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 September 30, 2004


[ ]   TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE EXCHANGE ACT


             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 ___

                         PART I - FINANCIAL INFORMATION

ITEM 1.     FINANCIAL STATEMENTS



                             MCCOMBS REALTY PARTNERS

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

                               September 30, 2004

<TABLE>
<CAPTION>

Assets
<S>                                                                      <C>
   Cash and cash equivalents                                             $    108
   Receivables and deposits                                                    59
   Restricted escrow                                                          154
   Other assets                                                                81
   Investment property:
       Land                                               $    499
       Buildings and related personal property               6,237
                                                             6,736
       Less accumulated depreciation                        (4,997)         1,739
                                                                         $  2,141
Liabilities and Partners' Deficit
Liabilities
   Accounts payable                                                      $     69
   Tenant security deposit liabilities                                         31
   Accrued property taxes                                                      81
   Other liabilities                                                           76
   Due to affiliates (Note C)                                                 263
   Mortgage note payable                                                    5,226

Partners' Deficit
   General partner                                        $     (1)
   Limited partners (17,172.43 units
      issued and outstanding)                               (3,604)        (3,605)
                                                                         $  2,141

         See Accompanying Notes to Consolidated Financial Statements
</TABLE>

                             MCCOMBS REALTY PARTNERS

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

<TABLE>
<CAPTION>

                                        Three Months Ended        Nine Months Ended
                                           September 30,            September 30,
                                         2004         2003         2004        2003
Revenues:
<S>                                     <C>          <C>          <C>          <C>
  Rental income                         $ 282        $ 314        $ 928        $ 917
  Other income                              54           42          137          125
  Casualty gain (Note D)                    --           --           16           15
       Total revenues                      336          356        1,081        1,057

Expenses:
  Operating                                166          188          557          481
  General and administrative                29           26           90           85
  Depreciation                              69           67          207          203
  Interest                                 114          113          340          340
  Property taxes                            27           26           82           76
       Total expenses                      405          420        1,276        1,185

Net loss                                $ (69)       $ (64)       $ (195)     $ (128)

Net loss allocated to
  general partner                        $ --         $ --         $ --        $ --
Net loss allocated to
  limited partners                         (69)         (64)        (195)        (128)
                                        $ (69)       $ (64)       $ (195)     $ (128)
Net loss per limited
 partnership unit                      $ (4.02)     $ (3.73)     $(11.36)     $ (7.45)

         See Accompanying Notes to Consolidated Financial Statements
</TABLE>


                             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, 2003                17,172.43    $    (1)    $ (3,409)   $  (3,410)

Net loss for the nine months
   ended September 30, 2004                --         --         (195)        (195)

Partners' deficit
   at September 30, 2004            17,172.43      $ (1)     $ (3,604)    $ (3,605)


         See Accompanying Notes to Consolidated Financial Statements
</TABLE>

                             MCCOMBS REALTY PARTNERS

                      CONSOLIDATED STATEMENTS OF CASH FLOWS
                                   (Unaudited)
                                 (in thousands)
<TABLE>
<CAPTION>

                                                                  Nine Months Ended
                                                                    September 30,
                                                                     2004      2003
Cash flows from operating activities:
<S>                                                              <C>         <C>
  Net loss                                                       $ (195)     $ (128)
  Adjustments to reconcile net loss to net cash
     provided by operating activities:
     Depreciation                                                   207         203
     Amortization of loan costs                                      14          14
     Bad debt expense                                                49          53
     Casualty gain                                                  (16)        (15)
     Change in accounts:
       Receivables and deposits                                     (49)        (59)
       Other assets                                                 (35)        (27)
       Accounts payable                                              (5)         41
       Tenant security deposit liabilities                           (3)         13
       Accrued property taxes                                       (25)         76
       Due to affiliates                                             64          39
       Other liabilities                                             12          26
         Net cash provided by operating activities                   18         236

Cash flows from investing activities:
  Insurance proceeds received                                        16          26
  Property improvements and replacements                            (73)       (144)
  Net deposits to restricted escrow                                 (35)        (27)
         Net cash used in investing activities                      (92)       (145)

Cash flows from financing activities:
  Payments on mortgage note payable                                 (70)        (65)
  Advances from affiliate                                           120          --
         Net cash provided by (used in) financing activities         50         (65)

Net (decrease) increase in cash and cash equivalents                (24)         26

Cash and cash equivalents at beginning of period                    132          82

Cash and cash equivalents at end of period                        $ 108       $ 108

Supplemental disclosure of cash flow information:
  Cash paid for interest                                          $ 320       $ 325

         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 nine
month periods ended  September  30, 2004 are not  necessarily  indicative of the
results that may be expected for the fiscal year ending  December 31, 2004.  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, 2003. 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
of Reorganization (the "Plan") effective October 25, 1988. The Plan was approved
by all required classes of creditors.

The Plan  required  that the  Partnership  make certain  payments to its secured
creditors and others on or before October 20, 1995.  These payments were made on
or about  June  25,  1995,  when  the  Partnership  refinanced  the  outstanding
mortgages encumbering the property.  The Plan also required that the Partnership
make the following distributions on October 20, 1998, from available cash:

      1)    First,  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;

      2)    Second,  Class 12 unsecured  creditors  ($23,100) would be paid on
            their claims;

      3)    Third,  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  of  available  cash  less a
            pro-rata  portion  reserved  for one third of the  existing  capital
            contributions  of  non-contributing  Limited  Partners would be paid
            based upon available funds;

      4)    Fourth,  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 an  additional  $117,500  on  behalf of the  Partnership.  The
Partnership  received the $14,500  capital  contribution  but did not receive or
require the additional $117,500 to be loaned.

The payments  required by number 2 above were timely  made.  With respect to the
amounts due to the Limited Partners under numbers 1, 3, and 4 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 due under the Plan to the Limited Partners were not made, that
the Partnership is not in any material  financial default in connection with its
prior  bankruptcy.  In addition,  the General Partner believes 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 1, 3, and 4 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 year ended  December  31, 2002 in  accordance  with
number  1  above.  In  addition,  approximately  $32,000  was  distributed  from
operations during the year ended December 31, 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 depends 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.

Affiliates of the General  Partner are 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  $53,000 and $51,000 for the nine months ended  September 30, 2004
and 2003, respectively, which are included in operating expenses.

Affiliates  of the General  Partner were  eligible to receive  reimbursement  of
accountable  administrative  expenses  amounting  to  approximately  $58,000 and
$45,000 for the nine months  ended  September  30, 2004 and 2003,  respectively,
which  are  included  in  general  and  administrative  expenses.  Approximately
$140,000 in  reimbursement  of accountable  administrative  expenses and related
accrued  interest  was owed at  September  30,  2004 and is  included  in due to
affiliates.

During the nine months ended  September  30,  2004,  an affiliate of the General
Partner  advanced  the  Partnership  approximately  $120,000  to fund  operating
expenses and audit fees. This advance accrues interest at the prime rate plus 2%
(6.75% at  September  30,  2004).  Interest  expense for the nine  months  ended
September 30, 2004 was  approximately  $3,000.  At September 30, 2004, the total
outstanding  advances  and accrued  interest was  approximately  $123,000 and is
included in due to  affiliates.  There were no such advances made by the General
Partner to the Partnership during the nine months ended September 30, 2003.

The  Partnership  insures 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  nine  months  ended  September  30,  2004 and  2003,  the
Partnership  was charged by AIMCO and its affiliates  approximately  $26,000 and
$23,000,  respectively,  for insurance  coverage and fees associated with policy
claims administration.

Note D - Casualty Event

In October 2002, a fire occurred at Lakewood at Pelham, which resulted in damage
to the laundry area. The property  incurred  damages of  approximately  $52,000.
Insurance proceeds of approximately $26,000 were received during the nine months
ended September 30, 2003 to partially  cover the damages.  After writing off the
undepreciated  cost  of  the  damaged  asset  of  approximately   $11,000,   the
Partnership  realized a casualty gain of  approximately  $15,000 from this event
during the nine months ended  September  30, 2003.  During the nine months ended
September  30,  2004,   the   Partnership   received   additional   proceeds  of
approximately $16,000, resulting in a casualty gain of approximately $16,000 for
the nine months ended September 30, 2004.

Note E - Contingencies

On August 8, 2003 AIMCO  Properties  L.P., an affiliate of the General  Partner,
was served with a complaint in the United  States  District  Court,  District of
Columbia alleging that AIMCO Properties L.P.  willfully  violated the Fair Labor
Standards Act ("FLSA") by failing to pay  maintenance  workers  overtime for all
hours worked in excess of forty per week. On March 5, 2004 the plaintiffs  filed
an amended  complaint  also  naming  NHP  Management  Company,  which is also an
affiliate of the General Partner. The complaint is styled as a Collective Action
under the FLSA and seeks to certify state  subclasses in  California,  Maryland,
and the District of Columbia.  Specifically,  the plaintiffs  contend that AIMCO
Properties L.P. failed to compensate maintenance workers for time that they were
required to be "on-call".  Additionally,  the complaint alleges AIMCO Properties
L.P. failed to comply with the FLSA in compensating maintenance workers for time
that they worked in responding to a call while  "on-call".  The defendants  have
filed an answer to the amended  complaint  denying the substantive  allegations.
Some discovery has taken place and settlement  negotiations  continue.  Although
the outcome of any  litigation is  uncertain,  AIMCO  Properties,  L.P. does not
believe that the ultimate  outcome  will have a material  adverse  effect on its
financial  condition or results of operations.  Similarly,  the General  Partner
does not believe that the ultimate  outcome will have a material  adverse effect
on the Partnership's financial condition or results of operations.

The  Partnership  is unaware  of any other  pending  or  outstanding  litigation
matters involving it or its investment property that are not of a routine nature
arising in the ordinary course of business.

As  previously  disclosed,  the  Central  Regional  Office of the United  States
Securities  and  Exchange   Commission   (the  "SEC")  is  conducting  a  formal
investigation relating to certain matters.  Although the staff of the SEC is not
limited  in the  areas  that it may  investigate,  AIMCO  believes  the areas of
investigation include AIMCO's miscalculated monthly net rental income figures in
third quarter 2003,  forecasted  guidance,  accounts payable,  rent concessions,
vendor  rebates,  capitalization  of payroll and certain  other  costs,  and tax
credit  transactions.  AIMCO is cooperating  fully. AIMCO is not able to predict
when the matter  will be  resolved.  AIMCO does not  believe  that the  ultimate
outcome  will  have a  material  adverse  effect on its  consolidated  financial
condition  or results of  operations.  Similarly,  the General  Partner does not
believe that the ultimate  outcome  will have a material  adverse  effect on the
Partnership's consolidated financial condition or results of operations.

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

The matters discussed in this report contain certain forward-looking statements,
including, without limitation, statements regarding future financial performance
and the effect of government  regulations.  Actual results may differ materially
from those described in the forward-looking statements and will be affected by a
variety of risks and factors including,  without limitation:  national and local
economic  conditions;  the terms of  governmental  regulations  that  affect the
Registrant and interpretations of those regulations; the competitive environment
in which the Registrant operates;  financing risks, including the risk that cash
flows from operations may be insufficient to meet required payments of principal
and interest;  real estate risks, including variations of real estate values and
the general  economic  climate in local markets and  competition  for tenants in
such markets;  litigation,  including  costs  associated  with  prosecuting  and
defending  claims  and  any  adverse   outcomes,   and  possible   environmental
liabilities.   Readers  should  carefully  review  the  Registrant's   financial
statements and the notes thereto,  as well as the risk factors  described in the
documents  the  Registrant  files  from  time to time  with the  Securities  and
Exchange Commission.

The Partnership's  investment  property consists of one apartment  complex.  The
following  table sets forth the average  occupancy  of the property for the nine
months ended September 30, 2004 and 2003:

                                                   Average Occupancy
      Property                                      2004       2003

      Lakewood at Pelham                            93%        89%
        Greenville, South Carolina

The General  Partner  attributes the increase in occupancy at Lakewood at Pelham
to resident retention efforts and new marketing strategies.

The  Partnership's  financial  results depend upon a number of factors including
the ability to attract and maintain tenants at the investment property, interest
rates on mortgage  loans,  costs  incurred to operate the  investment  property,
general economic conditions and weather. 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,  the  General  Partner  may use  rental  concessions  and  rental  rate
reductions  to offset  softening  market  conditions;  accordingly,  there is no
guarantee that the General Partner will be able to sustain such a plan. Further,
a number of factors that are outside the control of the Partnership  such as the
local  economic  climate and  weather can  adversely  or  positively  affect the
Partnership's financial results.

Results of Operations

The  Partnership's  net loss for the three and nine months ended  September  30,
2004 was  approximately  $69,000  and  $195,000,  respectively,  as  compared to
approximately $64,000 and $128,000 for the three and nine months ended September
30, 2003. The increase in net loss for the three months ended September 30, 2004
is due to a decrease in total revenues,  partially offset by a decrease in total
expenses.  The increase in net loss for the nine months ended September 30, 2004
is due to an  increase  in total  expenses,  partially  offset by an increase in
total  revenues.  The  decrease in total  revenues  for the three  months  ended
September 30, 2004 is due to a decrease in rental income, partially offset by an
increase in other  income.  The  increase in total  revenues for the nine months
ended  September  30, 2004 is due to increases in both rental and other  income.
The decrease in rental  income for the three months ended  September 30, 2004 is
primarily due to decreases in occupancy and the average  rental rate at Lakewood
at Pelham. The increase in rental income for the nine months ended September 30,
2004 is  primarily  due to an  increase  in  occupancy,  partially  offset  by a
decrease  in the  average  rental rate at the  property.  The  increase in other
income for both the three and nine months ended  September 30, 2004 is primarily
due to increases in utility reimbursements and laundry income,  partially offset
by a decrease in late charges at the property.

The decrease in total expenses for the three months ended  September 30, 2004 is
due  to  a  decrease  in  operating   expenses.   General  and   administrative,
depreciation,  interest,  and property tax expenses remained relatively constant
for the three  months  ended  September  30,  2004.  The  decrease in  operating
expenses  for the three months ended  September  30, 2004 is primarily  due to a
decrease in contract  maintenance  expense,  partially  offset by an increase in
payroll related expenses at Lakewood at Pelham.

The increase in total  expenses for the nine months ended  September 30, 2004 is
due to  increases in  operating,  general and  administrative,  and property tax
expenses.  Both depreciation and interest expense remained  relatively  constant
for the nine months ended September 30, 2004. The increase in operating expenses
for the nine months ended  September 30, 2004 is primarily due to an increase in
payroll related expenses at the Partnership's  investment property. The increase
in property tax expense for the nine months ended  September  30, 2004 is due to
an  increase  in the tax rate at the  property.  The  increase  in  general  and
administrative  expenses  for  the  nine  months  ended  September  30,  2004 is
primarily due to an increase in management reimbursements to the General Partner
as allowed under the Partnership  Agreement,  partially  offset by a decrease in
professional  expenses  associated with the  administration  of the Partnership.
Also  included in general  and  administrative  expenses  for the three and nine
months ended September 30, 2004 and 2003 are costs associated with quarterly and
annual  communications  with  investors and  regulatory  agencies and the annual
audit required by the Partnership Agreement.

In October 2002, a fire occurred at Lakewood at Pelham, which resulted in damage
to the laundry area. The property  incurred  damages of  approximately  $52,000.
Insurance proceeds of approximately $26,000 were received during the nine months
ended September 30, 2003 to partially  cover the damages.  After writing off the
undepreciated  cost  of  the  damaged  asset  of  approximately   $11,000,   the
Partnership  realized a casualty gain of  approximately  $15,000 from this event
during the nine months ended  September  30, 2003.  During the nine months ended
September  30,  2004,   the   Partnership   received   additional   proceeds  of
approximately $16,000, resulting in a casualty gain of approximately $16,000 for
the nine months ended September 30, 2004.

Liquidity and Capital Resources

At both  September  30,  2004  and  2003,  the  Partnership  had  cash  and cash
equivalents of approximately $108,000. The decrease in cash and cash equivalents
of  approximately  $24,000,  from  December  31, 2003,  is due to  approximately
$92,000 of cash used in investing activities,  partially offset by approximately
$50,000 of cash provided by financing  activities and  approximately  $18,000 of
cash  provided  by  operating  activities.  Cash  used in  investing  activities
consisted  of property  improvements  and  replacements  and net  deposits to an
escrow account maintained by the mortgage lender,  partially offset by insurance
proceeds received.  Cash provided by financing  activities consisted of advances
from an  affiliate  of the  General  Partner,  partially  offset by  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.  The  General  Partner  monitors
developments in the area of legal and regulatory  compliance.  For example,  the
Sarbanes-Oxley Act of 2002 mandates or suggests  additional  compliance measures
with regard to governance,  disclosure, audit and other areas. In light of these
changes,  the Partnership  expects that it will incur higher expenses related to
compliance,  including  increased  legal and audit  fees.  Capital  improvements
planned at the Partnership's investment property are detailed below.

During the nine months ended  September  30,  2004,  the  Partnership  completed
approximately $73,000 of capital improvements at Lakewood at Pelham,  consisting
primarily of appliance and floor covering replacements.  These improvements were
funded from operations and insurance  proceeds.  The  Partnership  evaluates the
capital  improvement needs of the property during the year and currently expects
to complete an additional $78,000 in capital  improvements  during the remainder
of 2004.  Additional  capital  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 reserves.

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 Partnership's  distributable cash flow,
if any, may be adversely affected at least in the short term.

The  mortgage  indebtedness  encumbering  Lakewood  at Pelham  of  approximately
$5,226,000  is  being  amortized  over  30  years  with  a  balloon  payment  of
approximately  $5,151,000  due July 2005.  The General  Partner  will 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.

The Plan  required  that the  Partnership  make certain  payments to its secured
creditors and others on or before October 20, 1995.  These payments were made on
or about  June  25,  1995,  when  the  Partnership  refinanced  the  outstanding
mortgages encumbering the property.  The Plan also required that the Partnership
make the following distributions on October 20, 1998, from available cash:

      1)    First,  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;

      2)    Second,  Class 12 unsecured  creditors  ($23,100) would be paid on
            their claims;

      3)    Third,  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  of  available  cash  less a
            pro-rata  portion  reserved  for one third of the  existing  capital
            contributions  of  non-contributing  Limited  Partners would be paid
            based upon available funds;

      4)    Fourth,  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 an  additional  $117,500  on  behalf of the  Partnership.  The
Partnership  received the $14,500  capital  contribution  but did not receive or
require the additional $117,500 to be loaned.

The payments  required by number 2 above were timely  made.  With respect to the
amounts due to the Limited Partners under numbers 1, 3, and 4 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 due under the Plan to the Limited Partners were not made, that
the Partnership is not in any material  financial default in connection with its
prior  bankruptcy.  In addition,  the General Partner believes 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 1, 3, and 4 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 year ended December 31, 2002 in accordance with number 1
above. In addition, approximately $32,000 was distributed from operations during
the year ended December 31, 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 4,558.50 limited  partnership units
(the "Units") in the Partnership representing 26.55% of the outstanding Units at
September  30,  2004. 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 in exchange for cash or a combination
of cash and units in AIMCO Properties, L.P., the operating partnership of AIMCO,
either through private  purchases or tender offers.  Pursuant to the Partnership
Agreement,  unitholders  holding a majority  of the Units are  entitled  to take
action with  respect to a variety of matters that  include,  but are not limited
to,  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 owes
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

The  Partnership's  investment  property is recorded at cost,  less  accumulated
depreciation,  unless considered impaired.  If events or circumstances  indicate
that the carrying amount of the 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  property.  These factors include, but are not limited
to,  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 impairment of the Partnership's
asset.

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  evaluates all accounts receivable from residents and establishes an
allowance, after the application of security deposits, for accounts greater than
30 days past due on current tenants and all receivables due from former tenants.
The Partnership will offer rental concessions during particularly slow months or
in response to heavy  competition from other similar  complexes in the area. Any
concessions  given at the inception of the lease are amortized  over the life of
the lease.

ITEM 3.     CONTROLS AND PROCEDURES

(a) Disclosure Controls and Procedures.  The Partnership's management,  with the
participation of the principal executive officer and principal financial officer
of the General Partner,  who are the equivalent of the  Partnership's  principal
executive officer and principal financial officer,  respectively,  has evaluated
the  effectiveness of the Partnership's  disclosure  controls and procedures (as
such term is defined  in Rules  13a-15(e)  and  15d-15(e)  under the  Securities
Exchange  Act of 1934,  as amended  (the  "Exchange  Act")) as of the end of the
period covered by this report. Based on such evaluation, the principal executive
officer and  principal  financial  officer of the General  Partner,  who are the
equivalent  of the  Partnership's  principal  executive  officer  and  principal
financial  officer,  respectively,  have  concluded  that, as of the end of such
period, the Partnership's disclosure controls and procedures are effective.

(b) Internal Control Over Financial  Reporting.  There have not been any changes
in the Partnership's  internal control over financial reporting (as such term is
defined in Rules  13a-15(f)  and  15d-15(f)  under the Exchange  Act) during the
fiscal quarter to which this report relates that have  materially  affected,  or
are reasonably likely to materially affect,  the Partnership's  internal control
over financial reporting.

                           PART II - OTHER INFORMATION

ITEM 1.     LEGAL PROCEEDINGS

On August 8, 2003 AIMCO  Properties  L.P., an affiliate of the General  Partner,
was served with a complaint in the United  States  District  Court,  District of
Columbia alleging that AIMCO Properties L.P.  willfully  violated the Fair Labor
Standards Act ("FLSA") by failing to pay  maintenance  workers  overtime for all
hours worked in excess of forty per week. On March 5, 2004 the plaintiffs  filed
an amended  complaint  also  naming  NHP  Management  Company,  which is also an
affiliate of the General Partner. The complaint is styled as a Collective Action
under the FLSA and seeks to certify state  subclasses in  California,  Maryland,
and the District of Columbia.  Specifically,  the plaintiffs  contend that AIMCO
Properties L.P. failed to compensate maintenance workers for time that they were
required to be "on-call".  Additionally,  the complaint alleges AIMCO Properties
L.P. failed to comply with the FLSA in compensating maintenance workers for time
that they worked in responding to a call while  "on-call".  The defendants  have
filed an answer to the amended  complaint  denying the substantive  allegations.
Some discovery has taken place and settlement  negotiations  continue.  Although
the outcome of any  litigation is  uncertain,  AIMCO  Properties,  L.P. does not
believe that the ultimate  outcome  will have a material  adverse  effect on its
financial  condition or results of operations.  Similarly,  the General  Partner
does not believe that the ultimate  outcome will have a material  adverse effect
on the Partnership's financial condition or results of operations.

ITEM 6.     EXHIBITS


            See Exhibit Index.

                                   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/Martha L. Long
                                          Martha L. Long
                                          Senior Vice President


                                    By:   /s/Stephen B. Waters
                                           Stephen B. Waters
                                           Vice President


                                    Date: November 12, 2004

                                  EXHIBIT INDEX



Exhibit

3.1               Amended and  Restated  Certificate  and  Agreement  of Limited
                  Partners 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.

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.

10(a)             Mortgage and Security  Agreement dated June 29, 1995 between
                  Pelham  Place,  L.P. and First Union  National Bank of North
                  Carolina,  securing Pelham Place Apartments, is incorporated
                  by  reference  to  Exhibit   10JJ(a)  of  the   Registrant's
                  Quarterly  Report on Form 10-QSB for the Quarter  ended June
                  30, 1995.

  (b)             Promissory  Note dated June 29,  1995  between  Pelham  Place,
                  L.P., a South Carolina  limited  partnership,  and First Union
                  National   Bank  of  North   Carolina,   a  national   banking
                  association,  is  incorporated by reference to Exhibit 10JJ(b)
                  to the  Registrant's  Quarterly  Report on Form 10-QSB for the
                  Quarter ended June 30, 1995.

  (c)             Assignment  of Leases and Rents  dated June 29,  1995  between
                  Pelham  Place,  L.P.,  and First Union  National Bank of North
                  Carolina, securing Pelham Place Apartments, is incorporated by
                  reference  to Exhibit  10JJ(c) to the  Registrant's  Quarterly
                  Report on Form 10-QSB for the Quarter ended June 30, 1995.

  (d)             Agreement  of  Limited  Partnership  for Pelham  Place,  L.P.,
                  between   Pelham   Place,   GP,  a  South   Carolina   limited
                  partnership,  is  incorporated  by reference to Exhibit 28A to
                  the  Registrant's  Quarterly  Report on Current Report on Form
                  10-QSB for the Quarter ended June 30, 1995.

31.1              Certification  of  equivalent  of  Chief  Executive  Officer
                  pursuant     to     Securities     Exchange     Act    Rules
                  13a-14(a)/15d-14(a),  as Adopted  Pursuant to Section 302 of
                  the Sarbanes-Oxley Act of 2002.

31.2              Certification  of  equivalent  of  Chief  Financial  Officer
                  pursuant     to     Securities     Exchange     Act    Rules
                  13a-14(a)/15d-14(a),  as Adopted  Pursuant to Section 302 of
                  the Sarbanes-Oxley Act of 2002.

32.1              Certification   Pursuant  to  18  U.S.C.  Section  1350,  as
                  Adopted  Pursuant to Section 906 of the  Sarbanes-Oxley  Act
                  of 2002.


Exhibit 31.1
                                  CERTIFICATION

I, Martha L. Long, certify that:


1.    I have reviewed  this  quarterly  report on Form 10-QSB of McCombs  Realty
      Partners;

2.    Based on my knowledge,  this report does not contain any untrue  statement
      of a material fact or omit to state a material fact  necessary to make the
      statements made, in light of the circumstances under which such statements
      were made,  not  misleading  with  respect  to the period  covered by this
      report;

3.    Based on my  knowledge,  the  financial  statements,  and other  financial
      information  included  in this  report,  fairly  present  in all  material
      respects the financial condition,  results of operations and cash flows of
      the small  business  issuer as of, and for, the periods  presented in this
      report;

4.    The  small  business  issuer's  other  certifying  officer(s)  and  I  are
      responsible  for  establishing  and  maintaining  disclosure  controls and
      procedures (as defined in Exchange Act Rules  13a-15(e) and 15d-15(e)) for
      the small business issuer and have:

      (a)   Designed such  disclosure  controls and  procedures,  or caused such
            disclosure   controls  and  procedures  to  be  designed  under  our
            supervision,  to ensure that  material  information  relating to the
            small business issuer, including its consolidated  subsidiaries,  is
            made  known to us by  others  within  those  entities,  particularly
            during the period in which this report is being prepared;

      (b)   Evaluated  the   effectiveness   of  the  small  business   issuer's
            disclosure  controls and procedures and presented in this report our
            conclusions about the  effectiveness of the disclosure  controls and
            procedures, as of the end of the period covered by this report based
            on such evaluation; and

      (c)   Disclosed in this report any change in the small  business  issuer's
            internal  control over financial  reporting that occurred during the
            small  business  issuer's  most  recent  fiscal  quarter  (the small
            business  issuer's  fourth  fiscal  quarter in the case of an annual
            report) that has  materially  affected,  or is reasonably  likely to
            materially affect, the small business issuer's internal control over
            financial reporting; and

5.    The  small  business  issuer's  other  certifying  officer(s)  and I  have
      disclosed,  based on our most recent  evaluation of internal  control over
      financial reporting, to the small business issuer's auditors and the audit
      committee of the small  business  issuer's  board of directors (or persons
      performing the equivalent functions):

      (a)   All significant  deficiencies and material  weaknesses in the design
            or operation of internal control over financial  reporting which are
            reasonably  likely to adversely  affect the small business  issuer's
            ability  to  record,   process,   summarize  and  report   financial
            information; and


      (b)   Any fraud,  whether or not  material,  that  involves  management or
            other  employees who have a significant  role in the small  business
            issuer's internal control over financial reporting.

Date: November 12, 2004
                                    /s/Martha L. Long
                                    Martha L. Long
                                    Senior Vice  President of CRPTEX,
                                    Inc.,  equivalent  of  the  chief
                                    executive    officer    of    the
                                   Partnership

Exhibit 31.2
                                  CERTIFICATION

I, Stephen B. Waters, certify that:


1.    I have reviewed  this  quarterly  report on Form 10-QSB of McCombs  Realty
      Partners;

2.    Based on my knowledge,  this report does not contain any untrue  statement
      of a material fact or omit to state a material fact  necessary to make the
      statements made, in light of the circumstances under which such statements
      were made,  not  misleading  with  respect  to the period  covered by this
      report;

3.    Based on my  knowledge,  the  financial  statements,  and other  financial
      information  included  in this  report,  fairly  present  in all  material
      respects the financial condition,  results of operations and cash flows of
      the small  business  issuer as of, and for, the periods  presented in this
      report;

4.    The  small  business  issuer's  other  certifying  officer(s)  and  I  are
      responsible  for  establishing  and  maintaining  disclosure  controls and
      procedures (as defined in Exchange Act Rules  13a-15(e) and 15d-15(e)) for
      the small business issuer and have:

      (a)   Designed such  disclosure  controls and  procedures,  or caused such
            disclosure   controls  and  procedures  to  be  designed  under  our
            supervision,  to ensure that  material  information  relating to the
            small business issuer, including its consolidated  subsidiaries,  is
            made  known to us by  others  within  those  entities,  particularly
            during the period in which this report is being prepared;

      (b)   Evaluated  the   effectiveness   of  the  small  business   issuer's
            disclosure  controls and procedures and presented in this report our
            conclusions about the  effectiveness of the disclosure  controls and
            procedures, as of the end of the period covered by this report based
            on such evaluation; and

      (c)   Disclosed in this report any change in the small  business  issuer's
            internal  control over financial  reporting that occurred during the
            small  business  issuer's  most  recent  fiscal  quarter  (the small
            business  issuer's  fourth  fiscal  quarter in the case of an annual
            report) that has  materially  affected,  or is reasonably  likely to
            materially affect, the small business issuer's internal control over
            financial reporting; and

5.    The  small  business  issuer's  other  certifying  officer(s)  and I  have
      disclosed,  based on our most recent  evaluation of internal  control over
      financial reporting, to the small business issuer's auditors and the audit
      committee of the small  business  issuer's  board of directors (or persons
      performing the equivalent functions):

      (a)   All significant  deficiencies and material  weaknesses in the design
            or operation of internal control over financial  reporting which are
            reasonably  likely to adversely  affect the small business  issuer's
            ability  to  record,   process,   summarize  and  report   financial
            information; and

      (b)   Any fraud,  whether or not  material,  that  involves  management or
            other  employees who have a significant  role in the small  business
            issuer's internal control over financial reporting.

Date: November 12, 2004

                                    /s/Stephen B. Waters
                                    Stephen B. Waters
                                    Vice President of CRPTEX,
                                    Inc., equivalent of the chief
                                    financial officer of the
                                    Partnership

Exhibit 32.1


                          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 September 30, 2004
as filed with the  Securities  and Exchange  Commission  on the date hereof (the
"Report"),  Martha L. Long, as the equivalent of the chief executive  officer of
the Partnership, and Stephen B. Waters, 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/Martha L. Long
                                    Name:  Martha L. Long
                                    Date:  November 12, 2004

                                           /s/Stephen B. Waters
                                    Name:  Stephen B. Waters
                                    Date:  November 12, 2004

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