FORM 10-QSB---QUARTERLY OR TRANSITIONAL REPORT UNDER SECTION 13 OR 15(d) OF
                       THE SECURITIES EXCHANGE ACT OF 1934

                        Quarterly or Transitional Report

                      U.S. SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                                   Form 10-QSB

(Mark One)

[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
    ACT OF 1934

                   For the quarterly period ended March 31, 2000


[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
    ACT OF 1934


                For the transition period from _________to _________

                         Commission file number 0-14570

                             MCCOMBS REALTY PARTNERS

         (Exact name of small business issuer as specified in its charter)



         California                                         33-0068732
(State or other jurisdiction of                          (I.R.S. Employer
 incorporation or organization)                         Identification No.)

                          55 Beattie Place, PO Box 1089

                        Greenville, South Carolina 29602

                      (Address of principal executive offices)

                                 (864) 239-1000

                           (Issuer's telephone number)

Check  whether the issuer (1) filed all reports  required to be filed by Section
13 or 15(d) of the  Exchange  Act  during the  preceding  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___


                         PART I - FINANCIAL INFORMATION

ITEM 1.     FINANCIAL STATEMENTS

a)

                             MCCOMBS REALTY PARTNERS

                           CONSOLIDATED BALANCE SHEET

                                   (Unaudited)

                          (in thousands, except unit data)

                                 March 31, 2000

Assets

   Cash and cash equivalents                                         $    436
   Receivables and deposits                                                28
   Restricted escrows                                                     238
   Other assets                                                           125
   Investment property:
       Land                                               $    499
       Buildings and related personal property               5,740
                                                             6,239
       Less accumulated depreciation                        (3,795)     2,444
                                                                     $  3,271

Liabilities and Partners' Capital (Deficit)
Liabilities
   Accounts payable                                                  $      8
   Tenant security deposit liabilities                                     20
   Accrued property taxes                                                  21
   Other liabilities                                                       64
   Mortgage note payable                                                5,588

Partners' Capital (Deficit)
   General partner                                        $      1
   Limited partners (17,196.39 units
      issued and outstanding)                               (2,431)    (2,430)
                                                                      $  3,271

            See Accompanying Notes to Consolidated Financial Statements

b)

                             MCCOMBS REALTY PARTNERS

                      CONSOLIDATED STATEMENTS OF OPERATIONS

                                   (Unaudited)

                          (in thousands, except unit data)


<TABLE>
<CAPTION>


                                                               Three Months Ended
                                                                    March 31,
                                                               2000          1999
Revenues:                                                                 (Restated)
<S>                                                          <C>           <C>
   Rental income                                             $  366        $   318
   Other income                                                  19             38
       Total revenues                                           385            356

Expenses:
   Operating                                                    148            145
   General and administrative                                    53             23
   Depreciation                                                  72             59
   Interest                                                     117            120
   Property taxes                                                22             23
       Total expenses                                           412            370

Loss before cumulative effect of a change in
   accounting principle                                         (27)           (14)
Cumulative effect on prior years of a change in
   accounting for the cost of exterior painting and
   major landscaping                                             --             25

Net (loss) income                                            $  (27)       $    11

Net (loss) income allocated to general partner (1%)          $   --        $    --
Net (loss) income allocated to limited partners (99%)           (27)            11
                                                             $  (27)       $    11
Per limited partnership unit:
   Loss before cumulative effect of a change in
      accounting principle                                   $(1.57)       $  (.80)
   Cumulative effect on prior years of a change in
      accounting principle                                       --           1.44

                                                             $(1.57)       $   .64

            See Accompanying Notes to Consolidated Financial Statements

</TABLE>


c)

                             MCCOMBS REALTY PARTNERS

          CONSOLIDATED STATEMENT OF CHANGES IN PARTNERS' CAPITAL (DEFICIT)
                                   (Unaudited)

                          (in thousands, except unit data)


<TABLE>
<CAPTION>

                                     Limited
                                   Partnership   General      Limited
                                      Units      Partner     Partners       Total

Partners' capital (deficit) at
<S>                                   <C>          <C>         <C>         <C>
   December 31, 1999                17,196.39    $     1     $ (2,404)   $  (2,403)

Net loss for the three months
   ended March 31, 2000                    --         --          (27)         (27)

Partners' capital (deficit)
   at March 31, 2000                17,196.39      $ 1       $ (2,431)    $ (2,430)



            See Accompanying Notes to Consolidated Financial Statements
</TABLE>

d)
                             MCCOMBS REALTY PARTNERS

                      CONSOLIDATED STATEMENTS OF CASH FLOWS

                                   (Unaudited)
                                  (in thousands)
<TABLE>
<CAPTION>

                                                                 Three Months Ended
                                                                       March 31,

                                                                  2000        1999
Cash flows from operating activities:                                      (Restated)
<S>                                                              <C>           <C>
  Net (loss) income                                              $ (27)        $ 11
  Adjustments to reconcile net (loss) income to net cash
     provided by operating activities:
     Depreciation                                                    72          59
     Amortization of loan costs                                       5           5
     Cumulative effect on prior years of a change in
       accounting principle                                          --         (25)
     Change in accounts:
       Receivables and deposits                                      86          60
       Other assets                                                 (10)        (17)
       Accounts payable                                             (51)          7
       Tenant security deposit liabilities                            1          --
       Accrued property taxes                                       (61)        (59)
       Other liabilities                                             (9)        (16)
         Net cash provided by operating activities                    6          25

Cash flows from investing activities:

  Property improvements and replacements                           (128)         (9)
  Net deposits to restricted escrows                                (17)        (19)

         Net cash used in investing activities                     (145)        (28)

Cash flows used in financing activities:

  Payments on mortgage note payable                                 (18)        (15)

Net decrease in cash and cash equivalents                         (157)         (18)

Cash and cash equivalents at beginning of period                    593         350

Cash and cash equivalents at end of period                       $ 436        $ 332

Supplemental disclosure of cash flow information:

  Cash paid for interest                                         $ 112        $ 115

At March 31, 2000,  property  improvements and replacements and accounts payable
were both adjusted by approximately $88,000.

            See Accompanying Notes to Consolidated Financial Statements
</TABLE>

e)
                             MCCOMBS REALTY PARTNERS

                     NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                                   (Unaudited)

Note A - Going Concern

Under the Plan of Reorganization (the "Plan"; see "Note C" below) McCombs Realty
Partners (the "Partnership" or "Registrant"),  a California limited partnership,
was required to pay claims to limited  partners and  creditors of  approximately
$11,000,000 on October 20, 1998. These claims have not been paid as of March 31,
2000. This raises substantial doubt about the Partnership's  ability to continue
as a going  concern.  In order to attempt to satisfy the remaining  claims under
the Plan, the Partnership would be required to sell the investment property.  As
an alternative  to the sale of the property,  the  Partnership  could attempt to
obtain  authorization  from the Court and the  limited  partners  to extend  the
settlement  date of October 20, 1998, to a future period.  The limited  partners
were  approached  in  August  1998 and  asked to  either  approve  a sale of the
Partnership's  sole  investment  property  or for  CRPTEX,  Inc.  ("the  General
Partner") to petition the  Bankruptcy  Court for an extension of the  settlement
date. The required fifty-one percent response was not received. As a result, the
Partnership defaulted on its obligations which were due on October 20, 1998. The
General Partner is continuing to see that the Partnership  operates its business
in the ordinary  course while it evaluates  the best course of action to follow.
The consolidated  financial statements do not include any adjustments that might
result from the outcome of this uncertainty.

Note B - Basis of Presentation

The accompanying  unaudited consolidated financial statements of the Partnership
have been prepared in accordance with generally accepted  accounting  principles
for interim  financial  information and with the instructions to Form 10-QSB and
Item  310(b) of  Regulation  S-B.  Accordingly,  they do not  include all of the
information and footnotes required by generally accepted  accounting  principles
for complete financial  statements.  In the opinion of the General Partner,  all
adjustments (consisting of normal recurring accruals) considered necessary for a
fair  presentation  have been  included.  Operating  results for the three month
period ended March 31, 2000, are not necessarily  indicative of the results that
may be expected  for the fiscal  year  ending  December  31,  2000.  For further
information,  refer  to the  consolidated  financial  statements  and  footnotes
thereto  included  in the  Partnership's  Annual  Report on Form  10-KSB for the
fiscal year ended December 31, 1999 for the Partnership.

Principles of Consolidation:

The  Partnership's  consolidated  financial  statements  include the accounts of
Pelham Place, L.P., a South Carolina limited partnership.  Pelham Place, L.P. is
the limited  partnership which holds title to Lakewood at Pelham (formerly known
as  Pelham  Place  Apartments).  Pelham  Place,  L.P.  is  wholly-owned  by  the
Partnership. All interpartnership transactions have been eliminated.

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  General  Partner.  This  accounting  change was first  reported
during the fourth quarter of 1999. Accordingly, net income for the first quarter
of 1999 has  been  restated  to  reflect  the  accounting  change  as if it were
reported then. This adjustment decreased net income before the cumulative effect
of the accounting  change for the first quarter of 1999 by approximately  $2,000
($.12 per  limited  partnership  unit).  The  cumulative  effect  adjustment  of
approximately  $25,000 is the result of applying  the  aforementioned  change in
accounting  principle  retroactively  and is  included  in income for 1999.  The
accounting  principle  change  will  not  have an  effect  on cash  flow,  funds
available  for   distribution  or  fees  payable  to  the  General  Partner  and
affiliates.

Note C - Plan of Reorganization

On March 9, 1987, the original general partners of the Partnership, on behalf of
the  Partnership,  filed a voluntary  petition  under  Chapter 11 of the Federal
Bankruptcy Code in U.S.  Bankruptcy Court,  Central District Court of California
("Court").  The  Partnership  continued as  Debtor-In-Possession  to operate its
business in the ordinary  course subject to control of the Court until the Court
confirmed  the  Partnership's  Plan  effective  October 25,  1988.  The Plan was
approved by all required classes of creditors.

The Plan provides for the following claim priorities as of March 31, 2000:

1) First, all creditors, except Class 12 creditors ($23,100), will be satisfied;
2) Limited Partners, both original and substitute, who made additional capital
   contributions  will  be  paid  claims  in the  amount  of  the  additional
   contributions of approximately $730,000 on October 20, 1998.

3)    Class 12 creditors will be paid claims aggregating  $23,100 on October 20,
      1998;

4)    Limited Partners who made additional  capital  contributions  and who were
      original Limited  Partners will be paid existing capital  contributions of
      approximately $9,818,000 on October 20, 1998;

5)    Limited Partners who did not make additional capital contributions will be
      paid one-third of existing capital contributions (one-third of $1,200,000)
      on October 20, 1998.

All  other  claims  noted in the Plan  were  settled  on June 25,  1995 when the
Partnership refinanced the then outstanding mortgages encumbering the property.

Additionally,  the Plan calls for CRPTEX, Inc. (the "General Partner") to make a
capital  contribution  of $14,500 and loan or expend an  additional  $117,500 on
behalf of the Partnership on an as needed basis.  The  Partnership  received the
$14,500 capital contribution but has not required the additional $117,500.

Note D - Transfer of Control

Pursuant  to a series  of  transactions  which  closed  on  October  1, 1998 and
February 26, 1999,  Insignia Financial Group, Inc. and Insignia Properties Trust
merged into Apartment  Investment and Management Company  ("AIMCO"),  a publicly
traded real estate investment trust, with AIMCO being the surviving corporation.
As a result,  AIMCO acquired 100% ownership interest in the General Partner. The
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 E - Transactions with Affiliated Parties

The Partnership has no employees and is dependent on the General Partner and its
affiliates for the management and administration of all Partnership  activities.
The  Partnership  Agreement  provides  for certain  payments to  affiliates  for
services and as  reimbursement  of certain  expenses  incurred by  affiliates on
behalf of the Partnership.  The following  transactions with the General Partner
and its affiliates were incurred during each of the three months ended March 31,
2000 and 1999:

                                                                  2000      1999
                                                                  (in thousands)

 Property management fees (included in operating expenses)        $ 20      $ 18

 Reimbursement for services of affiliates (included in
    general and administrative expenses)                            10        14

During the three months ended March 31, 2000 and 1999, affiliates of the General
Partner were  entitled to receive 5% of gross  receipts  from the  Partnership's
investment property as compensation for providing property management  services.
The Partnership  paid to such affiliates  approximately  $20,000 and $18,000 for
the three months ended March 31, 2000 and 1999, respectively.

Affiliates  of  the  General  Partner  received  reimbursements  of  accountable
administrative  expenses amounting to approximately  $10,000 and $14,000 for the
three months ended March 31, 2000 and 1999, respectively.

AIMCO and its  affiliates  currently  own 744 limited  partnership  units in the
Partnership representing 4.33% of the outstanding units. A number of these units
were acquired  pursuant to tender offers made by AIMCO or its affiliates.  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.  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 General  Partner  because of their  affiliation  with the
General Partner.

Note F - Segment Information

Description  of the types of products  and  services  from which the  reportable
segment  derives its  revenues:  The  Partnership  has one  reportable  segment:
residential  properties.  The Partnership's  residential segment consists of one
apartment complex located in Greenville,  South Carolina.  The Partnership rents
apartment units to tenants for terms that are typically twelve months or less.

Measurement  of segment profit or loss: The  Partnership  evaluates  performance
based on segment profit (loss) before  depreciation.  The accounting policies of
the reportable  segment are the same as those of the Partnership as described in
Partnership's Annual Report on Form 10-KSB for the year ended December 31, 1999.

Segment  information  for the three month periods ended March 31, 2000 and 1999,
is  shown  in  the  tables  below.  The  "Other"  column  includes   Partnership
administration  related  items and  income  and  expense  not  allocated  to the
reportable segment.

                 2000                  Residential     Other      Totals
                                                 (in thousands)

Rental income                             $ 366        $  --       $ 366
Other income                                  19          --          19
Interest expense                             117          --         117
Depreciation                                  72          --          72
General and administrative expense            --          53          53
Segment profit (loss)                         26         (53)        (27)
Total assets                               3,037         234       3,271
Capital expenditures for investment
  property                                    40          --          40

                1999

                                      Residential    Other       Totals
Rental income                           $   318       $    --     $   318
Other income                                 35             3          38
Interest expense                            120            --         120
Depreciation                                 59            --          59
General and administrative expense           --            23          23
Cumulative effect on prior years of
  change in accounting principle             25            --          25
Segment profit (loss)                        31           (20)         11
Total assets                              3,050           282       3,332
Capital expenditures for investment
  property                                    9            --           9

ITEM 2.     MANAGEMENT'S DISCUSSION AND ANALYSIS OR PLAN OF OPERATION

The  matters  discussed  in this Form  10-QSB  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-QSB  and the  other  filings  with the
Securities and Exchange  Commission made by the  Partnership  from time to time.
The  discussions  of the  Partnership'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  Partnership'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.

The Partnership's  investment  property consists of one apartment  complex.  The
average  occupancy of Lakewood at Pelham  Apartments for the three month periods
ended  March  31,  2000 and 1999,  was 98% and 91%,  respectively.  The  General
Partner  attributes the increase in occupancy at Lakewood at Pelham to increased
marketing  efforts and property  improvements made which improved the property's
curb appeal.

Results of Operations

The  Partnership  reported a net loss for the three months ended March 31, 2000,
of approximately  $27,000 as compared to net income of approximately $11,000 for
the corresponding  period in 1999. The net loss for the three months ended March
31, 2000, was primarily due to the cumulative  effect on prior years of a change
in accounting  principle  recognized in 1999 and an increase in total  expenses,
which was  partially  offset by an increase in total  revenues.  Total  expenses
increased primarily due to increases in general and administrative  expenses and
depreciation  expense.  Depreciation  expense  increased  due to an  increase in
depreciable  assets due to property  improvements and replacements  completed in
the past twelve months. General and administrative  expenses increased primarily
due  to  an  increase  in  professional   expenses   necessary  to  operate  the
partnership.  Included  in general  and  administrative  expenses  for the three
months ended March 31, 2000 and 1999, are  reimbursements to the General Partner
allowed under the  Partnership  Agreement  associated with its management of the
Partnership.  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.

Total  revenues  increased  due to an  increase  in  rental  income,  which  was
partially  offset by a decrease in other income.  Rental  income  increased as a
result of the  improved  occupancy at the  property,  an increase in the average
rental  rate,   as well as a decrease in  concessions.  Other  income  decreased
primarily due to decreases in corporate unit income, tenant charges and interest
income. Interest income decreased due to lower cash balances in interest bearing
accounts.

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  General  Partner.  This  accounting  change was first  reported
during the fourth quarter of 1999. Accordingly, net income for the first quarter
of 1999 has  been  restated  to  reflect  the  accounting  change  as if it were
reported then. This adjustment decreased net income before the cumulative effect
of the accounting  change for the first quarter of 1999 by approximately  $2,000
($.12 per  limited  partnership  unit).  The  cumulative  effect  adjustment  of
approximately  $25,000 is the result of applying  the  aforementioned  change in
accounting  principle  retroactively  and is  included  in income for 1999.  The
accounting  principle  change  will  not  have an  effect  on cash  flow,  funds
available  for   distribution  or  fees  payable  to  the  General  Partner  and
affiliates.

As part of the ongoing  business plan of the  Partnership,  the General  Partner
monitors the rental market environment of its investment  property to assess the
feasibility of increasing rents,  maintaining or increasing occupancy levels and
protecting the Partnership from increases in expenses. As part of this plan, the
General  Partner  attempts  to  protect  the  Partnership  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 General Partner will
be able to sustain such a plan.

Liquidity and Capital Resources

At  March  31,  2000,  the  Partnership   had  cash  and  cash   equivalents  of
approximately  $436,000 as compared to approximately $332,000 at March 31, 1999.
The net decrease in cash and cash  equivalents was  approximately  $157,000 from
the year ended December 31, 1999.  The decrease in cash and cash  equivalents is
due  to  approximately  $145,000  of  cash  used  in  investing  activities  and
approximately  $18,000 of cash used in financing  activities partially offset by
approximately  $6,000 of cash  provided by  operating  activities.  Cash used in
investing   activities   consisted   primarily  of  property   improvements  and
replacements  and,  to a lesser  extent,  of net  deposits  to  escrow  accounts
maintained by the mortgage lender. Cash used in financing  activities  consisted
of payments of principal  made on the  mortgage  encumbering  the  Partnership's
investment  property.  The Partnership invests its working capital reserves in a
money market account.

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 property to adequately maintain the physical assets
and other operating needs of the Partnership including satisfaction of remaining
claims related to the Partnership's Plan of Reorganization,  as described below,
and to comply with Federal, state, and local legal and regulatory  requirements.
Capital  improvements  planned  at the  Partnership's  investment  property  are
detailed below.

Approximately  $88,000 has been budgeted for capital improvements at Lakewood at
Pelham for the year 2000,  consisting primarily of carpet and vinyl replacement,
lighting upgrades, structural improvements,  and appliance replacements.  During
the three months ended March 31, 2000, the  Partnership  expended  approximately
$40,000 of budgeted  capital  improvements  at  Lakewood  at Pelham,  consisting
primarily of carpet and vinyl replacement and installing and painting handrails.
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  expenditures will be incurred only if cash is available
from  operations  or  from  Partnership   reserves.   Partnership  reserves  are
sufficient to cover the estimated costs of the capital  improvements planned for
the year 2000.  However,  the  Partnership  does not have  sufficient  assets to
fulfill its  obligation  under the Plan of  Reorganization  ("Plan") and in fact
defaulted on its  obligations  due October 20, 1998.  See  discussion  below for
detail as to the Partnership's Plan with respect to meeting its short term needs
under the Plan.  No  distributions  were  declared or paid during  either of the
three months ended March 31, 2000 or 1999, and none are expected in the future.

On March 9, 1987, the original general partners of the Partnership, on behalf of
the  Partnership,  filed a voluntary  petition  under  Chapter 11 of the Federal
Bankruptcy  Code  in U.S.  Bankruptcy  Court,  Central  District  of  California
("Court").  The  Partnership  continued as  Debtor-In-Possession  to operate its
business in the ordinary course until the Court confirmed the Partnership's Plan
effective  October 25, 1988.  The Plan was  approved by all required  classes of
creditors.

The Plan required that the  Partnership  make the following  payments on October
20, 1998:

      1)    First, all existing creditors, except prebankruptcy Class 12
            creditors ($23,100), would be satisfied;

      2)    Limited Partners, both original and substitute,  who made additional
            capital  contributions  under the plan would  receive a repayment of
            the additional contributions totaling approximately $730,000;

      3)    Class 12 creditors would be paid claims aggregating $23,100;

      4)    Limited Partners who made additional capital  contributions and were
            original  Limited  Partners  would  receive  a  repayment  of  their
            original capital contributions totaling approximately $9,818,000;

      5)    Limited  Partners  who did not  make  additional  capital
            contributions would receive a repayment of one-third of their
            original capital contributions (i.e., one-third of $1,200,000).

All other claims provided for in the Plan then  outstanding were settled on June
25,  1995  when  the  Partnership  refinanced  the  then  outstanding  mortgages
encumbering the property.

Additionally,  the Plan required CRPTEX, Inc. to make a capital  contribution of
$14,500 and loan or expend an additional  $117,500 on behalf of the  Partnership
on an as-needed basis. The Partnership received the $14,500 capital contribution
but has not required the additional $117,500.

To attempt to satisfy its remaining  obligations under the Plan, the Partnership
would be  required  to sell the  investment  property.  As an  alternative,  the
Partnership  could seek  authorization  from the Limited  Partners to extend the
payment date of October 20, 1998 to a future period.  The limited  partners were
approached  in  August  1998  and  asked  to  either   approve  a  sale  of  the
Partnership's  sole  investment  property or for the General Partner to petition
the  Bankruptcy  Court for an extension  of the  settlement  date.  The required
fifty-one  percent  response  was not  received.  As a result,  the  Partnership
defaulted on its  obligations  which were due on October 20,  1998.  The General
Partner is continuing to see that the  Partnership  operates its business in the
ordinary  course  while it  evaluates  the best  course  of  action  to  follow.
Additionally,   the   Partnership's   mortgage   indebtedness  of  approximately
$5,588,000 at March 31, 2000 matures in July 2005,  and would require a property
sale or refinancing at that time. However,  there can be no assurance that these
courses  of  action  will be  successful  and that  the  Partnership  will  have
sufficient funds to meet its obligations in 2000 or beyond.


                           PART II - OTHER INFORMATION

ITEM 6.     EXHIBITS AND REPORTS ON FORM 8-K

            a)    Exhibits:

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

            b)    Reports on Form 8-K:

                  None filed during the quarter ended March 31, 2000.

                                   SIGNATURES

In accordance with the  requirements of the Exchange Act, the Registrant  caused
this  report to be  signed on its  behalf  by the  undersigned,  thereunto  duly
authorized.

                             MCCOMBS REALTY PARTNERS

                                 By:     CRPTEX, INC.
                                         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: May 8, 2000