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, 2001

[ ] 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 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___


<PAGE>





                         PART I - FINANCIAL INFORMATION

ITEM 1.     FINANCIAL STATEMENTS

a)

                             MCCOMBS REALTY PARTNERS

                           CONSOLIDATED BALANCE SHEET
                                   (Unaudited)
                          (in thousands, except unit data)

                                 March 31, 2001

<TABLE>
<CAPTION>


Assets
<S>                                                        <C>           <C>
   Cash and cash equivalents                                             $    705
   Receivables and deposits                                                    23
   Restricted escrows                                                          62
   Other assets                                                               116
   Investment property:
       Land                                               $    499
       Buildings and related personal property               5,837
                                                             6,336
       Less accumulated depreciation                        (4,065)         2,271
                                                                         $  3,177
Liabilities and Partners' Deficit
Liabilities
   Accounts payable                                                      $     15
   Tenant security deposit liabilities                                         16
   Accrued property taxes                                                      23
   Other liabilities                                                           71
   Mortgage note payable                                                    5,520

Partners' Deficit
   General partner                                        $     --
   Limited partners (17,196.39 units
      issued and outstanding)                               (2,468)        (2,468)
                                                                         $  3,177


            See Accompanying Notes to Consolidated Financial Statements
</TABLE>

<PAGE>




b)

                             MCCOMBS REALTY PARTNERS

                      CONSOLIDATED STATEMENTS OF OPERATIONS
                                   (Unaudited)
                          (in thousands, except unit data)



<TABLE>
<CAPTION>

                                                               Three Months Ended
                                                                    March 31,
                                                               2001          2000
Revenues:
<S>                                                          <C>          <C>
   Rental income                                             $  371       $  366
   Other income                                                  31           19
       Total revenues                                           402          385

Expenses:
   Operating                                                    143          148
   General and administrative                                    35           53
   Depreciation                                                  66           72
   Interest                                                     117          117
   Property taxes                                                23           22
       Total expenses                                           384          412

Net income (loss)                                            $   18       $  (27)

Net income (loss) allocated to general partner (1%)          $   --       $   --
Net income (loss) allocated to limited partners (99%)            18          (27)
                                                             $   18       $  (27)

   Net income (loss) per limited partnership unit            $ 1.05       $(1.57)


            See Accompanying Notes to Consolidated Financial Statements
</TABLE>

<PAGE>


c)

                             MCCOMBS REALTY PARTNERS

               CONSOLIDATED STATEMENT OF CHANGES IN PARTNERS' DEFICIT
                                   (Unaudited)
                          (in thousands, except unit data)




<TABLE>
<CAPTION>


                                     Limited
                                   Partnership   General      Limited
                                      Units      Partner     Partners       Total

Partners' deficit at
<S>                                 <C>          <C>         <C>         <C>
   December 31, 2000                17,196.39    $    --     $ (2,486)   $  (2,486)

Net income for the three months
   ended March 31, 2001                    --         --           18           18

Partners' deficit
   at March 31, 2001                17,196.39      $ --      $ (2,468)    $ (2,468)


            See Accompanying Notes to Consolidated Financial Statements
</TABLE>

<PAGE>



d)
                             MCCOMBS REALTY PARTNERS

                      CONSOLIDATED STATEMENTS OF CASH FLOWS
                                   (Unaudited)
                                   (in thousands)

<TABLE>
<CAPTION>

                                                                 Three Months Ended
                                                                       March 31,
                                                                  2001        2000
Cash flows from operating activities:
<S>                                                               <C>         <C>
  Net income (loss)                                               $  18       $ (27)
  Adjustments to reconcile net income (loss) to net cash
     (used in) provided by operating activities:
     Depreciation                                                    66          72
     Amortization of loan costs                                       5           5
     Change in accounts:
       Receivables and deposits                                       8          86
       Other assets                                                 (16)        (10)
       Accounts payable                                              --         (51)
       Tenant security deposit liabilities                           (1)          1
       Accrued property taxes                                       (60)        (61)
       Other liabilities                                            (35)         (9)

         Net cash (used in) provided by operating activities        (15)          6

Cash flows from investing activities:
  Property improvements and replacements                            (27)       (128)
  Net deposits to restricted escrows                                (17)        (17)

         Net cash used in investing activities                      (44)       (145)

Cash flows used in financing activities:
  Payments on mortgage note payable                                 (18)        (18)

Net decrease in cash and cash equivalents                           (77)       (157)

Cash and cash equivalents at beginning of period                    782         593

Cash and cash equivalents at end of period                        $ 705       $ 436

Supplemental disclosure of cash flow information:
  Cash paid for interest                                          $ 112       $ 112




At  December  31,  1999,  approximately  $88,000 of  property  improvements  and
replacements were included in accounts payable.



            See Accompanying Notes to Consolidated Financial Statements
</TABLE>

<PAGE>





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,
2001. 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.  The Partnership's general partner is CRPTEX,
Inc., a subsidiary of Apartment  Investment and Management Company ("AIMCO"),  a
publicly  traded real  estate  investment  trust.  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, 2001 are not  necessarily  indicative  of the
results that may be expected for the fiscal year ending  December 31, 2001.  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, 2000 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.  Pelham Place,
L.P. is wholly-owned by the Partnership. All interpartnership  transactions have
been eliminated.

Segment Reporting:

Statement of Financial  Accounting Standards ("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.  As  defined  in SFAS  No.  131,  the
Partnership has only one reportable  segment.  The General Partner believes that
segment-based disclosures will not result in a more meaningful presentation than
the consolidated financial statements as currently presented.


<PAGE>





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  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).

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.

The  payments  required  by  numbers 1 and 3 above  were  timely  satisfied.  In
addition,  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.  However,  the  Partnership  was unable to
satisfy the amounts due to the limited partners  indicated in numbers 2, 4 and 5
above and is in default on these obligations.

Note D - 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 for  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,
2001 and 2000:

                                                                  2001      2000
                                                                  (in thousands)

 Property management fees (included in operating expenses)        $ 19      $ 20

 Reimbursement for services of affiliates (included in
    general and administrative expenses)                            20        10

During the three months ended March 31, 2001 and 2000, 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  $19,000 and $20,000 for
the three months ended March 31, 2001 and 2000, respectively.

Affiliates  of  the  General  Partner  received   reimbursement  of  accountable
administrative  expenses amounting to approximately  $20,000 and $10,000 for the
three months ended March 31, 2001 and 2000, respectively.

In addition to its  indirect  ownership of the general  partner  interest in the
Partnership,  AIMCO and its affiliates currently own 3,159.5 limited partnership
units in the Partnership  representing 18.37% 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 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, which would include without limitation,  voting
on certain  amendments  to the  Partnership  Agreement  and voting to remove the
General Partner. 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.


<PAGE>



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  discussion  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 operation.  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
following  table sets forth the average  occupancy of the property for the three
months ended March 31, 2001 and 2000:

                                                   Average Occupancy
      Property                                      2001       2000

      Lakewood at Pelham                            95%        98%
        Greenville, South Carolina

The General  Partner  attributes the decrease in occupancy at Lakewood at Pelham
to increased  market  competition  as a result of lower home  mortgage  interest
rates.

Results of Operations

The  Registrant's  net  income for the three  months  ended  March 31,  2001 was
approximately $18,000 as compared to a net loss of approximately $27,000 for the
three  months  ended  March 31,  2000.  The  increase  in net income is due to a
decrease  in total  expenses  and,  to a lesser  extent,  an  increase  in total
revenues.  Total expenses  decreased  primarily due to a decrease in general and
administrative  expenses,  and, to a lesser extent,  a decrease in  depreciation
expense.  The decrease in depreciation  expense is primarily due to fixed assets
placed into  service in  previous  years  becoming  fully  depreciated  in 2001.
Operating  expenses,   interest  expense,  and  property  tax  expense  remained
relatively constant for the comparable periods.

General and  administrative  expenses  decreased  primarily due to a decrease in
professional  fees associated with the management of the Partnership,  which was
partially  offset  by an  increase  in the  costs of  services  included  in the
management   reimbursements   to  the  General  Partner  as  allowed  under  the
Partnership Agreement.  Also included in general and administrative  expenses at
both March 31, 2001 and 2000 are costs  associated with the quarterly and annual
communications  with  investors  and  regulatory  agencies  and the annual audit
required by the Partnership Agreement.

Total  revenues  increased  primarily  due to an increase in other  income.  The
increase in other income is primarily due to an increase in interest income,  as
a result of higher average cash balances in interest  bearing  accounts.  Rental
income remained  relatively constant for the comparable periods, as the decrease
in  occupancy  was  offset by an  increase  in the  average  rental  rate at the
Partnership's investment property.

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.


<PAGE>



Liquidity and Capital Resources

At  March  31,  2001,  the  Partnership   had  cash  and  cash   equivalents  of
approximately  $705,000 as compared to approximately $436,000 at March 31, 2000.
The decrease in cash and cash  equivalents of  approximately  $77,000,  from the
Partnership's calendar year end, is due to approximately $44,000 of cash used in
investing activities, approximately $18,000 of cash used in financing activities
and  approximately  $15,000 of cash used in operating  activities.  Cash used in
investing activities consisted of property improvements and replacements and 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 interest bearing accounts.

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,  local,  legal and regulatory  requirements.
Capital  improvements  planned  at the  Partnership's  investment  property  are
detailed below.

For 2001,  the  Partnership  has  budgeted  approximately  $75,000  for  capital
improvements  at  Lakewood at Pelham,  consisting  primarily  of floor  covering
replacement  and interior and exterior  building  improvements.  The Partnership
completed approximately $27,000 in capital expenditures at Lakewood at Pelham as
of March 31,  2001,  consisting  primarily  of floor  covering  replacement  and
structural   building   improvements.   These   improvements  were  funded  from
operations.

The additional  capital  expenditures will be incurred only if cash is available
from operations or from Partnership  reserves.  Current Partnership reserves are
sufficient to cover the estimated costs of the capital  improvements planned for
the year 2001.  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, 2001 or 2000.

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).


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.

The  payments  required  by  numbers 1 and 3 above  were  timely  satisfied.  In
addition,  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.  However,  the  Partnership  was unable to
satisfy the amounts due to the limited partners  indicated in numbers 2, 4 and 5
above and is in default on these obligations.

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
$5,520,000 at March 31, 2001, 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 2001 or beyond.

In addition to its  indirect  ownership of the general  partner  interest in the
Partnership,  AIMCO and its affiliates currently own 3,159.5 limited partnership
units in the Partnership  representing 18.37% 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 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, which would include without limitation,  voting
on certain  amendments  to the  Partnership  Agreement  and voting to remove the
General Partner. 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.



<PAGE>



                           PART II - OTHER INFORMATION


ITEM 6.     EXHIBITS AND REPORTS ON FORM 8-K

            a)    Exhibits:

                  None.

            b)    Reports on Form 8-K:

                  None filed during the quarter ended March 31, 2001.


<PAGE>



                                   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 11, 2001