion. On April 29, 2002,
the Court held a hearing on plaintiffs' motion for class  certification and took
the matter under submission after further briefing, as ordered by the court, was
submitted by the parties.  On July 10, 2002, the Court entered an order vacating
the  current  trial  date of  January  13,  2003 (as well as the  pre-trial  and
discovery cut-off dates) and stayed the case in its entirety through November 7,
2002 so that the  parties  can have an  opportunity  to discuss  settlement.  On
October  30,  2002,  the court  entered  an order  extending  the stay in effect
through January 10, 2003.

During the third  quarter of 2001, a complaint  (the "Heller  action") was filed
against  the same  defendants  that are named in the  Nuanes  action,  captioned
Heller v. Insignia Financial Group. On or about August 6, 2001, plaintiffs filed
a first amended  complaint.  The first amended complaint in the Heller action is
brought as a purported  derivative  action,  and asserts  claims for among other
things  breach  of  fiduciary  duty;  unfair  competition;   conversion,  unjust
enrichment;  and judicial  dissolution.  Plaintiffs in the Nuanes action filed a
motion to  consolidate  the Heller action with the Nuanes action and stated that
the Heller action was filed in order to preserve the derivative claims that were
dismissed  without  leave to amend in the Nuanes action by the Court order dated
July 10, 2001. On October 5, 2001, the General Partner and affiliated defendants
moved to strike the first  amended  complaint in its entirety for  violating the
Court's  July 10, 2001 order  granting  in part and denying in part  defendants'
demurrer in the Nuanes action, or  alternatively,  to strike certain portions of
the  complaint  based on the statute of  limitations.  Other  defendants  in the
action demurred to the fourth amended complaint,  and,  alternatively,  moved to
strike the  complaint.  On December  11, 2001,  the court heard  argument on the
motions and took the matters under  submission.  On February 4, 2002,  the Court
served  notice of its order  granting  defendants'  motion to strike  the Heller
complaint  as a violation  of its July 10, 2001 order in the Nuanes  action.  On
March 27, 2002, the plaintiffs  filed a notice  appealing the order striking the
complaint. The parties are currently in the midst of briefing that appeal.

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

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





                 CONSOLIDATED CAPITAL EQUITY PARTNERS/TWO, L.P.


                   UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

                            FOR THE NINE MONTHS ENDED

                           September 30, 2002 and 2001






                 CONSOLIDATED CAPITAL EQUITY PARTNERS/TWO, L.P.
            CONSOLIDATED STATEMENT OF NET LIABILITIES IN LIQUIDATION
                                   (Unaudited)
                                 (in thousands)

                               September 30, 2002



Assets
   Cash and cash equivalents                                              $ 513
   Receivables and deposits                                                 212
   Other assets                                                              73
   Investment property                                                   12,823
                                                                         13,621
Liabilities
Liabilities
   Accounts payable                                                       3,275
   Accrued property taxes                                                    34
   Tenant security deposit liabilities                                        6
   Other liabilities                                                         52
   Master loan and interest payable                                      10,254
                                                                         13,621

Net liabilities in liquidation                                             $ --

                See Accompanying Notes to Consolidated Financial Statements






                       CONSOLIDATED CAPITAL EQUITY PARTNERS/TWO, L.P.
            CONSOLIDATED STATEMENTS OF CHANGES IN NET LIABILITIES IN LIQUIDATION
                                   (Unaudited)
                                 (in thousands)

                       Six Months Ended September 30, 2002




Net liabilities in liquidation at March 31, 2002                          $ --

Changes in net liabilities in liquidation attributed to:
  Decrease in cash and cash equivalents                                    (213)
  Increase in receivables and deposits                                        8
  Decrease in restricted escrows                                           (105)
  Decrease in other assets                                                  (62)
  Decrease in investments in affiliated partnerships                     (1,371)
  Decrease in investment properties                                     (18,657)
  Increase in accounts payable                                           (1,905)
  Decrease in accrued property taxes                                        379
  Decrease in tenant security deposits                                      101
  Decrease in other liabilities                                             238
  Decrease in mortgage notes payable                                     15,998
  Decrease in Master Loan and interest payable                            5,589

Net liabilities in liquidation at September 30, 2002                      $ --

                See Accompanying Notes to Consolidated Financial Statements




                       CONSOLIDATED CAPITAL EQUITY PARTNERS/TWO, L.P.
                           CONSOLIDATED BALANCE SHEET
                                   (Unaudited)
                                 (in thousands)



                                                                        December 31,
                                                                            2001
                                                                           (Note)
Assets
                                                                       
   Cash and cash equivalents                                              $ 1,307
   Receivables and deposits                                                    210
   Restricted escrows                                                          104
   Other assets                                                                416
   Investment properties:
      Land                                                                   2,731
      Buildings and related personal property                               20,617
                                                                            23,348
      Less accumulated depreciation                                        (13,615)
                                                                             9,733
                                                                          $ 11,770
Liabilities and Partners' Deficit
Liabilities
   Accounts payable                                                        $ 328
   Accrued property taxes                                                      535
   Tenant security deposit liabilities                                         109
   Other liabilities                                                           194
   Mortgage notes                                                           16,094
   Master loan and interest payable                                        289,142
                                                                           306,402
Partners' Deficit
   General partner                                                           (2,932)
   Limited partners                                                       (291,700)
                                                                          (294,632)
                                                                          $ 11,770


Note: The balance sheet at December 31, 2001,  has been derived from the audited
      consolidated  financial  statements at that date, but does not include all
      the information and footnotes required by accounting  principles generally
      accepted in the United States for complete financial statements.

                See Accompanying Notes to Consolidated Financial Statements





                       CONSOLIDATED CAPITAL EQUITY PARTNERS/TWO, L.P.
                      CONSOLIDATED STATEMENTS OF OPERATIONS
                                   (Unaudited)
                                 (in thousands)




                                                    Three Months Ended      Nine Months Ended
                                                 March 31,   September 30,    September 30,
                                                    2002          2001             2001
Revenues:
                                                                        
   Rental income                                  $ 1,124       $ 1,162          $ 3,419
   Other income                                       132           539               856
      Total revenues                                1,256         1,701             4,275

Expenses:
   Operating                                          428           444             1,356
   General and administrative                          76           108               219
   Depreciation                                       301           291               881
   Interest                                         7,652         6,970            20,954
   Property taxes                                     112           103               327
      Total expenses                                8,569         7,916            23,737

Net loss                                          $(7,313)      $(6,215)         $(19,462)

Net loss allocated to general partner (1%)         $ (73)        $ (62)           $ (195)

Net loss allocated to limited partners (99%)       (7,240)       (6,153)          (19,267)

                                                  $(7,313)      $(6,215)         $(19,462)

                See Accompanying Notes to Consolidated Financial Statements




                 CONSOLIDATED CAPITAL EQUITY PARTNERS/TWO, L.P.
   CONSOLIDATED STATEMENTS OF PARTNERS' DEFICIT/NET LIABILITIES IN LIQUIDATION
                                   (Unaudited)
                                 (in thousands)




                                        General           Limited
                                        Partner          Partners           Total

Partners' deficit at
                                                           
   December 31, 2000                    $(2,670)         $(265,744)       $(268,414)

Net loss for the nine months
   ended September 30, 2001                (195)           (19,267)         (19,462)

Partners' deficit at
   September 30, 2001                   $(2,865)         $(285,011)       $(287,876)

Partners' deficit at
   December 31, 2001                    $(2,932)         $(291,700)       $(294,632)

Net loss for the three months
   ended March 31, 2002                     (73)            (7,240)          (7,313)

Partners' deficit at
   March 31, 2002                       $(3,005)         $(298,940)        (301,945)

Adjustment to liquidation basis
   (Note C)                                                                 301,945

Net liabilities in liquidation
   at March 31, 2002                                                        $ --

                See Accompanying Notes to Consolidated Financial Statements




                       CONSOLIDATED CAPITAL EQUITY PARTNERS/TWO, L.P.
                      CONSOLIDATED STATEMENT OF CASH FLOWS
                                   (Unaudited)
                                 (in thousands)



                                                            Three Months      Nine Months
                                                               Ended             Ended
                                                           March 31, 2002  September 30, 2001
Cash flows from operating activities:
                                                                          
  Net loss                                                    $ (7,313)         $(19,462)
  Adjustments to reconcile net loss to net cash
   provided by operating activities:
     Depreciation                                                  301               881
     Amortization of loan costs                                      5                24
     Change in accounts:
      Receivables and deposits                                       6                70
      Other assets                                                (179)              (29)
      Accounts payable                                             487                15
      Accrued property taxes                                      (122)             (133)
      Tenant security deposit liabilities                           (2)               (1)
      Other liabilities                                             96               (42)
      Interest on Master Loan                                    7,339            19,096
        Net cash provided by operating activities                  618               419

Cash flows from investing activities:
  Insurance proceeds received                                       --               172
  Net (deposits to) withdrawals from restricted escrows             (1)              303
  Property improvements and replacements                        (1,933)           (1,235)
        Net cash used in investing activities                   (1,934)             (760)

Cash flows from financing activities:
  Loan costs paid                                                   --               (29)
  Advances on Master Loan                                          831                --
  Principal payments on mortgage notes payable                     (96)             (264)
  Principal payments on Master Loan                                 --              (336)
        Net cash provided by (used in) financing
          activities                                               735              (629)

Net decrease in cash and cash equivalents                         (581)             (970)

Cash and cash equivalents at beginning of period                 1,307             2,972
Cash and cash equivalents at end of period                     $ 726            $ 2,002

Supplemental disclosure of cash flow information:
  Cash paid for interest                                       $ 306            $ 1,817

Supplemental disclosure of non-cash activity:
  Property improvements and replacements in accounts
   payable                                                     $ 985              $ --

At March  31,  2002  and  December  31,  2001,  accounts  payable  and  property
improvements and replacements were adjusted by approximately $430,000.

                See Accompanying Notes to Consolidated Financial Statements




                       CONSOLIDATED CAPITAL EQUITY PARTNERS/TWO, L.P.
                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                                   (Unaudited)


Note A - Basis of Presentation

On March 31, 2002,  Consolidated  Capital Equity  Partners/Two,  L.P. ("CCEP/2")
adopted  the  liquidation  basis of  accounting  as a result of the  Partnership
receiving  notification from  Consolidated  Capital  Institutional  Properties/2
("CCIP/2"),  the holder of the  nonrecourse  note ("Master  Loan") and a related
party,  of its intention to exercise its remedy under the Master Loan  Agreement
and to execute deeds in lieu of foreclosure on the investment properties held by
the Partnership.  The Master Loan matured in November 2000. The Partnership does
not have the means with which to satisfy its  obligation  under the Master Loan.
No  other  sources  of  additional   financing  have  been   identified  by  the
Partnership,  nor does Concap  Holdings,  Inc. (the "General  Partner") have any
other  plans to remedy the  liquidity  problems  the  Partnership  is  currently
experiencing.  Upon  completion  of  the  execution  of the  deeds  in  lieu  of
foreclosure,  the Partnership will cease to exist as a going concern and will be
dissolved.  The General Partner is ultimately owned by Apartment  Investment and
Management Company ("AIMCO"), a publicly traded real estate investment trust.

As a result of the  decision  to  liquidate  the  Partnership,  the  Partnership
changed its basis of accounting  for its  consolidated  financial  statements at
March 31, 2002, to the  liquidation  basis of accounting.  Consequently,  assets
have been valued at estimated net realizable value and liabilities are presented
at their estimated settlement amounts, including estimated costs associated with
completing  the   liquidation   and  estimated   operations  of  the  investment
properties.  The valuation of assets and liabilities  necessarily  requires many
estimates and assumptions and there are  substantial  uncertainties  in carrying
out the  liquidation.  The  actual  realization  of  assets  and  settlement  of
liabilities  could be higher or lower than amounts  indicated  and is based upon
estimates of the General  Partner as of the date of the  consolidated  financial
statements.

Note B - Master Loan and Accrued Interest Payable

The General  Partner had been in  negotiations  with CCIP/2 with  respect to its
options  which  include  CCIP/2  foreclosing  on the  properties in CCEP/2 which
collateralize  the Master Loan or extending the terms of the Master Loan. CCIP/2
decided to foreclose on the properties that collaterize the Master Loan.  During
the nine months ended  September 30, 2002, the  Partnership  Agreement of CCIP/2
was amended to allow CCIP/2 to directly or indirectly own investment properties.
CCIP/2 executed deeds in lieu of foreclosure during the third quarter of 2002 on
the three active properties of the Partnership.  The deed in lieu of foreclosure
on the fourth property, which is currently being rebuilt (see "Note C"), will be
executed at a later date. As the deeds were  executed,  title in the  properties
previously  owned by the  Partnership  were  vested in  CCIP/2,  subject  to the
existing  liens on the  properties  including  the first  mortgage  loans.  As a
result,  during  the nine  months  ended  September  30,  2002,  CCIP/2  assumed
responsibility  for the operations of such  properties.  When the Partnership no
longer has title to the remaining property, the Partnership will be dissolved.

Subsequent to the  foreclosure,  the Master Loan principal and accrued  interest
payable  balances at  September  30, 2002 was  approximately  $10,254,000.  As a
result of the  foreclosure,  the  additional  amounts owed under the Master Loan
were forgiven on the properties that were foreclosed upon. At December 31, 2001,
the Master Loan principal and accrued interest payable balance was approximately
$289,142,000.

Interest  accrues at 10% per annum and payments  are due  quarterly in an amount
equal to Excess Cash Flow, generally defined in the Master Loan Agreement as net
cash flow from  operations  after  capital  improvements  and  third-party  debt
service.  If such Excess Cash Flow  payments  are less than the current  accrued
interest during the quarterly period, the unpaid interest is added to principal,
compounded annually,  and is payable at the loan's maturity. If such Excess Cash
Flow payments are greater than the currently payable interest, the excess amount
is applied to the principal  balance of the loan. Any net proceeds from the sale
or refinancing of any of CCEP/2's  properties are paid to CCIP/2 under the terms
of the Master Loan Agreement.

Effective  January 1, 1993,  CCEP/2 and CCIP/2 amended the Master Loan Agreement
to   stipulate   that  Excess  Cash  Flow  would  be  computed  net  of  capital
improvements. Such expenditures were formerly funded from advances on the Master
Loan from  CCIP/2 to CCEP/2.  This  amendment  and change in the  definition  of
Excess Cash Flow will have the effect of reducing Master Loan payments to CCIP/2
by  the  amount  of  CCEP/2's  capital  expenditures  since  such  amounts  were
previously  excluded from Excess Cash Flow. The amendment will have no effect on
the computation of interest expense on the Master Loan.

During the nine months ended September 30, 2002,  CCIP/2 advanced  approximately
$6,781,000 on the Master Loan to the Partnership to cover  reconstruction  costs
of Glenbridge Manor Apartments.

Note C - Casualty Event

In April 1999, one of the Partnership's residential properties, Glenbridge Manor
Apartments,  was  completely  destroyed by a tornado.  It is estimated  that the
property  sustained  approximately  $16,000,000 in damages.  As of September 30,
2002, $11,302,000 in insurance proceeds have been received.  These proceeds were
used to repay the first  mortgage  and to pay down the Master  Loan.  All of the
property's fixed assets and related accumulated depreciation were written off as
a result of this  casualty.  The General  Partner  began  reconstruction  of the
property  during the third  quarter of 2001 and the  project is  expected  to be
completed  in the  first  quarter  of 2003.  The  ultimate  remaining  insurance
proceeds to be received is currently being disputed by the insurance carrier and
the Partnership.  The Partnership is seeking an additional $3,500,000,  however,
there can be no assurance  that any  additional  amounts  will be received.  The
Partnership's General Partner is working with the insurance companies to resolve
this matter.

Note D - Adjustment to Liquidation Basis of Accounting

At March 31, 2002,  in  accordance  with the  liquidation  basis of  accounting,
assets were adjusted to their  estimated net  realizable  value and  liabilities
were adjusted to their estimated  settlement amount. The net adjustment required
to  convert  to the  liquidation  basis  of  accounting  was a  decrease  in net
liabilities of approximately  $301,945,000 which is included in the Statement of
Changes in Partners' Deficit/Net Liabilities In Liquidation. The adjustments are
summarized as follows:

                                                                  Increase in
                                                                   Net Assets
                                                                 (in thousands)
 Adjustment of book value of property and
   improvements to estimated net realizable value                   $ 19,560
 Adjustment for estimated net realizable value of
   investment in affiliated partnerships                               1,371
 Adjustment of master loan and accrued interest to
   estimated settlement amount                                       281,469
 Adjustment of other assets and liabilities, net                        (455)
 Decrease in net liabilities                                        $301,945

Note E - Related Party Transactions

CCEP/2  has no  employees  and is  dependent  on the  General  Partner  and  its
affiliates for the management and administration of all partnership  activities.
Affiliates  of  the  General  Partner  provide  property  management  and  asset
management  services to the  Partnership.  CCEP/2 paid property  management fees
based upon collected gross rental revenues for property  management services for
the nine months ended  September 30, 2002 and 2001.  The  Partnership  Agreement
(the "Agreement") also provides for reimbursement to the General Partner and its
affiliates for costs incurred in connection with the  administration of CCEP/2's
activities.

Also, CCEP/2 is subject to an Investment  Advisory  Agreement between CCEP/2 and
an affiliate of the General Partner.  This agreement provides for an annual fee,
payable in monthly  installments,  to an  affiliate  of the General  Partner for
advising and consulting services for CCEP/2's properties.

During the nine months  ended  September  30, 2002 and 2001,  affiliates  of the
General  Partner  were  entitled  to  receive  5% of  gross  receipts  from  the
Registrant's  residential properties for providing property management services.
The Registrant paid to such affiliates  approximately  $171,000 and $187,000 for
the nine months ended September 30, 2002 and 2001, respectively.

An affiliate of the General Partner received  investment advisory fees amounting
to  approximately  $27,000 and $51,000 for the nine months ended  September  30,
2002 and 2001, respectively.

An  affiliate  of the General  Partner  received  reimbursement  of  accountable
administrative expenses amounting to approximately $146,000 and $401,000 for the
nine months ended September 30, 2002 and 2001,  respectively.  Included in these
amounts are fees  related to  construction  management  services  provided by an
affiliate of the General Partner of  approximately  $25,000 and $276,000 for the
nine months ended September 30, 2002 and 2001,  respectively.  The  construction
management  service fees are  calculated  based on a percentage  of current year
additions to the investment properties.

Beginning in 2001, the  Partnership  began insuring its properties up to certain
limits through coverage provided by AIMCO which is generally  self-insured for a
portion of losses and  liabilities  related  to workers  compensation,  property
casualty and vehicle liability. The Partnership insures its properties above the
AIMCO  limits  through  insurance  policies  obtained  by  AIMCO  from  insurers
unaffiliated  with the General  Partner.  During the nine months ended September
30,  2002 and 2001,  the  Partnership  was  charged by AIMCO and its  affiliates
approximately  $98,000 and $106,000,  respectively,  for insurance  coverage and
fees associated with policy claims administration.

In addition to the compensation  and  reimbursements  described above,  interest
payments are made to and loan advances are received from CCIP/2  pursuant to the
Master Loan Agreement. Such interest payments totaled approximately $904,000 for
the nine months  ended  September  30,  2001.  CCEP/2 made no interest  payments
during the nine months ended September 30, 2002.  These payments were based upon
the  results  of  operations  for  the  Partnership's  properties.  CCEP/2  made
principal  payments on the Master Loan of $88,000 and  $336,000  during the nine
months  ended  September  30,  2002 and 2001,  respectively.  These  funds  were
received from distributions from three affiliated partnerships.

Note F - Investment in Affiliated Partnerships

The Partnership has investments in the following affiliated partnerships:

                                                                    Estimated
                                                      Ownership   Net Realizable
Partnership                    Type of Ownership      Percentage      Value

Consolidated Capital            Non-controlling
  Growth Fund                    General Partner        0.40%         $ 47
Consolidated Capital            Non-controlling
  Properties III                 General Partner        1.85%           27
Consolidated Capital            Non-controlling
  Properties IV                  General Partner        1.85%        1,297
                                                                    $1,371

Prior to the adoption of the  liquidation  basis of accounting,  the Partnership
did  not  recognize  an  investment  in  these  affiliated  partnerships  in its
consolidated  financial statements as these investment balances had been reduced
to  zero as a  result  of the  receipt  of  distributions  from  the  affiliated
partnerships  in  prior  periods   exceeding  the  investment   balance  of  the
Partnership.   However,  due  to  the  adoption  of  the  liquidation  basis  of
accounting, the investments in these affiliated partnerships have been valued at
their  estimated  fair value and included in the  Consolidated  Statement of Net
Liabilities  in  Liquidation  as of September 30, 2002.  During the three months
ended  September 30, 2002 these  investments  were assigned to CCIP/2 as part of
the foreclosure process of the assets of CCEP/2.








ITEM 2. MANAGEMENT'S  DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS
        OF OPERATIONS

The Private  Securities  Litigation  Reform Act of 1995 provides a "safe harbor"
for forward-looking  statements in certain circumstances.  The matters discussed
in this report contain certain forward-looking  statements,  including,  without
limitation,  statements regarding future financial performance and the effect of
government regulations. The discussions of the Registrant's business and results
of operations,  including forward-looking statements pertaining to such matters,
do not take into account the effects of any changes to the Registrant's business
and  results of  operations.  Actual  results may differ  materially  from those
described in the forward-looking statements and will be affected by a variety of
risks and factors  including,  without  limitation:  national and local economic
conditions; the terms of governmental regulations that affect the Registrant and
interpretations of those regulations;  the competitive  environment in which the
Registrant  operates;  financing risks,  including the risk that cash flows from
operations  may be  insufficient  to meet  required  payments of  principal  and
interest;  real estate risks, including variations of real estate values and the
general  economic  climate in local markets and  competition for tenants in such
markets; and possible environmental liabilities. Readers should carefully review
the Registrant's financial statements and the notes thereto, as well as the risk
factors  described in the documents the Registrant  files from time to time with
the Securities and Exchange Commission.

The Partnership's  investment  properties consist of three apartment  complexes.
The following  table sets forth the average  occupancy of the properties for the
nine months ended September 30, 2002 and 2001:

                                                    Average Occupancy
      Property                                      2002         2001 (1)

      Canyon Crest Apartments                       91%          97%
         Littleton, Colorado
      Windemere Apartments                          88%          90%
         Houston, Texas
      Highcrest Townhomes                           95%          97%
         Wood Ridge, Illinois

(1)   The Partnership  foreclosed on the investment  properties during the third
      quarter of 2002.

Results of Operations

The  Partnership's  net income for the nine months ended  September 30, 2002 and
2001  was   approximately   $3,021,000   and   $1,456,000,   respectively.   The
Partnership's  net  loss for the  three  months  ended  September  30,  2002 was
approximately  $456,000 compared to net income of approximately $870,000 for the
corresponding period in 2001. Net income for the nine month period increased due
to an  increase  in  total  revenues  offset  by the  recognition  of a loss  on
foreclosure and an increase in total expenses. The increase in total revenues is
due to an increase in the  reduction of  provision  for  impairment  loss on the
investment  in the  Master  Loan  and  the  rental  revenue  of  the  foreclosed
properties  partially  offset by a decrease in interest income on the investment
in the Master Loan.  Interest  income on  investments in the Master Loan was not
recognized  during 2002 due to no operating  cash payments  being  received from
CCEP/2. Total expenses increased due to operations of the foreclosed  properties
offset by a decrease in general and administrative expenses.

Net income for the three  month  period  decreased  due to an  increase in total
expenses and by the  recognition of a loss on  foreclosure  and by a decrease in
total revenue.  Total expenses increased due to the operations of the foreclosed
properties.  Total  revenue  decreased  due to a decrease  in the  reduction  of
provision for  impairment  loss on the  investment in the Master Loan  partially
offset by the rental revenue of the foreclosed properties.

General  and  administrative  expenses  decreased  for  the  nine  months  ended
September  30, 2002 due to a decrease  in the costs of services  included in the
management   reimbursements   to  the  General  Partner  as  allowed  under  the
Partnership Agreement.  Also included in the general and administrative expenses
for the three and nine  months  ended  September  30,  2002 and 2001,  are costs
associated  with the  quarterly  and annual  communications  with  investors and
regulatory agencies and the annual audit required by the Partnership Agreement.

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

Liquidity and Capital Resources

At  September  30,  2002,  the  Partnership  had cash and  cash  equivalents  of
approximately  $121,000 as compared to  approximately  $532,000 at September 30,
2001. The decrease in cash and cash  equivalents of  approximately  $260,000 for
the nine months ended September 30, 2002, from the  Partnership's  calendar year
end is due to approximately $6,683,000 and $89,000 of cash used in investing and
operating activities,  respectively, which was partially offset by approximately
$6,512,000  of cash  provided by  financing  activities.  Cash used in investing
activities  consisted of advances on the Master Loan and  property  improvements
and  replacements  slightly offset by principal  receipts on the Master Loan and
distributions from the investments in the affiliated partnerships. Cash provided
by  financing  activities  consisted  of loans from an  affiliate of the General
Partner  partially  offset by payments on the loan from affiliates and principal
payments on the mortgages encumbering the investment properties. The Partnership
invests its working capital reserves in interest bearing accounts.

The sufficiency of existing  liquid assets to meet future  liquidity and capital
expenditure  requirements  is  directly  related  to the  level of  expenditures
required to meet the ongoing  operating  needs of the  Partnership and to comply
with Federal, state and local legal and regulatory requirements. Such assets are
currently  thought to be sufficient for any near-term needs of the  Partnership.
See "CCEP/2  Property  Operations"  below for discussion on CCEP/2's  ability to
provide  future  cash flow as Master  Loan debt  service.  The  General  Partner
monitors  developments  in the area of legal and  regulatory  compliance  and is
studying  new  federal  laws,  including  the  Sarbanes-Oxley  Act of 2002.  The
Sarbanes-Oxley Act of 2002 mandates or suggests  additional  compliance measures
with regard to governance,  disclosure, audit and other areas. In light of these
changes,  the Partnership  expects that it will incur higher expenses related to
compliance,  including  increased  legal and audit  fees.  Capital  improvements
planned for the Partnership's properties are detailed below.

Canyon  Crest  Apartments:  Approximately  $14,000  is  budgeted  for the fourth
quarter of 2002 for capital improvements at Canyon Crest Apartments,  consisting
primarily of floor covering replacements,  appliance replacements,  and plumbing
improvements.   The  Partnership  completed   approximately  $3,000  in  capital
expenditures  at Canyon Crest  Apartments as of September  30, 2002,  consisting
primarily of miscellaneous  fixed assets.  These  improvements  were funded from
operating cash flow.  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.

Windemere  Apartments:  Approximately $44,000 is budgeted for the fourth quarter
of 2002 for capital improvements at Windemere  Apartments,  consisting primarily
of floor covering,  appliance and air conditioning replacements,  and structural
improvements.   The  Partnership  completed   approximately  $6,000  in  capital
expenditures  at Windemere  Apartments as of September  30, 2002,  consisting of
appliance replacements. These improvements were funded from operating cash flow.
Additional  improvements  may be  considered  and will  depend  on the  physical
condition  of the  property as well as  anticipated  cash flow  generated by the
property.

Highcrest Townhomes: Approximately $26,000 is budgeted for the fourth quarter of
2002 for capital  improvements at Highcrest  Townhomes,  consisting primarily of
floor  covering,  appliance,  and roof  replacements.  The  Partnership  did not
complete any improvements as of September 30, 2002. 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.

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 mortgage
indebtedness  of  approximately  $16,603,000 is being  amortized over 240 months
with balloon payments due in 2010 and 2011.

During the nine  months  ended  September  30,  2002 and 2001,  the  Partnership
received approximately $88,000 and $336,000, respectively, as principal payments
on the  Master  Loan  consisting  of  funds  received  by  CCEP/2  from  certain
investments. These funds are required to be transferred to the Partnership under
the terms of the Master Loan.

The Partnership  distributed the following  amounts during the nine months ended
September 30, 2002 and 2001 (in thousands, except per unit data):



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

                                                             
Refinancing (1)            $ --             $ --           $1,299           $ 1.43
Surplus cash (2)              --               --           1,129             1.24
                           $ --             $ --           $2,428           $ 2.67


(1) Proceeds from refinancing of CCEP/2 properties.

(2) Receipt of interest income on Master Loan.

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

CCEP/2 Property Operations

CCIP/2 has  foreclosed  on three of the four  properties  that  collaterize  the
Master Loan (see "Note B"). During the nine months ended September 30, 2002, the
Partnership  Agreement  of CCIP/2 was  amended to allow  CCIP/2 to  directly  or
indirectly  own  investment  properties.   CCIP/2  executed  deeds  in  lieu  of
foreclosure  during the third quarter of 2002 on the three active  properties of
CCEP/2.  The  deed in lieu of  foreclosure  on the  fourth  property,  which  is
currently  being  rebuilt,  will be executed at a later date.  As the deeds were
executed,  title in the properties  previously  owned by CCEP/2 became vested in
CCIP/2,  subject to the existing  liens on the  properties  including  the first
mortgage loans.  When CCEP/2 no longer has title to the remaining  property,  it
will be dissolved.

As a result of the decision to liquidate, CCEP/2 changed its basis of accounting
for its  financial  statements at March 31, 2002,  to the  liquidation  basis of
accounting.  Consequently,  assets have been valued at estimated net  realizable
value and liabilities are presented at their estimated  settlement amounts.  The
valuation of assets and  liabilities  necessarily  requires  many  estimates and
assumptions  and  there  are  substantial  uncertainties  in  carrying  out  the
liquidation.  The actual  realization  of assets and  settlement of  liabilities
could be higher or lower than amounts  indicated and is based upon  estimates of
the  General  Partner  of  CCEP/2 as of the date of the  consolidated  financial
statements.

During the six month period from March 31, 2002 to September  30, 2002,  the net
change in liabilities remained constant, but was affected by an increase in cash
and cash equivalents,  investment properties,  and the Master Loan and interest.
The decrease in cash and cash equivalents is primarily due to the  foreclosures,
offset by operating cash generated by the  Partnership's  investment  properties
and  advances on the Master Loan from  CCIP/2.  The  decrease in the  investment
properties  is due to the  foreclosures  offset by fixed  asset  additions.  The
decrease  in the  Master  Loan is due to the  foreclosures,  offset by  advances
received on the Master Loan.

Other

In addition to its  indirect  ownership of the general  partner  interest in the
Partnership, AIMCO and its affiliates owned 450,006.60 limited partnership units
in the Partnership representing 49.50% of the outstanding units at September 30,
2002. A number of these units were  acquired  pursuant to tender  offers made by
AIMCO or its  affiliates.  It is  possible  that  AIMCO or its  affiliates  will
acquire additional units of limited  partnership  interest in the Partnership in
exchange  for  cash  or a  combination  of  cash  and  units  in  the  operating
partnership of AIMCO either through  private  purchases or tender offers.  Under
the  Partnership  Agreement,  unitholders  holding a  majority  of the Units are
entitled  to take  action  with  respect to a variety of  matters,  which  would
include voting on certain amendments to the Partnership  Agreement and voting to
remove  the  General  Partner.  As a result  of its  ownership  of 49.50% of the
outstanding units, AIMCO is in a position to influence all such voting decisions
with  respect to the  Registrant.  Although the General  Partner owes  fiduciary
duties to the limited partners of the Partnership, the General Partner also owes
fiduciary duties to AIMCO as its sole  stockholder.  As a result,  the duties of
the General  Partner,  as general  partner,  to the  Partnership and its limited
partners may come into conflict with the duties of the General Partner to AIMCO,
as its sole stockholder.

Critical Accounting Policies and Estimates

The financial  statements are prepared in accordance with accounting  principles
generally  accepted in the United States which require the  Partnership  to make
estimates and  assumptions.  The  Partnership  believes that of its  significant
accounting  policies,  the following may involve a higher degree of judgment and
complexity.

Impairment of Long-Lived Assets

Investment  properties  foreclosed  upon  during  the third  quarter of 2002 are
recorded at fair market value, less accumulated depreciation,  unless considered
impaired.  If events or  circumstances  indicate  that the carrying  amount of a
property  may be  impaired,  the  Partnership  will  make an  assessment  of its
recoverability  by  estimating  the  undiscounted  future cash flows,  excluding
interest charges, of the property.  If the carrying amount exceeds the aggregate
future cash flows,  the  Partnership  would  recognize an impairment loss to the
extent the carrying amount exceeds the fair value of the property.

Real  property  investments  are  subject  to varying  degrees of risk.  Several
factors  may  adversely  affect  the  economic  performance  and  value  of  the
Partnership's  investment  properties.  These  factors  include  changes  in the
national,  regional and local economic  climate;  local  conditions,  such as an
oversupply  of  multifamily   properties;   competition   from  other  available
multifamily  property  owners and changes in market  rental  rates.  Any adverse
changes in these factors could cause an impairment in the Partnership's assets.

Revenue Recognition

The Partnership generally leases apartment units for twelve-month terms or less.
Rental income  attributable to leases is recognized monthly as it is earned. The
Partnership will offer rental concessions during  particularly slow months or in
response  to  heavy  competition  from  other  similar  complexes  in the  area.
Concessions are charged to income as incurred.

Investment in Master Loan to Affiliates and Interest Income Recognition

The  investment  in the Master Loan is evaluated for  impairment  based upon the
fair value of the  collateral  properties as the collateral is the sole basis of
repayment of the loan.  The fair value of the remaining  collateral  property is
based on the cost of reconstruction  which management believes  approximates the
fair value.  If the fair value of a collateral  property  increases or decreases
for other than  temporary  conditions,  than the allowance on the Master Loan is
adjusted appropriately.

The investment in the Master Loan is considered to be impaired  under  Statement
of  Financial   Accounting  Standard  No.  114,  "Accounting  by  Creditors  for
Impairment of a Loan". Due to this impairment,  interest income is recognized on
the cash basis of accounting.

Item 3.     QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK FACTORS

The  Partnership is exposed to market risks  associated  with its Master Loan to
Affiliate  ("Loan").  Receipts  (interest income) on the Loan are based upon the
operations  and  cash  flow  of  the  underlying   investment   properties  that
collateralize the Loan. Both the income and expenses of operating the investment
properties are subject to factors outside the Partnership's  control, such as an
oversupply  of similar  properties  resulting  from  overbuilding,  increases in
unemployment or population  shifts,  reduced  availability of permanent mortgage
financing, changes in zoning laws, or changes in the patterns or needs of users.
The  investment  properties  are also  susceptible to the impact of economic and
other  conditions  outside of the  control of the  Partnership  as well as being
affected  by current  trends in the market area in which they  operate.  In this
regard, the General Partner of the Partnership  closely monitors the performance
of the properties collateralizing the Loan.

Based upon the fact that the Loan is  considered  impaired  under  Statement  of
Financial  Accounting  Standards No. 114, "Accounting by Creditor for Impairment
of a Loan",  interest rate fluctuations do not affect the recognition of income,
as income is only recognized to the extent of cash flow. Therefore,  market risk
factors do not affect the  Partnership's  results of operations as it relates to
the Loan.

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 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 September  30,  2002, a 100 basis point  increase or
decrease in market interest rates would impact the  Partnership's  net income by
approximately $160,000.

ITEM 4.     CONTROLS AND PROCEDURES

The principal  executive officer and principal  financial officer of the General
Partner, who are the equivalent of the Partnership's principal executive officer
and  principal  financial  officer,  respectively,  have,  within 90 days of the
filing  date  of this  quarterly  report,  evaluated  the  effectiveness  of the
Partnership's  disclosure  controls and  procedures  (as defined in Exchange Act
Rules  (13a-14(c)  and  (15d-14(c))  and have  determined  that such  disclosure
controls and procedures are adequate.  There have been no significant changes in
the Partnership's internal controls or in other factors that could significantly
affect the  Partnership's  internal  controls since the date of evaluation.  The
Partnership does not believe any significant deficiencies or material weaknesses
exist in the Partnership's internal controls. Accordingly, no corrective actions
have been taken.






                           PART II - OTHER INFORMATION


ITEM 1.     LEGAL PROCEEDINGS

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

Pending the ruling on such  demurrers,  settlement  negotiations  commenced.  On
November 2, 1999,  the parties  executed and filed a Stipulation  of Settlement,
settling claims, subject to court approval, on behalf of the Partnership and all
limited partners who owned units as of November 3, 1999. Preliminary approval of
the  settlement  was obtained on November 3, 1999 from the Court,  at which time
the Court set a final  approval  hearing for  December  10,  1999.  Prior to the
December  10,  1999  hearing,  the  Court  received  various  objections  to the
settlement, including a challenge to the Court's preliminary approval based upon
the alleged lack of authority of prior lead counsel to enter the settlement.  On
December  14,  1999,  the General  Partner  and its  affiliates  terminated  the
proposed settlement.  In February 2000, counsel for some of the named plaintiffs
filed a motion to disqualify plaintiff's lead and liaison counsel who negotiated
the settlement.  On June 27, 2000, the Court entered an order disqualifying them
from the case and an appeal was taken  from the order on  October  5,  2000.  On
December 4, 2000, the Court  appointed the law firm of Lieff Cabraser  Heimann &
Bernstein  LLP as new  lead  counsel  for  plaintiffs  and the  putative  class.
Plaintiffs  filed a third  amended  complaint on January 19,  2001.  On March 2,
2001,  the  General  Partner  and its  affiliates  filed a demurrer to the third
amended  complaint.  On May 14, 2001,  the Court heard the demurrer to the third
amended  complaint.  On July 10,  2001,  the Court  issued  an order  sustaining
defendants'  demurrer on certain grounds.  On July 20, 2001,  Plaintiffs filed a
motion for  reconsideration  of the Court's July 10, 2001 order granting in part
and denying in part defendants' demurrer. On September 7, 2001, Plaintiffs filed
a fourth amended class and derivative action  complaint.  On September 12, 2001,
the Court denied Plaintiffs' motion for reconsideration. On October 5, 2001, the
General Partner and affiliated defendants filed a demurrer to the fourth amended
complaint,  which was heard on December 11, 2001. On February 2, 2002, the Court
served its order granting in part the demurrer.  The Court has dismissed without
leave  to amend  certain  of the  plaintiffs'  claims.  On  February  11,  2002,
plaintiffs  filed a motion seeking to certify a putative class  comprised of all
non-affiliated  persons  who own or have owned  units in the  partnerships.  The
General Partner and affiliated  defendants oppose the motion. On April 29, 2002,
the Court held a hearing on plaintiffs' motion for class  certification and took
the matter under submission after further briefing, as ordered by the court, was
submitted by the parties.  On July 10, 2002, the Court entered an order vacating
the  current  trial  date of  January  13,  2003 (as well as the  pre-trial  and
discovery cut-off dates) and stayed the case in its entirety through November 7,
2002 so that the  parties  can have an  opportunity  to discuss  settlement.  On
October  30,  2002,  the court  entered  an order  extending  the stay in effect
through January 10, 2003.

During the third  quarter of 2001, a complaint  (the "Heller  action") was filed
against  the same  defendants  that are named in the  Nuanes  action,  captioned
Heller v. Insignia Financial Group. On or about August 6, 2001, plaintiffs filed
a first amended  complaint.  The first amended complaint in the Heller action is
brought as a purported  derivative  action,  and asserts  claims for among other
things  breach  of  fiduciary  duty;  unfair  competition;   conversion,  unjust
enrichment;  and judicial  dissolution.  Plaintiffs in the Nuanes action filed a
motion to  consolidate  the Heller action with the Nuanes action and stated that
the Heller action was filed in order to preserve the derivative claims that were
dismissed  without  leave to amend in the Nuanes action by the Court order dated
July 10, 2001. On October 5, 2001, the General Partner and affiliated defendants
moved to strike the first  amended  complaint in its entirety for  violating the
Court's  July 10, 2001 order  granting  in part and denying in part  defendants'
demurrer in the Nuanes action, or  alternatively,  to strike certain portions of
the  complaint  based on the statute of  limitations.  Other  defendants  in the
action demurred to the fourth amended complaint,  and,  alternatively,  moved to
strike the  complaint.  On December  11, 2001,  the court heard  argument on the
motions and took the matters under  submission.  On February 4, 2002,  the Court
served  notice of its order  granting  defendants'  motion to strike  the Heller
complaint  as a violation  of its July 10, 2001 order in the Nuanes  action.  On
March 27, 2002, the plaintiffs  filed a notice  appealing the order striking the
complaint. The parties are currently in the midst of briefing that appeal.

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






ITEM 6.     EXHIBITS AND REPORTS ON FORM 8-K

            a) Exhibits:

                  Exhibit   3(a),    Certificates    of   Limited    Partnership
                  (incorporated  by  reference  to  Registration   Statement  of
                  Partnership (File No. 2-83540) filed July 22, 1983, as amended
                  to date).

                  Exhibit 3(b),  Agreement of Limited Partnership  (Exhibit A to
                  the   Prospectus   of   Registrant   dated  May  6,  1983,  is
                  incorporated herein by reference).

                  Exhibit 3(c), Fourth Amendment to Amended and Restated Limited
                  Partnership  Agreement of Consolidated  Capital  Institutional
                  Properties/2 (Exhibit 3.2 to the Registrant's Annual Report on
                  Form  10-K  for  the  year  ended   December  31,   2001,   is
                  incorporated herein by reference).

                  Exhibit 99, Certification of Chief Executive Officer and Chief
                  Financial Officer.

            b) Reports on Form 8-K filed during the quarter ended  September 30,
               2002:

                  Current  Report on Form 8-K dated August 22, 2002 and filed on
                  September  5,  2002   disclosing   the   acquisition   by  the
                  Partnership  through execution of deeds in lieu of foreclosure
                  of three  properties  owned  by  Consolidated  Capital  Equity
                  Properties/2.

                  Current  Report on Form 8-K/A dated  August 22, 2002 and filed
                  on November 5, 2002  disclosing Pro Forma  information for the
                  acquisition by the Partnership  through  execution of deeds in
                  lieu of foreclosure of three  properties owned by Consolidated
                  Capital Equity Properties/2.






                                   SIGNATURES



Pursuant  to the  requirements  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 INSTITUTIONAL PROPERTIES/2


                                    By:   CONCAP EQUITIES, INC.
                                          General Partner


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


                                    By:   /s/Thomas C. Novosel
                                          Thomas C. Novosel
                                          Senior Vice President
                                          and Chief Accounting Officer


                                    Date: November 14, 2002







                                  CERTIFICATION


I, Patrick J. Foye, certify that:


1. I have reviewed this quarterly  report on Form 10-Q of  Consolidated  Capital
Institutional Properties/2;


2. Based on my  knowledge,  this  quarterly  report  does not contain any untrue
statement of a material fact or omit to state a material fact  necessary to make
the statements made, in light of the  circumstances  under which such statements
were made, not  misleading  with respect to the period covered by this quarterly
report;


3.  Based  on my  knowledge,  the  financial  statements,  and  other  financial
information  included in this quarterly  report,  fairly present in all material
respects the financial  condition,  results of operations  and cash flows of the
registrant as of, and for, the periods presented in this quarterly report;


4.  The  registrant's  other  certifying  officers  and  I are  responsible  for
establishing and maintaining  disclosure  controls and procedures (as defined in
Exchange Act Rules 13a-14 and 15d-14) for the registrant and we have:


      a)  Designed  such  disclosure  controls  and  procedures  to ensure  that
      material   information   relating  to  the   registrant,   including   its
      consolidated  subsidiaries,  is made  known to us by others  within  those
      entities, particularly during the period in which this quarterly report is
      being prepared;


      b) Evaluated the effectiveness of the registrant's disclosure controls and
      procedures  as of a date  within 90 days prior to the filing  date of this
      quarterly report (the "Evaluation Date"); and


      c)  Presented  in  this  quarterly   report  our  conclusions   about  the
      effectiveness  of the  disclosure  controls  and  procedures  based on our
      evaluation as of the Evaluation Date;


5. The registrant's other certifying officers and I have disclosed, based on our
most recent evaluation,  to the registrant's auditors and the audit committee of
registrant's   board  of  directors  (or  persons   performing   the  equivalent
functions):


      a) All  significant  deficiencies  in the design or  operation of internal
      controls which could adversely affect the registrant's  ability to record,
      process,  summarize and report  financial data and have identified for the
      registrant's auditors any material weaknesses in internal controls; and


      b) Any fraud,  whether or not material,  that involves management or other
      employees  who  have  a  significant  role  in the  registrant's  internal
      controls; and


6. The  registrant's  other  certifying  officers  and I have  indicated in this
quarterly  report  whether or not there  were  significant  changes in  internal
controls or in other factors that could  significantly  affect internal controls
subsequent to the date of our most recent  evaluation,  including any corrective
actions with regard to significant deficiencies and material weaknesses.


Date:  November 13, 2002

                                    _______________________
                                    Patrick J. Foye
                                    Executive Vice President of Concap Equities,
                                    Inc., equivalent of the chief executive
                                    officer  of  the Partnership






                                  CERTIFICATION


I, Paul J. McAuliffe, certify that:


1. I have reviewed this quarterly  report on Form 10-Q of  Consolidated  Capital
Institutional Properties/2;


2. Based on my  knowledge,  this  quarterly  report  does not contain any untrue
statement of a material fact or omit to state a material fact  necessary to make
the statements made, in light of the  circumstances  under which such statements
were made, not  misleading  with respect to the period covered by this quarterly
report;


3.  Based  on my  knowledge,  the  financial  statements,  and  other  financial
information  included in this quarterly  report,  fairly present in all material
respects the financial  condition,  results of operations  and cash flows of the
registrant as of, and for, the periods presented in this quarterly report;


4.  The  registrant's  other  certifying  officers  and  I are  responsible  for
establishing and maintaining  disclosure  controls and procedures (as defined in
Exchange Act Rules 13a-14 and 15d-14) for the registrant and we have:


      a)  Designed  such  disclosure  controls  and  procedures  to ensure  that
      material   information   relating  to  the   registrant,   including   its
      consolidated  subsidiaries,  is made  known to us by others  within  those
      entities, particularly during the period in which this quarterly report is
      being prepared;


      b) Evaluated the effectiveness of the registrant's disclosure controls and
      procedures  as of a date  within 90 days prior to the filing  date of this
      quarterly report (the "Evaluation Date"); and


      c)  Presented  in  this  quarterly   report  our  conclusions   about  the
      effectiveness  of the  disclosure  controls  and  procedures  based on our
      evaluation as of the Evaluation Date;


5. The registrant's other certifying officers and I have disclosed, based on our
most recent evaluation,  to the registrant's auditors and the audit committee of
registrant's   board  of  directors  (or  persons   performing   the  equivalent
functions):


      a) All  significant  deficiencies  in the design or  operation of internal
      controls which could adversely affect the registrant's  ability to record,
      process,  summarize and report  financial data and have identified for the
      registrant's auditors any material weaknesses in internal controls; and


      b) Any fraud,  whether or not material,  that involves management or other
      employees  who  have  a  significant  role  in the  registrant's  internal
      controls; and


6. The  registrant's  other  certifying  officers  and I have  indicated in this
quarterly  report  whether or not there  were  significant  changes in  internal
controls or in other factors that could  significantly  affect internal controls
subsequent to the date of our most recent  evaluation,  including any corrective
actions with regard to significant deficiencies and material weaknesses.


Date:  November 13, 2002

                                    _______________________
                                    Paul J. McAuliffe
                                    Executive Vice President and Chief Financial
                                    Officer of ConCap   Equities,   Inc.,
                                    equivalent of the chief financial officer of
                                    the Partnership





Exhibit 99


                          Certification of CEO and CFO
                       Pursuant to 18 U.S.C. Section 1350,
                             As Adopted Pursuant to
                  Section 906 of the Sarbanes-Oxley Act of 2002



In connection  with the Quarterly  Report on Form 10-Q of  Consolidated  Capital
Institutional  Properties/2 (the "Partnership"),  for the quarterly period ended
September 30, 2002 as filed with the Securities  and Exchange  Commission on the
date hereof (the  "Report"),  Patrick J. Foye,  as the  equivalent  of the chief
executive officer of the Partnership,  and Paul J. McAuliffe,  as the equivalent
of the chief  financial  officer  of the  Partnership,  each  hereby  certifies,
pursuant to 18 U.S.C.  Section 1350,  as adopted  pursuant to Section 906 of the
Sarbanes-Oxley Act of 2002, that, to the best of his knowledge:

     (1)  The Report fully  complies with the  requirements  of Section 13(a) or
          15(d) of the Securities Exchange Act of 1934; and

     (2)  The  information  contained  in the  Report  fairly  presents,  in all
          material respects,  the financial  condition and results of operations
          of the Partnership.


                               /s/ Patrick J. Foye
                              Name: Patrick J. Foye
                              Date: November 13, 2002


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


This  certification  accompanies  the  Report  pursuant  to  Section  906 of the
Sarbanes-Oxley  Act of 2002 and shall not,  except to the extent required by the
Sarbanes-Oxley  Act of 2002, be deemed filed by the  Partnership for purposes of
Section 18 of the Securities Exchange Act of 1934, as amended.