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                                                                   EXHIBIT 99.3

                   NHP INCORPORATED ANNOUNCES HARVARD'S AGREEMENT
                     TO SELL OWNERSHIP AND RECEIPT OF A MERGER
                        PROPOSAL FROM AIMCO MULTIFAMILY REIT

                                                   
                                                      Contact: Ann Torre Grant
                                                               EVP and CFO
                                                               (703) 394-2420
                                                               agrant@nhpi.com


VIENNA, VA, FEBRUARY 20, 1997/PRNewswire/--NHP Incorporated (NHP) of Vienna, VA
announced today that Apartment Investment and Management Company (AIMCO), a real
estate investment trust (REIT) whose shares are traded on the New York Stock
Exchange (AIV-NYSE), has entered into a letter agreement to acquire all the
shares of NHP common stock owned by Demeter Holdings Corporation (Demeter), an
affiliate of Harvard Private Capital Group, Inc., and Capricorn Investors, L.P.
(Capricorn) for a price of $20 per share in AIMCO stock, plus retention by
Demeter and Capricorn of Washington Mortgage Financial Group, NHP's wholly-owned
Financial Services Division, through a spin-off on a pro-rata basis with all
current NHP shareholders.  Demeter and Capricorn own in the aggregate
approximately 54.9% of NHP's outstanding shares.  Although there can be no
assurance of the price at which the shares of Washington Mortgage Financial
Group will trade, the AIMCO-Demeter agreement provides for a further payment of
$3.05 per share by AIMCO to Demeter and Capricorn if the spin-off of Washington
Mortgage does not occur.  The conversion ratio for the stock for stock
transaction would be 0.7476 shares of AIMCO stock for each NHP share, based on
an agreed price for AIMCO stock of $26.75 per share (AIMCO's stock closed
yesterday at $26.38 per share). Demeter will receive cash for certain of its
shares since no single shareholder of AIMCO can own more than 8.7% of its
outstanding shares.  The acquisition by AIMCO of Demeter and Capricorn's stock
is subject to certain conditions and is expected to close on or about April 1,
1997.

NHP also announced that it has received a merger proposal from AIMCO, pursuant
to which AIMCO would acquire the balance of the outstanding shares of NHP on the
same terms agreed to by Harvard and Capricorn. It is not yet known whether any
shares received would be tax-free to NHP's shareholders.  Closing of AIMCO's
purchase of the Demeter and Capricorn shares is not conditioned on the
acceptance by NHP of AIMCO's merger proposal.

AIMCO also has agreed to acquire certain multifamily real estate interests of
NHP Partners, Inc. (NHP Partners), an entity also controlled by Demeter and
Capricorn.  Closing of this proposed acquisition may be subject to NHP's right
of first refusal pursuant to intercompany agreements between NHP and NHP
Partners, but is independent of AIMCO's purchase of the Demeter and Capricorn
shares and the success of AIMCO's merger proposal.

The NHP Board of Directors has formed a special committee of three independent
directors to consider the anticipated AIMCO proposal and plans to engage an
investment banking firm to assist in evaluating the merger proposal.  The
members of the committee are Richard S. Bodman, Chairman of AT&T Ventures, John
W. Creighton, Jr., Chief Executive Officer of The Weyerhaeuser Company, and
Lloyd N. Cutler, Senior Counsel of the law firm of Wilmer, Cutler & Pickering.
The Company's response to the AIMCO proposal is not expected for several weeks.

NHP provides a broad array of real estate services including property management
of over 133,000 apartments nationwide, asset management, equity investments,
mortgage financing and servicing through Washington Mortgage Financial Group, as
well as a growing group of related services including purchasing, risk
management and home health care.  NHP, which has approximately 13,000,000 fully
diluted shares outstanding, went public in August, 1995 at $13.00 per share.

RELEASE 97-5