EXHIBIT (Z)(1) AGREEMENT OF JOINT FILING Madison River Properties, L.L.C., 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...

                                                                 EXHIBIT (Z)(1)

                           AGREEMENT OF JOINT FILING

         Madison River Properties, L.L.C., 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, and all further amendments thereto, 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:   March 11, 1998
                                             MADISON RIVER PROPERTIES, L.L.C.


                                             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