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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 Amendment No. 2 to 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 16, 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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