EXHIBIT (Z)(1) AGREEMENT OF JOINT FILING Reedy River Properties, L.L.C., Insignia Properties, L.P., Insignia Properties Trust, Insignia Financial Group, Inc. and Andrew L. Farkas hereby agree that the Statement on Schedule 13D to which this agreement...

                                                                 EXHIBIT (Z)(1)

                           AGREEMENT OF JOINT FILING

         Xxxxx River Properties, L.L.C., Insignia Properties, L.P., Insignia
Properties Trust, Insignia Financial Group, Inc. and Xxxxxx X. Xxxxxx hereby
agree that the 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:   March 5, 1998


                                            XXXXX 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