<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, Section 17(a) of the Public Utility Holding Company Act burden hrs.
See Instruction 1(b). of 1935 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)
INSIGNIA PROPERTIES, L. P. CONSOLIDATED CAPITAL INSTITUTIONAL to Issuer
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 _________________________________
_____________________________________ (Voluntary)
(Street) 5) If Amendment, 7) Individual or Joint/Group Filing
Date, of
GREENVILLE, SC 29602 Original
______________________________________ (Month/Year) [ ] Form filed by One Reporting Person
(City) (State) (Zip) _____________ [X] Form filed by More than One
DECEMBER 1997 Reporting Person
</TABLE>
<TABLE>
<CAPTION>
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)
(D) (Inst.3&4)
________________________________________________________________________________________________________________________________
LIMITED PARTNERSHIP UNITS 12/31/97 P 163227.6 A 40.09 163,227.6 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> <C> <C>
1)Title of 2)Conver- 3)Trans- 4)Trans- 5)Number of 6)Date 7)Title and 8) Price of
Derivative sion or action action Derivative Exercisable Amount of Deriv-
Security Exercise Date Code Securities and Expiration Underlying ative
(Inst. 3) Price of (Month/ (Inst.8) Acquired (A) Date (Month/ Securities Security
Derivative Day/Year) or Disposed Day/Year) (Inst. 3&4) (Inst. 5)
Security of (D) _______________ _______________
(Inst. 3,4&5) Date Expir- Amount
Excer- ation or
_________ _____________ cisable Date Title Number
Code V (A) (D) of
Shares
</TABLE>
<TABLE>
<CAPTION>
TABLE II (continued)- Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)
<S> <C> <C>
9) Number of 10) Owner- 11) Nature of
Derivative ship Indirect
Securities Form of Beneficial
Beneficially Deriv- Ownership
Owned at ative (Inst. 4)
End of Security:
Month Direct (D)
(Inst. 4) or
Indirect (I)
(Inst. 4)
</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 12, 1998
__________________________ _________________
**Signature of Reporting Person Date
By: William H. Jarrard, Jr.
SEC 1474 (8/92)
-DEC. 1997
