CUSIP No. Not Applicable  Page 10 of 10 Pages

AGREEMENT OF JOINT FILING

     The parties listed below agree that the Amendment No. 31 to Schedule 13D to which this agreement is attached as an exhibit, and all further amendments thereto, shall be filed on behalf of each of them. This Agreement is intended to satisfy Rule 13d-1(k) under the Securities Exchange Act of 1934, as amended. This Agreement may be executed in any number of counterparts, each of them shall be deemed an original, but all of which together shall constitute one and the same instrument.

Dated: September 18, 2008

AIMCO PROPERTIES, L.P.
By:	AIMCO-GP, INC.
	(General Partner)
AIMCO-GP, INC.
APARTMENT INVESTMENT AND MANAGEMENT COMPANY
AIMCO IPLP, L.P.
By:	AIMCO/IPT, Inc.
	(General Partner)
AIMCO/IPT, INC.
IPLP ACQUISITIONS I, LLC
By:	/s/ Martha L. Long
	Martha L. Long
	Senior Vice President
	of each of the foregoing entities