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 June 30, 1999

[ ]  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, P.O. 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   .

                         PART I - FINANCIAL INFORMATION

ITEM 1.   FINANCIAL STATEMENTS

a)
                            MCCOMBS REALTY PARTNERS

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

                                 June 30, 1999

Assets

  Cash and cash equivalents                                $   347

  Receivables and deposits                                      80

  Restricted escrows                                           370

  Other assets                                                 140

  Investment properties:

    Land                                         $   499

    Buildings and related personal property        5,480

                                                   5,979

    Less accumulated depreciation                 (3,590)    2,389

                                                           $ 3,326
Liabilities and Partners' Deficit

Liabilities

  Accounts payable                                         $    13

  Tenant security deposit liabilities                           18

  Accrued property taxes                                        43

  Other liabilities                                             69

  Mortgage note payable                                      5,638

Partners' Deficit

  General partners                               $    --

  Limited partners (17,196.39 units

    issued and outstanding)                       (2,455)   (2,455)

                                                           $ 3,326



          See Accompanying Notes to Consolidated Financial Statements

b)
                            MCCOMBS REALTY PARTNERS

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


                                 Three Months Ended        Six Months Ended

                                      June 30,                 June 30,

                                  1999        1998         1999        1998

Revenues:

  Rental income                 $   351    $   307      $  669       $   621

  Other income                       23         44          61            73

     Total revenues                 374        351         730           694

Expenses:

  Operating                         138        154         283           298

  General and administrative         23         26          46            48

  Depreciation                       59         56         116           112

  Interest                          119        120         239           241

  Property taxes                     21         20          44            40

     Total expenses                 360        376         728           739

Net income (loss)               $    14    $   (25)    $     2       $   (45)

Net income allocated

  to general partners (1%)      $    --    $    --     $    --       $    --

Net income (loss) allocated

  to limited partners (99%)          14        (25)          2           (45)

                                $    14    $   (25)    $     2       $   (45)
Net income (loss) per

  limited partnership unit      $   .81    $ (1.45)    $   .12       $ (2.62)


          See Accompanying Notes to Consolidated Financial Statements

c)
                            MCCOMBS REALTY PARTNERS

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

                                 Limited

                               Partnership    General     Limited

                                  Units       Partner    Partners      Total


Partners' deficit

  at December 31, 1998         17,196.39    $    --      $ (2,457)   $ (2,457)


Net income for the six months

  ended June 30, 1999              --            --             2           2


Partners' deficit

  at June 30, 1999             17,196.39    $    --      $ (2,455)   $ (2,455)


          See Accompanying Notes to Consolidated Financial Statements

d)
                            MCCOMBS REALTY PARTNERS

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


                                                              Six Months Ended

                                                                  June 30,

                                                              1999       1998

Cash flows from operating activities:

  Net income (loss)                                         $    2     $  (45)

  Adjustments to reconcile net income (loss) to net cash

    provided by operating activities:

    Depreciation                                               116        112

    Amortization of loan costs                                  10         10

    Change in accounts:

      Receivables and deposits                                  35        (29)

      Other assets                                             (18)         3

      Accounts payable                                          --        (71)

      Tenant security deposit liabilities                       --         (5)

      Accrued property taxes                                   (38)        40

      Other liabilities                                        (11)        (9)

         Net cash provided by operating activities              96          6

Cash flows from investing activities:

  Property improvements and replacements                       (32)       (24)

  Net deposits to restricted escrows                           (36)       (37)

         Net cash used in investing activities                 (68)       (61)

Cash flows used in financing activities:

  Payments on mortgage note payable                            (31)       (28)

Net decrease in cash and cash equivalents                       (3)       (83)

Cash and cash equivalents at beginning of period               350        451

Cash and cash equivalents at end of period                  $  347     $  368

Supplemental disclosure of cash flow information:

  Cash paid for interest                                    $  229     $  232


          See Accompanying Notes to Consolidated Financial Statements


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"), 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 June 30, 1999.  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
Article 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 and six
month periods ended June 30, 1999, are not necessarily indicative of the results
that may be expected for the fiscal year ending December 31, 1999.  For further
information, refer to the consolidated financial statements and footnotes
thereto included in the Annual Report on Form 10-KSB for the year ended December
31, 1998 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.

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 June 30, 1999:

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
(the "Insignia Merger"). As a result, AIMCO acquired 100% ownership interest in
the General Partner. The General Partner does not believe that this transaction
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. Property management fees are included in operating
expense on the consolidated statements of operations.  Reimbursements for
services from affiliates are included in general and administrative expense and
operating expense in the consolidated statements of operations.  The following
transactions with the General Partner and its affiliates were incurred during
each of the six months ended June 30, 1999 and 1998:

                                                      1999        1998

                                                       (in thousands)

Property management fees                            $ 38          $ 36

Reimbursement for services from affiliates            20            27

During the six months ended June 30, 1999 and 1998, 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 $38,000 and $36,000 for
each of the six months ended June 30, 1999 and 1998, respectively.

Affiliates of the General Partner received reimbursements of accountable
administrative expenses amounting to approximately $20,000 and $27,000 for the
six months ended June 30, 1999 and 1998, respectively.  Included in these
reimbursements for the six months ended June 30, 1998, is approximately $1,000
in construction oversight costs.  No such costs were incurred during the six
months ended June 30, 1999.

On July 22, 1999, AIMCO Properties, L.P., an affiliate of the Managing General
Partner commenced a tender offer to purchase up to 7,738.38 (45.00% of the total
outstanding units) units of limited partnership interest in the Partnership for
a purchase price of $.50 per unit.  The offer is scheduled to expire on August
19, 1999.  It is possible that AIMCO or its affiliate will make one or more
offers to acquire additional limited partnership interests in the Partnership
for cash or in exchange for units in the operating partnership of AIMCO.

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 property 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 net income.  The accounting policies of the reportable segment are the
same as those of the Partnership as described in the Partnership's Annual Report
on Form 10-KSB for the year ended December 31, 1998.

Segment information for the six months ended June 30, 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.

1999
                                         Residential    Other      Totals

Rental income                            $   669      $    --      $   669
Other income                                  56            5           61
Interest expense                             239           --          239
Depreciation                                 116           --          116
General and administrative expense            --           46           46
Segment profit (loss)                         43          (41)           2
Total assets                               3,057          269        3,326
Capital expenditures for investment
property                                      32           --           32

1998
                                         Residential   Other       Totals

Rental income                            $   621      $    --      $   621
Other income                                  65            8           73
Interest expense                             241           --          241
Depreciation                                 112           --          112
General and administrative expense            --           48           48
Segment loss                                  (5)         (40)         (45)
Total assets                               3,075          354        3,429
Capital expenditures for investment
property                                      24           --           24

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 each of the
six months ended June 30, 1999 and 1998:

                                                      Average

                                                     Occupancy

Property                                          1999        1998


Lakewood at Pelham
  Greenville, South Carolina                       95%         89%

The General Partner attributed the increase in occupancy at Lakewood at Pelham
to a stronger marketing campaign and increased curb appeal.

Results of Operations

The Partnership realized a net income for the six months ended June 30, 1999, of
approximately $2,000 as compared to a net loss of approximately $45,000 for the
corresponding period in 1998.  The Partnership reported net income for the three
months ended June 30, 1999, of approximately $14,000 as compared to a net loss
of approximately $25,000 for the corresponding period of 1998.  The increase in
net income for the three and six months ended June 30, 1999, was primarily due
to an increase in total revenues, and to a lesser extent, a decrease in total
expenses. 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 increased occupancy at the property as noted above. Other income
decreased in 1999 primarily due to decreases in tenant-related fees, laundry
income, and corporate unit income.  Total expenses decreased primarily due to a
decrease in operating expenses, partially offset by an increase in property tax
expense.  Operating expense decreased due to a decrease in maintenance expenses,
mainly landscaping, and a decrease in insurance expense as a result of a change
in insurance carriers.  Property tax expense increased due to increased billing
for the property as the result of an increased tax rate.  Included in general
and administrative expenses for the six months ended June 30, 1999 and 1998, 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.

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 expense.  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 June 30, 1999, the Partnership had cash and cash equivalents of approximately
$347,000 as compared to approximately $368,000 at June 30, 1998.  The net
decrease in cash and cash equivalents for the six months ended June 30, 1999,
from the Partnership's year ended December 31, 1998, is approximately $3,000.
The decrease in cash and cash equivalents is due to approximately $68,000 of
cash used in investing activities and approximately $31,000 of cash used in
financing activities almost entirely offset by approximately $96,000 of cash
provided by 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 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 asset
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 for the Partnership's investment property are
detailed below.

Lakewood at Pelham

During the six months ended June 30, 1999, the Partnership expended
approximately $32,000 for capital improvements at Lakewood at Pelham, consisting
primarily of floor covering, structural improvements, and appliance
replacements.  These improvements were funded from operating cash flow.  Based
on a report received from an independent third party consultant analyzing
necessary exterior improvements and estimates made by the General Partner on
interior improvements, it is estimated that the property requires approximately
$232,000 of capital improvements over the next few years.  Capital improvements
budgeted for 1999 include, but are not limited to, approximately $210,000 and
which include certain of the required improvements and consist of exterior
building improvements, major carpet and vinyl replacement, and landscaping.

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
1999.  However, the Partnership does not have sufficient assets to fulfill its
obligations 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 six months ended
June 30, 1999 or 1998, 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 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 June 30, 1999:

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.

In order to attempt to satisfy the remaining claims under the Plan, the
Partnership would be required to sell the investment property, or as an
alternative, 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 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 $5,638,000 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 1999 or beyond.

Tender Offer

On July 22, 1999, AIMCO Properties, L.P., an affiliate of the Managing General
Partner commenced a tender offer to purchase up to 7,738.38 (45.00% of the total
outstanding units) units of limited partnership interest in the Partnership for
a purchase price of $.50 per unit.  The offer is scheduled to expire on August
19, 1999.  It is possible that AIMCO or its affiliate will make one or more
offers to acquire additional limited partnership interests in the Partnership
for cash or in exchange for units in the operating partnership of AIMCO.

Year 2000 Compliance

General Description of the Year 2000 Issue and the Nature and Effects of the
Year 2000 on Information Technology (IT) and Non-IT Systems

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 General Partner and its affiliates for management and
administrative services ("Managing Agent").  Any of the computer programs or
hardware that have date-sensitive software or embedded chips may recognize a
date using "00" as the year 1900 rather than the year 2000.  This could result
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.

Over the past two years, the Managing Agent has determined that it will be
required to modify or replace significant portions of its software and certain
hardware so that those systems will properly utilize dates beyond December 31,
1999.  The Managing Agent presently believes that with modifications or
replacements of existing software and certain hardware, the Year 2000 issue can
be mitigated. However, if such modifications and replacements are not made, or
not completed in time, the Year 2000 issue could have a material impact on the
operations of the Partnership.

The Managing Agent's plan to resolve Year 2000 issues involves four phases:
assessment, remediation, testing, and implementation.  To date, the Managing
Agent has fully completed its assessment of all the information systems that
could be significantly affected by the Year 2000, and has begun the remediation,
testing and implementation phases on both hardware and software systems.
Assessments are continuing in regards to embedded systems.  The status of each
is detailed below.

Status of Progress in Becoming Year 2000 Compliant, Including Timetable for
Completion of Each Remaining Phase

Computer Hardware:

During 1997 and 1998, the Managing Agent identified all of the computer systems
at risk and formulated a plan to repair or replace each of the affected systems.
In August 1998, the main computer system used by the Managing Agent became fully
functional. In addition to the main computer system, PC-based network servers,
routers and desktop PCs were analyzed for compliance.  The Managing Agent has
begun to replace each of the non-compliant network connections and desktop PCs
and, as of June 30, 1999, had completed approximately 90% of this effort.

The total cost to the Managing Agent to replace the PC-based network servers,
routers and desktop PCs is expected to be approximately $1.5 million of which
$1.3 million has been incurred to date.  The remaining network connections and
desktop PCs are expected to be upgraded to Year 2000 compliant systems by
September 30, 1999.  The completion of this process is scheduled to coincide
with the release of a compliant version of the Managing Agent's operating
system.

Computer Software:

The Managing Agent utilizes a combination of off-the-shelf, commercially
available software programs as well as custom-written programs that are designed
to fit specific needs.  Both of these types of programs were studied, and
implementation plans written and executed with the intent of repairing or
replacing any non-compliant software programs.

In April, 1999 the Managing Agent embarked on a data center consolidation
project that unifies its core financial systems under its Year 2000 compliant
system.  The estimated completion date for this project is October, 1999.

During 1998, the Managing Agent began converting the existing property
management and rent collection systems to its management properties Year 2000
compliant systems. The estimated additional costs to convert such systems at all
properties, is $200,000, and the implementation and testing process was
completed in June, 1999.

The final software area is the office software and server operating systems.
The Managing Agent has upgraded all non-compliant office software systems on
each PC and has upgraded 90% of the server operating systems.  The remaining
server operating systems are planned to be upgraded to be Year 2000 compliant by
September, 1999.  The completion of this process is scheduled to coincide with
the release of a compliant version of the Managing Agent's operating system.

Operating Equipment:

The Managing Agent has operating equipment, primarily at the property sites,
which needed to be evaluated for Year 2000 compliance.  In September 1997, the
Managing Agent began taking a census and inventory of embedded systems
(including those devices that use time to control systems and machines at
specific properties, for example elevators, heating, ventilating, and air
conditioning systems, security and alarm systems, etc.).

The Managing Agent has chosen to focus its attention mainly upon security
systems, elevators, heating, ventilating and air conditioning systems, telephone
systems and switches, and sprinkler systems.  While this area is the most
difficult to fully research adequately, management has not yet found any major
non-compliance issues that put the Managing Agent at risk financially or
operationally.

A pre-assessment of the properties by the Managing Agent has indicated no Year
2000 issues.  A complete, formal assessment of all the properties by the
Managing Agent is in process and will be completed in September, 1999.  Any
operating equipment that is found non-compliant will be repaired or replaced.

The total cost incurred for all properties managed by the Managing Agent as of
June 30, 1999 to replace or repair the operating equipment was approximately
$75,000. The Managing Agent estimates the cost to replace or repair any
remaining operating equipment is approximately $125,000.

The Managing Agent continues to have "awareness campaigns" throughout the
organization designed to raise awareness and report any possible compliance
issues regarding operating equipment within its enterprise.

Nature and Level of Importance of Third Parties and Their Exposure to the Year
2000

The Managing Agent continues to conduct surveys of its banking and other vendor
relationships to assess risks regarding their Year 2000 readiness.  The Managing
Agent has banking relationships with three major financial institutions, all of
which have indicated their compliance efforts will be complete before July,
1999. The Managing Agent has updated data transmission standards with all of the
financial institutions.  The Managing Agent's contingency plan in this regard is
to move accounts from any institution that cannot be certified Year 2000
compliant by September 1, 1999.

The Partnership does not rely heavily on any single vendor for goods and
services, and does not have significant suppliers and subcontractors who share
information systems (external agent).  To date the Partnership is not aware of
any external agent with a Year 2000 compliance issue that would materially
impact the Partnership's results of operations, liquidity, or capital resources.
However, the Partnership has no means of ensuring that external agents will be
Year 2000 compliant.

The Managing Agent does not believe that the inability of external agents to
complete their Year 2000 remediation process in a timely manner will have a
material impact on the financial position or results of operations of the
Partnership. However, the effect of non-compliance by external agents is not
readily determinable.

Costs to Address Year 2000

The total cost of the Year 2000 project to the Managing Agent is estimated at
$3.5 million and is being funded from operating cash flows.  To date, the
Managing Agent has incurred approximately $2.9 million ($0.7 million expensed
and $2.2 million capitalized for new systems and equipment) related to all
phases of the Year 2000 project.  Of the total remaining project costs,
approximately $0.5 million is attributable to the purchase of new software and
operating equipment, which will be capitalized.  The remaining $0.2 million
relates to repair of hardware and software and will be expensed as incurred.
The Partnership's portion of these costs are not material.

Risks Associated with the Year 2000

The Managing Agent believes it has an effective program in place to resolve the
Year 2000 issue in a timely manner.  As noted above, the Managing Agent has not
yet completed all necessary phases of the Year 2000 program.  In the event that
the Managing Agent does not complete any additional phases, certain worst case
scenarios could occur.  The worst case scenarios could include elevators,
security and heating, ventilating and air conditioning systems that read
incorrect dates and operate with incorrect schedules (e.g., elevators will
operate on Monday as if it were Sunday).  Although such a change would be
annoying to residents, it is not business critical.

In addition, disruptions in the economy generally resulting from Year 2000
issues could also adversely affect the Partnership.  The Partnership could be
subject to litigation for, among other things, computer system failures,
equipment shutdowns or failure to properly date business records.  The amount of
potential liability and lost revenue cannot be reasonably estimated at this
time.

Contingency Plans Associated with the Year 2000

The Managing Agent has contingency plans for certain critical applications and
is working on such plans for others.  These contingency plans involve, among
other actions, manual workarounds and selecting new relationships for such
activities as banking relationships and elevator operating systems.

                          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 three months ended June 30, 1999.

                                   SIGNATURES


Pursuant to the requirements of the Exchange Act, the Registrant has duly 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/ Carla R. Stoner
                                   Carla R. Stoner
                                   Senior Vice President Finance and
                                   Administration


                              Date: August 12, 1999