UNITED STATES ~~SECURITIES~~ ~~AND EXCHANGE COMMISSION~~

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT ~~PURSUANT~~ ~~TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934~~

~~Date~~PURSUANT ofTO ~~Report~~SECTION 13 ~~(Date~~OR ~~of earliest event reported~~15(d)~~: July~~ ~~28,~~OF ~~2011~~THE

SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of earliest event reported): November 15, 2011

CONSOLIDATED CAPITAL INSTITUTIONAL PROPERTIES/3, LP

(Exact name of registrant as specified in its charter)

DELAWARE	0-14187	94-2940208
(State or other jurisdiction	(Commission	(IRS Employer
(State or other jurisdiction of incorporation)	(Commission File Number)	(IRS Employer Identification No.)
of incorporation)	File Number)	Identification No.)
55 BEATTIE PLACE POST OFFICE BOX 1089 GREENVILLE, SOUTH CAROLINA		29602
(Address of principal executive offices)		(Zip Code)

55 BEATTIE PLACE
POST OFFICE BOX 1089
GREENVILLE, SOUTH CAROLINA		29602
(Address of principal executive offices)		(Zip Code)

Registrant’s telephone number, including area code (864) 239-1000

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

þx Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

o¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

o¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

o¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

ITEM 1.01. Entry into a Material Definitive Agreement.

OnAs ~~July 28,~~previously ~~2011~~disclosed, Consolidated Capital Institutional Properties/3, LP, a Delaware limited partnership (“CCIP/3”), ~~entered into an agreement and plan of merger (the “Merger Agreement”) with~~ AIMCO Properties, L.P., a Delaware limited partnership (“AIMCO OP”), and AIMCO CCIP/3 Merger Sub LLC, a Delaware limited liability company of which AIMCO OP is the sole member (the “Merger Subsidiary”), entered into an Agreement and Plan of Merger, dated as of July 28, 2011 (the “Merger Agreement”), pursuant to which the Merger Subsidiary ~~will~~would be merged with and into CCIP/3, with CCIP/3 as the surviving entity. On November 15, 2011, CCIP/3, AIMCO OP and the Merger Subsidiary entered into an Amended and Restated Agreement and Plan of Merger, dated as of November 15, 2011 (the “Amended and Restated Merger Agreement”). Pursuant to the terms of the Amended and Restated Merger Agreement, the cash consideration that holders of Series A units of limited partnership interest (each, a “Series A Unit”) of CCIP/3 may elect to receive upon consummation of the merger increased from $59.36 to $61.30, and the number of partnership common units of AIMCO OP that holders of Series A Units may elect to receive upon consummation of the merger will be calculated by dividing $61.30 by the average closing price of Apartment Investment and Management Company common stock, as reported on the New York Stock Exchange, over the ten consecutive trading days ending on the second trading day immediately prior to the effective time of the merger. This increase in consideration is due to changes in the estimated market values of CCIP/3’s properties, changes in CCIP/3’s financial position and changes in the market value of its indebtedness.

~~In the~~The ~~merger,~~foregoing ~~each~~summary ~~Series A unit~~ of ~~limited partnership interest (each, a “Series A Unit”) of CCIP/3 outstanding immediately prior to~~ the ~~consummation~~Amended ofand ~~the~~Restated ~~merger (other than Series A Units held by limited partners who perfect their appraisal rights pursuant to the~~ Merger Agreement~~) will~~ beis ~~converted~~qualified ~~into the right to receive, at the election of the limited partner, either (i) $59.36~~ in ~~cash~~its ~~(the~~entirety ~~“Cash Consideration”) or (ii) a number of partnership common units of AIMCO OP calculated~~ by ~~dividing~~reference ~~$59.36~~to by the ~~average~~Amended ~~closing price of Apartment Investment~~ and ~~Management~~Restated ~~Company~~Merger ~~common stock~~Agreement, as reported on the New York Stock Exchange, over the ten consecutive trading days ending on the second trading day immediately prior to the effective time of the merger (the “OP Unit Consideration”). However, if AIMCO OP determines that the law of the state or other jurisdiction in which ais ~~limited~~attached ~~partner~~hereto ~~resides~~as would prohibit the issuance of partnership common units of AIMCO OP in that state or other jurisdiction (or that registration or qualification in that state or jurisdiction would be prohibitively costly), then such limited partner will only be entitled to receive the Cash Consideration for each SeriesExhibit ~~A Unit~~10.1 ~~Those~~and ~~limited~~incorporated ~~partners~~herein ~~who~~by ~~do not make an election will be deemed to have elected to receive the Cash Consideration~~reference.

In the merger, AIMCO OP’s membership interest in the Aimco Subsidiary will be converted into Series A Units of CCIP/3. As a result, after the merger, AIMCO OP will own all of the outstanding Series A Units. The Series B units of limited partnership interest of CCIP/3 will not be affected by the merger and will remain outstanding following consummation of the merger. ConCap Equities, Inc. will continue to be the general partner of CCIP/3 after the merger, and CCIP/3’s partnership agreement in effect immediately prior to the merger will remain unchanged after the merger.

Completion of the merger is subject to certain conditions, including approval by a majority in interest of the limited partners holding Series A Units. As of July 21, 2011, CCIP/3 had issued and outstanding 382,925.60 Series A Units, and AIMCO OP and its affiliates owned 239,212 of those Series A Units, or approximately 62.47% of the number of outstanding Series A Units. AIMCO OP and its affiliates have indicated that they intend to take action by written consent to approve the merger.

The foregoing summary of the Merger Agreement is qualified in its entirety by reference to the Merger Agreement, which is attached hereto as Exhibit 10.1 and incorporated herein by reference.

Additional Information for Investors:

This communication does not constitute an offer to sell or the solicitation of an offer to buy any securities. AIMCO OP and Apartment Investment and Management Company ~~will~~have ~~file~~filed with the Securities and Exchange Commission a registration statement on Form S-4 that ~~will~~includes ~~include~~ an information statement of CCIP/3 relating to the transaction, which ~~will~~ also ~~constitute a~~constitutes a prospectus of AIMCO OP and Apartment Investment and Management Company. INVESTORS ARE URGED TO READ THE INFORMATION STATEMENT/PROSPECTUS ~~WHEN IT BECOMES AVAILABLE~~ BECAUSE IT ~~WILL~~CONTAINS ~~CONTAIN~~ IMPORTANT INFORMATION REGARDING THE TRANSACTION.

The information statement/prospectus and other documents which have been and will be filed with the Securities and Exchange Commission are ~~will be~~ available free of charge at the SEC’s website, www.sec.gov. You may request a copy of these filings, at no cost, by writing or calling Apartment Investment and Management Company at the following address and telephone number: ISTC Corporation, P.O. Box 2347, Greenville, South Carolina 29602; telephone number (864) 239-1029.

ITEM 9.01. Financial Statements and Exhibits.

(d) The following exhibits are filed with this report:

Exhibit
ExhibitNumber		Description
Number		Description
10.1		Amended and Restated Agreement and Plan of Merger, dated as of November 15, 2011, by and among Consolidated Capital Institutional Properties/3, LP, AIMCO Properties, L.P. and AIMCO CCIP/3 Merger Sub LLC.
10.1		Agreement and Plan of Merger, dated July 28, 2011, by and among Consolidated Capital Institutional Properties/3, LP, AIMCO Properties, L.P. and AIMCO CCIP/3 Merger Sub LLC.

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

	~~CONSOLIDATED CAPITAL INSTITUTIONAL PROPERTIES/3, LP~~	CONSOLIDATED CAPITAL INSTITUTIONAL PROPERTIES/3, LP
Date: July 28, 2011	By:	CONCAP EQUITIES, INC.,
Date: November 15, 2011		By:	CONCAP EQUITIES, INC.,
		~~Its General Partner~~	Its General Partner
	~~By:~~	~~/s/ Stephen B. Waters~~By:	/s/ Stephen B. Waters
		~~Stephen B. Waters~~	Stephen B. Waters
		~~Senior Director of Partnership Accounting~~	Senior Director of Partnership Accounting

Filing Compare · CONSOLIDATED CAPITAL INSTITUTIONAL PROPERTIES 3