SECURITIES AND EXCHANGE COMMISSION
                              WASHINGTON, DC 20549

                     ---------------------------------------

                                  SCHEDULE TO/A
                                 (Rule 14d-100)
            TENDER OFFER STATEMENT UNDER SECTION 14(d)(1) OR 13(e)(1)
                     OF THE SECURITIES EXCHANGE ACT OF 1934

                                (Amendment No. 3)

                 CONSOLIDATED CAPITAL INSTITUTIONAL PROPERTIES/3
- --------------------------------------------------------------------------------
                       (Name of Subject Company (Issuer))

                        AIMCO PROPERTIES, L.P. -- OFFEROR
- --------------------------------------------------------------------------------
            (Names of Filing Persons (Identifying Status as Offeror,
                            Issuer or Other Person))

                            LIMITED PARTNERSHIP UNITS
- --------------------------------------------------------------------------------
                         (Title of Class of Securities)

                                      NONE
- --------------------------------------------------------------------------------
                      (CUSIP Number of Class of Securities)

                                 Patrick J. Foye
                            Executive Vice President
                   Apartment Investment and Management Company
                           Colorado Center, Tower Two
                   2000 South Colorado Boulevard, Suite 2-1000
                             Denver, Colorado 80222
                                 (303) 757-8081
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                 (Name, Address, and Telephone Numbers of Person
  Authorized to Receive Notices and Communications on Behalf of Filing Persons)

                                    Copy To:

                                Gregory M. Chait
                                  Robert Barker
                     Powell, Goldstein, Frazer & Murphy LLP
                   191 Peachtree Street, N.E., Sixteenth Floor
                             Atlanta, Georgia 30303
                                 (404) 572-6600

                            CALCULATION OF FILING FEE

<Table>
<Caption>
- --------------------------------------------------------------------------------
Transaction Valuation*                                     Amount of Filing Fee**
- --------------------------------------------------------------------------------
                                                        
$7,199,841.48                                              $662.39
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</Table>

*    For purposes of calculating the fee only.

**   Previously paid.

[ ]  Check the box if any part of the fee is offset as provided by Rule
     0-11(a)(2) and identify the filing with which the offsetting fee was
     previously paid. Identify the previous filing by registration statement
     number, or the Form or Schedule and the date of its filing.

Amount Previously Paid: __________                 Filing Party: _________

Form or Registration No.: _________                Date Filed: ___________

[ ]  Check the box if the filing relates solely to preliminary communications
     made before the commencement of a tender offer.

Check the appropriate boxes below to designate any transactions to which the
statement relates:

<Table>
                                                               
         [X] third-party tender offer subject to Rule 14d-1.      [ ] going-private transaction subject to Rule 13e-3.

         [ ] issuer tender offer subject to Rule 13e-4.           [ ] amendment to Schedule 13D under Rule 13d-2.
</Table>

Check the following box if the filing is a final amendment reporting the results
of the tender offer: [ ]




                             TENDER OFFER STATEMENT

         This amendment amends the Tender Offer Statement on Schedule TO filed
by AIMCO Properties, L.P., a Delaware limited partnership, in connection with
its tender offer to purchase outstanding units of limited partnership interest
of Consolidated Capital Institutional Properties/3, a California limited
partnership, at a price of $39.00 per unit in cash, subject to the conditions
set forth in the Offer to Purchase, dated May 8, 2002, and in the related Letter
of Transmittal and Acknowledgment and Agreement, which, as amended and
supplemented from time to time, together constitute the tender offer. Copies of
the Offer to Purchase, Letter of Transmittal and Acknowledgment and Agreement
were filed with the original Statement on Schedule TO as Exhibits 1, 2 and 3,
respectively.

         The information in Exhibits 1-3 and 5-12 is incorporated in this
Schedule TO by reference in answer to items 1 through 11 of Schedule TO.

         On June 10, 2002, AIMCO Properties, L.P. mailed a letter to the holders
of units of Consolidated Capital Institutional Properties/3. A copy of that
letter is filed as Exhibit 12.

Item 12. Exhibits.

          1    Offer to Purchase limited partnership units of Consolidated
               Capital Institutional Properties/3, dated May 8, 2002.
               (Previously filed.)

          2    Letter of Transmittal and related instructions, dated May 8, 2002
               (included as Annex II to the Offer to Purchase attached as
               Exhibit 1).

          3    Acknowledgement and Agreement, dated May 8, 2002. (Previously
               filed.)

          4    Letter, dated May 8, 2002, from AIMCO Properties, L.P., to the
               limited partners of Consolidated Capital Institutional
               Properties/3. (Previously filed.)

          5    Third Amended and Restated Credit Agreement (Secured Revolving
               Credit Facility), dated as of November 6, 2001, by and among
               AIMCO Properties, L.P., AIMCO/Bethesda Holdings, Inc., NHP
               Management Company, Bank of America, N.A., Fleet National Bank,
               and First Union National Bank. (Exhibit 10.1 to AIMCO Properties,
               L.P.'s Quarterly Report on Form 10-Q for the quarter ended
               September 30, 2001, filed on November 14, 2001, is incorporated
               herein by this reference).

          6    Annual Report of AIMCO Properties, L.P. for the year ended
               December 31, 2001 filed on Form 10-K405 on April 1, 2002, is
               incorporated herein by this reference.

          7    Quarterly Report of AIMCO Properties, L.P. for the quarter ended
               March 31, 2002, filed on Form 10-Q on May 14, 2002, is
               incorporated herein by this reference.

          8    Letter, dated May 24, 2002, from AIMCO Properties, L.P., to the
               limited partners of Consolidated Capital Institutional
               Properties/3. (Previously filed.)

          9    Supplement to the Offer to Purchase, dated June 3, 2002.
               (Previously filed.)

          10   Supplemental Acknowledgement and Agreement, dated June 3, 2002.
               (Previously filed.)

          11   Letter of Transmittal and related instructions, dated June 3,
               2002 (included as Annex I to the Supplement to the Offer to
               Purchase attached as Exhibit 9).

          12   Letter, dated June 10, 2002, from AIMCO Properties, L.P., to the
               limited partners of Consolidated Capital Institutional
               Properties/3.



                                    SIGNATURE

         After due inquiry and to the best of my knowledge and belief, I certify
that the information set forth in this statement is true, complete and correct.

Dated:  June 10, 2002

                                             AIMCO PROPERTIES, L.P.

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

                                             AIMCO-GP, INC.

                                             APARTMENT INVESTMENT
                                             AND MANAGEMENT COMPANY


                                             By: /s/ Patrick J. Foye
                                                 -------------------------------
                                                 Executive Vice President
                                                 of each of the foregoing
                                                 entities



                                  EXHIBIT INDEX

<Table>
<Caption>
EXHIBIT
NUMBER            DESCRIPTION
- -------           -----------
               
    1             Offer to Purchase limited partnership units of Consolidated
                  Capital Institutional Properties/3, dated May 8, 2002.
                  (Previously filed.)

    2             Letter of Transmittal and related instructions, dated May 8,
                  2002 (included as Annex II to the Offer to Purchase attached
                  as Exhibit 1).

    3             Acknowledgement and Agreement, dated May 8, 2002. (Previously
                  filed.)

    4             Letter, dated May 8, 2002, from AIMCO Properties, L.P., to the
                  limited partners of Consolidated Capital Institutional
                  Properties/3. (Previously filed.)

    5             Third Amended and Restated Credit Agreement (Secured Revolving
                  Credit Facility), dated as of November 6, 2001, by and among
                  AIMCO Properties, L.P., AIMCO/Bethesda Holdings, Inc., NHP
                  Management Company, Bank of America, N.A., Fleet National
                  Bank, and First Union National Bank. (Exhibit 10.1 to AIMCO
                  Properties, L.P.'s Quarterly Report on Form 10-Q for the
                  quarter ended September 30, 2001, filed on November 14, 2001,
                  is incorporated herein by this reference).

    6             Annual Report of AIMCO Properties, L.P. for the year ended
                  December 31, 2001 filed on Form 10-K405 on April 1, 2002, is
                  incorporated herein by this reference.

    7             Quarterly Report of AIMCO Properties, L.P. for the quarter
                  ended March 31, 2002, filed on Form 10-Q on May 14, 2002, is
                  incorporated herein by this reference.

    8             Letter, dated May 24, 2002, from AIMCO Properties, L.P., to
                  the limited partners of Consolidated Capital Institutional
                  Properties/3. (Previously filed.)

    9             Supplement to the Offer to Purchase, dated June 3, 2002.
                  (Previously filed.)

    10            Supplemental Acknowledgement and Agreement, dated June 3,
                  2002. (Previously filed.)

    11            Letter of Transmittal and related instructions, dated June 3,
                  2002 (included as Annex I to the Supplement to the Offer to
                  Purchase attached as Exhibit 9).

    12            Letter, dated June 10, 2002, from AIMCO Properties, L.P., to
                  the limited partners of Consolidated Capital Institutional
                  Properties/3.
</Table>