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



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

                                   Form 10-QSB

(Mark One)

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

                    For the quarterly period ended June 30, 2001


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


                For the transition period from _________to _________

                         Commission file number 0-14570


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



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

                          55 Beattie Place, PO Box 1089
                        Greenville, South Carolina 29602
                      (Address of principal executive offices)

                                 (864) 239-1000
                           (Issuer's telephone number)


Check  whether the issuer (1) filed all reports  required to be filed by Section
13 or 15(d) of the  Exchange  Act  during the  preceding  12 months (or for such
shorter period that the  registrant was required to file such reports),  and (2)
has been subject to such filing requirements for the past 90 days. Yes X No___



                         PART I - FINANCIAL INFORMATION


ITEM 1.     FINANCIAL STATEMENTS

a)

                             MCCOMBS REALTY PARTNERS

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

                                  June 30, 2001


<TABLE>
<CAPTION>

Assets
<S>                                                            <C>           <C>
   Cash and cash equivalents                                                 $  782
   Receivables and deposits                                                      23
   Restricted escrows                                                            44
   Other assets                                                                 104
   Investment property:
       Land                                                   $  499
       Buildings and related personal property                 5,888
                                                               6,387
       Less accumulated depreciation                          (4,135)         2,252
                                                                            $ 3,205
Liabilities and Partners' Deficit
Liabilities
   Accounts payable                                                         $    18
   Tenant security deposit liabilities                                           14
   Accrued property taxes                                                        49
   Other liabilities                                                             89
   Mortgage note payable                                                      5,501

Partners' Deficit
   General partner                                           $    --
   Limited partners (17,196.39 units
      issued and outstanding)                                 (2,466)        (2,466)
                                                                            $ 3,205

            See Accompanying Notes to Consolidated Financial Statements
</TABLE>



<PAGE>



b)

                             MCCOMBS REALTY PARTNERS

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

<TABLE>
<CAPTION>

                                        Three Months Ended         Six Months Ended
                                             June 30,                  June 30,
                                         2001         2000         2001        2000
Revenues:
<S>                                     <C>          <C>          <C>          <C>
  Rental income                        $   386       $  370       $  757       $  736
  Other income                              25           33           56           52
       Total revenues                      411          403          813          788

Expenses:
  Operating                                162          190          305          338
  General and administrative                35           76           70          129
  Depreciation                              70           73          136          145
  Interest                                 116          117          233          234
  Property taxes                            26           21           49           43
       Total expenses                      409          477          793          889

Net income (loss)                       $    2       $  (74)      $   20       $ (101)

Net income (loss) allocated to
  general partner (1%)                  $   --       $   (1)      $   --       $   (1)
Net income (loss) allocated to
  limited partners (99%)                     2          (73)          20         (100)
                                        $    2       $  (74)      $   20       $ (101)
Net income (loss) per partnership
 unit                                   $ .12        $(4.25)      $ 1.16       $(5.82)


            See Accompanying Notes to Consolidated Financial Statements
</TABLE>

<PAGE>


c)

                             MCCOMBS REALTY PARTNERS

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

<TABLE>
<CAPTION>


                                     Limited
                                   Partnership   General      Limited
                                      Units      Partner     Partners       Total

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

Net income for the six months
   ended June 30, 2001                     --         --           20           20

Partners' deficit at
   June 30, 2001                    17,196.39      $  --      $(2,466)     $(2,466)


            See Accompanying Notes to Consolidated Financial Statements
</TABLE>



<PAGE>



d)

                             MCCOMBS REALTY PARTNERS

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

<TABLE>
<CAPTION>

                                                                  Six Months Ended
                                                                        June 30,
                                                                  2001        2000
Cash flows from operating activities:
<S>                                                               <C>        <C>
  Net income (loss)                                               $ 20       $ (101)
  Adjustments to reconcile net income (loss) to net cash
     provided by operating activities:
     Depreciation                                                   136         145
     Amortization of loan costs                                      10           8
     Change in accounts:
       Receivables and deposits                                       8          81
       Other assets                                                  (9)         (5)
       Accounts payable                                               3         (13)
       Tenant security deposit liabilities                           (3)          1
       Accrued property taxes                                       (34)        (39)
       Other liabilities                                            (17)         16
         Net cash provided by operating activities                  114          93

Cash flows from investing activities:
  Property improvements and replacements                            (78)       (152)
  Net receipts from (deposits to) restricted escrows                  1         (17)
         Net cash used in investing activities                      (77)       (169)

Cash flows used in financing activities:
  Payments on mortgage note payable                                 (37)        (34)

Net decrease in cash and cash equivalents                            --        (110)

Cash and cash equivalents at beginning of period                    782         593

Cash and cash equivalents at end of period                       $ 782        $ 483

Supplemental disclosure of cash flow information:
  Cash paid for interest                                         $ 224        $ 226


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


            See Accompanying Notes to Consolidated Financial Statements
</TABLE>


<PAGE>




e)

                             MCCOMBS REALTY PARTNERS

                     NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                                   (Unaudited)


Note A - Going Concern

Under the Plan of Reorganization (the "Plan"; see "Note C" below) McCombs Realty
Partners (the "Partnership" or "Registrant"),  a California limited partnership,
was required to pay claims to limited  partners and  creditors of  approximately
$11,000,000 on October 20, 1998.  These claims have not been paid as of June 30,
2001. This raises substantial doubt about the Partnership's  ability to continue
as a going  concern.  In order to attempt to satisfy the remaining  claims under
the Plan, the Partnership would be required to sell the investment property.  As
an alternative  to the sale of the property,  the  Partnership  could attempt to
obtain  authorization  from the Court and the  limited  partners  to extend  the
settlement  date of October 20, 1998, to a future period.  The limited  partners
were  approached  in  August  1998 and  asked to  either  approve  a sale of the
Partnership's  sole  investment  property  or for  CRPTEX,  Inc.  ("the  General
Partner") to petition the  Bankruptcy  Court for an extension of the  settlement
date. The required fifty-one percent response was not received. As a result, the
Partnership defaulted on its obligations which were due on October 20, 1998. The
General Partner is continuing to see that the Partnership  operates its business
in the ordinary  course while it evaluates  the best course of action to follow.
The consolidated  financial statements do not include any adjustments that might
result from the outcome of this uncertainty.

Note B - Basis of Presentation

The accompanying  unaudited consolidated financial statements of the Partnership
have been prepared in accordance with generally accepted  accounting  principles
for interim  financial  information and with the instructions to Form 10-QSB and
Item  310(b) of  Regulation  S-B.  Accordingly,  they do not  include all of the
information and footnotes required by generally accepted  accounting  principles
for complete financial statements.  The Partnership's general partner is CRPTEX,
Inc., an affiliate of Apartment  Investment and Management Company ("AIMCO"),  a
publicly  traded real  estate  investment  trust.  In the opinion of the General
Partner,  all adjustments  (consisting of normal recurring accruals)  considered
necessary for a fair presentation have been included.  Operating results for the
three and six month periods ended June 30, 2001 are not  necessarily  indicative
of the results  that may be expected  for the fiscal  year ending  December  31,
2001. For further  information,  refer to the consolidated  financial statements
and footnotes thereto included in the Partnership's Annual Report on Form 10-KSB
for the fiscal year ended December 31, 2000 for the Partnership.

Principles of Consolidation:

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

Segment Reporting:

Statement of Financial  Accounting Standards ("SFAS") No. 131, "Disclosure about
Segments of an Enterprise and Related Information" established standards for the
way that public business enterprises report information about operating segments
in annual  financial  statements  and  required  that those  enterprises  report
selected  information about operating segments in interim financial reports.  It
also established  standards for related disclosures about products and services,
geographic  areas,  and  major  customers.  As  defined  in SFAS  No.  131,  the
Partnership has only one reportable  segment.  The General Partner believes that
segment-based disclosures will not result in a more meaningful presentation than
the consolidated financial statements as currently presented.


<PAGE>

Note C - Plan of Reorganization

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

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

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

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

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

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

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

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

The  payments  required  by  numbers 1 and 3 above  were  timely  satisfied.  In
addition,  all  other  claims  provided  for in the Plan then  outstanding  were
settled on June 25, 1995 when the  Partnership  refinanced the then  outstanding
mortgages  encumbering  the property.  However,  the  Partnership  was unable to
satisfy the amounts due to the limited partners  indicated in numbers 2, 4 and 5
above and is in default on these obligations.

Note D - Transactions with Affiliated Parties

The Partnership has no employees and is dependent on the General Partner and its
affiliates for the management and administration of all Partnership  activities.
The  Partnership  Agreement  provides  for certain  payments to  affiliates  for
services and for  reimbursement  of certain  expenses  incurred by affiliates on
behalf of the Partnership.  The following  transactions with the General Partner
and its  affiliates  were incurred  during each of the six months ended June 30,
2001 and 2000:

                                                                  2001      2000
                                                                  (in thousands)

 Property management fees (included in operating expenses)        $ 40      $ 39

 Reimbursement for services of affiliates (included in
    general and administrative expenses)                            37        24

During the six months  ended June 30, 2001 and 2000,  affiliates  of the General
Partner were  entitled to receive 5% of gross  receipts  from the  Partnership's
investment property as compensation for providing property management  services.
The Partnership  paid to such affiliates  approximately  $40,000 and $39,000 for
the six months ended June 30, 2001 and 2000, respectively.

Affiliates  of  the  General  Partner  received   reimbursement  of  accountable
administrative  expenses amounting to approximately  $37,000 and $24,000 for the
six months ended June 30, 2001 and 2000, respectively.

In addition to its  indirect  ownership of the general  partner  interest in the
Partnership,  AIMCO and its affiliates currently own 3,229.5 limited partnership
units in the Partnership  representing 18.78% of the outstanding units. A number
of these  units were  acquired  pursuant  to tender  offers made by AIMCO or its
affiliates.  It is possible that AIMCO or its affiliates will acquire additional
limited  partnership  interests in the  Partnership  for cash or in exchange for
units in the operating  partnership of AIMCO.  Under the Partnership  Agreement,
unitholders  holding a majority  of the Units are  entitled  to take action with
respect to a variety of matters, which would include without limitation,  voting
on certain  amendments  to the  Partnership  Agreement  and voting to remove the
General Partner. When voting on matters,  AIMCO would in all likelihood vote the
Units it acquired in a manner  favorable to the interest of the General  Partner
because of its affiliation with the General Partner.


<PAGE>



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

The  matters  discussed  in this Form  10-QSB  contain  certain  forward-looking
statements  and  involve  risks and  uncertainties  (including  changing  market
conditions,   competitive  and  regulatory   matters,   etc.)  detailed  in  the
disclosures  contained  in this  Form  10-QSB  and the  other  filings  with the
Securities and Exchange  Commission made by the  Partnership  from time to time.
The  discussions  of the  Partnership's  business  and  results  of  operations,
including  forward-looking  statements pertaining to such matters, does not take
into  account  the  effects of any  changes to the  Partnership's  business  and
results of 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, 2001 and 2000:

                                                   Average Occupancy
      Property                                      2001       2000

      Lakewood at Pelham                            96%        97%
        Greenville, South Carolina

Results of Operations

The Registrant's net income for the three and six months ended June 30, 2001 was
approximately  $2,000  and  $20,000,  respectively,  compared  to net  losses of
approximately $74,000 and $101,000,  respectively,  for the three and six months
ended  June 30,  2000.  The  increase  in net  income for both the three and six
months ended June 30, 2001 is primarily due to a decrease in total expenses, and
to a lesser  extent,  an  increase  in total  revenues.  The  decrease  in total
expenses is primarily  due to  decreases  in operating  expenses and general and
administrative  expenses,  and to a lesser  extent,  a decrease in  depreciation
expense.  Operating expenses decreased primarily due to decreases in maintenance
expenses and payroll related expenses.  The decrease in depreciation  expense is
primarily  due to fixed assets  placed into service in previous  years  becoming
fully  depreciated in 2001.  Interest  expense and property tax expense remained
relatively constant for the comparable periods.

General and  administrative  expenses  decreased  due primarily to a decrease in
professional  fees associated with the management of the Partnership,  which was
partially  offset  by an  increase  in the  costs of  services  included  in the
management   reimbursements   to  the  General  Partner  as  allowed  under  the
Partnership Agreement.  Also included in general and administrative  expenses at
both June 30, 2001 and 2000 are costs  associated  with the quarterly and annual
communications  with  investors  and  regulatory  agencies  and the annual audit
required by the Partnership Agreement.

The increase in total  revenues for both the three and six months ended June 30,
2001 is due to an increase in rental income.  Rental income increased  primarily
due to an  increase  in the  average  rental  rate,  which more than  offset the
decrease in occupancy at the Partnership's  investment property. The increase in
total revenues for the three months ended June 30, 2001 was partially  offset by
a decrease in other  income.  Other income  decreased for the three months ended
June 30,  2001  primarily  due to a decrease in interest  income.  Other  income
remained relatively constant for the six months ended June 30, 2001.

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, 2001, the Partnership had cash and cash equivalents of approximately
$782,000  compared to approximately  $483,000 at June 30, 2000. There was no net
change in cash and cash equivalents,  from the Partnership's  calendar year end,
as approximately $114,000 of cash provided by operating activities was offset by
approximately  $77,000 of cash used in investing  activities  and  approximately
$37,000 of cash used in financing activities.  Cash used in investing activities
consisted of property improvements and replacements,  which was partially offset
by net receipts from escrow  accounts  maintained by the mortgage  lender.  Cash
used in financing  activities  consisted  of payments of  principal  made on the
mortgage  encumbering the  Partnership's  investment  property.  The Partnership
invests its working capital reserves in interest bearing accounts.

The sufficiency of existing  liquid assets to meet future  liquidity and capital
expenditure   requirements   is  directly   related  to  the  level  of  capital
expenditures required at the property to adequately maintain the physical assets
and other operating needs of the Partnership including satisfaction of remaining
claims related to the Partnership's Plan of Reorganization,  as described below,
and to comply with Federal,  state,  local,  legal and regulatory  requirements.
Capital  improvements  planned  at the  Partnership's  investment  property  are
detailed below.

For 2001,  the  Partnership  has  budgeted  approximately  $88,000  for  capital
improvements  at  Lakewood at Pelham,  consisting  primarily  of floor  covering
replacement  and interior and exterior  building  improvements.  The Partnership
completed   approximately   $78,000  of  budgeted   and   non-budgeted   capital
expenditures at Lakewood at Pelham as of June 30, 2001,  consisting primarily of
interior  building  improvements,  structural  improvements,  and floor covering
replacement.  These  improvements  were funded from  operations and  replacement
reserves.

The additional  capital  expenditures will be incurred only if cash is available
from operations or from Partnership  reserves.  Current Partnership reserves are
sufficient to cover the estimated costs of the capital  improvements planned for
the year 2001.  However,  the  Partnership  does not have  sufficient  assets to
fulfill its  obligation  under the Plan of  Reorganization  ("Plan") and in fact
defaulted on its  obligations  due October 20, 1998.  See  discussion  below for
detail as to the Partnership's Plan with respect to meeting its short term needs
under the Plan. No distributions  were declared or paid during either of the six
month periods ended June 30, 2001 or 2000.

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

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

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

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

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

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

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

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

The  payments  required  by  numbers 1 and 3 above  were  timely  satisfied.  In
addition,  all  other  claims  provided  for in the Plan then  outstanding  were
settled on June 25, 1995 when the  Partnership  refinanced the then  outstanding
mortgages  encumbering  the property.  However,  the  Partnership  was unable to
satisfy the amounts due to the limited partners indicated in numbers 2, 4, and 5
above and is in default on these obligations.

To attempt to satisfy its remaining  obligations under the Plan, the Partnership
would be  required  to sell the  investment  property.  As an  alternative,  the
Partnership  could seek  authorization  from the Limited  Partners to extend the
payment date of October 20, 1998 to a future period.  The limited  partners were
approached  in  August  1998  and  asked  to  either   approve  a  sale  of  the
Partnership's  sole  investment  property or for the General Partner to petition
the  Bankruptcy  Court for an extension  of the  settlement  date.  The required
fifty-one  percent  response  was not  received.  As a result,  the  Partnership
defaulted on its  obligations  which were due on October 20,  1998.  The General
Partner is continuing to see that the  Partnership  operates its business in the
ordinary  course  while it  evaluates  the best  course  of  action  to  follow.
Additionally,   the   Partnership's   mortgage   indebtedness  of  approximately
$5,501,000  at June 30, 2001,  matures in July 2005 with a balloon  payment due,
and would require a property sale or  refinancing at that time.  However,  there
can be no assurance that these courses of action will be successful and that the
Partnership  will  have  sufficient  funds  to meet its  obligations  in 2001 or
beyond.

In addition to its  indirect  ownership of the general  partner  interest in the
Partnership,  AIMCO and its affiliates currently own 3,229.5 limited partnership
units in the Partnership  representing 18.78% of the outstanding units. A number
of these  units were  acquired  pursuant  to tender  offers made by AIMCO or its
affiliates.  It is possible that AIMCO or its affiliates will acquire additional
limited  partnership  interests in the  Partnership  for cash or in exchange for
units in the operating  partnership of AIMCO.  Under the Partnership  Agreement,
unitholders  holding a majority  of the Units are  entitled  to take action with
respect to a variety of matters, which would include without limitation,  voting
on certain  amendments  to the  Partnership  Agreement  and voting to remove the
General Partner. When voting on matters,  AIMCO would in all likelihood vote the
Units it acquired in a manner  favorable to the interest of the General  Partner
because of its affiliation with the General Partner.


<PAGE>




                           PART II - OTHER INFORMATION


ITEM 6.     EXHIBITS AND REPORTS ON FORM 8-K

            a)    Exhibits:

                  None.

            b)    Reports on Form 8-K:

                  None filed during the quarter ended June 30, 2001.


<PAGE>


                                   SIGNATURES



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



                                    MCCOMBS REALTY PARTNERS


                                    By:   CRPTEX, INC.
                                          General Partner


                                    By:   /s/Patrick J. Foye
                                          Patrick J. Foye
                                          Executive Vice President


                                    By:   /s/Martha L. Long
                                          Martha L. Long
                                          Senior Vice President and
                                          Controller


                                    Date: August 6, 2001