<PAGE>
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
------------------------------------
SCHEDULE 14D-1/A
TENDER OFFER STATEMENT PURSUANT TO SECTION 14(D)(1)
OF THE SECURITIES EXCHANGE ACT OF 1934
(AMENDMENT NO. 5)
(FINAL AMENDMENT)
AND
SCHEDULE 13D/A
UNDER THE SECURITIES EXCHANGE ACT OF 1934
(AMENDMENT NO. 8)
------------------------------------
CONSOLIDATED CAPITAL INSTITUTIONAL PROPERTIES/3
(Name of Subject Company)
MADISON RIVER PROPERTIES, L.L.C.
INSIGNIA PROPERTIES, L.P.
INSIGNIA PROPERTIES TRUST
INSIGNIA FINANCIAL GROUP, INC.
(Bidders)
UNITS OF LIMITED PARTNERSHIP INTEREST
(Title of Class of Securities)
NONE
(Cusip Number of Class of Securities)
------------------------------------
JEFFREY P. COHEN
SENIOR VICE PRESIDENT
INSIGNIA FINANCIAL GROUP, INC.
375 PARK AVENUE, SUITE 3401
NEW YORK, NEW YORK 10152
(212) 750-6070
(Name, Address and Telephone Number of Person Authorized
to Receive Notices and Communications on Behalf of Bidders)
COPY TO:
JOHN A. HEALY, ESQ.
ROGERS & WELLS
200 PARK AVENUE
NEW YORK, NEW YORK 10166
(212) 878-8000
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<TABLE>
<CAPTION>
- ---------------------------------- ---------------------------------
CUSIP No. NONE 14D-1/A AND 13D/A Page 2
- ---------------------------------- ---------------------------------
<S> <C> <C>
========================================================================================================================
1. Name of Reporting Persons
S.S. or I.R.S. Identification Nos. of Above Persons
MADISON RIVER PROPERTIES, L.L.C.
- ------------------------------------------------------------------------------------------------------------------------
2. Check the Appropriate Box if a Member of a Group
(a) [ ]
(b) [X]
- ------------------------------------------------------------------------------------------------------------------------
3. SEC Use Only
- ------------------------------------------------------------------------------------------------------------------------
4. Sources of Funds
AF
- ------------------------------------------------------------------------------------------------------------------------
5. Check if Disclosure of Legal Proceedings is Required Pursuant to Items
2(e) or 2(f)
[ ]
- ------------------------------------------------------------------------------------------------------------------------
6. Citizenship or Place of Organization
DELAWARE
- ------------------------------------------------------------------------------------------------------------------------
7. Aggregate Amount Beneficially Owned by Each Reporting Person
91,166.5
- ------------------------------------------------------------------------------------------------------------------------
8. Check if the Aggregate Amount in Row 7 Excludes Certain Shares
[ ]
- ------------------------------------------------------------------------------------------------------------------------
9. Percent of Class Represented by Amount in Row 7
23.8%
- ------------------------------------------------------------------------------------------------------------------------
10. Type of Reporting Person
OO
========================================================================================================================
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
- ---------------------------------- ---------------------------------
CUSIP No. NONE 14D-1/A AND 13D/A Page 3
- ---------------------------------- ---------------------------------
<S> <C> <C>
========================================================================================================================
1. Name of Reporting Persons
S.S. or I.R.S. Identification Nos. of Above Persons
INSIGNIA PROPERTIES, L.P.
- ------------------------------------------------------------------------------------------------------------------------
2. Check the Appropriate Box if a Member of a Group
(a) [ ]
(b) [X]
- ------------------------------------------------------------------------------------------------------------------------
3. SEC Use Only
- ------------------------------------------------------------------------------------------------------------------------
4. Sources of Funds
WC
- ------------------------------------------------------------------------------------------------------------------------
5. Check if Disclosure of Legal Proceedings is Required Pursuant to Items
2(e) or 2(f)
[ ]
- ------------------------------------------------------------------------------------------------------------------------
6. Citizenship or Place of Organization
DELAWARE
- ------------------------------------------------------------------------------------------------------------------------
7. Aggregate Amount Beneficially Owned by Each Reporting Person
91,166.5
- ------------------------------------------------------------------------------------------------------------------------
8. Check if the Aggregate Amount in Row 7 Excludes Certain Shares
[ ]
- ------------------------------------------------------------------------------------------------------------------------
9. Percent of Class Represented by Amount in Row 7
23.8%
- ------------------------------------------------------------------------------------------------------------------------
10. Type of Reporting Person
PN
========================================================================================================================
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
- ---------------------------------- ---------------------------------
CUSIP No. NONE 14D-1/A AND 13D/A Page 4
- ---------------------------------- ---------------------------------
<S> <C> <C>
========================================================================================================================
1. Name of Reporting Persons
S.S. or I.R.S. Identification Nos. of Above Persons
INSIGNIA PROPERTIES TRUST
- ------------------------------------------------------------------------------------------------------------------------
2. Check the Appropriate Box if a Member of a Group
(a) [ ]
(b) [X]
- ------------------------------------------------------------------------------------------------------------------------
3. SEC Use Only
- ------------------------------------------------------------------------------------------------------------------------
4. Sources of Funds
NOT APPLICABLE
- ------------------------------------------------------------------------------------------------------------------------
5. Check if Disclosure of Legal Proceedings is Required Pursuant to Items
2(e) or 2(f)
[ ]
- ------------------------------------------------------------------------------------------------------------------------
6. Citizenship or Place of Organization
MARYLAND
- ------------------------------------------------------------------------------------------------------------------------
7. Aggregate Amount Beneficially Owned by Each Reporting Person
91,166.5
- ------------------------------------------------------------------------------------------------------------------------
8. Check if the Aggregate Amount in Row 7 Excludes Certain Shares
[ ]
- ------------------------------------------------------------------------------------------------------------------------
9. Percent of Class Represented by Amount in Row 7
23.8%
- ------------------------------------------------------------------------------------------------------------------------
10. Type of Reporting Person
OO
========================================================================================================================
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
- ---------------------------------- ---------------------------------
CUSIP No. NONE 14D-1/A AND 13D/A Page 5
- ---------------------------------- ---------------------------------
<S> <C> <C>
========================================================================================================================
1. Name of Reporting Persons
S.S. or I.R.S. Identification Nos. of Above Persons
INSIGNIA FINANCIAL GROUP, INC.
- ------------------------------------------------------------------------------------------------------------------------
2. Check the Appropriate Box if a Member of a Group
(a) [ ]
(b) [X]
- ------------------------------------------------------------------------------------------------------------------------
3. SEC Use Only
- ------------------------------------------------------------------------------------------------------------------------
4. Sources of Funds
NOT APPLICABLE
- ------------------------------------------------------------------------------------------------------------------------
5. Check if Disclosure of Legal Proceedings is Required Pursuant to Items
2(e) or 2(f)
[ ]
- ------------------------------------------------------------------------------------------------------------------------
6. Citizenship or Place of Organization
DELAWARE
- ------------------------------------------------------------------------------------------------------------------------
7. Aggregate Amount Beneficially Owned by Each Reporting Person
91,166.5
- ------------------------------------------------------------------------------------------------------------------------
8. Check if the Aggregate Amount in Row 7 Excludes Certain Shares
[ ]
- ------------------------------------------------------------------------------------------------------------------------
9. Percent of Class Represented by Amount in Row 7
23.8%
- ------------------------------------------------------------------------------------------------------------------------
10. Type of Reporting Person
CO
========================================================================================================================
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
- ---------------------------------- ---------------------------------
CUSIP No. NONE 14D-1/A AND 13D/A Page 6
- ---------------------------------- ---------------------------------
<S> <C> <C>
========================================================================================================================
1. Name of Reporting Persons
S.S. or I.R.S. Identification Nos. of Above Persons
ANDREW L. FARKAS
- ------------------------------------------------------------------------------------------------------------------------
2. Check the Appropriate Box if a Member of a Group
(a) [ ]
(b) [X]
- ------------------------------------------------------------------------------------------------------------------------
3. SEC Use Only
- ------------------------------------------------------------------------------------------------------------------------
4. Sources of Funds
NOT APPLICABLE
- ------------------------------------------------------------------------------------------------------------------------
5. Check if Disclosure of Legal Proceedings is Required Pursuant to Items
2(e) or 2(f)
[ ]
- ------------------------------------------------------------------------------------------------------------------------
6. Citizenship or Place of Organization
UNITED STATES
- ------------------------------------------------------------------------------------------------------------------------
7. Aggregate Amount Beneficially Owned by Each Reporting Person
91,166.5
- ------------------------------------------------------------------------------------------------------------------------
8. Check if the Aggregate Amount in Row 7 Excludes Certain Shares
[ ]
- ------------------------------------------------------------------------------------------------------------------------
9. Percent of Class Represented by Amount in Row 7
23.8%
- ------------------------------------------------------------------------------------------------------------------------
10. Type of Reporting Person
IN
========================================================================================================================
</TABLE>
<PAGE>
AMENDMENT NO. 5 TO SCHEDULE 14D-1/AMENDMENT NO. 8 TO SCHEDULE 13D
This Amendment No. 5 constitutes (i) the final Amendment to the Tender
Offer Statement on Schedule 14D-1 of Madison River Properties, L.L.C. (the
"Purchaser"), Insignia Properties, L.P. ("IPLP"), Insignia Properties Trust
("IPT"), and Insignia Financial Group, Inc. ("Insignia"), originally filed with
the Commission on December 31, 1997, as amended by Amendment No. 1 filed with
the Commission on January 30, 1998, Amendment No. 2 filed with the Commission
on February 9, 1998, Amendment No. 3 filed with the Commission on February 13,
1998 and Amendment No. 4 filed with the Commission on March 2, 1998 (the
"Schedule 14D-1"); and (ii) Amendment No. 8 to the Statement on Schedule 13D of
the Purchaser, IPLP, IPT, Insignia and Andrew L. Farkas, originally filed with
the Commission on December 19, 1994, as amended by Amendment No. 1 filed with
the Commission on October 4, 1996, Amendment No. 2 filed with the Commission on
April 28, 1997, Amendment No. 3 filed with the Commission on December 31, 1997,
Amendment No. 4 filed with the Commission on January 30, 1998, Amendment No. 5
filed with the Commission on February 9, 1998, Amendment No. 6 filed with the
Commission on February 13, 1998 and Amendment No. 7 filed with the Commission
on March 2, 1998 (and together with the Schedule 14D-1, the "Schedules"). The
Schedules relate to the tender offer of the Purchaser to purchase up to 145,000
of the outstanding units of limited partnership interest ("Units") of
Consolidated Capital Institutional Properties/3 (the "Partnership"), at a
purchase price of $85 per Unit, net to the seller in cash, upon the terms and
subject to the conditions set forth in the Offer to Purchase dated December 31,
1997 (the "Offer to Purchase") and the related Assignment of Partnership
Interest (which, together with any supplements or amendments, collectively
constitute the "Offer"). Capitalized terms used but not defined herein shall
have the meanings ascribed to them in the Schedule 14D-1 and the Offer to
Purchase.
ITEM 6. INTEREST IN SECURITIES OF THE SUBJECT COMPANY.
(a)-(b) At 5:00 p.m., New York time, on Friday, February 27, 1998, the
Offer expired pursuant to its terms. A total of 46,775.4 Units, representing
approximately 12.2% of the outstanding Units, were validly tendered and not
withdrawn pursuant to the Offer. The Purchaser has accepted for payment, and
the Depositary has mailed checks in payment of, all of those Units at the
purchase price of $85 per Unit.
7
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SIGNATURE
After due inquiry and to the best of my knowledge and belief, I
certify that the information set forth in this statement is true, complete and
correct.
Dated: March 24, 1998
MADISON RIVER PROPERTIES, L.L.C.
By: /s/ JEFFREY P. COHEN
---------------------
Jeffrey P. Cohen
Manager
INSIGNIA PROPERTIES, L.P.
By: Insignia Properties Trust,
its General Partner
By: /s/ JEFFREY P. COHEN
---------------------
Jeffrey P. Cohen
Senior Vice President
INSIGNIA PROPERTIES TRUST
By: /s/ JEFFREY P. COHEN
---------------------
Jeffrey P. Cohen
Senior Vice President
INSIGNIA FINANCIAL GROUP, INC.
By: /s/ FRANK M. GARRISON
----------------------
Frank M. Garrison
Executive Managing Director
SOLELY FOR PURPOSES OF, AND INSOFAR
AS THIS FILING CONSTITUTES, AMENDMENT
NO. 8 TO THE STATEMENT ON SCHEDULE
13D
/s/ ANDREW L. FARKAS
--------------------------------
By: Jeffrey P. Cohen, Attorney-in-Fact
8
