<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 Filed pursuant to Section 16(a) of the Securities Estimated
obligations may Exchange Act of 1934, Section 17(a) of the average
continue. Public Utility Holding Company Act of 1935 burden hrs.
See Instruction 1(b). 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)
SHELTER PROPERTIES VII, L.P. to Issuer
Insignia Properties, L.P. -----------------------------
(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 (give title below) (specify below)
P.O. Box 1089 Person SEPTEMBER 1998 -----------------------------------
(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
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 (Inst.4)
Code V Amount (A) Price Month (I)
(D) (Inst.3&4) (Inst. 4)
- ---------------------------------------------------------------------------------------------------------------------------------
LIMITED PARTNERSHIP UNITS 9/15/98 P 1,450 A 450.00 3,630
- ---------------------------------------------------------------------------------------------------------------------------------
</TABLE>
Reminder: Report on a separate line for each class of securities
beneficially owned directly or indirectly.
*If the form is filed by more than one reporting person,
see Instruction 4(b)(v).
SEC 1474 (7-96)
<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 Derivative Security 2) Conversion 3) Transaction 4) Transaction 5) Number of Derivative 6) Date
(Inst. 3) or Exercise Date Code Securities Acquired Exercisable
Price of (Month/ (Inst.8) (A) or Disposed and Expiration
Derivative Day/Year) of (D) Date (Month/
Security (Inst. 3,4&5) Day/Year)
---------------------------------------------------------------
Date Expiration
Code V (A) (D) Exercisable Date
7) Title and Amount of 8) Price of 9) Number of 10) Ownership 11) Nature of Indirect
Underlying Securities Derivative Derivative Form of Beneficial
(Inst. 3 & 4) Security Securities Derivative Ownership
(Inst. 5) Beneficially Security: (Inst. 4)
Owned at Direct (D) or
End of Month Indirect (I)
(Instr. 4) (Instr. 4)
-------------------------
Amount or
Title Number
of 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. October 6, 1998
- --------------------------- ---------------
**Signature of Reporting Person Date
By: William H. Jarrard, Jr.
Note: File three copies of this form, one of which must be manually signed.
If space provided is insufficient, see instruction 6 for procedure.
SEC 1474 (8/92)
SEPTEMBER-1998
