UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                                   Form 10-QSB

(Mark One)

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

                    For the quarterly period ended June 30, 2002


[] TRANSITION REPORT UNDER 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)


                         PART I - FINANCIAL INFORMATION


ITEM 1.     FINANCIAL STATEMENTS



                             MCCOMBS REALTY PARTNERS

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

                                  June 30, 2002

<TABLE>
<CAPTION>


Assets
<S>                                                                          <C>
   Cash and cash equivalents                                                 $ 161
   Receivables and deposits                                                      20
   Restricted escrow                                                             73
   Other assets                                                                  90
   Investment property:
       Land                                                   $ 499
       Buildings and related personal property                 5,996
                                                               6,495
       Less accumulated depreciation                          (4,408)         2,087
                                                                            $ 2,431
Liabilities and Partners' Deficit
Liabilities
   Accounts payable                                                          $ 11
   Tenant security deposit liabilities                                           12
   Accrued property taxes                                                        52
   Other liabilities                                                             91
   Mortgage note payable                                                      5,424

Partners' Deficit
   General partner                                             $ (1)
   Limited partners (17,196.39 units
      issued and outstanding)                                 (3,158)        (3,159)
                                                                            $ 2,431


            See Accompanying Notes to Consolidated Financial Statements
</TABLE>

<PAGE>





                             MCCOMBS REALTY PARTNERS

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

<TABLE>
<CAPTION>

                                        Three Months Ended         Six Months Ended
                                             June 30,                  June 30,
                                         2002         2001         2002        2001
Revenues:
<S>                                     <C>          <C>          <C>          <C>
  Rental income                         $ 329        $ 386        $ 654        $ 757
  Other income                              37           25           59           56
       Total revenues                      366          411          713          813

Expenses:
  Operating                                153          162          306          305
  General and administrative                32           35           65           70
  Depreciation                              68           70          136          136
  Interest                                 115          116          230          233
  Property taxes                            26           26           52           49
       Total expenses                      394          409          789          793

Net (loss) income                       $ (28)        $ 2         $ (76)       $ 20

Net (loss) income allocated to
  general partner                        $ --         $ --         $ --        $ --
Net (loss) income allocated to
  limited partners                         (28)           2          (76)          20
                                        $ (28)        $ 2         $ (76)       $ 20
Net (loss) income per limited
 partnership unit                      $ (1.63)      $ .12       $ (4.42)     $ 1.16

Distribution per limited
 partnership unit                      $ 32.62        $ --       $ 32.62       $ --
            See Accompanying Notes to Consolidated Financial Statements
</TABLE>

<PAGE>




                             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>        <C>          <C>
   December 31, 2001                17,196.39      $ --       $(2,521)     $(2,521)

Distribution to partners                              (1)        (561)        (562)

Net loss for the six months
   ended June 30, 2002                     --         --          (76)         (76)

Partners' deficit at
   June 30, 2002                    17,196.39      $ (1)      $(3,158)     $(3,159)


            See Accompanying Notes to Consolidated Financial Statements
</TABLE>

<PAGE>





                             MCCOMBS REALTY PARTNERS

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

<TABLE>
<CAPTION>

                                                                  Six Months Ended
                                                                        June 30,
                                                                  2002        2001
Cash flows from operating activities:
<S>                                                              <C>          <C>
  Net (loss) income                                              $ (76)       $ 20
  Adjustments to reconcile net (loss) income to net cash
     (used in) provided by operating activities:
     Depreciation                                                   136         136
     Amortization of loan costs                                      10          10
     Bad debt expense                                                41          21
     Change in accounts:
       Receivables and deposits                                     (38)        (13)
       Other assets                                                 (15)         (9)
       Accounts payable                                              (4)          3
       Tenant security deposit liabilities                            1          (3)
       Accrued property taxes                                       (49)        (34)
       Other liabilities                                            (45)        (17)
         Net cash (used in) provided by operating
           activities                                               (39)        114

Cash flows from investing activities:
  Property improvements and replacements                            (72)        (78)
  Net (deposits to) receipts from restricted escrows                (22)          1
         Net cash used in investing activities                      (94)        (77)

Cash flows from financing activities:
  Payments on mortgage note payable                                 (39)        (37)
  Distribution to partners                                         (562)         --
         Net cash used in financing activities                     (601)        (37)

Net decrease in cash and cash equivalents                          (734)         --

Cash and cash equivalents at beginning of period                    895         782

Cash and cash equivalents at end of period                       $ 161        $ 782

Supplemental disclosure of cash flow information:
  Cash paid for interest                                         $ 220        $ 224

            See Accompanying Notes to Consolidated Financial Statements
</TABLE>

                             MCCOMBS REALTY PARTNERS

                     NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                                   (Unaudited)


Note A - Basis of Presentation

The accompanying  unaudited  consolidated financial statements of McCombs Realty
Partners (the "Partnership" or "Registrant"),  a California limited 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.  (the  "General  Partner").  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, 2002 are not necessarily  indicative of the results
that may be expected for the fiscal year ending  December 31, 2002.  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,  2001.  The General  Partner is a subsidiary  of
Apartment  Investment and Management Company  ("AIMCO"),  a publicly traded real
estate investment trust.

Note B - 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; if
            sufficient  funds were unavailable to fully satisfy this amount then
            a pro-rata portion would be paid based upon available funds;

      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; if
            sufficient  funds were unavailable to fully satisfy this amount then
            a pro-rata portion would be paid based upon available funds;

      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);  if sufficient funds
            were  unavailable  to fully  satisfy  this  amount  then a  pro-rata
            portion would be paid based upon available funds.

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 did not require the additional $117,500 to be loaned.

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.  With  respect to the  amounts due to the
Limited  Partners under numbers 2,4, and 5 above there were not sufficient funds
available to completely satisfy these obligations at October 20, 1998.

It was not  anticipated  that at October 20, 1998 there would be available funds
to fully  satisfy the  unsecured  claims of the Limited  Partners,  as indicated
under the Plan. 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  did not make any payments to the Limited  Partners on
October  20,  1998 as required  by the Plan from  available  funds.  There is no
requirement,  however, that the Partnership sell or again refinance the property
in  order to pay in part or in  whole,  the  payments  to the  Limited  Partners
referred to above.  The General  Partner has determined that although all of the
required  payments under the Plan to the Limited  Partners were not made that no
default exists and that it is proper for the  Partnership to continue  operating
under the terms of its Partnership Agreement as modified by the Plan.

Since the  expiration of the Plan on October 20, 1998,  the General  Partner had
reserved  all excess cash to ensure that the  Partnership  would be able to meet
its operating and capital improvement needs rather than making pro-rata payments
to the limited partners in accordance with numbers 2, 4, and 5 above. During the
fourth quarter of 2001, the General Partner  determined that the Partnership had
accumulated approximately $562,000 in excess funds. Approximately $530,000 which
had been reserved  since 1998 to ensure that the property was fully able to meet
its operating and capital  improvement  needs with existing  operating funds was
distributed  during the six months ended June 30, 2002 in accordance with number
2  above.  In  addition,  approximately  $32,000  was  distributed  from  recent
operations  during the six months ended June 30, 2002. Any additional funds will
be  distributed  in accordance  with the terms of the  Partnership  Agreement as
modified by the Plan.

Note C - 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.

During the six months  ended June 30, 2002 and 2001,  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  $37,000 and $40,000 for
the six months ended June 30, 2002 and 2001, respectively, which are included in
operating expenses.

Affiliates  of  the  General  Partner  received   reimbursement  of  accountable
administrative  expenses  amounting  to  approximately  $37,000 for both the six
months  ended  June 30,  2002 and  2001,  which  are  included  in  general  and
administrative expenses.

Beginning in 2001,  the  Partnership  began  insuring its property up to certain
limits through coverage provided by AIMCO which is generally  self-insured for a
portion of losses and  liabilities  related  to workers  compensation,  property
casualty and vehicle liability.  The Partnership  insures its property above the
AIMCO  limits  through  insurance  policies  obtained  by  AIMCO  from  insurers
unaffiliated with the General Partner. During the six months ended June 30, 2002
and 2001, the Partnership was charged by AIMCO and its affiliates  approximately
$19,000 and $25,000,  respectively,  for insurance  coverage and fees associated
with policy claims administration.


<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 six
months ended June 30, 2002 and 2001:

                                                   Average Occupancy
      Property                                      2002       2001

      Lakewood at Pelham                            88%        96%
        Greenville, South Carolina

The General  Partner  attributes the decrease in occupancy at Lakewood at Pelham
to increased  market  competition  as a result of the slowdown in the economy in
the Greenville area.

Results of Operations

The  Registrant's  net loss for the three and six months ended June 30, 2002 was
approximately  $28,000  and  $76,000,  respectively,  compared  to net income of
approximately  $2,000 and  $20,000,  respectively,  for the three and six months
ended  June 30,  2001.  The  decrease  in net  income for both the three and six
months ended June 30, 2002 is primarily due to a decrease in total revenues. The
decrease  in total  revenues  for the  three  months  ended  June  30,  2002 was
partially  offset  by a  slight  decrease  in  total  expenses.  Total  revenues
decreased  for  both the  three  and six  months  ended  June 30,  2002 due to a
decrease  in rental  income and for the three  months  ended  June 30,  2002 was
partially  offset by an increase in other income.  The decrease in rental income
for both the three and six months  ended June 30, 2002 is due to the decrease in
occupancy at Lakewood at Pelham, a decrease in the average rental rates charged,
an increase in bad debt expense, and an increase in concessions at the property.
The  increase  in other  income  for the three  months  ended  June 30,  2002 is
primarily due to an increase in lease  cancellation  fees. Other income remained
relatively constant for the six months ended June 30, 2002.

The  decrease  in total  expenses  for the three  months  ended June 30, 2002 is
primarily  due to a decrease in  operating  expense.  The  decrease in operating
expense is primarily due to decreases in payroll related  expenses,  advertising
expense,  and management  fees. The decrease in operating  expense was partially
offset by increases in utility  expenses  and  insurance  expense as a result of
higher insurance premiums at the property. Operating expense remained relatively
constant  for the six months  ended June 30, 2002 as an  increase  in  insurance
expense  was  offset  by a  decrease  in  management  fees and  payroll  related
expenses. General and administrative,  depreciation,  interest, and property tax
expenses  remained  relatively  constant for both the three and six months ended
June 30, 2002.

Included in general and  administrative  expenses at both June 30, 2002 and 2001
are  management   reimbursements  to  the  General  Partner  allowed  under  the
Partnership  Agreement.  In addition,  costs  associated  with the quarterly and
annual  communications  with  investors and  regulatory  agencies and the annual
audit required by the Partnership Agreement are also included.

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 June 30, 2002, the Partnership had cash and cash equivalents of approximately
$161,000 as compared to approximately $782,000 at June 30, 2001. The decrease in
cash and cash  equivalents of  approximately  $734,000,  from the  Partnership's
calendar  year end, is due to  approximately  $601,000 of cash used in financing
activities,  approximately  $94,000 of cash used in  investing  activities,  and
approximately  $39,000  of  cash  used in  operating  activities.  Cash  used in
investing activities consisted of property improvements and replacements and, to
a lesser  extent,  net deposits to escrow  accounts  maintained  by the mortgage
lender. Cash used in financing  activities  consisted primarily of distributions
to partners and, to a lesser extent,  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 and to comply with Federal,  state
and local legal and regulatory requirements. Capital improvements planned at the
Partnership's investment property are detailed below.

For 2002,  the  Partnership  has  budgeted  approximately  $110,000  for capital
improvements at Lakewood at Pelham,  consisting  primarily of interior  building
improvements,   lighting,  and  floor  covering  replacement.   The  Partnership
completed approximately $72,000 in capital expenditures at Lakewood at Pelham as
of June 30, 2002,  consisting  primarily  of  structural  and interior  building
improvements and floor covering replacement. These improvements were funded from
operations and replacement reserves.  Additional  improvements may be considered
and  will  depend  on the  physical  condition  of the  property  as well as the
anticipated  cash  flow  generated  by  the  property  and  replacement  reserve
balances.

The additional  capital  expenditures will be incurred only if cash is available
from operations or from Partnership  reserves.  To the extent that such budgeted
capital improvements are completed, the Registrant's distributable cash flow, if
any, may be adversely affected at least in the short term.

The mortgage  indebtedness on Lakewood at Pelham of approximately  $5,424,000 is
being  amortized over 30 years with a balloon payment due July 2005. The General
Partner may attempt to  refinance  such  indebtedness  and/or sell the  property
prior to such maturity date. If the property  cannot be refinanced or sold for a
sufficient  amount,  the  Partnership  will risk  losing such  property  through
foreclosure.

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
of Reorganization (The "Plan") effective October 25, 1988. The Plan was approved
by all required classes of creditors.


<PAGE>



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; if
            sufficient  funds were unavailable to fully satisfy this amount then
            a pro-rata portion would be paid based upon available funds;

      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; if
            sufficient  funds were unavailable to fully satisfy this amount then
            a pro-rata portion would be paid based upon available funds;

      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);  if sufficient funds
            were  unavailable  to fully  satisfy  this  amount  then a  pro-rata
            portion would be paid based upon available funds.

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 did not require the additional $117,500 to be loaned.

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.  With  respect to the  amounts due to the
Limited  Partners under numbers 2,4, and 5 above there were not sufficient funds
available to completely satisfy these obligations at October 20, 1998.

It was not  anticipated  that at October 20, 1998 there would be available funds
to fully  satisfy the  unsecured  claims of the Limited  Partners,  as indicated
under the Plan. 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  did not make any payments to the Limited  Partners on
October  20,  1998 as required  by the Plan from  available  funds.  There is no
requirement,  however, that the Partnership sell or again refinance the property
in  order to pay in part or in  whole,  the  payments  to the  Limited  Partners
referred to above.  The General  Partner has determined that although all of the
required  payments under the Plan to the Limited  Partners were not made that no
default exists and that it is proper for the  Partnership to continue  operating
under the terms of its Partnership Agreement as modified by the Plan.

Since the  expiration of the Plan on October 20, 1998,  the General  Partner had
reserved  all excess cash to ensure that the  Partnership  would be able to meet
its operating and capital improvement needs rather than making pro-rata payments
to the limited partners in accordance with numbers 2, 4, and 5 above. During the
fourth quarter of 2001, the General Partner  determined that the Partnership had
accumulated  approximately  $562,000  in excess  funds.  Approximately  $530,000
($30.82 per limited  partnership  unit)  which had been  reserved  since 1998 to
ensure  that the  property  was fully  able to meet its  operating  and  capital
improvement needs with existing  operating funds was distributed  during the six
months  ended June 30,  2002 in  accordance  with number 2 above.  In  addition,
approximately  $32,000  (approximately  $31,000 to the limited partners or $1.80
per limited  partnership unit) was distributed from recent operations during the
six months ended June 30, 2002.  Any  additional  funds will be  distributed  in
accordance with the terms of the Partnership Agreement as modified by the Plan.

Other

In addition to its indirect  ownership of the general  partner  interests in the
Partnership, AIMCO and its affiliates owned 3,666.5 limited partnership units in
the Partnership representing 21.32% of the outstanding Units at June 30, 2002. 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 units of limited partnership  interest in the Partnership in exchange
for cash or a  combination  of cash and units in the  operating  partnership  of
AIMCO either through private  purchases or tender offers.  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  voting on
certain amendments to the Partnership Agreement and voting to remove the General
Partner.  Although  the General  Partner  owes  fiduciary  duties to the limited
partners of the  Partnership,  the General Partner also owed fiduciary duties to
AIMCO as its sole Stockholder.  As a result,  the duties of the General Partner,
as general  partner,  to the Partnership and its limited  partners may come into
conflict  with  the  duties  of the  General  Partner  to  AIMCO,  as  its  sole
stockholder.

Critical Accounting Policies and Estimates

The consolidated financial statements are prepared in accordance with accounting
principles generally accepted in the United States which require the Partnership
to  make  estimates  and  assumptions.  The  Partnership  believes  that  of its
significant  accounting  policies,  the following may involve a higher degree of
judgment and complexity.

Impairment of Long-Lived Assets

Investment property is recorded at cost, less accumulated  depreciation,  unless
considered  impaired.  If events or  circumstances  indicate  that the  carrying
amount of a property may be impaired, the Partnership will make an assessment of
its recoverability by estimating the undiscounted  future cash flows,  excluding
interest charges, of the property.  If the carrying amount exceeds the aggregate
future cash flows,  the  Partnership  would  recognize an impairment loss to the
extent the carrying amount exceeds the fair value of the property.

Real  property  investments  are  subject  to varying  degrees of risk.  Several
factors  may  adversely  affect  the  economic  performance  and  value  of  the
Partnership's  investment  properties.  These  factors  include  changes  in the
national,  regional and local economic  climate;  local  conditions,  such as an
oversupply  of  multifamily   properties;   competition   from  other  available
multifamily  property  owners and changes in market  rental  rates.  Any adverse
changes in these factors could cause an impairment in the Partnership's assets.

Revenue Recognition

The Partnership generally leases apartment units for twelve-month terms or less.
Rental income  attributable to leases is recognized monthly as it is earned. The
Partnership will offer rental concessions during  particularly slow months or in
response  to  heavy  competition  from  other  similar  complexes  in the  area.
Concessions are charged to income as incurred.


<PAGE>




                           PART II - OTHER INFORMATION


ITEM 6.     EXHIBITS AND REPORTS ON FORM 8-K

            a)    Exhibits:

                  Exhibit 3.1, Amended and Restated Certificate and Agreement of
                  Limited  Parnters of McCombs  Realty  Partners,  a  California
                  Limited Partnership, incorporated by reference to the exhibits
                  to the Registrant's Annual Report filed on Form 10-K, filed on
                  April 13, 1990.

                  Exhibit  3.2,   Certificate  of  Limited  Partnership  of  the
                  Partnership,  incorporated by reference to the exhibits to the
                  Registrant's  Annual Report filed on Form 10-K, filed on April
                  13, 1990.

                  Exhibit 99, Certification of Chief Executive Officer and Chief
                  Financial Officer

            b)    Reports on Form 8-K:

                  Current  Report on Form 8-K/A dated June 27, 2002 and filed on
                  July 16,  2002,  disclosing  the  dismissal of KPMG LLP as the
                  Registrant's certifying auditor and the appointment of Ernst &
                  Young  LLP,  as the  certifying  auditor  for the year  ending
                  December 31, 2002.


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                                   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/Thomas C. Novosel
                                          Thomas C. Novosel
                                          Senior Vice President
                                          and Chief Accounting Officer


                                    Date: August 14, 2002


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Exhibit 99


                          Certification of CEO and CFO
                       Pursuant to 18 U.S.C. Section 1350,
                             As Adopted Pursuant to
                   Section 906 of the Sarbanes-Oxley Act of 2002



In  connection  with the  Quarterly  Report  on Form  10-QSB of  McCombs  Realty
Partners (the  "Partnership"),  for the quarterly  period ended June 30, 2002 as
filed with the  Securities  and  Exchange  Commission  on the date  hereof  (the
"Report"),  Patrick J. Foye, as the equivalent of the Chief Executive Officer of
the Partnership, and Paul J. McAuliffe, as the equivalent of the Chief Financial
Officer of the Partnership, each hereby certifies, pursuant to 18 U.S.C. Section
1350,  as adopted  pursuant  to Section 906 of the  Sarbanes-Oxley  Act of 2002,
that, to the best of his knowledge:

      (1)   The Report fully complies with the  requirements of Section 13(a) or
            15(d) of the Securities Exchange Act of 1934; and

      (2)   The  information  contained in the Report  fairly  presents,  in all
            material respects, the financial condition and results of operations
            of the Partnership.


                                           /s/Patrick J. Foye
                                    Name:  Patrick J. Foye
                                    Date:  August 14, 2002


                                           /s/Paul J. McAuliffe
                                    Name:  Paul J. McAuliffe
                                    Date:  August 14, 2002


This  certification  accompanies  the  Report  pursuant  to  Section  906 of the
Sarbanes-Oxley  Act of 2002 and shall not,  except to the extent required by the
Sarbanes-Oxley  Act of 2002, be deemed filed by the  Partnership for purposes of
Section 18 of the Securities Exchange Act of 1934, as amended.