EXHIBIT (z)(1) AGREEMENT OF JOINT FILING IPLP Acquisition I LLC, Insignia Properties, L.P., Insignia Properties Trust, Insignia Financial Group, Inc. and Andrew L. Farkas hereby agree that the Statement on Schedule 13D to which this agreement is...

                                                                 EXHIBIT (z)(1)

                           AGREEMENT OF JOINT FILING

         IPLP Acquisition I LLC, Insignia Properties, L.P., Insignia Properties
Trust, Insignia Financial Group, Inc. and Xxxxxx X. Xxxxxx hereby agree that
the Statement on Schedule 13D to which this agreement is attached as an exhibit
shall be filed on behalf of each of them. This agreement is intended to satisfy
the requirements of Rule 13d-1(f)(1)(iii) under the Securities Exchange Act of
1934, as amended.

         Dated:  November 10, 1997
                                            IPLP ACQUISITION I LLC


                                            By: /s/ XXXXXXX X. XXXXX
                                               --------------------------------
                                                Xxxxxxx X. Xxxxx
                                                Manager


                                            INSIGNIA PROPERTIES, L.P.

                                            By: Insignia Properties Trust,
                                                its General Partner


                                            By: /s/ XXXXXXX X. XXXXX
                                               --------------------------------
                                                Xxxxxxx X. Xxxxx
                                                Senior Vice President


                                            INSIGNIA PROPERTIES TRUST


                                            By: /s/ XXXXXXX X. XXXXX
                                               --------------------------------
                                                Xxxxxxx X. Xxxxx
                                                Senior Vice President


                                            INSIGNIA FINANCIAL GROUP, INC.


                                            By: /s/ XXXXX X. XXXXXXXX
                                               --------------------------------
                                                Xxxxx X. Xxxxxxxx
                                                Executive Managing Director


                                            /s/ XXXXXX X. XXXXXX
                                            -----------------------------------
                                            XXXXXX X. XXXXXX