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Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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MIC-Info: RSA-MD5,RSA,
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 WvVUttYr+VUtw9C4sdxUbA==

<SEC-DOCUMENT>0001209191-04-003487.txt : 20040116
<SEC-HEADER>0001209191-04-003487.hdr.sgml : 20040116
<ACCEPTANCE-DATETIME>20040116200128
ACCESSION NUMBER:		0001209191-04-003487
CONFORMED SUBMISSION TYPE:	4/A
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20031231
FILED AS OF DATE:		20040116

ISSUER:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			VMS NATIONAL PROPERTIES JOINT VENTURE
		CENTRAL INDEX KEY:			0000789089
		STANDARD INDUSTRIAL CLASSIFICATION:	REAL ESTATE [6500]
		IRS NUMBER:				363311347
		STATE OF INCORPORATION:			IL
		FISCAL YEAR END:			1231

	BUSINESS ADDRESS:	
		STREET 1:		1873 SOUTH BELLAIRE STREET
		STREET 2:		17TH FLOOR
		CITY:			DENVER
		STATE:			CO
		ZIP:			80222
		BUSINESS PHONE:		3037578101

	MAIL ADDRESS:	
		STREET 1:		1873 SOUTH BELLAIRE STREET
		STREET 2:		17TH FLOOR
		CITY:			DENVER
		STATE:			CO
		ZIP:			80222

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			APARTMENT INVESTMENT & MANAGEMENT CO
		CENTRAL INDEX KEY:			0000922864
		STANDARD INDUSTRIAL CLASSIFICATION:	REAL ESTATE INVESTMENT TRUSTS [6798]
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		4/A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-14194
		FILM NUMBER:		04530687

	BUSINESS ADDRESS:	
		STREET 1:		4582 SOUTHULSTER ST PARKWAY
		CITY:			DENVER
		STATE:			CO
		ZIP:			80237
		BUSINESS PHONE:		3037578101

	MAIL ADDRESS:	
		STREET 1:		4582 S ULSTER ST PARKWAY
		CITY:			DENVER
		STATE:			CO
		ZIP:			80237
</SEC-HEADER>
<DOCUMENT>
<TYPE>4/A
<SEQUENCE>1
<FILENAME>doc4a.xml
<DESCRIPTION>FORM 4/A SUBMISSION
<TEXT>
<XML>
<?xml version="1.0"?><ownershipDocument>
    <schemaVersion>X0201</schemaVersion>

    <documentType>4/A</documentType><periodOfReport>2003-12-31</periodOfReport><dateOfOriginalSubmission>2004-01-16</dateOfOriginalSubmission><notSubjectToSection16>0</notSubjectToSection16>
    <issuer>
        <issuerCik>0000789089</issuerCik>
        <issuerName>VMS NATIONAL PROPERTIES JOINT VENTURE</issuerName>
        <issuerTradingSymbol>None</issuerTradingSymbol></issuer><reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0000922864</rptOwnerCik>
            <rptOwnerName>APARTMENT INVESTMENT &amp; MANAGEMENT CO</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>4582 S. ULSTER STREET PARKWAY</rptOwnerStreet1>
            <rptOwnerStreet2>SUITE 1100</rptOwnerStreet2>
            <rptOwnerCity>DENVER</rptOwnerCity>
            <rptOwnerState>CO</rptOwnerState>
            <rptOwnerZipCode>80237</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
            <reportingOwnerRelationship>
<isDirector>0</isDirector><isOfficer>0</isOfficer><isTenPercentOwner>1</isTenPercentOwner><isOther>0</isOther></reportingOwnerRelationship></reportingOwner><nonDerivativeTable><nonDerivativeTransaction><securityTitle><value>Limited Partnership Units</value></securityTitle><transactionDate><value>2003-12-31</value></transactionDate><deemedExecutionDate></deemedExecutionDate><transactionCoding><transactionFormType>4</transactionFormType><transactionCode>P</transactionCode><equitySwapInvolved>0</equitySwapInvolved></transactionCoding><transactionTimeliness><value></value></transactionTimeliness><transactionAmounts><transactionShares><value>0.5000</value></transactionShares><transactionPricePerShare><value>3000.0000</value></transactionPricePerShare><transactionAcquiredDisposedCode><value>A</value></transactionAcquiredDisposedCode></transactionAmounts><postTransactionAmounts><sharesOwnedFollowingTransaction><value>119.0000</value></sharesOwnedFollowingTransaction></postTransactionAmounts><ownershipNature><direct
OrIndirectOwnership><value>I</value></directOrIndirectOwnership><natureOfOwnership><value>By AIMCO Properties, L.P. (1)</value></natureOfOwnership></ownershipNature></nonDerivativeTransaction></nonDerivativeTable><footnotes></footnotes><remarks>**This form is being filed to amend prior filing. Price was inadvertently listed as an aggregate amount instead of a per share price.

(1)  These Units are directly owned by AIMCO Properties, L.P. ("AIMCO OP"), which is a joint filer with AIMCO-GP, Inc. ("AIMCO-GP") and Apartment Investment and Management Company ("AIMCO") for purposes of Section 13(d) of the Exchange Act.  AIMCO-GP is the sole general partner of AIMCO OP and a wholly-owned subsidiary of AIMCO.

(2) VMS National Residential Portfolio I (a Participant in VMS National Properties Joint Venture)</remarks><ownerSignature><signatureName>/s/ Patrick J. Foye
Apartment Investment and Management Company

By: Patrick J. Foye
	Executive Vice President</signatureName><signatureDate>2004-01-16</signatureDate></ownerSignature></ownershipDocument>

</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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