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



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

                                   Form 10-QSB

(Mark One)

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

                   For the quarterly period ended March 31, 2002


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


                For the transition period from _________to _________

                         Commission file number 0-14570


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



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

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

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


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


                         PART I - FINANCIAL INFORMATION

ITEM 1.     FINANCIAL STATEMENTS

a)

                             MCCOMBS REALTY PARTNERS

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

                                 March 31, 2002

<TABLE>
<CAPTION>


Assets
<S>                                                                      <C>
   Cash and cash equivalents                                             $    706
   Receivables and deposits                                                    19
   Restricted escrow                                                           68
   Other assets                                                               105
   Investment property:
       Land                                               $    499
       Buildings and related personal property               5,964
                                                             6,463
       Less accumulated depreciation                        (4,340)         2,123
                                                                         $  3,021
Liabilities and Partners' Deficit
Liabilities
   Accounts payable                                                      $     34
   Tenant security deposit liabilities                                         11
   Accrued property taxes                                                      26
   Other liabilities                                                           75
   Mortgage note payable                                                    5,444

Partners' Deficit
   General partner                                        $     --
   Limited partners (17,196.39 units
      issued and outstanding)                               (2,569)        (2,569)
                                                                         $  3,021

            See Accompanying Notes to Consolidated Financial Statements
</TABLE>


<PAGE>




b)

                             MCCOMBS REALTY PARTNERS

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


<TABLE>
<CAPTION>


                                                               Three Months Ended
                                                                    March 31,
                                                               2002          2001
Revenues:
<S>                                                          <C>          <C>
   Rental income                                             $  325       $  371
   Other income                                                  22           31
       Total revenues                                           347          402

Expenses:
   Operating                                                    153          143
   General and administrative                                    33           35
   Depreciation                                                  68           66
   Interest                                                     115          117
   Property taxes                                                26           23
       Total expenses                                           395          384

Net (loss) income                                            $  (48)      $   18

Net (loss) income allocated to general partner (1%)          $   --       $   --
Net (loss) income allocated to limited partners (99%)           (48)          18
                                                             $  (48)      $   18

   Net (loss) income per limited partnership unit            $(2.79)      $ 1.05


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

Net loss for the three months
   ended March 31, 2002                    --         --          (48)         (48)

Partners' deficit
   at March 31, 2002                17,196.39      $ --      $ (2,569)    $ (2,569)


            See Accompanying Notes to Consolidated Financial Statements
</TABLE>


<PAGE>



d)
                             MCCOMBS REALTY PARTNERS

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

<TABLE>
<CAPTION>

                                                                 Three Months Ended
                                                                       March 31,
                                                                  2002        2001
Cash flows from operating activities:
<S>                                                               <C>         <C>
  Net (loss) income                                               $ (48)      $ 18
  Adjustments to reconcile net (loss) income to net cash
     used in operating activities:
     Depreciation                                                    68          66
     Amortization of loan costs                                       5           5
     Change in accounts:
       Receivables and deposits                                       4           8
       Other assets                                                 (25)        (16)
       Accounts payable                                              19          --
       Tenant security deposit liabilities                           --          (1)
       Accrued property taxes                                       (75)        (60)
       Other liabilities                                            (61)        (35)

         Net cash used in operating activities                     (113)        (15)

Cash flows from investing activities:
  Property improvements and replacements                            (40)        (27)
  Net deposits to restricted escrows                                (17)        (17)

         Net cash used in investing activities                      (57)        (44)

Cash flows used in financing activities:
  Payments on mortgage note payable                                 (19)        (18)

Net decrease in cash and cash equivalents                          (189)        (77)

Cash and cash equivalents at beginning of period                    895         782

Cash and cash equivalents at end of period                        $ 706       $ 705

Supplemental disclosure of cash flow information:
  Cash paid for interest                                          $ 110       $ 112


            See Accompanying Notes to Consolidated Financial Statements
</TABLE>

<PAGE>



e)
                             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"),   a  subsidiary  of  Apartment  Investment  and
Management Company ("AIMCO"), a publicly traded real estate investment trust. In
the  opinion of the  General  Partner,  all  adjustments  (consisting  of normal
recurring  accruals)  considered  necessary  for a fair  presentation  have been
included.  Operating results for the three month period ended March 31, 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.

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  Partners 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  subsequent to March 31, 2002 in accordance with number 2 above. 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 three months ended March 31, 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  $18,000 and $19,000 for
the three months ended March 31, 2002 and 2001, respectively, which are included
in operating expenses.

Affiliates  of  the  General  Partner  received   reimbursement  of  accountable
administrative  expenses amounting to approximately  $19,000 and $20,000 for the
three months ended March 31, 2002 and 2001, respectively,  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 three months ended March 31,
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 three
months ended March 31, 2002 and 2001:

                                                   Average Occupancy
      Property                                      2002       2001

      Lakewood at Pelham                            85%        95%
        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  months  ended  March 31,  2002,  was
approximately $48,000 as compared to net income of approximately $18,000 for the
three  months  ended  March 31,  2001.  The  decrease  in net income is due to a
decrease in total  revenues and an increase in total  expenses.  Total  revenues
decreased  primarily due to a decrease in rental income and, to a lesser extent,
a decrease in other income.  Rental income decreased primarily due to a decrease
in occupancy,  slightly offset by an increase in the average rental rate, at the
Registrant's  investment property. The decrease in other income is primarily due
to a decrease in interest income.

The  increase in total  expenses is due to an  increase in  operating  expenses.
Operating expenses  increased  primarily due to an increase in insurance expense
as a result of a higher insurance  premium at the investment  property.  General
and  administrative,  depreciation,  interest and property tax expenses remained
relatively  constant  for  the  comparable  periods.  Included  in  general  and
administrative  expenses  at  both  March  31,  2002  and  2001  are  management
reimbursements  to the General Partner allowed under the Partnership  Agreement.
Also included are costs associated with the quarterly and annual  communications
with  investors  and  regulatory  agencies and the annual audit  required by the
Partnership Agreement.

As part of the ongoing  business plan of the  Partnership,  the General  Partner
monitors the rental market environment of its investment  property to assess the
feasibility of increasing rents,  maintaining or increasing occupancy levels and
protecting the Partnership from increases in expenses. As part of this plan, the
General  Partner  attempts  to  protect  the  Partnership  from  the  burden  of
inflation-related  increases in expenses by increasing  rents and  maintaining a
high overall occupancy level. However, due to changing market conditions,  which
can  result in the use of rental  concessions  and rental  reductions  to offset
softening market conditions, there is no guarantee that the General Partner will
be able to sustain such a plan.


<PAGE>



Liquidity and Capital Resources

At  March  31,  2002,  the  Partnership   had  cash  and  cash   equivalents  of
approximately  $706,000 as compared to approximately $705,000 at March 31, 2001.
The decrease in cash and cash  equivalents of approximately  $189,000,  from the
Partnership's  calendar year end, is due to approximately  $113,000 of cash used
in  operating  activities,  approximately  $57,000  of cash  used  in  investing
activities, and approximately $19,000 of cash used in financing 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 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 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  $94,000  for  capital
improvements at Lakewood at Pelham,  consisting  primarily of interior  building
improvements  and  floor  covering   replacement.   The  Partnership   completed
approximately  $40,000 in capital expenditures at Lakewood at Pelham as of March
31, 2002,  consisting  primarily of structural  building  improvements and floor
covering replacement. These improvements were funded from operations. 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.

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  $5,444,000 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.

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  Partners 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  subsequent to March 31, 2002 in accordance with number 2 above. Any
additional  funds  will be  distributed  in  accordance  with  the  terms of the
Partnership Agreement as modified by the Plan.

In addition to its  indirect  ownership of the general  partner  interest in the
Partnership, AIMCO and its affiliates owned 3,636.5 limited partnership units in
the Partnership  representing 21.15% of the outstanding units at March 31, 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  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  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 March 31, 2002.


<PAGE>



                                   SIGNATURES



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



                             MCCOMBS REALTY PARTNERS


                                 By:     CRPTEX, INC.
                                         General Partner

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

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

                               Date:     May 13, 2002