EXHIBIT 7.1 AGREEMENT OF JOINT FILING The parties listed below agree that the Amendment No. 20 to 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...

                                                                     EXHIBIT 7.1




                            AGREEMENT OF JOINT FILING

         The parties listed below agree that the Amendment No. 20 to 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 Rule 13d-1(k) under the Securities Exchange Act of 1934, as
amended. This Agreement may be executed in any number of counterparts, each of
them shall be deemed an original, but all of which together shall constitute one
and the same instrument.

Dated: May 13, 2002

                                          AIMCO PROPERTIES, L.P.
                                          By: AIMCO-GP, INC.
                                                (General Partner)
                                          AIMCO-GP, INC.
                                          APARTMENT INVESTMENT AND
                                          MANAGEMENT COMPANY
                                          INSIGNIA PROPERTIES, L.P.
                                          By: AIMCO/IPT, INC.
                                                (General Partner)
                                          AIMCO/IPT, INC.
                                          IPLP ACQUISITION I, L.L.C.

                                          By:  /s/ Xxxxxxx X. Xxxx
                                              ----------------------------------
                                               Executive Vice President
                                               of each of the foregoing entities