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                                                                    EXHIBIT 23.2

                        CONSENT OF INDEPENDENT AUDITORS

   
We consent to the reference to our firm under the caption "Experts" in Amendment
No. 9 to the Registration Statement (Form S-4 No. 333-60355) and related
Prospectus of Apartment Investment and Management Company (AIMCO) and AIMCO
Properties, L.P. for the registration of Preferred Stock and Class A Common
Stock of AIMCO and Partnership Preferred Units and Partnership Common Units of
AIMCO Properties, L.P., and to the incorporation by reference therein of our
report dated January 30, 1998 (except for Note 19, as to which the date is March
5, 1998), with respect to the consolidated financial statements and schedule of
Ambassador Apartments, Inc. (Ambassador) as of December 31, 1997 and 1996, and
for each of the three years in the period ended December 31, 1997, included in
AIMCO's Current Report on Form 8-K dated March 17, 1998 (as amended on April 3,
1998), and our report dated January 27, 1997 (except for Note 15, as to which
the date is March 13, 1997 and Note 2(J), as to which the date is March 31,
1997), with respect to the consolidated financial statements and schedule of
Ambassador as of December 31, 1996 and 1995, and for each of the two years in
the period ended December 31, 1996 and the period from August 31, 1994 through
December 31, 1994, and the combined financial statements of Prime Properties
(Predecessor to Ambassador) for the period from January 1, 1994 through August
30, 1994, included in Amendment No. 1 filed on February 6, 1998 to AIMCO's
Current Report on Form 8-K dated December 23, 1997, filed with the Securities
and Exchange Commission.
    


   
                                        /s/ Ernst & Young LLP


Chicago, Illinois 
March 22, 1999