Exhibit (z)(2) AGREEMENT OF JOINT FILING Cooper River Properties, L.L.C., Insignia Properties, L.P., Insignia Properties Trust, Insignia Financial Group, Inc. and Andrew L. Farkas hereby agree that the Amendment No. 7 to Statement on Schedule 13D to...

                                                                  Exhibit (z)(2)

                           AGREEMENT OF JOINT FILING

            Xxxxxx River Properties, L.L.C., Insignia Properties, L.P.,
Insignia Properties Trust, Insignia Financial Group, Inc. and Xxxxxx X. Xxxxxx
hereby agree that the Amendment No. 7 to Statement on Schedule 13D to which
this agreement is attached as an exhibit, and all further amendments thereto,
shall be filed on behalf of each of them. This agreement is intended to satisfy
the requirements of Rule 13d-1(f)(1)(iii) under the Securities Exchange Act of
1934, as amended.

            Dated:   July 21, 1998
                                                XXXXXX RIVER PROPERTIES, L.L.C.


                                                By: /s/ XXXXXXX X. XXXXX
                                                    Xxxxxxx X. Xxxxx
                                                    Manager


                                                INSIGNIA PROPERTIES, L.P.

                                                By: Insignia Properties Trust,
                                                    its General Partner


                                                By: /s/ XXXXXXX X. XXXXX
                                                    Xxxxxxx X. Xxxxx
                                                    Senior Vice President


                                                INSIGNIA PROPERTIES TRUST


                                                By: /s/ XXXXXXX X. XXXXX
                                                    Xxxxxxx X. Xxxxx
                                                    Senior Vice President


                                                INSIGNIA FINANCIAL GROUP, INC.


                                                By: /s/ XXXXX X. XXXXXXXX
                                                    Xxxxx X. Xxxxxxxx
                                                    Executive Managing Director


                                                /s/ XXXXXX X. XXXXXX
                                                XXXXXX X. XXXXXX