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. 1 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. 1 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:   August 12, 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