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