<TABLE>
<CAPTION>
FORM 4 U.S. SECURITIES AND EXCHANGE COMMISSION
Check this box is Washington, D.C. 20549 OMB APPROVAL
no longer subject STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OMB No. 3235-0287
to Section 16. Expires: September 30, 1998
Form 4 or Form 5 Estimated
obligations may Filed pursuant to Section 16(a) of the Securities Exchange Act average
continue. of 1934,
See Instruction 1(b). Section 17(a) of the Public Utility Holding Company Act of 1935 burden hrs.
or Section 30(f) of the Investment Company Act of 1940 per response . . . . . .0.5
<S> <C> <C>
1) Name and Address of Reporting Person* 2) Issuer Name and Ticker or Trading Symbol 6) Relationship of Reporting Person(s)
to issuer
INSIGNIA PROPERTIES, L. P. CONSOLIDATED CAPITAL INSTITUTIONAL
PROPERTIES II
_____________________________________ _________________________________________
(Last) (First) (MI) 3) IRS Or Social 4) Statement for [ ] Director [X] 10% Owner
Security Number Month/Year [ ] Officer [ ] Other
ONE INSIGNIA FINANCIAL PLAZA of Reporting
P. O. BOX 1089 Person JANUARY 1998 _________________________________
_____________________________________ (Voluntary) ______________
(Street) 5) If Amendment, 7) Individual or Joint/Group Filing
Date, of (Check Applicable Line)
GREENVILLE, SC 29602 Original
_____________________________________ (Month/Year) [ ] Form filed by One Reporting Person
(City) (State) (Zip) [X] Form filed by More than One
Reporting Person
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<TABLE>
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TABLE 1 - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
<S> <C> <C> <C> <C> <C> <C>
1) Title of Security 2) Transaction 3)Trans- 4) Security Acquired 5) Amount of 6)Ownership 7) Nature of
(Instr. 3) Date action or Disposed Securities Form: Indirect
(Month/ Code of (D) Beneficially Direct (D) Beneficial
Day/Year) (Inst.8) (Inst. 3, 4 & 5) Owned at or Ownership
__________ ______________________ End of Indirect (I) (Inst.4)
Code V Amount (A) Price Month (Inst. 4)
(Inst.3 & 4)
___________________________________________________________________________________________________________________________________
LIMITED PARTNERSHIP UNITS 1/27/98 P 230.50 A 30.93 D
1/15/98 P 1,713.4 A 40.00 165,171.5 D
___________________________________________________________________________________________________________________________________
</TABLE>
<TABLE>
<CAPTION>
TABLE II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)
<S> <C> <C> <C> <C> <C>
1) Title of 2) Conver- 3) Trans- 4) Trans- 5) Number of 6) Date
Derivative Security sion or action action Derivative Exercisable
(Inst. 3) Exercise Date Code Securities and Expiration
Price of (Month/ (Inst.8) Acquired (A) Date (Month/
Derivative Day/Year) or Disposed Day/Year)
Security of (D)
(Inst. 3,4&5)
________________________
Date Expiration
______________ ______________ Excercisable Date
Code V (A) (D)
7) Title and 8) Price of 9) Number of 10) Owner- 11) Nature of
Amount of Deriv- Derivative ship Indirect
Underlying ative Securities Form of Beneficial
Securities Security Beneficially Deriv- Ownership
(Inst. 3 & 4) (Inst. 5) Owned at ative (Inst. 4)
_______________________ End of Security:
Amount Month Direct (D)
or (Inst. 4) or
Title Number Indirect (I)
of (Inst. 4)
Shares
</TABLE>
Explanation of Responses:
The referenced Units are directly owned by Insignia Properties, L.P. (IPLP" or
the Designated File"). The same shares may be deemed to be indirectly owned by:
1. Insignia Properties Trust ("IPT"), which is the general partner of the
Designated Filer.
2. Insignia Financial Group, Inc. ("Insignia"), which is owner of all of the
outstanding Class B Common Shares of Beneficial Interest in IPT, entitling
it to elect a majority of the trustees of IPT.
3. Andrew L. Farkas, who is the beneficial owner of approximately 28.4% of the
outstanding common stock of Insignia. Insignia owns all of the outstanding
Class B Common shares of Beneficial Interest in IPT, entitling it to elect
a majority of the trustees of IPT. Mr. Farkas is a trustee of IPT.
INSIGNIA PROPERTIES TRUST
By: /s/ William H. Jarrard Jr.
__________________________
William H. Jarrard, Jr. Sr. Vice President
INSIGNIA FINANCIAL GROUP, INC.
By: /s/ Daniel M. LeBey
___________________
Daniel M. LeBey, Assistant General Counsel and Assistant Secretary
/s/ Andrew L. Farkas
____________________
Andrew L. Farkas
**Intentional misstatements or omissions of facts constitute Federal Criminal
Violations.
See 18 U.S.C. 1001 and 15 U.S.C 78ff(a).
/s/William H. Jarrard, Jr. February 10, 1998
_______________________________ ______________
**Signature of Reporting Person Date
By: William H. Jarrard, Jr.
SEC 1474 (8/92)
JAN -1998
