UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549




                                    FORM 8-K


                                 CURRENT REPORT


                     Pursuant to Section 13 or 15(d) of the
                         Securities Exchange Act of 1934

           Date of Report (Date of earliest event reported) July 14, 2005

                  CONSOLIDATED CAPITAL INSTITUTIONAL PROPERTIES/3
               (Exact name of Registrant as specified in its charter)


            California                0-14187                 94-2940208
      (State or other jurisdiction  (Commission            (I.R.S. Employer
           of incorporation)        File Number)        Identification Number)

                                55 Beattie Place
                              Post Office Box 1089
                        Greenville, South Carolina 29602
                    (Address of principal executive offices)


                                 (864) 239-1000
                           (Issuer's telephone number)

Check  the  appropriate  box  below  if the  Form  8-K  filing  is  intended  to
simultaneously satisfy the filing obligations of the registrant under any of the
following provisions:

[ ]   Written  communications  pursuant to Rule 425 under the Securities Act
      (17 CFR 230.425)

[ ]   Soliciting  material  pursuant to Rule 14a-12  under the  Exchange Act
      (17 CFR 240.14a-12)

[ ]   Pre-commencement  communications  pursuant to Rule 14d-2(b) under the
      Exchange Act (17 CFR 240.14d-2(b))

[ ]   Pre-commencement  communications  pursuant to Rule 13e-4(c) under the
      Exchange Act (17 CFR 240.13e-4(c))







Item 5.02   Departures  of Directors or Principal  Officers;  Election of
            Directors; Appointment of Principal Officers.

On  July  14,  2005,  Apartment  Investment  and  Management  Company  ("Aimco")
announced the  appointment  of Robert Y. Walker IV as senior vice  president and
chief accounting  officer  effective January 2006. Mr. Walker will also serve as
chief  accounting  officer of the  Partnership's  general  partner (the "General
Partner").  Mr.  Walker  will join Aimco as senior vice  president  on August 1,
2005.

As previously announced,  Thomas M. Herzog, the current chief accounting officer
of Aimco and the General  Partner,  will be succeeding  Paul  McAuliffe as chief
financial  officer in January 2006 when Mr. McAuliffe  assumes a senior advisory
role as an executive vice president  supporting Aimco in various capital markets
activities.  Mr. Herzog has served as senior vice president and chief accounting
officer of Aimco since January 2004 and of the General  Partner  since  February
2004.

Mr. Walker,  39, is a certified public  accountant.  Since June 2002, Mr. Walker
has been senior vice  president  and chief  financial  officer at Miller  Global
Properties,  LLC, a  Denver-based  private  equity,  real estate  fund  manager.
Through its six real estate funds, Miller Global Properties, LLC has acquired or
developed over 70 office and hotel  investments in the United States and Europe.
From May 1997 to June 2002,  Mr.  Walker was employed by GE Capital Real Estate,
serving as global  controller  in  Stamford,  Connecticut  from May 2000 to June
2002.  None of the  companies  where Mr.  Walker has worked in the previous five
years is a parent,  subsidiary  or other  affiliate  of the  Partnership  or its
General  Partner.  Mr.  Walker  has no family  relationship  with any  director,
executive  officer,  or any person nominated or chosen by the Partnership or its
General Partner to become a director or executive  officer of the Partnership or
its General Partner.

Aimco has  agreed to pay Mr.  Walker a base  salary of  $250,000  per year and a
performance bonus, which is guaranteed to be at least $250,000 in 2005 and 2006.
On the date Mr. Walker begins  employment with Aimco, he will receive two grants
of  restricted  stock.  The first  grant  will be a number  of  shares  equal to
$250,000  divided by the average  closing price of Aimco common stock on the New
York Stock Exchange over the 30 trading days immediately prior to his start date
(the "Average  Price").  The first grant of  restricted  shares will vest on the
one-year  anniversary  of the start date.  The second  grant will be a number of
shares equal to $500,000  divided by the Average Price.  The  restricted  shares
will vest annually over five years - 20% on each  anniversary of the grant date,
beginning  with the first  anniversary.  If Mr.  Walker is  terminated  by Aimco
(other than for cause) then the vesting of the restricted shares will accelerate
and all unvested shares will become  immediately  vested. If, during the vesting
period,  Aimco terminates Mr. Walker for cause or he voluntarily  terminates his
employment with Aimco for any reason,  he will immediately  forfeit all unvested
restricted  shares.  During the vesting  period,  Mr. Walker will be entitled to
dividends on the  restricted  shares.  He will also  receive an incentive  stock
option to purchase  the same number of shares as are subject to the second grant
of restricted  stock,  at an exercise  price equal to the closing price of Aimco
common stock on the last business day immediately prior to his start date. These
options  will vest  annually  over five years - 20% on each  anniversary  of the
grant  date,  beginning  with the first  anniversary.  Except  for Mr.  Walker's
currently proposed  employment  arrangements,  since January 1, 2004, there have
not been any transactions, nor are there any currently proposed transactions, to
which the Partnership or its General Partner or any of its  subsidiaries  was or
is to be a party, in which the amount involved  exceeds $60,000 and in which Mr.
Walker had, or will have, a direct or indirect material interest.

A copy of Aimco's  press  release,  dated July 14, 2005,  is included as Exhibit
99.1 to this report and is incorporated herein by reference.

ITEM 9.01.  Financial Statements and Exhibits.

(c) The following exhibits are filed with this report:

      Exhibit Number    Description

              99.1      Press  Release,   dated  July  14,  2005,  of  Apartment
                        Investment and Management  Company  (Exhibit 99.1 to the
                        Current  Report on Form 8-K,  dated  July 14,  2005,  of
                        Apartment  Investment and  Management  Company and AIMCO
                        Properties, L.P. is incorporated herein by reference).







                                    SIGNATURE


Pursuant  to the  requirements  of the  Securities  Exchange  Act of  1934,  the
Registrant  has duly  caused  this  report  to be  signed  on its  behalf by the
undersigned hereunto duly authorized.



                              CONSOLIDATED CAPITAL INSTITUTIONAL PROPERTIES/3

                              By: Concap Equities, Inc.
                                  General Partner

                              By: /s/Martha L. Long
                                  Martha L. Long
                                   Senior Vice President



                               Date: July 14, 2005



Exhibit 99.1


Apartment Investment and Management Company



                                                                        Contact:
                                             (Media) Judy  Stowell  303-793-4621
                               (Investor Relations) Jennifer Martin 303-691-4440



                 APARTMENT INVESTMENT AND MANAGEMENT COMPANY
                       NAMES NEW CHIEF ACCOUNTING OFFICER

DENVER, COLORADO, July 14, 2005

Apartment   Investment  and  Management  Company  ("Aimco")  (NYSE:  AIV)  today
announced  that Robert Y. Walker IV has been named  senior  vice  president  and
chief accounting  officer effective  January 2006,  succeeding Thomas M. Herzog,
who will become chief financial officer (CFO).

Mr. Walker will join Aimco on August 1, 2005, to begin an orderly  transition to
the role of chief  accounting  officer,  with Mr. Herzog  assuming CFO duties in
January 2006.

Since June 2002, Mr. Walker has been senior vice  president and chief  financial
officer at Miller Global Properties,  LLC, a Denver-based  private equity,  real
estate  fund  manager.  Through  its six real estate  funds,  Miller  Global has
acquired or developed over 70 office and hotel  investments in the United States
and  Europe.  From May 1997 to June 2002,  Mr.  Walker was with GE Capital  Real
Estate, serving more recently as global controller in Stamford, Connecticut.

"I'm thrilled to see someone of Rob's caliber step in to fill Tom Herzog's shoes
in this very  important  role," said Terry  Considine,  Aimco's  chairman of the
board and chief executive  officer.  "I am confident he will provide the kind of
leadership  his  new  position  demands,  and  that he will  continue  the  high
standards already set by Tom."

 "I am very  pleased  that Rob has  decided  to join the Aimco  team,"  said Tom
Herzog.  "I had the  pleasure of working  with Rob at GE Capital Real Estate and
know he has the talent and dedication to help shape Aimco's success."

Mr.  Walker  is a  certified  public  accountant  and also has  worked  for Dain
Rauscher,  Prentiss Properties Limited,  Inc., and Ernst & Young, all in Dallas,
Texas.  He is a graduate of The  University  of Texas at Austin and holds an MBA
degree from the University of North Texas.

Aimco is a real estate investment trust headquartered in Denver,  Colorado, that
owns  and  operates  a   geographically   diversified   portfolio  of  apartment
communities   through  22  regional  operating  centers.   Aimco,   through  its
subsidiaries,  operates approximately 1,475 properties,  including approximately
260,000  apartment units, and serves  approximately  one million  residents each
year.  Aimco's properties are located in 47 states, the District of Columbia and
Puerto Rico. Aimco common shares are included in the S&P 500.