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EXHIBIT 23.5
CONSENT OF MARSHALL & STEVENS INCORPORATED
We hereby consent to the use of our opinion letter dated November 29,
2000 to the Board of Directors of Oxford Tax Exempt Fund II Corporation attached
as Annex B to the Prospectus/Information Statement which forms a part of the
Registration Statement on Form S-4 of Apartment Investment and Management
Company relating to the proposed merger of AIMCO/OTEF, LLC with and into Oxford
Tax Exempt Fund II Limited Partnership and to the references to our firm in the
Prospectus/Information Statement. In giving such consent, we do not admit that
we come within the category of persons whose consent is required under Section 7
of the Securities Act of 1933, as amended, or the rules and regulations of the
Securities and Exchange Commission thereunder and we do not thereby admit that
we are experts with respect to any part of the Prospectus/Information Statement
under the meaning of the term "expert" as used in the Securities Act.
Marshall & Stevens Incorporated
By: /s/ Merle E. Atkins
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Merle E. Atkins
Executive Vice President
Philadelphia, Pennsylvania
November 27, 2000
