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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
Amendment No. 1 to 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
January 10, 2001
