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                                                                  EXHIBIT (z)(1)

                            AGREEMENT OF JOINT FILING

         AIMCO Properties, L.P., AIMCO-GP, Inc. and Apartment Investment and
Management Company agree that the Schedule 13D to which this agreement is
attached as an exhibit, and all further amendments thereto, and all filings
under Schedule TO to which this agreement is attached as an exhibit, and all
further amendments thereto, shall be filed on behalf of each of them. This
agreement is intended to satisfy the requirements the requirements of Rule
13d-1(f)(1)(iii) under the Securities Exchange Act of 1934, as amended.

Dated:  May 15, 2000


                                        AIMCO PROPERTIES, L.P.


                                        By: AIMCO-GP, INC.
                                           (General Partner)


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


                                        AIMCO-GP, INC.


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

                                        APARTMENT INVESTMENT
                                        AND MANAGEMENT COMPANY

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




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