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                                  EXHIBIT 23.1
                        CONSENT OF INDEPENDENT AUDITORS
    
 
   
     We consent to the reference to our firm under the caption "Experts" in the
Registration Statement on Form S-4 (No. 333-60355) and related Prospectus of
Apartment Investment and Management Company and AIMCO Properties, L.P. for the
registration of Preferred Stock, Class A Common Stock, Partnership Preferred
Units and Partnership Common Units, and to the incorporation by reference
therein of our reports (i) dated March 6, 1998, except for Note 25, as to which
the date is March 17, 1998, with respect to the consolidated financial
statements and schedule of Apartment Investment and Management Company included
in its Annual Report (Form 10-K/A) for the year ended December 31, 1997; and
(ii) dated March 6, 1998, except for Note 25, as to which the date is March 17,
1998, with respect to the consolidated financial statements and schedule of
AIMCO Properties, L.P. included in its Registration Statement on Form 10, all
filed with the Securities and Exchange Commission.
    
 
   
                                            /s/ ERNST & YOUNG LLP
    
   
                                            ERNST & YOUNG LLP
    
 
   
Denver, Colorado
    
   
September 14, 1998