March 20, 2000



United States
Securities and Exchange Commission
Washington, D.C.  20549


RE:   National Property Investors 8
      Form 10-KSB
      File No. 0-14554


To Whom it May Concern:

The  accompanying  Form 10-KSB for the year ended  December 31, 1999 describes a
change in the method of  accounting to  capitalize  exterior  painting and major
landscaping,   which  would  have  been  expensed  under  the  old  policy.  The
Partnership believes that this accounting principle change is preferable because
it  provides a better  matching  of  expenses  with the  related  benefit of the
expenditures and it is consistent with industry practice and the policies of the
Managing General Partner.

Please do not hesitate to contact the undersigned with any questions or comments
that you might have.

Very truly yours,



Stephen Waters
Real Estate Controller

<PAGE>



                FORM 10-KSB--Annual or Transitional Report Under
                               Section 13 or 15(d)
                                   Form 10-KSB

(MarkOne)
[X]  ANNUAL REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
     ACT OF 1934 [No Fee Required]

                   For the fiscal year ended December 31, 1999

[ ]  TRANSITION  REPORT UNDER SECTION 13 OR 15(d) OF THE  SECURITIES  EXCHANGE
     ACT OF 1934 [No Fee Required]

                 For the transition period _________to _________

                         Commission file number 0-14554

                          NATIONAL PROPERTY INVESTORS 8
                 (Name of small business issuer in its charter)

         California                                              13-3254885
(State or other jurisdiction of                               (I.R.S. Employer
 incorporation or organization)                              Identification No.)

                         55 Beattie Place, P.O. Box 1089
                        Greenville, South Carolina 29602

                    (Address of principal executive offices)

                                 (864) 239-1000
                            Issuer's telephone number

         Securities registered under Section 12(b) of the Exchange Act:
                                      None

         Securities registered under Section 12(g) of the Exchange Act:

                      Units of Limited Partnership Interest

                                (Title of class)

Check  whether the issuer (1) filed all reports  required to be filed by Section
13 or 15(d) of the  Exchange  Act of 1934 during the past 12 months (or for such
shorter period that the  registrant was required to file such reports),  and (2)
has been subject to such filing requirements for the past 90 days. Yes X No___

Check if there is no disclosure of delinquent  filers in response to Item 405 of
Regulation S-B contained in this form, and no disclosure  will be contained,  to
the best of Registrant's knowledge in definitive proxy or information statements
incorporated  by reference  in Part III of this Form 10-KSB or any  amendment to
this Form 10-KSB. [ ]

State issuer's revenues for its most recent fiscal year.  $4,751,000

State the aggregate  market value of the voting  partnership  interests  held by
non-affiliates  computed  by  reference  to the price at which  the  partnership
interests  were sold,  or the average bid and asked  prices of such  partnership
interests as of December 31, 1999. No market exists for the limited  partnership
interests of the Registrant,  and,  therefore,  no aggregate market value can be
determined.

                       DOCUMENTS INCORPORATED BY REFERENCE

                                      NONE

<PAGE>


                                     PART I

Item 1.     Description of Business:

National  Property   Investors  8  (the  "Partnership"  or  "Registrant")  is  a
California  limited  partnership  formed on June 26, 1984.  The  Partnership  is
engaged in the business of  operating  and holding  real estate  properties  for
investment.  NPI Equity  Investments,  Inc., a Florida  corporation,  became the
Registrant's  managing  general partner (the "Managing  General Partner" or "NPI
Equity") on June 21, 1991.  The  Managing  General  Partner was a subsidiary  of
National Property Investors, Inc. ("NPI") until December 31, 1996, at which time
Insignia  Properties Trust ("IPT") acquired the stock of NPI Equity.  On October
1, 1998, IPT merged into Apartment  Investment and Management Company ("AIMCO").
Therefore,  the Managing  General Partner is a wholly-owned  subsidiary of AIMCO
(see "Transfer of Control" below).  The partnership  agreement provides that the
Partnership  is to terminate on December 31, 2008,  unless  terminated  prior to
such date.

Commencing  May 13, 1985,  the  Registrant  offered  pursuant to a  Registration
Statement filed with the Securities and Exchange  Commission up to 150,000 Units
of Limited  Partnership  Interest (the "Units") at a purchase  price of $500 per
Unit with a minimum purchase of 5 Units.  Upon termination of the offering,  the
Registrant  had  accepted  subscriptions  for 44,882  Units for an  aggregate of
$22,441,000.  In addition,  the Managing General Partner  contributed a total of
$1,000 to the Partnership.  Since its initial  offering,  the Registrant has not
received,  nor  are  limited  partners  required  to  make,  additional  capital
contributions.  All the net  proceeds  of the  offering  were  invested in three
properties,  of which two continue to be held by the  Partnership.  See "Item 2.
Description  of  Properties"  below  for  a  description  of  the  Partnership's
remaining properties.

The  Partnership  has no full time  employees.  The Managing  General Partner is
vested with full authority as to the general  management and  supervision of the
business  and  affairs of the  Partnership.  Limited  Partners  have no right to
participate  in the  management  or conduct of such  business  and  affairs.  An
affiliate  of  the  Managing  General  Partner  provided  day-to-day  management
services  for  the  Partnership's  investment  properties  for the  years  ended
December 31, 1999 and 1998.

There have been, and it is possible there may be other, Federal, state and local
legislation  and  regulations   enacted   relating  to  the  protection  of  the
environment.  The Partnership is unable to predict the extent,  if any, to which
such new  legislation  or  regulations  might occur and the degree to which such
existing or new legislation or regulations might adversely affect the properties
owned by the Partnership.

The Partnership  monitors its properties for evidence of pollutants,  toxins and
other dangerous substances, including the presence of asbestos. In certain cases
environmental  testing has been performed which resulted in no material  adverse
conditions or liabilities.  In no case has the Partnership  received notice that
it is a potentially  responsible party with respect to an environmental clean up
site.

Both  the  income  and  expenses  of  operating  the  properties  owned  by  the
Partnership are subject to factors outside of the Partnership's control, such as
changes in the supply and demand for similar  properties  resulting from various
market  conditions,  increases/decreases  in unemployment or population  shifts,
changes in the availability of permanent mortgage funds, changes in zoning laws,
or changes in patterns or needs of users. In addition,  there are risks inherent
in owning and  operating  residential  properties  because such  properties  are
susceptible  to the  impact of  economic  and other  conditions  outside  of the
control of the Partnership.

The  real  estate  business  in which  the  Partnership  is  engaged  is  highly
competitive.  There are other  residential  properties within the market area of
the Registrant's  properties.  The number and quality of competitive properties,
including  those which may be managed by an affiliate  of the  Managing  General
Partner,  in such market area could have a material  effect on the rental market
for the  apartments at the  Partnership's  properties  and the rents that may be
charged  for  such  apartments.  While  the  Managing  General  Partner  and its
affiliates  own and/or  control a significant  number of apartment  units in the
United  States,  such  units  represent  an  insignificant  percentage  of total
apartment  units in the United  States and  competition  for the  apartments  is
local.

A further description of the Partnership's business is included in "Management's
Discussion and Analysis or Plan of Operation"  included in "Item 6" of this Form
10-KSB.

Transfer of Control

Pursuant  to a series  of  transactions  which  closed  on  October  1, 1998 and
February 26, 1999,  Insignia  Financial Group, Inc.  ("Insignia") and IPT merged
into AIMCO, a publicly traded real estate investment trust, with AIMCO being the
surviving  corporation (the "Insignia Merger"). As a result, AIMCO acquired 100%
ownership interest in the Managing General Partner. The Managing General Partner
does not believe that this transaction has had or will have a material effect on
the affairs and operations of the Partnership.

Item 2.     Description of Properties:

The following table sets forth the Registrant's investments in properties:

                                Date of
Property                        Purchase     Type of Ownership           Use

Williamsburg on the Lake        03/12/86  Fee ownership subject to    Apartment
  Apartments                              first mortgage              460 units
  Indianapolis, Indiana

Huntington Apartments           02/11/88  Fee ownership subject to    Apartment
  Morrisville, North Carolina             first mortgage              212 units


Schedule of Properties:

Set forth below for each of the  Registrant's  properties is the gross  carrying
value, accumulated depreciation,  depreciable life, method of depreciation,  and
Federal tax basis.

                       Carrying    Accumulated                        Federal
Property                 Value     Depreciation    Rate   Method     Tax Basis
                            (in thousands)                        (in thousands)

Williamsburg on the     $19,048      $12,666       5-27     S/L       $ 5,081
  Lake Apartments

Huntington Apartments    11,793        4,851       5-29     S/L         6,441
                        $30,841      $17,517                          $11,522

See  "Note  A" of the  financial  statements  included  in  "Item  7.  Financial
Statements" for a description of the Partnership's depreciation policy and "Note
J - Change in Accounting Principle".

Schedule of Property Indebtedness:

The  following  table  sets  forth  certain  information  relating  to the loans
encumbering the Registrant's properties.
<TABLE>
<CAPTION>

                            Principal                                       Principal
                           Balance At      Stated                            Balance
                          December 31,    Interest    Period   Maturity       Due At
Property                      1999          Rate    Amortized    Date      Maturity (2)
                         (in thousands)                                   (in thousands)

<S>                          <C>           <C>         <C>       <C>         <C>
Williamsburg on the          $ 7,400       7.33%       (1)       11/03       $ 7,400
  Lake Apartments
Huntington Apartments          3,386       9.85%     25 yrs.     02/02         3,211
                             $10,786                                         $10,611
</TABLE>

(1)   Loan requires payments of interest only.

(2)   See "Item 7. Financial  Statements - Note C" for information  with respect
      to the Registrant's ability to prepay the loans and other specific details
      about the loans.

Rental Rates and Occupancy:

Average annual rental rate and occupancy for 1999 and 1998 for each property:

                                     Average Annual              Average Annual
                                      Rental Rate                  Occupancy
                                       (per unit)
 Property                         1999           1998          1999        1998

 Williamsburg on the Lake        $6,487         $6,278          94%         96%
   Apartments
 Huntington Apartments            9,410          9,288          90%         93%

The Managing General Partner  attributes the decrease in occupancy at Huntington
Apartments  to  increased  competition  in  the  area  from  six  new  apartment
complexes.

As noted under "Item 1.  Description of Business",  the real estate  industry is
highly  competitive.  All of the  properties of the  Partnership  are subject to
competition  from other  apartment  complexes in the area. The Managing  General
Partner  believes  that  all of the  properties  are  adequately  insured.  Each
property is an apartment  complex  which  leases units for one year or less.  No
residential  tenant leases 10% or more of the available rental space. All of the
properties are in good physical  condition,  subject to normal  depreciation and
deterioration as is typical for assets of this type and age.

Real Estate Taxes and Rates:

Real estate taxes and rates in 1999 for each property were:

                                                  1999            1999
                                                 Billing          Rate
                                             (in thousands)

Williamsburg on the Lake Apartments               $363           10.38%
Huntington Apartments                              105            1.38%

Capital Improvements:

Williamsburg on the Lake Apartments

During the year ended December 31, 1999, the Partnership completed approximately
$314,000  on  capital  expenditures  at  Williamsburg  on  the  Lake  Apartments
consisting  primarily of carpet and vinyl  replacement,  appliances,  electrical
upgrades,  air  conditioning  unit  replacements,  fencing,  major  landscaping,
structural improvements,  and parking lot improvements.  These improvements were
funded from Partnership  reserves.  The Partnership is currently  evaluating the
capital  improvement  needs of the property for the upcoming  year.  The minimum
amount to be budgeted is  expected to be $300 per unit or  $138,000.  Additional
improvements may be considered and will depend on the physical  condition of the
property as well as replacement  reserves and anticipated cash flow generated by
the property.

Huntington Athletic Club Apartments

During the year ended December 31, 1999, the Partnership completed approximately
$98,000  on  capital   expenditures  at  Huntington   Athletic  Club  Apartments
consisting primarily of carpet and vinyl replacement,  structural  improvements,
and  appliances.  These  improvements  were funded from operating cash flow. The
Partnership  is  currently  evaluating  the  capital  improvement  needs  of the
property for the upcoming year. The minimum amount to be budgeted is expected to
be $300 per unit or $63,600.  Additional improvements may be considered and will
depend on the physical condition of the property as well as replacement reserves
and anticipated cash flow generated by the property.

Item 3.     Legal Proceedings

In March 1998, several putative unit holders of limited partnership units of the
Partnership  commenced an action  entitled  Rosalie  Nuanes,  et al. v. Insignia
Financial  Group,  Inc., et al. in the Superior Court of the State of California
for the County of San Mateo. The plaintiffs  named as defendants,  among others,
the  Partnership,  the Managing  General Partner and several of their affiliated
partnerships  and corporate  entities.  The action  purports to assert claims on
behalf of a class of limited  partners and derivatively on behalf of a number of
limited  partnerships  (including  the  Partnership)  which are named as nominal
defendants,  challenging  the  acquisition  by Insignia  Financial  Group,  Inc.
("Insignia")  and  entities  which  were,  at one time,  affiliates  of Insignia
("Insignia  Affiliates") of interests in certain general partner entities,  past
tender offers by Insignia  Affiliates to acquire limited  partnership units, the
management of partnerships  by Insignia  Affiliates and the Insignia Merger (see
"Item 7. Financial  Statements,  Note B - Transfer of Control").  The plaintiffs
seek monetary damages and equitable relief,  including  judicial  dissolution of
the  Partnership.  On June 25, 1998, the Managing General Partner filed a motion
seeking  dismissal  of the action.  In lieu of  responding  to the  motion,  the
plaintiffs have filed an amended  complaint.  The Managing General Partner filed
demurrers to the amended  complaint which were heard February 1999.  Pending the
ruling on such  demurrers,  settlement  negotiations  commenced.  On November 2,
1999,  the parties  executed and filed a  Stipulation  of  Settlement,  settling
claims,  subject to final court  approval,  on behalf of the Partnership and all
limited partners who own units as of November 3, 1999.  Preliminary  approval of
the  settlement  was obtained on November 3, 1999 from the Superior Court of the
State of  California,  County of San Mateo,  at which time the Court set a final
approval  hearing for December 10, 1999.  Prior to the December 10, 1999 hearing
the Court received various  objections to the settlement,  including a challenge
to the Court's preliminary  approval based upon the alleged lack of authority of
class  plaintiffs'  counsel to enter the  settlement.  On December 14, 1999, the
Managing General Partner and its affiliates  terminated the proposed settlement.
Certain  plaintiffs  have filed a motion to disqualify  some of the  plaintiffs'
counsel in the action.  The Managing  General  Partner does not anticipate  that
costs  associated with this case will be material to the  Partnership's  overall
operations.

The  Partnership is unaware of any other pending or outstanding  litigation that
is not of a routine nature arising in the ordinary course of business.

Item 4.     Submission of Matters to a Vote of Security Holders

During the quarter ended  December 31, 1999, no matter was submitted to the vote
of unit holders through the solicitation of proxies or otherwise.

                                     PART II

Item 5. Market for the  Partnership's  Common Equity and Related Security Holder
        Matters:

The Partnership sold 44,882 Limited  Partnership Units aggregating  $22,441,000.
In addition,  the Managing General Partner  contributed a total of $1,000 to the
Partnership.  The  Partnership  currently  has 1,011 holders of record owning an
aggregate of 44,882  Units.  Affiliates  of the Managing  General  Partner owned
24,905  Units or 55.49% at  December  31,  1999.  No public  trading  market has
developed  for the  Units,  and it is not  anticipated  that such a market  will
develop in the future.

The following table sets forth the distributions made by the Partnership for the
years ended  December 31, 1998 and 1999,  as well as for the  subsequent  period
from January 1, 2000 to February 29, 2000:

                                                Distributions

                                        Aggregate          Per Limited
                                      (in thousands)     Partnership Unit

       01/01/98 - 12/31/98              $1,000 (1)            $22.06

       01/01/99 - 12/31/99              $1,874 (2)            $41.33

       01/01/00 - 02/29/00              $1,028 (1)            $22.68

(1)  Distribution  was made from cash from  operations (see "Item 6" for further
     details).

(2)  Consists of $266,000 of cash from  operations  and $1,608,000 of cash from
     previously  undistributed  proceeds from  refinancings  and property sales
     from prior years (see "Item 6" for further details).

Future cash  distributions  will depend on the levels of net cash generated from
operations,   the  availability  of  cash  reserves,  and  the  timing  of  debt
maturities,  refinancings, and/or property sales. The Partnership's distribution
policy is reviewed on a semi-annual basis.  There can be no assurance,  however,
that the  Partnership  will  generate  sufficient  funds from  operations  after
required  capital  expenditures,  to permit any additional  distributions to its
partners in 2000 or subsequent periods. See "Item 2. Description of Properties -
Capital   Improvements"   for  information   relating  to  anticipated   capital
expenditures at the properties.

Several tender offers were made by various parties,  including affiliates of the
Managing General Partner,  during the years ended December 31, 1999 and 1998. As
a result of these and prior tender offers,  AIMCO and its  affiliates  currently
own 24,905 limited  partnership units in the Partnership  representing 55.49% of
the outstanding units. It is possible that AIMCO or its affiliates will make one
or more additional offers to acquire additional limited partnership interests in
the Partnership  for cash or in exchange for units in the operating  partnership
of AIMCO. Consequently, AIMCO is in a position to influence all voting decisions
with respect to the  Registrant.  Under the Partnership  Agreement,  unitholders
holding a majority of the Units are  entitled  to take action with  respect to a
variety of matters.  When voting on matters,  AIMCO would in all likelihood vote
the Units it  acquired in a manner  favorable  to the  interest of the  Managing
General Partner because of their affiliation with the Managing General Partner.

Item 6.     Management's Discussion and Analysis or Plan of Operation

The  matters  discussed  in this Form  10-KSB  contain  certain  forward-looking
statements  and  involve  risks and  uncertainties  (including  changing  market
conditions,   competitive  and  regulatory   matters,   etc.)  detailed  in  the
disclosures  contained  in this  Form  10-KSB  and the  other  filings  with the
Securities and Exchange Commission made by the Registrant from time to time. The
discussion of the  Registrant's  business and results of  operations,  including
forward-looking  statements  pertaining  to such  matters,  does not  take  into
account the effects of any changes to the  Registrant's  business and results of
operations.  Accordingly,  actual  results  could differ  materially  from those
projected in the forward-looking  statements as a result of a number of factors,
including those identified herein.

This item should be read in conjunction with the financial  statements and other
items contained elsewhere in this report.

Results of Operations

The   Registrant's  net  income  for  the  year  ended  December  31,  1999  was
approximately  $156,000 as compared to approximately $288,000 for the year ended
December  31, 1998.  The decrease in net income for the year ended  December 31,
1999 was due to a decrease in total  revenues  which was  partially  offset by a
decrease in total expenses.

Total  revenues  decreased for the year ended December 31, 1999 primarily due to
decreased other income and to a lesser extent to decreased rental income. Rental
income decreased due to decreased occupancy and increased concessions at both of
the  Partnership's  properties which were partially offset by increased  average
annual  rental  rates  at both of the  Partnership's  properties.  Other  income
decreased due to the receipt during 1998 of litigation proceeds in settlement of
an  action  against  a  vendor  for  installation  of  defective  piping  at the
Huntington Athletic Club Apartments. In addition,  interest income decreased due
to lower  average  cash  balances in  interest-bearing  accounts,  a decrease in
income  associated  with  renting  fully  furnished  units  to  corporations  at
Huntington  Athletic  Club,  and a  decrease  in tenant  charges  at both of the
Partnership's properties.

Total  expenses  decreased  due to a decrease in  operating  expenses  which was
partially  offset by an  increase  in  depreciation  expense  and  property  tax
expense. Operating expenses decreased primarily due to decreased salary expenses
at Huntington Athletic Club,  decreased expenses associated with fully furnished
units leased to corporations at Huntington Athletic Club and reduced maintenance
costs. In addition,  insurance  expense  decreased at both of the  Partnership's
properties  due to lower rates  received  from a new  insurance  carrier late in
1998.  Depreciation  expense increased due to property additions during the past
twelve months which are now being  depreciated.  Property tax expense  increased
due  to an  increase  in  the  real  estate  tax  assessment  for  both  of  the
Partnership's properties.

General and administrative expenses remained stable over the comparable periods.
Included in general and  administrative  expenses at both  December 31, 1999 and
1998 are management reimbursements to the Managing General Partner allowed under
the Partnership Agreement. In addition,  costs associated with the quarterly and
annual  communications  with  investors and  regulatory  agencies and the annual
audit required by the Partnership Agreement are also included.

Effective  January 1, 1999, the Partnership  changed its method of accounting to
capitalize the cost of exterior  painting and major landscaping on a prospective
basis.  The  Partnership  believes  that  this  accounting  principle  change is
preferable  because it provides a better  matching of expenses  with the related
benefit of the expenditures and it is consistent with industry  practice and the
policies of the Managing General  Partner.  The effect of the change in 1999 was
to increase net income by approximately  $58,000 ($1.27 per limited  partnership
unit). The cumulative effect, had this change been applied to prior periods,  is
not material.  The accounting  principle  change will not have an effect on cash
flow,  funds available for  distribution or fees payable to the Managing General
Partner and affiliates.

As part of the ongoing  business plan of the  Partnership,  the Managing General
Partner  monitors  the  rental  market  environment  of each  of its  investment
properties  to assess  the  feasibility  of  increasing  rents,  maintaining  or
increasing  occupancy  levels and protecting  the  Registrant  from increases in
expenses. As part of this plan, the Managing General Partner attempts to protect
the  Registrant  from the burden of  inflation-related  increases in expenses by
increasing rents and maintaining a high overall occupancy level. However, due to
changing market  conditions,  which can result in the use of rental  concessions
and  rental  reductions  to  offset  softening  market  conditions,  there is no
guarantee that the Managing General Partner will be able to sustain such a plan.

Liquidity and Capital Resources

At  December  31,  1999,  the  Partnership  held  cash and cash  equivalents  of
approximately  $1,743,000  compared to approximately  $1,746,000 at December 31,
1998. The decrease of approximately  $3,000 in cash and cash  equivalents  since
December 31, 1998 is due to  approximately  $1,946,000 of cash used in financing
activities,  which was  partially  offset by  approximately  $1,670,000  of cash
provided by operating activities and approximately  $273,000 of cash provided by
investing   activities.   Cash  used  in  financing   activities   consisted  of
distributions  to the partners,  and to a lessor  extent,  payments of principal
made on the mortgage  encumbering  Huntington  Athletic  Club  Apartments.  Cash
provided  by  investing  activities  consisted  of net  withdrawals  from escrow
accounts  maintained  by the  mortgage  lender  which  was  partially  offset by
property improvements and replacements.

The Managing  General Partner has extended to the Partnership a $500,000 line of
credit.  The  Partnership  has no  outstanding  amounts  due under  this line of
credit. Based on present plans, the Managing General Partner does not anticipate
the need to borrow  against  the line of credit in the near  future.  Other than
unrestricted cash and cash equivalents,  the line of credit is the Partnership's
only unused source of liquidity.

The sufficiency of existing  liquid assets to meet future  liquidity and capital
expenditure   requirements   is  directly   related  to  the  level  of  capital
expenditures  required at the various  properties  to  adequately  maintain  the
physical  assets and other  operating needs of the Registrant and to comply with
Federal, state, and local legal and regulatory requirements.  The Partnership is
currently  evaluating  the capital  improvement  needs of the properties for the
upcoming  year.  The  minimum  amount  to be  budgeted  will be $300 per unit or
$201,600.  Additional  improvements  may be  considered  and will  depend on the
physical  condition  of  the  property  as  well  as  replacement  reserves  and
anticipated  cash  flow  generated  by  the  property.  The  additional  capital
improvements  will be incurred only if cash is available from operations or from
Partnership  reserves. To the extent that such budgeted capital improvements are
completed,  the Partnership's  distributable cash flow, if any, may be adversely
affected at least in the short term.

The  Registrant's  current assets are thought to be sufficient for any near-term
needs (exclusive of capital improvements) of the Registrant. Huntington Athletic
Club Apartment's mortgage indebtedness of approximately  $3,386,000 is amortized
over 300  months  with a balloon  payment  of  approximately  $3,211,000  due in
February 2002. The mortgage  encumbering the Williamsburg on the Lake Apartments
requires  interest only payments with the principal balance of $7,400,000 due in
November  2003.  The Managing  General  Partner  will attempt to refinance  such
indebtedness  and/or sell the properties  prior to such maturity  dates.  If the
properties cannot be refinanced or sold for a sufficient amount, the Partnership
will risk losing such properties through foreclosure.

During the year ended December 31, 1999, the Registrant  made  distributions  of
approximately $266,000  (approximately $263,000 to the limited partners or $5.86
per limited  partnership  unit) from  operations  and  approximately  $1,608,000
(approximately  $1,592,000  to  the  limited  partners  or  $35.47  per  limited
partnership  unit) from refinancing and property sale proceeds from prior years.
During the year ended December 31, 1998, the Registrant  made  distributions  of
approximately  $1,000,000  (approximately  $990,000 to the  limited  partners or
$22.06 per limited partnership unit) from operations. Subsequent to December 31,
1999,  the  Registrant   declared  and  paid  a  distribution  of  approximately
$1,028,000  (approximately  $1,018,000  to the  limited  partners  or $22.68 per
limited partnership unit) from operations. Future cash distributions will depend
on the levels of net cash generated from  operations,  the  availability of cash
reserves, and the timing of debt maturities, refinancings and/or property sales.
The Registrant's  distribution  policy is reviewed on a semi-annual basis. There
can be no assurance, however, that the Registrant will generate sufficient funds
from operations,  after required capital improvements,  to permit any additional
distributions to its partners in 2000 or subsequent periods.

Several tender offers were made by various parties,  including affiliates of the
Managing General Partner,  during the years ended December 31, 1999 and 1998. As
a result of these and prior tender offers,  AIMCO and its  affiliates  currently
own 24,905 limited  partnership units in the Partnership  representing 55.49% of
the outstanding units. It is possible that AIMCO or its affiliates will make one
or more additional offers to acquire additional limited partnership interests in
the Partnership  for cash or in exchange for units in the operating  partnership
of AIMCO. Consequently, AIMCO is in a position to influence all voting decisions
with respect to the  Registrant.  Under the Partnership  Agreement,  unitholders
holding a majority of the Units are  entitled  to take action with  respect to a
variety of matters.  When voting on matters,  AIMCO would in all likelihood vote
the Units it  acquired in a manner  favorable  to the  interest of the  Managing
General Partner because of their affiliation with the Managing General Partner.

Year 2000 Compliance

General Description

The Year 2000 issue is the result of computer  programs  being written using two
digits rather than four digits to define the applicable year. The Partnership is
dependent  upon the Managing  General  Partner and its affiliates for management
and  administrative  services  ("Managing  Agent").  Any of the Managing Agent's
computer programs or hardware that had date-sensitive software or embedded chips
might have  recognized  a date using "00" as the year 1900  rather than the year
2000.  This could have resulted in a system failure or  miscalculations  causing
disruptions of operations,  including, among other things, a temporary inability
to process  transactions,  send invoices,  or engage in similar normal  business
activities.

Computer Hardware, Software and Operating Equipment

In 1999,  the Managing  Agent  completed  all phases of its Year 2000 program by
completing  the  replacement  and repair of any  hardware or software  system or
operating  equipment that was not yet Year 2000 compliant.  The Managing Agent's
hardware  and software  systems and its  operating  equipment  are now Year 2000
compliant.  No  material  failure or  erroneous  results  have  occurred  in the
Managing Agent's computer  applications  related to the failure to reference the
Year 2000 to date.

Third Parties

To  date,  the  Managing  Agent  is not  aware of any  significant  supplier  or
subcontractor  (external agent) or financial institution of the Partnership that
has a Year 2000 issue that  would  have a material  impact on the  Partnership's
results of operations,  liquidity or capital  resources.  However,  the Managing
Agent  has no means of  ensuring  or  determining  the Year 2000  compliance  of
external  agents.  At this time, the Managing Agent does not believe that a Year
2000 issue of any  non-compliant  external agent will have a material  impact on
the Partnership's financial position or results of operations.

Costs

The total cost of the Managing Agent's Year 2000 project was approximately  $3.2
million and was funded from operating cash flows.

Risks Associated with the Year 2000

The Managing  Agent  completed all necessary  phases of its Year 2000 program in
1999,  and did not  experience  system or  equipment  malfunctions  related to a
failure to reference the Year 2000. The Managing  Agent or Partnership  have not
been  materially  adversely  effected by  disruptions  in the economy  generally
resulting from the Year 2000 issue.

At this  time,  the  Managing  Agent  does not  believe  that the  Partnership's
businesses,  results of  operations  or financial  condition  will be materially
adversely effected by the Year 2000 issue.

Contingency Plans Associated with the Year 2000

The  Managing  Agent has not had to implement  contingency  plans such as manual
workarounds or selecting new relationships for its banking or elevator operation
activities in order to avoid the Year 2000 issue.


Item 7.     FINANCIAL STATEMENTS:

NATIONAL PROPERTY INVESTORS 8

LIST OF FINANCIAL STATEMENTS

      Report of Ernst & Young LLP, Independent Auditors

      Balance Sheet - December 31, 1999

      Statements of Operations - Years ended December 31, 1999 and 1998

      Statements  of  Changes  in  Partners'  (Deficit)  Capital  - Years  ended
      December 31, 1999 and 1998

      Statements of Cash Flows - Years ended December 31, 1999 and 1998

      Notes to Financial Statements


<PAGE>


                Report of Ernst & Young LLP, Independent Auditors

The Partners
National Property Investors 8


We have audited the accompanying  balance sheet of National Property Investors 8
as of December 31, 1999, and the related  statements of  operations,  changes in
partners'  (deficit)  capital  and cash  flows  for each of the two years in the
period  ended   December  31,  1999.   These   financial   statements   are  the
responsibility of the Partnership's management. Our responsibility is to express
an opinion on these financial statements based on our audits.

We conducted our audits in accordance with auditing standards generally accepted
in the United States. Those standards require that we plan and perform the audit
to obtain reasonable  assurance about whether the financial  statements are free
of material misstatement. An audit includes examining, on a test basis, evidence
supporting  the amounts and  disclosures in the financial  statements.  An audit
also includes assessing the accounting principles used and significant estimates
made  by the  Partnership's  management,  as  well  as  evaluating  the  overall
financial  statement  presentation.   We  believe  that  our  audits  provide  a
reasonable basis for our opinion.

In our opinion,  the financial  statements  referred to above present fairly, in
all material  respects,  the financial position of National Property Investors 8
at December 31, 1999,  and the results of its  operations and its cash flows for
each of the two years in the period ended December 31, 1999, in conformity  with
accounting principles generally accepted in the United States.

As discussed in Note J to the financial statements,  the Partnership changed its
method of  accounting  to  capitalize  the cost of exterior  painting  and major
landscaping effective January 1, 1999.

                                                            /s/ERNST & YOUNG LLP

Greenville, South Carolina
February 25, 2000


<PAGE>




                          NATIONAL PROPERTY INVESTORS 8

                                  BALANCE SHEET
                        (in thousands, except unit data)

                                December 31, 1999

Assets
   Cash and cash equivalents                                            $ 1,743
   Receivables and deposits                                                 107
   Restricted escrows                                                       101
   Other assets                                                             165
   Investment properties (Notes C and F):
      Land                                               $ 1,970
      Buildings and related personal property              28,871
                                                           30,841

      Less accumulated depreciation                       (17,517)       13,324
                                                                       $ 15,440
Liabilities and Partners' (Deficit) Capital
Liabilities
      Accounts payable                                                     $ 67
      Tenant security deposit liabilities                                    72
      Accrued property taxes                                                494
      Other liabilities                                                     223
      Mortgage notes payable (Note C)                                    10,786

Partners' (Deficit) Capital
   General partner                                        $ (185)
   Limited partners (44,882 units issued and
      outstanding)                                          3,983         3,798
                                                                       $ 15,440

                     See Accompanying Notes to Financial Statements


<PAGE>


                          NATIONAL PROPERTY INVESTORS 8

                            STATEMENTS OF OPERATIONS
                        (in thousands, except unit data)



                                                       Years Ended December 31,
                                                          1999          1998
Revenues:
   Rental income                                        $ 4,437       $ 4,490
   Other income                                             314           444
      Total revenues                                      4,751         4,934

Expenses:
   Operating                                              1,738         1,828
   General and administrative                               220           226
   Depreciation                                           1,229         1,204
   Interest                                                 917           924
   Property taxes                                           491           464
      Total expenses                                      4,595         4,646

Net income (Note D)                                       $ 156         $ 288

Net income allocated to general partner (1%)                $ 2           $ 3
Net income allocated to limited partners (99%)              154           285
                                                          $ 156         $ 288

Net income per limited partnership unit                  $ 3.43        $ 6.35

Distributions per limited partnership unit              $ 41.33       $ 22.06


                     See Accompanying Notes to Financial Statements


<PAGE>


                          NATIONAL PROPERTY INVESTORS 8

              STATEMENTS OF CHANGES IN PARTNERS' (DEFICIT) CAPITAL
                        (in thousands, except unit data)

                                    Limited
                                  Partnership    General    Limited
                                     Units       Partner    Partners     Total

Original capital contributions       44,882        $ 1       $22,441    $22,442

Partners' (deficit) capital at
  December 31, 1997                  44,882       $ (161)    $ 6,389    $ 6,228

Distribution to partners                 --          (10)       (990)    (1,000)

Net income for the year ended
  December 31, 1998                      --            3         285        288

Partners' (deficit) capital at
  December 31, 1998                  44,882         (168)      5,684      5,516

Distribution to partners                 --          (19)     (1,855)    (1,874)

Net income for the year ended
  December 31, 1999                      --            2         154        156

Partners' (deficit) capital at
  December 31, 1999                  44,882       $ (185)    $ 3,983    $ 3,798


                     See Accompanying Notes to Financial Statements


<PAGE>


                          NATIONAL PROPERTY INVESTORS 8

                            STATEMENTS OF CASH FLOWS
                                 (in thousands)


                                                       Years Ended December 31,
                                                           1999         1998
Cash flows from operating activities:
  Net income                                              $ 156        $ 288
  Adjustments to reconcile net income to net
      cash provided by operating activities:
      Amortization of loan costs                             38           38
      Depreciation                                        1,229        1,204
      Change in accounts:
        Receivables and deposits                            174            3
        Other assets                                        (26)          13
        Accounts payable                                     13           33
        Tenant security deposit liabilities                   6           (1)
        Accrued property taxes                               24            1
        Other liabilities                                    56            7

          Net cash provided by operating activities       1,670        1,586

Cash flows from investing activities:
  Property improvements and replacements                   (412)        (393)
  Net withdrawals from (deposits to) restricted escrows     685         (158)

          Net cash provided by (used in) investing
               activities                                   273         (551)

Cash flows from financing activities:
  Payments on mortgage notes payable                        (72)         (66)
  Distributions to partners                              (1,874)      (1,000)

          Net cash used in financing activities          (1,946)      (1,066)

Net decrease in cash and cash equivalents                    (3)         (31)

Cash and cash equivalents at beginning of year            1,746        1,777

Cash and cash equivalents at end of year                $ 1,743      $ 1,746

Supplemental disclosure of cash flow information:
  Cash paid for interest                                  $ 880        $ 887

                     See Accompanying Notes to Financial Statements


<PAGE>


                          NATIONAL PROPERTY INVESTORS 8

                          Notes to Financial Statements

                                December 31, 1999

Note A - Organization and Significant Accounting Policies

Organization:  National Property Investors 8, a California  Limited  Partnership
(the  "Partnership"  or  "Registrant"),  was organized under the Uniform Limited
Partnership Laws of California on June 26, 1984. NPI Equity Investments, Inc. is
the  managing   general  partner  (the  "Managing   General   Partner")  of  the
Partnership.   The  Managing  General  Partner  is  a  subsidiary  of  Apartment
Investment and Management Company ("AIMCO"). See "Note B - Transfer of Control".
The  directors  and  officers  of the  Managing  General  Partner  also serve as
executive  officers  of  AIMCO.  The  Partnership  Agreement  provides  that the
Partnership  is to terminate on December 31, 2008,  unless  terminated  prior to
such date. The Partnership operates two properties, one located in Indianapolis,
Indiana, and one located in Morrisville, North Carolina.

Use of Estimates:  The  preparation of financial  statements in conformity  with
generally accepted  accounting  principles requires management to make estimates
and assumptions that affect the amounts reported in the financial statements and
accompanying notes. Actual results could differ from those estimates.

Allocation of Profits,  Gains,  and Losses:  Profits,  gains,  and losses of the
Partnership are allocated between the general and limited partners in accordance
with the provisions of the Partnership Agreement.

Profits,  not including  gains from property  dispositions,  are allocated as if
they were distributions of net cash from operations.

Any gain from property  dispositions  attributable to the excess, if any, of the
indebtedness relating to a property immediately prior to the disposition of such
property  over  the  Partnership's  adjusted  basis  in the  property  shall  be
allocated to each partner  having a negative  capital  account  balance,  to the
extent of such negative  balance.  The balance of any gain shall be treated on a
cumulative basis as if it constituted an equivalent  amount of distributable net
proceeds and shall be  allocated  to the general  partner to the extent that the
general  partner  would have received  distributable  net proceeds in connection
therewith; the balance shall be allocated to the limited partners.  However, the
interest of the general partner will be equal to at least 1% of each gain at all
times during the existence of the Partnership.

Net  income,  other  than  that  arising  from  the  occurrence  of  a  sale  or
disposition,   and  all  losses,   including  losses  attributable  to  property
dispositions,  are allocated  99% to the limited  partners and 1% to the general
partner.  Accordingly,  net income as shown in the  statements of operations and
changes in partner's  (deficit)  capital for 1999 and 1998 were allocated 99% to
the  limited  partners  and 1% to the  general  partner.  Net income per limited
partnership unit for each such year was computed as 99% of net income divided by
44,882 units outstanding.

Upon the sale of all properties and termination of the Partnership,  the general
partner  may be required  to  contribute  certain  funds to the  Partnership  in
accordance with the partnership agreement.

Fair Value of Financial Statements:  Statement of Financial Accounting Standards
("SFAS") No. 107,  "Disclosures about Fair Value of Financial  Instruments",  as
amended by SFAS No. 119, "Disclosures about Derivative Financial Instruments and
Fair  Value  of  Financial  Instruments",  requires  disclosure  of  fair  value
information  about  financial  instruments,  whether  or not  recognized  in the
balance sheet, for which it is practicable to estimate fair value. Fair value is
defined in the SFAS as the amount at which the instruments could be exchanged in
a  current  transaction  between  willing  parties,  other  than in a forced  or
liquidation  sale.  The  Partnership  believes  that the carrying  amount of its
financial  instruments (except for long term debt) approximates their fair value
due to the short  term  maturity  of these  instruments.  The fair  value of the
Partnership's  long term debt, after  discounting the scheduled loan payments to
maturity, approximates its carrying balance.

Cash and Cash  Equivalents:  Includes cash on hand and in banks and money market
accounts.  At certain  times,  the amount of cash deposited at a bank may exceed
the limit on insured deposits.

Depreciation:  Depreciation  is  provided by the  straight-line  method over the
estimated lives of the apartment  properties and related personal property.  For
Federal income tax purposes,  the  accelerated  cost recovery method is used (1)
for real property over 15 years for additions  prior to March 16, 1984, 18 years
for  additions  after  March 15,  1984 and before May 9, 1985,  and 19 years for
additions  after May 8, 1985,  and before  January 1, 1987, and (2) for personal
property over 5 years for additions prior to January 1, 1987. As a result of the
Tax Reform Act of 1986,  for  additions  after  December 31, 1986,  the modified
accelerated  cost recovery method is used for  depreciation of (1) real property
over 27 1/2 years and (2) personal property additions over 5 years.

Effective  January 1, 1999, the Partnership  changed its method of accounting to
capitalize the costs of exterior painting and major landscaping (Note J).

Loan Costs: Loan costs of approximately $286,000, less accumulated  amortization
of approximately  $155,000, are included in other assets and are being amortized
on a straight-line basis over the life of the loans.

Tenant Security  Deposits:  The Partnership  requires security deposits from all
apartment  lessees for the duration of the lease and such  deposits are included
in  receivables  and deposits.  Deposits are refunded  when the tenant  vacates,
provided the tenant has not damaged its space and is current on rental payments.

Leases: The Partnership  generally leases apartment units for twelve-month terms
or less. The Partnership recognizes income as earned on leases. In addition, the
Managing General Partner's policy is to offer rental  concessions during periods
of declining  occupancy or in response to heavy  competition  from other similar
complexes  in the  area.  Concessions  are  charged  against  rental  income  as
incurred.

Restricted Escrows:

      Reserve  Account:  A general  reserve account was established in 1996 with
      the refinancing  proceeds for Williamsburg on the Lake  Apartments.  These
      funds were  established to cover  necessary  repairs and  replacements  of
      existing  improvements.  The balance at December 31, 1999 is approximately
      $85,000 which includes interest.

Investment Properties:  Investment properties consist of two apartment complexes
and are  stated  at cost.  Acquisition  fees are  capitalized  as a cost of real
estate.  In  accordance  with SFAS No. 121,  "Accounting  for the  Impairment of
Long-Lived  Assets and for Long-Lived Assets to be Disposed of", the Partnership
records  impairment  losses on long-lived  assets used in operations when events
and   circumstances   indicate  that  the  assets  might  be  impaired  and  the
undiscounted  cash flows estimated to be generated by those assets are less than
the carrying  amounts of those assets.  Costs of apartment  properties that have
been  permanently  impaired  have  been  written  down to  appraised  value.  No
adjustments  for  impairment of value were recorded in the years ended  December
31, 1999 or 1998.

Segment Reporting:  SFAS No. 131, Disclosure about Segments of an Enterprise and
Related  Information  established  standards  for the way that  public  business
enterprises  report  information  about operating  segments in annual  financial
statements and requires that those enterprises report selected information about
operating segments in interim financial reports.  It also establishes  standards
for related disclosures about products and services, geographic areas, and major
customers. See "Note H" for required disclosure.

Advertising:  The  Partnership  expenses the costs of  advertising  as incurred.
Advertising  costs of  approximately  $79,000  and  $87,000  for the years ended
December 31, 1999 and 1998,  respectively,  were charged to operating expense as
incurred.

Note B - Transfer of Control

Pursuant  to a series  of  transactions  which  closed  on  October  1, 1998 and
February 26, 1999,  Insignia  Financial  Group,  Inc.  ("Insignia") and Insignia
Properties  Trust merged into AIMCO,  a publicly  traded real estate  investment
trust, with AIMCO being the surviving  corporation (the "Insignia Merger"). As a
result,  AIMCO acquired 100% ownership interest in the Managing General Partner.
The Managing  General Partner does not believe that this  transaction has had or
will have a material effect on the affairs and operations of the Partnership.

Note C - Mortgage Notes Payable

The principle terms of mortgage notes payable are as follows:
<TABLE>
<CAPTION>

                             Principal    Monthly                           Principal
                            Balance At    Payment     Stated                 Balance
                            December 31, Including   Interest  Maturity      Due At
                               1999
Property                                   Interest     Rate      Date       Maturity
                                 (in thousands)                          (in thousands)
Williamsburg on the Lake
<S>                           <C>          <C>         <C>       <C>         <C>
  Apartments                  $ 7,400      $  45(1)    7.33%     11/03       $ 7,400
Huntington Apartments           3,386         34       9.85%     02/02         3,211

          Totals              $10,786      $  79                             $10,611
</TABLE>

(1)   Interest only payments.

The mortgage  notes  payable are  non-recourse  and are secured by pledge of the
respective  apartment  properties  and by pledge of revenues from the respective
apartment properties.  The notes require prepayment penalties if repaid prior to
maturity.   Further,  the  properties  may  not  be  sold  subject  to  existing
indebtedness.

Scheduled  principal  payments on mortgage notes payable  subsequent to December
31, 1999 are as follows (in thousands):

                               2000               $  79
                               2001                  88
                               2002               3,219
                               2003               7,400

                                                $10,786

Note D - Income Taxes

The Partnership has received a ruling from the Internal  Revenue Service that it
will  be  classified  as  a  partnership   for  Federal   income  tax  purposes.
Accordingly,  no provision for income taxes is made in the financial  statements
of the Partnership. Taxable income or loss of the Partnership is reported in the
income tax returns of its partners.

The  following is a  reconciliation  of reported net income and Federal  taxable
income (in thousands, except per unit data):

                                              1999         1998

Net income as reported                        $ 156        $ 288
Add (deduct):
   Depreciation differences                      90          103
   Miscellaneous                                 35          102

Federal taxable income                        $ 281        $ 493

Federal taxable income per limited
   partnership unit                          $ 6.21       $10.88

The following is a reconciliation between the Partnership's reported amounts and
Federal tax basis of net assets and liabilities (in thousands):

                                                   1999

Net assets as reported                            $ 3,798
Land and buildings                                 (1,234)
Accumulated depreciation                             (568)
Syndication and distribution costs                  2,637
Other                                                 115
Net assets - Federal tax basis                    $ 4,748

Note E - Transactions with Affiliated Parties

The  Partnership  has no employees  and is  dependent  on the  Managing  General
Partner  and  its  affiliates  for  the  management  and  administration  of all
Partnership  activities.  The  Partnership  Agreement  provides  for payments to
affiliates for services and as  reimbursement  of certain  expenses  incurred by
affiliates on behalf of the Partnership. The following payments were made to the
Managing General Partner and affiliates during the years ended December 31, 1999
and 1998:

                                                          1999       1998
                                                          (in thousands)

Property management fees (included in operating           $243       $245
  expenses)
Reimbursement for services of affiliates
  (included in operating, and general and
  administrative expenses and investment
  properties)                                              107        108
Non-accountable partnership reimbursement (included
  in general and administrative expense)                    26         67

During the years ended  December 31, 1999 and 1998,  affiliates  of the Managing
General  Partner were entitled to receive 5% of gross  receipts from both of the
Registrant's   properties  for  providing  property  management  services.   The
Registrant paid to such affiliates  approximately  $243,000 and $245,000 for the
years ended December 31, 1999 and 1998, respectively.

An  affiliate  of  the  Managing  General  Partner  received   reimbursement  of
accountable  administrative  expenses  amounting to  approximately  $107,000 and
$108,000 for the years ended December 31, 1999 and 1998, respectively.

For services relating to the  administration of the Partnership and operation of
its properties,  the Managing General Partner is entitled to receive payment for
non-accountable   expenses  up  to  a  maximum  of  $150,000  per  year  out  of
distributions  from operations based upon the number of Partnership  units sold,
subject  to  certain   limitations.   The  Managing   General  Partner  received
approximately  $26,000 and $67,000  for the years  ended  December  31, 1999 and
1998, respectively, for non-accountable expense reimbursements.

The Managing  General Partner has  established a revolving  credit facility (the
"Partnership  Revolver")  to be used to fund  deferred  maintenance  and working
capital needs of the Partnership.  The maximum draw available to the Partnership
under the Partnership Revolver is $500,000. Loans under the Partnership Revolver
will have a term of 365 days,  be unsecured  and bear interest at the rate of 2%
per annum in excess of the prime rate  announced  from time to time by  Chemical
Bank,  N.A. The maturity date of such borrowing will be accelerated in the event
of: (i) the removal of the Managing  General Partner (whether or not For Cause);
(ii) the sale or refinancing of a property by the Partnership  (whether or not a
borrowing  under  the  Partnership  Revolver  was  made  with  respect  to  such
property); or (iii) the liquidation of the Partnership.  The Partnership has not
borrowed under the Partnership Revolver, to date.

Upon sale of  Partnership  properties,  the  Managing  General  Partner  will be
entitled to an incentive compensation fee equal to a declining percentage of the
difference  between the total  amount  distributed  to limited  partners and the
appraised value of their  investment at February 1, 1992. The percentage  amount
to be realized by the Managing General  Partner,  if any, will be dependent upon
the year in which the property is sold.  Payment of the  incentive  compensation
fee  is  subordinated  to  the  receipt  by  the  limited   partners,   of:  (a)
distributions  from  capital  transaction  proceeds of an amount  equal to their
present  appraised  investment in the  Partnership  at February 1, 1992; and (b)
distributions from all sources (capital transactions as well as cash flow) of an
amount equal to six percent (6%) per annum cumulative,  noncompounded,  on their
present appraised investment in the Partnership at February 1, 1992.

Several tender offers were made by various parties,  including affiliates of the
Managing General Partner,  during the years ended December 31, 1999 and 1998. As
a result of these and prior tender offers,  AIMCO and its  affiliates  currently
own 24,905 limited  partnership units in the Partnership  representing 55.49% of
the outstanding units. It is possible that AIMCO or its affiliates will make one
or more additional offers to acquire additional limited partnership interests in
the Partnership  for cash or in exchange for units in the operating  partnership
of AIMCO. Consequently, AIMCO is in a position to influence all voting decisions
with respect to the  Registrant.  Under the Partnership  Agreement,  unitholders
holding a majority of the Units are  entitled  to take action with  respect to a
variety of matters.  When voting on matters,  AIMCO would in all likelihood vote
the Units it  acquired in a manner  favorable  to the  interest of the  Managing
General Partner because of their affiliation with the Managing General Partner.

Note F - Real Estate and Accumulated Depreciation
<TABLE>
<CAPTION>

                                                   Initial Cost
                                                  To Partnership
                                                  (in thousands)

                                                          Buildings         Cost
                                                         and Related     Capitalized
                                                           Personal     Subsequent to
Description                  Encumbrances      Land        Property      Acquisition
                            (in thousands)                             (in thousands)
Williamsburg on the Lake
<S>                             <C>            <C>         <C>             <C>
  Apartments                    $ 7,400        $ 590       $14,822         $ 3,636
Huntington Apartments             3,386         1,368        9,233           1,192

Total                           $10,786       $ 1,958      $24,055         $ 4,828
</TABLE>

<PAGE>


<TABLE>
<CAPTION>

                  Gross Amount At Which
                         Carried
                  At December 31, 1999
                      (in thousands)
                        Buildings
                       And Related
                         Personal            Accumulated     Year of     Date   Depreciable
Description     Land    Property    Total   Depreciation  Construction Acquired Life-Years
                                           (in thousands)
Williamsburg
  on the Lake
<S>             <C>      <C>       <C>        <C>          <C>  <C>     <C>      <C>
  Apartments    $ 594    $18,454   $19,048    $12,666      1974-1976    03/86    5-27 yrs
Huntington
  Apartments     1,376    10,417    11,793      4,851         1986      02/88    5-29 yrs

Total          $ 1,970   $28,871   $30,841    $17,517
</TABLE>


Reconciliation of "Real Estate and Accumulated Depreciation":

                                              Years Ended December 31,
                                                  1999         1998
                                                   (in thousands)
         Real Estate
         Balance at beginning of year            $30,429      $30,036
             Property improvements                   412          393
         Balance at end of year                  $30,841      $30,429

         Accumulated Depreciation
         Balance at beginning of year            $16,288      $15,084
             Additions charged to expense          1,229        1,204
          Balance at end of year                 $17,517      $16,288


The  aggregate  cost of the real  estate  for  Federal  income tax  purposes  at
December  31,  1999 and 1998,  is  approximately  $29,607,000  and  $29,161,000,
respectively. The accumulated depreciation taken for Federal income tax purposes
at December 31, 1999 and 1998, is  approximately  $18,085,000  and  $16,948,000,
respectively.

Note G - Distributions

During the year ended December 31, 1999, the Registrant  made  distributions  of
approximately $266,000  (approximately $263,000 to the limited partners or $5.86
per limited  partnership  unit) from  operations  and  approximately  $1,608,000
(approximately  $1,592,000  to  the  limited  partners  or  $35.47  per  limited
partnership  unit) from refinancing and property sale proceeds from prior years.
During the year ended  December 31 1998, the Registrant  made  distributions  of
approximately  $1,000,000  (approximately  $990,000 to the  limited  partners or
$22.06 per limited partnership unit) from operations. Subsequent to December 31,
1999,  the  Registrant   declared  and  paid  a  distribution  of  approximately
$1,028,000  (approximately  $1,018,000  to the  limited  partners  or $22.68 per
limited partnership unit) from operations.

Note H - Segment Reporting

The  Partnership  has  one  reportable  segment:   residential  properties.  The
Partnership's  residential property segment consists of two apartment complexes,
one in Indianapolis,  Indiana and the other in Morrisville,  North Carolina. The
Partnership rents apartment units to tenants for terms that are typically twelve
months or less.

The  Partnership  evaluates  performance  based on segment  profit (loss) before
depreciation.  The accounting policies of the reportable segment are the same as
those described in the summary of significant accounting policies.

The  Partnership's  reportable  segment  consists of investment  properties that
offer similar products and services.  Although each of the investment properties
is  managed  separately,  they have been  aggregated  into one  segment  as they
provide services with similar types of products and customers.

Segment  information for the years ended December 31, 1999 and 1998, is shown in
the  tables  below (in  thousands).  The  "Other"  column  includes  partnership
administration  related  items and  income  and  expense  not  allocated  to the
reportable segment.

<TABLE>
<CAPTION>
                  1999                      Residential        Other         Totals
<S>                                           <C>              <C>           <C>
Rental income                                 $ 4,437          $ --          $ 4,437
Other income                                      289              25            314
Interest expense                                  917              --            917
Depreciation                                    1,229              --          1,229
General and administrative expense                 --             220            220
Segment profit (loss)                             351            (195)           156
Total assets                                   15,354              86         15,440
Capital expenditures for investment
  properties                                      412              --            412
</TABLE>


<PAGE>

<TABLE>
<CAPTION>

                  1998                      Residential        Other         Totals
 <S>                                           <C>              <C>           <C>
Rental income                                 $ 4,490          $ --          $ 4,490
Other income                                      335             109            444
Interest expense                                  924              --            924
Depreciation                                    1,204              --          1,204
General and administrative expense                 --             226            226
Segment profit (loss)                             405            (117)           288
Total assets                                   15,636           1,495         17,131
Capital expenditures for investment
  properties                                      393              --            393
</TABLE>


Note I - Legal Proceedings

In March 1998, several putative unit holders of limited partnership units of the
Partnership  commenced an action  entitled  Rosalie  Nuanes,  et al. v. Insignia
Financial  Group,  Inc., et al. in the Superior Court of the State of California
for the County of San Mateo. The plaintiffs  named as defendants,  among others,
the  Partnership,  the Managing  General Partner and several of their affiliated
partnerships  and corporate  entities.  The action  purports to assert claims on
behalf of a class of limited  partners and derivatively on behalf of a number of
limited  partnerships  (including  the  Partnership)  which are named as nominal
defendants,  challenging  the  acquisition  by Insignia  Financial  Group,  Inc.
("Insignia")  and  entities  which  were,  at one time,  affiliates  of Insignia
("Insignia  Affiliates") of interests in certain general partner entities,  past
tender offers by Insignia  Affiliates to acquire limited  partnership units, the
management of partnerships  by Insignia  Affiliates and the Insignia Merger (see
"Note B - Transfer  of  Control").  The  plaintiffs  seek  monetary  damages and
equitable relief, including judicial dissolution of the Partnership. On June 25,
1998,  the Managing  General  Partner  filed a motion  seeking  dismissal of the
action.  In lieu of  responding  to the  motion,  the  plaintiffs  have filed an
amended  complaint.  The Managing General Partner filed demurrers to the amended
complaint which were heard February 1999.  Pending the ruling on such demurrers,
settlement negotiations commenced. On November 2, 1999, the parties executed and
filed a  Stipulation  of  Settlement,  settling  claims,  subject to final court
approval, on behalf of the Partnership and all limited partners who own units as
of November 3, 1999.  Preliminary  approval of the  settlement  was  obtained on
November 3, 1999 from the Superior Court of the State of  California,  County of
San Mateo, at which time the Court set a final approval hearing for December 10,
1999.  Prior to the  December  10,  1999  hearing  the  Court  received  various
objections to the settlement,  including a challenge to the Court's  preliminary
approval based upon the alleged lack of authority of class  plaintiffs'  counsel
to enter the settlement.  On December 14, 1999, the Managing General Partner and
its affiliates terminated the proposed settlement. Certain plaintiffs have filed
a motion to  disqualify  some of the  plaintiffs'  counsel  in the  action.  The
Managing  General  Partner does not anticipate  that costs  associated with this
case will be material to the Partnership's overall operations.

The  Partnership is unaware of any other pending or outstanding  litigation that
is not of a routine nature arising in the ordinary course of business.

Note J - Change in Accounting Principle

Effective  January 1, 1999, the Partnership  changed its method of accounting to
capitalize the cost of exterior  painting and major landscaping on a prospective
basis.  The  Partnership  believes  that  this  accounting  principle  change is
preferable  because it provides a better  matching of expenses  with the related
benefit of the expenditures and it is consistent with industry  practice and the
policies of the Managing General  Partner.  The effect of the change in 1999 was
to increase net income by approximately  $58,000 ($1.27 per limited  partnership
unit). The cumulative effect, had this change been applied to prior periods,  is
not material.  The accounting  principle  change will not have an effect on cash
flow,  funds available for  distribution or fees payable to the Managing General
Partner and affiliates.

Item 8.  Changes  in  and  Disagreements  with  Accountants  on  Accounting  and
         Financial Disclosure

         None.

                                    PART III

Item 9. Directors, Executive Officers, Promoters and Control Persons; Compliance
        with Section 16(a) of the Exchange Act

National  Property  Investors 8 (the  "Partnership" or the  "Registrant") has no
officers or directors.  The managing  general  partner of the Partnership is NPI
Equity Investments, Inc. ("NPI Equity" or the "Managing General Partner").

The  names  and ages of,  as well as the  positions  and  offices  held by,  the
executive  officers and directors of the Managing  General Partner are set forth
below.  There are no family  relationships  between  or among  any  officers  or
directors.

      Name                   Age   Position

      Patrick J. Foye        42    Executive Vice President and Director

      Martha L. Long         40    Senior Vice President and Controller

Patrick J. Foye has been  Executive  Vice President and Director of the Managing
General  Partner  since October 1, 1998.  Mr. Foye has served as Executive  Vice
President  of AIMCO  since May 1998.  Prior to  joining  AIMCO,  Mr.  Foye was a
partner in the law firm of Skadden, Arps, Slate, Meagher & Flom LLP from 1989 to
1998 and was  Managing  Partner  of the  firm's  Brussels,  Budapest  and Moscow
offices from 1992  through  1994.  Mr. Foye is also Deputy  Chairman of the Long
Island  Power   Authority  and  serves  as  a  member  of  the  New  York  State
Privatization  Council.  He received a B.A. from Fordham College and a J.D. from
Fordham University Law School.

Martha L. Long has been Senior Vice  President  and  Controller  of the Managing
General  Partner and AIMCO since October 1998, as a result of the acquisition of
Insignia  Financial  Group,  Inc. From June 1994 until January 1997, she was the
Controller for Insignia, and was promoted to Senior Vice President - Finance and
Controller in January 1997,  retaining that title until October 1998.  From 1988
to June 1994,  Ms. Long was Senior Vice  President and  Controller for The First
Savings Bank, FSB in Greenville, South Carolina.

Based solely upon a review of Forms 3 and 4 and amendments  thereto furnished to
the Registrant  under Rule 16a-3(e) during the  Registrant's  most recent fiscal
year and Forms 5 and amendments thereto furnished to the Registrant with respect
to its most recent  fiscal year,  the  Registrant  is not aware of any director,
officer,  beneficial  owner of more than ten  percent  of the  units of  limited
partnership interest in the Registrant that failed to file on a timely basis, as
disclosed in the above Forms,  reports required by section 16(a) of the Exchange
Act during the most recent  fiscal year or prior fiscal years except as follows:
AIMCO Properties,  L.P. and its joint filers failed to timely file a Form 3 with
respect to its  acquisition  of Units and AIMCO and its joint  filers  failed to
timely file a Form 4 with respect to its acquisition of Units.

Item 10.    Executive Compensation

Neither the director nor officers  received any  remuneration  from the Managing
General Partner during the year ended December 31, 1999.

Item 11.    Security Ownership of Certain Beneficial Owners and Management

The following table sets forth certain information regarding limited partnership
units of the  Registrant  owned by each person who is known by the Registrant to
own beneficially or exercise voting or dispositive  control over more than 5% of
the Registrant's  limited partnership units, by each of the directors and by all
directors and executive  officers of the Managing  General Partner as a group as
of December 31, 1999.

                                           Amount and Nature

           Name of Beneficial Owner       of Beneficial Owner    % of Class

           Insignia Properties, L.P.             17,072            38.04%
             (an affiliate of AIMCO)
           AIMCO Properties, L.P.                 7,833            17.45%
             (an affiliate of AIMCO)

Insignia Properties,  L.P. is indirectly ultimately owned by AIMCO. Its business
address is 55 Beattie Place, Greenville, South Carolina 29602.

AIMCO  Properties,  L.P.  is  indirectly  ultimately  controlled  by AIMCO.  Its
business address is 2000 South Colorado Boulevard, Denver, Colorado 80222.

As a result of its  ownership of 24,905  units,  AIMCO could be in a position to
influence  all  voting  decisions  with  respect to the  Partnership.  Under the
Partnership Agreement,  unitholders holding a majority of the Units are entitled
to take  action with  respect to a variety of  matters.  When voting on matters,
AIMCO would in all likelihood  vote the Units it acquired in a manner  favorable
to the interest of the Managing  General Partner because of its affiliation with
the Managing  General  Partner.  However,  DeForest  Ventures II L.P., from whom
Insignia  Properties,  L.P.  acquired  its units,  had agreed for the benefit of
non-tendering  unitholders,  that it  would  vote its  Units:  (i)  against  any
increase  in  compensation  payable  to  the  Managing  General  Partner  or  to
affiliates;  and (ii) on all other matters submitted by it or its affiliates, in
proportion  to the votes  cast by non  tendering  unit  holders.  Except for the
foregoing, no other limitations are imposed on Insignia Properties, L.P.'s right
to vote each Unit acquired.

Item 12.    Certain Relationships and Related Transactions

The  Partnership  has no employees  and is  dependent  on the  Managing  General
Partner  and  its  affiliates  for  the  management  and  administration  of all
Partnership  activities.  The  Partnership  Agreement  provides  for payments to
affiliates for services and as  reimbursement  of certain  expenses  incurred by
affiliates on behalf of the Partnership. The following payments were made to the
Managing General Partner and affiliates during the years ended December 31, 1999
and 1998:

                                                    1999        1998
                                                     (in thousands)

Properties management fees                          $243        $245
Reimbursement for services of affiliates             107         108
Non-accountable Partnership reimbursement             26          67

During the years ended  December 31, 1999 and 1998,  affiliates  of the Managing
General  Partner were  entitled to receive 5% of gross  receipts from all of the
Registrant's   properties  for  providing  property  management  services.   The
Registrant  paid to such  affiliates  $243,000  and $245,000 for the years ended
December 31, 1999 and 1998, respectively.

An  affiliate  of  the  Managing  General  Partner  received   reimbursement  of
accountable  administrative  expenses  amounting to  approximately  $107,000 and
$108,000 for the years ended December 31, 1999 and 1998, respectively.

For services relating to the  administration of the Partnership and operation of
its properties,  the Managing General Partner is entitled to receive payment for
non-accountable   expenses  up  to  a  maximum  of  $150,000  per  year  out  of
distributions  from operations based upon the number of Partnership  units sold,
subject  to  certain   limitations.   The  Managing   General  Partner  received
approximately  $26,000 and $67,000  for the years  ended  December  31, 1999 and
1998, respectively, for non-accountable expense reimbursements.

The Managing  General Partner has  established a revolving  credit facility (the
"Partnership  Revolver")  to be used to fund  deferred  maintenance  and working
capital needs of the Partnership.  The maximum draw available to the Partnership
under the Partnership Revolver is $500,000. Loans under the Partnership Revolver
will have a term of 365 days,  be unsecured  and bear interest at the rate of 2%
per annum in excess of the prime rate  announced  from time to time by  Chemical
Bank,  N.A. The maturity date of such borrowing will be accelerated in the event
of: (i) the removal of the Managing  General Partner (whether or not For Cause);
(ii) the sale or refinancing of a property by the Partnership  (whether or not a
borrowing  under  the  Partnership  Revolver  was  made  with  respect  to  such
property); or (iii) the liquidation of the Partnership.  The Partnership has not
borrowed under the Partnership Revolver, to date.

Upon sale of  Partnership  properties,  the  Managing  General  Partner  will be
entitled to an incentive compensation fee equal to a declining percentage of the
difference  between the total  amount  distributed  to limited  partners and the
appraised value of their  investment at February 1, 1992. The percentage  amount
to be realized by the Managing General  Partner,  if any, will be dependent upon
the year in which the property is sold.  Payment of the  incentive  compensation
fee  is  subordinated  to  the  receipt  by  the  limited   partners,   of:  (a)
distributions  from  capital  transaction  proceeds of an amount  equal to their
present  appraised  investment in the  Partnership  at February 1, 1992; and (b)
distributions from all sources (capital transactions as well as cash flow) of an
amount equal to six percent (6%) per annum cumulative,  noncompounded,  on their
present appraised investment in the Partnership at February 1, 1992.

Several tender offers were made by various parties,  including affiliates of the
Managing General Partner,  during the years ended December 31, 1999 and 1998. As
a result of these and prior tender offers,  AIMCO and its  affiliates  currently
own 24,905 limited  partnership units in the Partnership  representing 55.49% of
the outstanding units. It is possible that AIMCO or its affiliates will make one
or more additional offers to acquire additional limited partnership interests in
the Partnership  for cash or in exchange for units in the operating  partnership
of AIMCO. Consequently, AIMCO is in a position to influence all voting decisions
with respect to the  Registrant.  Under the Partnership  Agreement,  unitholders
holding a majority of the Units are  entitled  to take action with  respect to a
variety of matters.  When voting on matters,  AIMCO would in all likelihood vote
the Units it  acquired in a manner  favorable  to the  interest of the  Managing
General Partner because of their affiliation with the Managing General Partner.

Item 13.  Exhibits and Reports on Form 8-K

      (a) Exhibits:

          Exhibit 18, Independent Accountants' Preferability Letter for Change
          in Accounting Principle, is filed as an exhibit to this report.

          Exhibit 27, Financial Data Schedule,  is filed as an exhibit to this
          report.

     (b)  Reports on Form 8-K filed in the fourth quarter of calendar year 1999:

          None.


<PAGE>


                                   SIGNATURES

In accordance  with Section 13 or 15(d) of the Exchange Act, the  Registrant has
caused this report to be signed on its behalf by the undersigned, thereunto duly
authorized.

                                    NATIONAL PROPERTY INVESTORS 8


                                    By:   NPI EQUITY INVESTMENTS, INC.
                                          Managing General Partner


                                    By: /s/Patrick J. Foye
                                        Patrick J. Foye
                                        Executive Vice President


                                    By: /s/Martha L. Long
                                        Martha L. Long
                                        Senior Vice President
                                        and Controller


                                    Date:


In  accordance  with the Exchange  Act, this report has been signed below by the
following  persons on behalf of the  Registrant and in the capacities and on the
dates indicated.

/s/Patrick J. Foye      Executive Vice President            Date:
Patrick J. Foye         and Director


/s/Martha L. Long       Senior Vice President               Date:
Martha L. Long          and Controller




<PAGE>


                          NATIONAL PROPERTY INVESTORS 8

                                  Exhibit Index

Exhibit Number    Description of Exhibit

          2.5  Master Indemnity Agreement (1)

          2.6  Agreement and Plan of Merger, dated as of October 1, 1998, by and
               between AIMCO and IPT  (incorporated  by reference to Exhibit 2.1
               filed with Registrant's  Current Report on Form 8-K dated October
               1, 1998).

          3.4  Agreement of Limited Partnership (2)

               Amendments to Agreement of Limited Partnership (3)

               Amendments to Agreement of Limited Partnership (4)

               Amendments to Agreement of Limited Partnership (5)

          10.18Property Management Agreement dated June 21, 1991, by and between
               the   Registrant   and  NPI   Management   with  respect  to  the
               Registrant's properties (6)

          10.19Deed of Trust and Security  Agreement  among the  Registrant  and
               Morgan Guaranty Trust Company of New York, as Trustee,  as Lender
               as it pertains to Huntington Apartments (7)

          10.25Multifamily  Mortgage  dated November 1, 1996,  between  National
               Property Investors 8, a California Limited Partnership and Lehman
               Brothers Holdings, Inc., relating to Williamsburg I & II (8)

          16   Letter  dated  November 10, 1998,  from the  Registrant's  former
               independent   accountant   regarding  its  concurrence  with  the
               statements made by the Registrant (9)

          18   Independent  Accountants'  Preferability  Letter  for  Change  in
               Accounting Principle.

          27   Financial Data Schedule.



<PAGE>

(1)  Incorporated  by  reference  to Exhibit  2.5 to Form 8-K filed by  Insignia
     Financial  Group,  Inc.  with the  Securities  and Exchange  Commission  on
     September 1, 1995.

(2)  Incorporated  by reference to Exhibit A to the Prospectus of the Registrant
     dated May 13, 1985 contained in the Registrant's  Registration Statement on
     Form S-11 (Reg. No. 2-95864).

(3)  Incorporated by reference to Exhibits 3, 4(b) to the Registrant's Form 10-K
     for the fiscal year ended December 31, 1985.

(4)  Incorporated  by  reference  to  the  definitive  Proxy  Statement  of  the
     Registrant dated April 3, 1991.

(5)  Incorporated by reference to the Statement Furnished in Connection with the
     Solicitation Of Consents of the Registrant dated August 28, 1992.

(6)  Incorporated  by reference to the  Registrant's  Annual Report of Form 10-K
     for the year  ended  December  31,  1991.  Identical  agreements  have been
     entered into for each of the Registrant's  properties.  The only difference
     in the  agreements is that the  applicable  property name has been inserted
     into the agreement.

(7)  Incorporated  by reference to the  Registrant's  Annual Report on Form 10-K
     for the year ended December 31, 1991.

(8)  Incorporated  by reference to the  Registrant's  Annual Report on Form 10-K
     for the year ended December 31, 1996.

(9)  Incorporated  by reference to the  Registrant's  Current Report on Form 8-K
     dated November 10, 1998.


<PAGE>






                                                                     Exhibit 18

February 7, 2000


Mr. Patrick J. Foye
Executive Vice President
NPI Equity Investments, Inc.
Managing General Partner of National Property Investors 8
55 Beattie Place
P.O. Box 1089
Greenville, South Carolina 29602

Dear Mr. Foye:

Note J of Notes to the  Financial  Statements of National  Property  Investors 8
included in its Form  10-KSB for the year ended  December  31, 1999  describes a
change in the method of  accounting to  capitalize  exterior  painting and major
landscaping,  which  would have been  expensed  under the old  policy.  You have
advised us that you believe  that the change is to a  preferable  method in your
circumstances because it provides a better matching of expenses with the related
benefit of the expenditures and is consistent with policies currently being used
by your industry and conforms to the policies of the Managing General Partner.

There are no authoritative criteria for determining a preferable method based on
the particular circumstances; however, we conclude that the change in the method
of accounting  for exterior  painting and major  landscaping is to an acceptable
alternative  method which,  based on your business  judgment to make this change
for the reasons cited above, is preferable in your circumstances.

                                                               Very truly yours,
                                                            /s/Ernst & Young LLP