CONSOLIDATED CAPITAL INSTITUTIONAL PROPERTIES, LP

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

Note A – Basis of Presentation

As used herein, the term “Partnership” or “Registrant” refers to Consolidated Capital Institutional Properties, a California limited partnership, for all periods prior to April 25, 2008, and Consolidated Capital Institutional Properties, LP, a Delaware limited partnership, for all periods from and after April 25, 2008. The accompanying unaudited consolidated financial statements of the Partnership have been prepared in accordance with generally accepted accounting principles for interim financial information and with the instructions to Form 10-Q and Article 8-03 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. In the opinion of ConCap Equities, Inc. (the "General Partner"), the Partnership’s general partner, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. Operating results for the three and six month periods ended June 30, 2009 are not necessarily indicative of the results that may be expected for the fiscal year ending December 31, 2009. For further information, refer to the consolidated financial statements and footnotes thereto included in the Partnership's Annual Report on Form 10-K for the fiscal year ended December 31, 2008. The General Partner is ultimately owned by Apartment Investment and Management Company ("AIMCO"), a publicly traded real estate investment trust.

The Partnership’s management evaluated for subsequent events through the time this Quarterly Report on Form 10-Q was filed on August 13, 2009.

In accordance with Statement of Financial Accounting Standards (“SFAS”) No. 144, “Accounting for the Impairment or Disposal of Long-Lived Assets”, the accompanying consolidated statements of operations for the three and six months ended June 30, 2008 have been restated to reflect the operations of Palm Lake Apartments and The Dunes Apartments as discontinued operations as a result of the sale of Palm Lake Apartments during December 2008 and The Dunes Apartments as a result of the property being classified as held for sale at June 30, 2009. The accompanying consolidated statements of operations for the three and six months ended June 30, 2008 also include the operations of The Loft Apartments, which was classified as held for sale during 2008 and was sold during December 2008. The Partnership entered into a sale contract on June 1, 2009 to sell The Dunes Apartments to a third party, with an expected closing during the third quarter of 2009. Included in loss from discontinued operations for the three and six months ended June 30, 2009 are operations of The Dunes Apartments. As a result of The Dunes Apartments being held for sale, its assets and liabilities are classified as held for sale as of June 30, 2009 and December 31, 2008. Included in (loss) income from discontinued operations for the six months ended June 30, 2009 and 2008 are (loss) income and revenues as noted in the table below.

	2009	2009	2008	2008
	Loss	Revenues	(Loss) income	Revenues

The Dunes Apartments	$(1,439,000)	$798,000	$(70,000)	$ 795,000
Palm Lake Apartments	--	--	(57,000)	713,000
The Loft Apartments	--	--	184,000	814,000
	$(1,439,000)	$798,000	$ 57,000	$2,322,000

Organization: On April 25, 2008, the Partnership changed its domicile from California to Delaware by merging with and into Consolidated Capital Institutional Properties, LP, a Delaware limited partnership, with the Delaware partnership as the surviving entity in the merger. The merger was undertaken pursuant to an Agreement and Plan of Merger, dated as of March 19, 2008, by and between the California partnership and the Delaware partnership.

Under the merger agreement, each unit of limited partnership interest in the California partnership was converted into an identical unit of limited partnership in the Delaware partnership and the general partnership interest in the California partnership previously held by the General Partner was converted into a general partnership interest in the Delaware partnership. All interests in the Delaware partnership outstanding immediately prior to the merger were cancelled in the merger.

The voting and other rights of the limited partners provided for in the partnership agreement were not changed as a result of the merger. In the merger, the partnership agreement of the California partnership was adopted as the partnership agreement of the Delaware partnership, with the following changes: (i) references therein to the California Uniform Limited Partnership Act were amended to refer to the Delaware Revised Uniform Limited Partnership Act; (ii) a description of the merger was added; (iii) the name of the partnership was changed to “Consolidated Capital Institutional Properties, LP” and (iv) a provision was added that gives the general partner authority to establish different designated series of limited partnership interests that have separate rights with respect to specified partnership property, and profits and losses associated with such specified property.

On April 30, 2008, the General Partner amended the Partnership Agreement to establish, and convert existing limited partnership interests into, different designated series of limited partnership interests that have separate rights with respect to specified partnership property. Effective as of the close of business on April 30, 2008 (the “Establishment Date”), each then outstanding Unit of limited partnership interest in the Partnership was converted into one Series A Unit, one Series B Unit and one Series C Unit. Except as described below, the Series A Units, Series B Units and Series C Units entitle the holders thereof to the same rights as the holders of units of limited partnership interests had prior to the Establishment Date.

Holders of the Series A Units are entitled to receive distributions of all income and allocation of all profits and losses relating to the Partnership’s interests in any entity in which the Partnership owns an interest, other than the Series B Subsidiary and Series C Subsidiary (as defined below).

Holders of the Series B Units are entitled to receive distributions of all income and allocation of all profits and losses relating to the Partnership’s membership interest in CCIP Knolls, L.L.C., a Delaware limited liability company (the “ Series B Subsidiary”). The Series B Subsidiary holds a 100% ownership interest in The Knolls Apartments.

Holders of the Series C Units are entitled to receive distributions of all income and allocation of all profits and losses relating to the Partnership’s membership interest in CCIP Society Park East, L.L.C., a Delaware limited liability company (the “ Series C Subsidiary”). The Series C Subsidiary holds a 100% ownership interest in The Dunes Apartments.

Reclassifications: Certain reclassifications have been made to the 2008 balances to conform to the 2009 presentation.

Segment Reporting: SFAS No. 131, "Disclosure about Segments of an Enterprise and Related Information" established standards for the way that public business enterprises report information about operating segments in annual financial statements and requires that those enterprises report selected information about operating segments in interim financial reports. SFAS No. 131 also established standards for related disclosures about products and services, geographic areas, and major customers. (See "Note D" for detailed disclosure of the Partnership's segments).

Recent Accounting Pronouncements

In June 2009, the Financial Accounting Standards Board (“FASB”) issued Statement of Financial Accounting Standards No. 168, The FASB Accounting Standards Codification and the Hierarchy of Generally Accepted Accounting Principles—a replacement of FASB Statement No. 162, or SFAS No. 168, which is effective for financial statements issued for interim and annual periods ending after September 15, 2009. Upon the effective date of SFAS No. 168, the FASB Accounting Standards Codification, or the Codification, will become the single source of authoritative GAAP recognized by the FASB to be applied by nongovernmental entities. Rules and interpretive releases of the Securities and Exchange Commission, or SEC, under authority of federal securities laws are also sources of authoritative GAAP for SEC registrants. The Codification will supersede all then-existing non-SEC accounting and reporting standards. All other non-grandfathered non-SEC accounting literature not included in the Codification will become non-authoritative. Following SFAS No. 168, the FASB will issue Accounting Standards Updates that serve to update the Codification. The Partnership does not anticipate that SFAS No. 168 will have a significant effect on its consolidated financial statements.

Note B – Transactions with Affiliated Parties

The Partnership has no employees and depends on the General Partner and its affiliates for the management and administration of all Partnership activities. The Partnership Agreement provides for certain payments to affiliates for services and reimbursement of certain expenses incurred by affiliates on behalf of the Partnership.

Affiliates of the General Partner receive 5% of gross receipts from all of the Partnership's properties as compensation for providing property management services. The Partnership paid to such affiliates approximately $582,000 and $660,000 for the six months ended June 30, 2009 and 2008, respectively, which are included in operating expenses and (loss) income from discontinued operations.

Affiliates of the General Partner charged the Partnership for reimbursement of accountable administrative expenses amounting to approximately $442,000 and $401,000 for the six months ended June 30, 2009 and 2008, respectively, which are included in general and administrative expenses, (loss) income from discontinued operations, investment properties and assets held for sale. The portion of these reimbursements included in investment properties and assets held for sale for the six months ended June 30, 2009 and 2008 are construction management services provided by an affiliate of the General Partner of approximately $223,000 and $173,000, respectively. At June 30, 2009 and December 31, 2008, approximately $208,000 and $100,000, respectively of these expenses are outstanding and included in due to affiliates.

In accordance with the Partnership Agreement, AIMCO Properties, L.P., an affiliate of the General Partner, advanced the Partnership approximately $2,383,000 to fund operations at The Sterling Apartment Homes, The Knolls Apartments, Regency Oaks Apartments and Plantation Gardens Apartments and capital expenditures at The Dunes Apartments during the six months ended June 30, 2009. There were no such advances to the Partnership during the six months ended June 30, 2008. Interest was charged at either the prime rate or the prime rate plus 2% (prime rate was 3.25% at June 30, 2009) and interest expense was approximately $22,000 for the six months ended June 30, 2009. During the six months ended June 30, 2009, the Partnership made payments on the outstanding loans and accrued interest of approximately $1,049,000 from operations. There were no such payments made during the six months ended June 30, 2008. At June 30, 2009 and December 31, 2008, the amount of the outstanding advances and accrued interest was approximately $1,482,000 and $126,000, respectively, and is included in due to affiliates. The Partnership may receive additional advances of funds from AIMCO Properties, L.P. although AIMCO Properties, L.P. is not obligated to provide such advances. For more information on AIMCO Properties, L.P., including copies of its audited balance sheet, please see its reports filed with the Securities and Exchange Commission.

The Partnership insures its properties up to certain limits through coverage provided by AIMCO which is generally self-insured for a portion of losses and liabilities related to workers’ compensation, property casualty, general liability and vehicle liability. The Partnership insures its properties above the AIMCO limits through insurance policies obtained by AIMCO from insurers unaffiliated with the General Partner. During the six months ended June 30, 2009, the Partnership was charged by AIMCO and its affiliates approximately $425,000 for insurance coverage and fees associated with policy claims administration. Additional charges will be incurred by the Partnership during 2009 as other insurance policies renew later in the year. The Partnership was charged by AIMCO and its affiliates approximately $577,000 for insurance coverage and fees associated with policy claims administration during the year ended December 31, 2008.

Note C - Investment in Affiliated Partnerships

			Investment Balance at
		Ownership	June 30,	December 31,
Partnership	Type of Ownership	Percentage	2009	2008
			(in thousands)
Consolidated Capital	Special Limited
Growth Fund	Partner	0.40%	$ --	$ --
Consolidated Capital	Special Limited
Properties III	Partner	1.86%	1	3
Consolidated Capital	Special Limited
Properties IV	Partner	1.86%	512	563
			$ 513	$ 566

These investments are accounted for using the equity method of accounting. Distributions from the affiliated partnerships are accounted for as a reduction of the investment balance until the investment balance is reduced to zero. When the investment balance has been reduced to zero, subsequent distributions received are recognized as income in the accompanying consolidated statements of operations. During the three months ended June 30, 2009, the Partnership received a distribution of approximately $20,000 from operations from one of its affiliated partnerships, Consolidated Capital Properties IV, which was recognized as a reduction in the investment balance. During the six months ended June 30, 2009, the Partnership received approximately $454,000 of distributions from sale proceeds of one of its affiliated partnerships, Consolidated Capital Growth Fund, which was recognized as income on the accompanying consolidated statements of operations. There were no distributions received during the six months ended June 30, 2008. During the three and six months ended June 30, 2008, the Partnership recognized approximately $2,000 and $8,000, respectively, in equity in loss from investments related to its allocated share of the loss from one of the affiliated partnerships. The Partnership recognized approximately $15,000 and $33,000 in equity in loss from investments related to its allocated share of the loss from two of the affiliated partnerships during the three and six months ended June 30, 2009, respectively.

Note D – Segment Reporting

Description of the types of products and services from which the reportable segment derives its revenues: The Partnership has two reportable segments: residential properties and commercial property. The Partnership’s property segments consist of four apartment complexes, one in Colorado, three in Florida, one of which is classified as held for sale, and one multiple use facility consisting of apartment units and commercial space in Pennsylvania. The Partnership rents apartment units to tenants for terms that are typically less than twelve months. The commercial property leases space to various medical offices, career service facilities, and retail shops at terms ranging from month to month to ten years.

Measurement of segment profit and loss: The Partnership evaluates performance based on segment profit (loss) before depreciation. The accounting policies of the reportable segments are the same as those described in the summary of significant accounting policies included in the Partnership’s Annual Report on Form 10-K for the fiscal year ended December 31, 2008.

Factors management used to identify the Partnership's reportable segment: The Partnership’s reportable segments are business units (investment properties) that offer different products and services. The reportable segments are each managed separately because they provide distinct services with different types of products and customers.

Segment information for the three and six months ended June 30, 2009 and 2008 is shown in the tables below (in thousands). The "Other" column includes Partnership administration related items and income and expense not allocated to reportable segments.

For the three months ended
June 30, 2009
	Residential	Commercial	Other	Totals
Rental income	$ 4,469	$ 451	$ --	$ 4,920
Other income	493	52	--	545
Loss from discontinued operations	(327)	--	(48)	(375)
Equity in loss from investment	--	--	(15)	(15)
Impairment loss	(400)	--	--	(400)
Interest expense	1,672	172	42	1,886
Depreciation	1,678	68	--	1,746
General and administrative
expenses	--	--	100	100
Current income tax expense	5	--	--	5
Deferred income tax benefit	(41)	--	--	(41)
Segment loss	(1,309)	(42)	(205)	(1,556)

For the six months ended
June 30, 2009
	Residential	Commercial	Other	Totals
Rental income	$ 9,043	$ 921	$ --	$ 9,964
Other income	893	98	(2)	989
Casualty gain	11	--	--	11
Loss from discontinued operations	(1,338)	--	(101)	(1,439)
Distributions in excess of
investment	--	--	454	454
Equity in loss from investment	--	--	(33)	(33)
Impairment loss	(900)	--	--	(900)
Interest expense	3,350	344	42	3,736
Depreciation	3,340	132	--	3,472
General and administrative
expenses	--	--	266	266
Current income tax expense	9	--	--	9
Deferred income tax benefit	(52)	--	--	(52)
Segment (loss) profit	(3,722)	(18)	10	(3,730)
Total assets	71,901	2,015	620	74,536
Capital expenditures for
investment properties	1,721	376	--	2,097

For the three months ended
June 30, 2008
	Residential	Commercial	Other	Totals

Rental income	$ 4,694	$ 408	$ --	$ 5,102
Other income	445	65	1	511
Income from discontinued operations	93	--	(8)	85
Equity in loss from investment	--	--	(2)	(2)
Interest expense	1,692	174	--	1,866
Depreciation	1,641	46	--	1,687
General and administrative
expenses	--	--	163	163
Current income tax expense	27	--	--	27
Deferred income tax benefit	(30)	--	--	(30)
Segment loss	(424)	(40)	(172)	(636)

For the six months ended
June 30, 2008
	Residential	Commercial	Other	Totals

Rental income	$ 9,435	$ 773	$ --	$10,208
Other income	847	112	47	1,006
Income from discontinued operations	65	--	(8)	57
Equity in loss from investment	--	--	(8)	(8)
Interest expense	3,393	348	5	3,746
Depreciation	3,270	93	--	3,363
General and administrative
expenses	--	--	328	328
Current income tax expense	52	--	--	52
Deferred income tax benefit	(30)	--	--	(30)
Segment loss	(1,001)	(154)	(302)	(1,457)
Total assets	88,551	1,565	1,077	91,193
Capital expenditures for
investment properties	1,820	419	--	2,239

Note E – Casualty Event

In December 2008, The Knolls Apartments sustained damages of approximately $70,000 from a water main break in the parking area, including approximately $41,000 of clean up costs. During the six months ended June 30, 2009, the Partnership recognized a casualty gain of approximately $11,000 as a result of the receipt of insurance proceeds of approximately $33,000 net of the write off of undepreciated damaged assets of approximately $22,000.

Note F – Partnership Income Taxes

In conjunction with the payment of local income taxes with respect to The Sterling Apartment Homes and Commerce Center, the Partnership has recorded a deferred tax asset in the amount of approximately $443,000. The deferred tax asset consists primarily of temporary differences related to land, buildings and accumulated depreciation. The Partnership believes that it is more likely than not that the full value of the deferred tax asset will be realized through future taxable income of the property. Accordingly, an additional benefit of approximately $41,000 and $52,000 was recognized during the three and six months ended June 30, 2009, respectively, compared to a benefit of approximately $30,000 which was recognized during the three and six months ended June 30, 2008. During the three and six months ended June 30, 2009 and 2008, the Partnership recognized approximately $5,000 and $9,000 and $27,000 and $52,000, respectively, in current income tax expense related to local income taxes with respect to The Sterling Apartment Homes and Commerce Center.

Note G - Sale of Investment Properties

On December 29, 2008, the Partnership sold The Loft Apartments, located in Raleigh, North Carolina, to a third party for a sales price of $9,325,000. After payment of closing costs, the Partnership received net proceeds of approximately $9,212,000. The Partnership used a portion of the proceeds to repay the mortgage encumbering the property and a prepayment penalty of approximately $4,368,000 and $588,000, respectively. The sale resulted in a gain of approximately $6,501,000 during the fourth quarter of 2008. In addition, the Partnership recorded a loss on early extinguishment of debt of approximately $623,000 during the fourth quarter of 2008 as a result of the write off of unamortized loan costs and a prepayment penalty.

On December 9, 2008, the Partnership sold Palm Lake Apartments, located in Tampa, Florida, to a third party for a sales price of $7,000,000. After payment of closing costs, the Partnership received net proceeds of approximately $6,499,000. The Partnership used a portion of the proceeds to repay the mortgage encumbering the property and a prepayment penalty of approximately $2,301,000 and $107,000, respectively. The sale resulted in a gain of approximately $1,210,000 during the fourth quarter of 2008. In addition, the Partnership recorded a loss on early extinguishment of debt of approximately $77,000 during the fourth quarter of 2008 as a result of a prepayment penalty, partially offset by the write off of the unamortized mortgage premium.

Included in loss from discontinued operations for the six months ended June 30, 2009 and 2008 are (loss) income and revenues as noted in the table below.

	2009	2009	2008	2008
	Loss	Revenues	(Loss) income	Revenues

The Dunes Apartments	$(1,439,000)	$798,000	$(70,000)	$ 795,000
Palm Lake Apartments	--	--	(57,000)	713,000
The Loft Apartments	--	--	184,000	814,000
	$(1,439,000)	$798,000	$ 57,000	$2,322,000

Note H – Investment Properties

On May 12, 2009, the Partnership entered into a sale contract with a third party relating to the sale of The Knolls Apartments. On June 26, 2009 that contract was terminated. Subsequent to June 30, 2009, the contract was reinstated. The sale is expected to close during the third quarter of 2009 for approximately $13,350,000. The Partnership determined that certain criteria of SFAS No. 144 were not met at June 30, 2009 and therefore continues to report the assets and liabilities of the investment property as held for investment and its respective operations as continuing operations. In accordance with the Partnership’s impairment policy and SFAS No. 144, during the three and six months ended June 30, 2009, the Partnership recorded impairment losses of approximately $400,000 and $900,000, respectively, to write the carrying amount of the property down to the expected sale price.

On June 1, 2009, the Partnership entered into a sale contract with a third party relating to the sale of The Dunes Apartments which is expected to close during the third quarter of 2009 for approximately $6,300,000. The Partnership determined that the criteria of SFAS No. 144 were met at June 30, 2009 and therefore the assets and liabilities of the investment property are classified as assets held for sale as of June 30, 2009 and December 31, 2008 and its respective operations as discontinued operations. In accordance with the Partnership’s impairment policy and SFAS No. 144, during the three and six months ended June 30, 2009, the Partnership recorded impairment losses of approximately $300,000 and $1,200,000, respectively, to write the carrying amount of the property down to the expected sale price, which is included in loss from discontinued operations.

During the six months ended June 30, 2009, the Partnership wrote off redevelopment costs of approximately $232,000. The write off represents capitalized costs incurred in a prior year related to a potential redevelopment project at Plantation Gardens Apartments, which is no longer being considered as of June 30, 2009.

Note I – Fair Value of Financial Instruments

SFAS No. 107, "Disclosures about Fair Value of Financial Instruments" requires disclosure of fair value information about financial instruments, whether or not recognized in the balance sheet, for which it is practicable to estimate fair value. Fair value is defined in the SFAS as the amount at which the instruments could be exchanged in a current transaction between willing parties, other than in a forced or liquidation sale. The Partnership believes that the carrying amount of its financial instruments (except for long term debt) approximates their fair value due to the short-term maturity of these instruments. The Partnership estimates the fair value of its long-term debt by discounting future cash flows using a discount rate commensurate with that currently believed to be available to the Partnership for similar term, long-term debt. At June 30, 2009, the fair value of the Partnership's long-term debt at the Partnership's incremental borrowing rate approximated its carrying value.

Note J – Contingencies

As previously disclosed, AIMCO Properties, L.P. and NHP Management Company, both affiliates of the General Partner, were defendants in a lawsuit, filed as a collective action in August 2003 in the United States District Court for the District of Columbia, alleging that they willfully violated the Fair Labor Standards Act (“FLSA”) by failing to pay maintenance workers overtime for time worked in excess of 40 hours per week (“overtime claims”). The plaintiffs also contended that AIMCO Properties, L.P. and NHP Management Company failed to compensate maintenance workers for time that they were required to be "on-call" (“on-call claims”). In March 2007, the court in the District of Columbia decertified the collective action. In July 2007, plaintiffs’ counsel filed individual cases in Federal court in 22 jurisdictions. In the second quarter of 2008, AIMCO Properties, L.P. settled the overtime cases involving 652 plaintiffs and established a framework for resolving the 88 remaining “on-call” claims and the attorneys’ fees claimed by plaintiffs’ counsel. As a result, the lawsuits asserted in the 22 Federal courts have been dismissed. During the fourth quarter of 2008, the Partnership paid approximately $8,000 for settlement amounts for alleged unpaid overtime to employees who had worked at the Partnership’s investment properties. At this time, the 88 remaining “on-call” claims and the attorneys’ fees claimed by plaintiffs’ counsel are not resolved. The parties have selected six “on-call” claims that will proceed forward through the arbitration process and have selected arbitrators. The arbitrations have not yet been scheduled. The General Partner is uncertain as to the amount of any additional loss that may be allocable to the Partnership. Therefore, the Partnership cannot estimate whether any additional loss will occur or a potential range of loss.

The Partnership is unaware of any other pending or outstanding litigation matters involving it or its investment properties that are not of a routine nature arising in the ordinary course of business.

Environmental

Various Federal, state and local laws subject property owners or operators to liability for management, and the costs of removal or remediation, of certain hazardous substances present on a property, including lead-based paint. Such laws often impose liability without regard to whether the owner or operator knew of, or was responsible for, the release or presence of the hazardous substances. The presence of, or the failure to manage or remedy properly, hazardous substances may adversely affect occupancy at affected apartment communities and the ability to sell or finance affected properties. In addition to the costs associated with investigation and remediation actions brought by government agencies, and potential fines or penalties imposed by such agencies in connection therewith, the presence of hazardous substances on a property could result in claims by private plaintiffs for personal injury, disease, disability or other infirmities. Various laws also impose liability for the cost of removal, remediation or disposal of hazardous substances through a licensed disposal or treatment facility. Anyone who arranges for the disposal or treatment of hazardous substances is potentially liable under such laws. These laws often impose liability whether or not the person arranging for the disposal ever owned or operated the disposal facility. In connection with the ownership, operation and management of its properties, the Partnership could potentially be liable for environmental liabilities or costs associated with its properties.

Mold

The Partnership is aware of lawsuits against owners and managers of multifamily properties asserting claims of personal injury and property damage caused by the presence of mold, some of which have resulted in substantial monetary judgments or settlements. The Partnership has only limited insurance coverage for property damage loss claims arising from the presence of mold and for personal injury claims related to mold exposure. Affiliates of the General Partner have implemented policies, procedures, third-party audits and training and the General Partner believes that these measures will prevent or eliminate mold exposure and will minimize the effects that mold may have on residents. To date, the Partnership has not incurred any material costs or liabilities relating to claims of mold exposure or to abate mold conditions. Because the law regarding mold is unsettled and subject to change the General Partner can make no assurance that liabilities resulting from the presence of or exposure to mold will not have a material adverse effect on the Partnership’s consolidated financial condition or results of operations.

Delaware	94-2744492
(State or other jurisdiction of	(I.R.S. Employer
incorporation or organization)	Identification No.)

	June 30,	December 31,
	2009	2008
	(Unaudited)	(Note)
Assets
Cash and cash equivalents	$ 467	$ 4,777
Receivables and deposits	836	775
Deferred tax asset (Note F)	443	391
Other assets	2,521	1,755
Investment in affiliated partnerships (Note C)	513	566
Investment properties:
Land	12,955	12,955
Buildings and related personal property	97,680	97,351
	110,635	110,306
Less accumulated depreciation	(47,190)	(43,724)
	63,445	66,582
Assets held for sale (Notes A & H)	6,311	7,173
	$ 74,536	$ 82,019

Liabilities and Partners' Capital (Deficiency)
Liabilities
Accounts payable	$ 495	$ 1,128
Tenant security deposit liabilities	901	865
Accrued property taxes	312	55
Other liabilities	1,219	1,384
Due to affiliates (Note B)	1,690	226
Mortgage notes payable	121,405	122,401
Liabilities related to assets held for sale
(Notes A and H)	3,220	3,271
	129,242	129,330

Partners' Capital (Deficiency)
General partner	134	171
Limited partners (199,041.2 units issued and
outstanding)	(54,840)	(47,482)
	(54,706)	(47,311)
	$ 74,536	$ 82,019

	Three Months Ended		Six Months Ended
	June 30,		June 30,
	2009	2008	2009	2008
Revenues:
Rental income	$ 4,920	$ 5,102	$ 9,964	$10,208
Other income	545	511	989	1,006
Total revenues	5,465	5,613	10,953	11,214
Expenses:
Operating	2,170	2,245	4,583	4,482
General and administrative	100	163	266	328
Depreciation	1,746	1,687	3,472	3,363
Interest	1,886	1,866	3,736	3,746
Property taxes	365	374	762	779
Total expenses	6,267	6,335	12,819	12,698

Loss before income taxes, discontinued
operations, casualty gain, distributions in excess of
investment, equity in loss
from investment and impairment loss	(802)	(722)	(1,866)	(1,484)
Income taxes (expense) benefit (Note F):
Current	(5)	(27)	(9)	(52)
Deferred	41	30	52	30
Casualty gain (Note E)	--	--	11	--
Distributions in excess of investment
(Note C)	--	--	454	--
Equity in loss from investment (Note C)	(15)	(2)	(33)	(8)
Impairment loss (Note H)	(400)	--	(900)	--
Loss before discontinued operations	(1,181)	(721)	(2,291)	(1,514)
(Loss) income from discontinued
operations (Notes A, G and H)	(375)	85	(1,439)	57
Net loss	$ (1,556)	$ (636)	$ (3,730)	$ (1,457)

Net loss allocated to general partner	$ (15)	$ (7)	$ (37)	$ (15)
Net loss allocated to limited partners	--	(282)	--	(1,095)
(Series A) (Note A)	(500)	(96)	(793)	(96)
(Series B) (Note A)	(669)	(212)	(1,475)	(212)
(Series C) (Note A)	(372)	(39)	(1,425)	(39)
	$ (1,556)	$ (636)	$ (3,730)	$ (1,457)

Per limited partnership unit:
Loss before discontinued operations	$ --	$ (1.70)	$ --	$ (5.64)
(Series A) (Note A)	(2.51)	(0.80)	(3.98)	(0.80)
(Series B) (Note A)	(3.36)	(1.07)	(7.41)	(1.07)
(Series C) (Note A)	--	--	--	--
Income from discontinued operations	--	0.29	--	0.15
Income from discontinued operations	--	0.32	--	0.32
(Series A)
Loss from discontinued operations	(1.87)	(0.20)	(7.16)	(0.20)
(Series C)
Net loss	$ (7.74)	$ (3.16)	$ (18.55)	$ (7.24)
Distribution per limited partnership unit
	$ --	$ --	$ 18.41	$ 3.77

	Limited		Limited	Limited	Limited	Subtotal
	Partnership	General	Partners	Partners	Partners	Limited
	Units	Partner	(Series A )	(Series B)	(Series C)	Partners	Total


Partners’ capital
(deficiency) at
December 31, 2008	199,041.2	$ 171	$(23,852)	$(20,558)	$(3,072)	$(47,482)	$(47,311)

Distribution to
partners	--	--	(3,665)	--	--	(3,665)	(3,665)

Net loss for the six months
ended June 30,
2009	--	(37)	(793)	(1,475)	(1,425)	(3,693)	(3,730)

Partners’ capital
(deficiency) at
June 30, 2009	199,041.2	$ 134	$(28,310)	$(22,033)	$(4,497)	$(54,840)	$(54,706)

	Six Months Ended
	June 30,
	2009	2008
Cash flows from operating activities:
Net loss	$ (3,730)	$ (1,457)
Adjustments to reconcile net loss to net cash
provided by operating activities:
Depreciation	3,729	3,867
Amortization of loan costs, lease commissions and
mortgage premiums	22	15
Equity in loss from investment	33	8
Impairment loss	2,100	--
Write off of redevelopment costs	232	--
Casualty gain	(11)	--
Distributions in excess of investment	(454)	--
Change in accounts:
Receivables and deposits	(48)	(58)
Deferred tax asset	(52)	(30)
Other assets	(843)	(906)
Accounts payable	(108)	6
Tenant security deposit liabilities	23	92
Accrued property taxes	319	504
Other liabilities	(166)	(115)
Due to affiliates	122	117
Net cash provided by operating activities	1,168	2,043

Cash flows from investing activities:
Property improvements and replacements	(2,622)	(2,517)
Distributions from affiliated partnerships	474	--
Insurance proceeds received	33	--
Net cash used in investing activities	(2,115)	(2,517)

Cash flows from financing activities:
Payments on mortgage notes payable	(1,039)	(1,067)
Lease commissions paid	(1)	(50)
Distributions to partners	(3,665)	(750)
Advances from affiliate	2,383	--
Repayment of advances from affiliate	(1,041)	--
Net cash used in financing activities	(3,363)	(1,867)

Net decrease in cash and cash equivalents	(4,310)	(2,341)
Cash and cash equivalents at beginning of period	4,777	2,961
Cash and cash equivalents at end of period	$ 467	$ 620

Supplemental disclosure of cash flow information:
Cash paid for interest, net of capitalized interest	$ 3,851	$ 4,060
Supplemental disclosure of non-cash activity:
Property improvements and replacements included in
accounts payable	$ 139	$ 211

	Average Occupancy
Property	2009	2008

The Sterling Apartment Homes (1)	92%	97%
The Sterling Commerce Center	82%	80%
Philadelphia, Pennsylvania
The Knolls Apartments	97%	96%
Colorado Springs, Colorado
Plantation Gardens Apartments	95%	97%
Plantation, Florida
Regency Oaks Apartments (1)	89%	94%
Fern Park, Florida

	Six Months		Six Months
	Ended	Per Limited	Ended	Per Limited
	June 30,	Partnership	June 30,	Partnership
	2009	Unit (Series A)	2008	Unit

Surplus Funds (1)	$ 3,665	$ 18.41	$ 750	$ 3.77

	CONSOLIDATED CAPITAL INSTITUTIONAL PROPERTIES, LP

	By: ConCap Equities, Inc.
	General Partner

Date: August 13, 2009	By: /s/Steven D. Cordes
	Steven D. Cordes
	Senior Vice President

Date: August 13, 2009	By: /s/Stephen B. Waters
	Stephen B. Waters
	Senior Director

CONSOLIDATED CAPITAL INSTITUTIONAL PROPERTIES, LP

PART I – FINANCIAL INFORMATION

Units

Partner

(Series A )

Note A – Basis of Presentation

Note B – Transactions with Affiliated Parties

Note C - Investment in Affiliated Partnerships

Note E – Casualty Event

Note J – Contingencies