EXHIBIT 7.7 AGREEMENT OF JOINT FILING Insignia Financial Group, Inc., Andrew L. Farkas, Liquidity Assistance L.L.C. and Market Ventures L.L.C. agree that the Amendment No. 1 to the Statement on Schedule 13D to which this agreement is attached as an...

                                  EXHIBIT 7.7




                           AGREEMENT OF JOINT FILING


     Insignia Financial Group, Inc., Xxxxxx X. Xxxxxx, Liquidity Assistance
L.L.C. and Market Ventures L.L.C. agree that the Amendment No. 1 to the
Statement on Schedule 13D to which this agreement is attached as an exhibit,
and all future amendments to the Statement, 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:   October 4, 1996



                         INSIGNIA FINANCIAL GROUP, INC.


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



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



                         LIQUIDITY ASSISTANCE L.L.C.


                         By:   /s/ J. XXXXX XXXXXX
                               ---------------------
                                   J. Xxxxx Xxxxxx
                                   President



                         MARKET VENTURES L.L.C.

                         By:   /s/ XXXXXX X. XXXXX
                               ---------------------
                                   Xxxxxx X. Xxxxx
                                   Manager