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 March 31, 2005


[ ]   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)

                                 March 31, 2005
<TABLE>
<CAPTION>



Assets
<S>                                                                      <C>
   Cash and cash equivalents                                             $     79
   Receivables and deposits                                                    47
   Restricted escrow                                                          165
   Other assets                                                                71
   Investment property:
       Land                                               $    499
       Buildings and related personal property               6,270
                                                             6,769
       Less accumulated depreciation                        (5,130)         1,639
                                                                         $  2,001
Liabilities and Partners' Deficit
Liabilities
   Accounts payable                                                      $     56
   Tenant security deposit liabilities                                         27
   Accrued property taxes                                                      28
   Other liabilities                                                           78
   Due to affiliates (Note D)                                                 414
   Mortgage note payable                                                    5,176

Partners' Deficit
   General partner                                        $     (1)
   Limited partners (17,169.13 units
      issued and outstanding)                               (3,777)        (3,778)
                                                                         $  2,001

         See Accompanying Notes to Consolidated Financial Statements
</TABLE>



<PAGE>





                             MCCOMBS REALTY PARTNERS

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

<TABLE>
<CAPTION>


                                                               Three Months Ended
                                                                  March 31,
                                                               2005          2004
Revenues:
<S>                                                          <C>           <C>
   Rental income                                             $  261        $  336
   Other income                                                  38            39
       Total revenues                                           299           375

Expenses:
   Operating                                                    171           185
   General and administrative                                    25            32
   Depreciation                                                  64            68
   Interest                                                     117           113
   Property taxes                                                28            27
       Total expenses                                           405           425

Net loss                                                     $ (106)       $  (50)

Net loss allocated to general partner                        $   --        $   --
Net loss allocated to limited partners                         (106)          (50)
                                                             $ (106)       $  (50)

Net loss per limited partnership unit                        $(6.17)       $(2.91)


         See Accompanying Notes to Consolidated Financial Statements
</TABLE>



<PAGE>



                             MCCOMBS REALTY PARTNERS

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

<TABLE>
<CAPTION>


                                     Limited
                                   Partnership   General      Limited
                                      Units      Partner     Partners       Total

Partners' deficit at
<S>         <C> <C>                 <C>          <C>         <C>         <C>
   December 31, 2004                17,169.13    $    (1)    $ (3,671)   $ (3,672)

Net loss for the three months
   ended March 31, 2005                    --         --         (106)       (106)

Partners' deficit
   at March 31, 2005                17,169.13      $ (1)     $ (3,777)   $ (3,778)



         See Accompanying Notes to Consolidated Financial Statements
</TABLE>


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


                                                                 Three Months Ended
                                                                       March 31,
                                                                     2005      2004
Cash flows from operating activities:
<S>                                                              <C>          <C>
  Net loss                                                       $ (106)      $ (50)
  Adjustments to reconcile net loss to net cash provided by
     (used in) operating activities:
     Depreciation                                                    64          68
     Amortization of loan costs                                       5           5
     Bad debt expense                                                 6           7
     Change in accounts:
       Receivables and deposits                                      35          (7)
       Other assets                                                 (19)        (38)
       Accounts payable                                               8          (8)
       Tenant security deposit liabilities                           (1)          1
       Accrued property taxes                                        28         (79)
       Other liabilities                                             (4)         28
       Due to affiliates                                             23          20

         Net cash provided by (used in) operating activities         39         (53)

Cash flows from investing activities:
  Property improvements and replacements                            (28)         (8)
  Net deposits to restricted escrows                                (17)        (17)

         Net cash used in investing activities                      (45)        (25)

Cash flows from financing activities:
  Payments on mortgage note payable                                 (25)        (23)
  Advances from affiliate                                            80          25
         Net cash provided by financing activities                   55           2

Net increase (decrease) in cash and cash equivalents                 49         (76)

Cash and cash equivalents at beginning of period                     30         132

Cash and cash equivalents at end of period                        $ 79        $ 56

Supplemental disclosure of cash flow information:
  Cash paid for interest                                          $ 105       $ 107
Supplemental disclosure of non-cash activity:
  Property improvements and replacements included in
   accounts payable                                               $ --        $ 28

Included in property  improvements  and  replacements for the three months ended
March  31,  2005  are  approximately   $14,000  of  property   improvements  and
replacements which were included in accounts payable at December 31, 2004.

         See Accompanying Notes to Consolidated Financial Statements
</TABLE>



<PAGE>

                             MCCOMBS REALTY PARTNERS

                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                                   (Unaudited)


Note A - Going Concern

The accompanying  unaudited consolidated financial statements have been prepared
assuming  McCombs  Realty  Partners (the  "Partnership"  or  "Registrant")  will
continue  as  a  going  concern.  The  Partnership  has  experienced  decreasing
occupancy  levels,  suffers from a lack of cash,  and has debt of  approximately
$5,151,000 maturing in July 2005. Based upon current operations, the Partnership
does not  anticipate  that proceeds from the new financing will be sufficient to
repay the existing  debt.  If the  Partnership  defaults on its  scheduled  debt
repayment, the Partnership will risk losing its sole investment property through
foreclosure.   The  Partnership's   general  partner,   CRPTEX,  Inc.,  a  Texas
corporation  (the "General  Partner") is currently  evaluating  its options with
respect to obtaining  financing for the investment  property.  In addition,  the
General  Partner is currently  evaluating its means to improve the operations of
the property and increase  occupancy  levels to improve the cash flows generated
by the property.

As a result of the above,  there is  substantial  doubt about the  Partnership's
ability to continue as a going  concern.  The unaudited  consolidated  financial
statements do not include any adjustments to reflect the possible future effects
on  the   recoverability  and  classification  of  assets  or  the  amounts  and
classification  of  liabilities  that  may  result  from  the  outcome  of  this
uncertainty.

Note B - Basis of Presentation

The accompanying unaudited consolidated financial statements of the Partnership,
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.
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, 2005 are
not  necessarily  indicative  of the results that may be expected for the fiscal
year  ending  December  31,  2005.  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, 2004.  The General  Partner is a  subsidiary  of  Apartment  Investment  and
Management Company ("AIMCO"), a publicly traded real estate investment trust.

Certain  reclassifications have been made to the 2004 balances to conform to the
2005 presentation.

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
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 D - 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  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
$15,000  and  $18,000  for the  three  months  ended  March  31,  2005 and 2004,
respectively, which are included in operating expenses.

Affiliates of the General Partner charged the Partnership for  reimbursement  of
accountable  administrative  expenses  amounting  to  approximately  $17,000 and
$19,000 for the three months ended March 31, 2005 and 2004, respectively,  which
are included in general and administrative  expenses.  Approximately $170,000 in
reimbursement of accountable administrative expenses,  including related accrued
interest of approximately $10,000, was owed to affiliates of the General Partner
at March 31, 2005 and is included in due to affiliates.

During  the three  months  ended  March 31,  2005 and 2004 an  affiliate  of the
General  Partner  advanced the  partnership  approximately  $80,000 and $25,000,
respectively,  to fund  operating  expenses and audit fees.  These advances bear
interest at the prime rate plus 2% (7.75% at March 31, 2005).  Interest  expense
for the three months ended March 31, 2005 and 2004 was approximately  $4,000 and
less than $1,000, respectively. At March 31, 2005 the total outstanding advances
and  accrued  interest  was  approximately  $244,000  and is  included in due to
affiliates.  Subsequent to March 31, 2005,  an affiliate of the General  Partner
advanced  approximately $76,000 to the Partnership to fund costs associated with
the anticipated refinancing of the mortgage encumbering Lakewood at Pelham.

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 three  months  ended March 31, 2005,  the  Partnership  was
charged by AIMCO and its affiliates  approximately  $16,000 for hazard insurance
coverage  and fees  associated  with policy  claims  administration.  Additional
charges  will be incurred  by the  Partnership  during  2005 as other  insurance
policies renew later in the year. The  Partnership  was charged by AIMCO and its
affiliates approximately $25,000 for insurance coverage and fees associated with
policy claims administration during the year ended December 31, 2004.

<PAGE>

Note E - Contingencies

AIMCO Properties L.P. and NHP Management Company, both affiliates of the General
Partner,  are defendants in a lawsuit alleging that they 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.  The  complaint  attempts  to
bring 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. and NHP Management Company failed
to  compensate  maintenance  workers  for time  that they  were  required  to be
"on-call."  Additionally,  the complaint  alleges AIMCO  Properties L.P. and NHP
Management  Company 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.  Oral  argument  relating to the  certification  of the  collective
action took place on May 12, 2005 and the parties await a ruling from the Court.
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 consolidated 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.

Environmental

Various  Federal,  state and local laws subject  property owners or operators to
liability for management,  and the costs of removal or  remediation,  of certain
hazardous  substances  present on a property.  Such laws often impose  liability
without regard to whether the owner or operator knew of, or was responsible for,
the release or presence of the  hazardous  substances.  The  presence of, or the
failure to manage or remedy properly,  hazardous substances may adversely affect
occupancy at affected  apartment  communities and the ability to sell or finance
affected properties.  In addition to the costs associated with investigation and
remediation  actions brought by government  agencies,  the presence of hazardous
substances  on a  property  could  result in claims by  private  plaintiffs  for
personal injury,  disease,  disability or other  infirmities.  Various laws also
impose  liability for the cost of removal,  remediation or disposal of hazardous
substances  through a  licensed  disposal  or  treatment  facility.  Anyone  who
arranges for the disposal or treatment of hazardous  substances  is  potentially
liable  under such laws.  These laws often impose  liability  whether or not the
person arranging for the disposal ever owned or operated the disposal  facility.
In connection with the ownership and operation of its property,  the Partnership
could  potentially be liable for  environmental  liabilities or costs associated
with its property.

Mold

The Partnership is aware of lawsuits  against owners and managers of multifamily
properties asserting claims of personal injury and property damage caused by the
presence of mold, some of which have resulted in substantial  monetary judgments
or settlements. The Partnership has only limited insurance coverage for property
damage loss claims  arising from the  presence of mold and for  personal  injury
claims  related  to  mold  exposure.  Affiliates  of the  General  Partner  have
implemented a national  policy and  procedures to prevent or eliminate mold from
its  properties  and the  General  Partner  believes  that these  measures  will
eliminate,  or at least minimize, the effects that mold could have on residents.
To date,  the  Partnership  has not incurred any material  costs or  liabilities
relating to claims of mold exposure or to abate mold conditions. Because the law
regarding  mold is unsettled and subject to change the General  Partner can make
no assurance that liabilities resulting from the presence of or exposure to mold
will  not have a  material  adverse  effect  on the  Partnership's  consolidated
financial condition or results of operations.

SEC Investigation

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.
At the end of the first quarter of 2005, the SEC added certain tender offers for
limited partnership interests as an area of investigation.  AIMCO is cooperating
fully.  AIMCO is not able to predict  when the  investigation  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.

<PAGE>

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 three
months ended March 31, 2005 and 2004:

                                                   Average Occupancy
      Property                                      2005       2004

      Lakewood at Pelham                            73%        97%
        Greenville, South Carolina

The General  Partner  attributes the decrease in occupancy at Lakewood at Pelham
to an increase in credit standards and the implementation of a strict collection
policy.

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 which are outside the control of the Partnership such as the
local  economic  climate and  weather can  adversely  or  positively  impact the
Partnership's financial results.

Results of Operations

The  Partnership's  net loss for the  three  months  ended  March  31,  2005 was
approximately  $106,000 as compared to a net loss of  approximately  $50,000 for
the three  months  ended March 31,  2004.  The  increase in net loss is due to a
decrease in total  revenues,  partially  offset by a decrease in total expenses.
The  decrease in total  revenues is due to a decrease  in rental  income.  Other
income remained relatively constant for the comparable periods.  The decrease in
rental  income  is due to the  decrease  in  occupancy,  partially  offset by an
increase in the average rental rate, at Lakewood at Pelham.

The decrease in total expenses is due to decreases in both operating and general
and administrative  expenses.  Depreciation,  interest and property tax expenses
remained  relatively  constant  for the  comparable  periods.  The  decrease  in
operating  expenses  is  primarily  due to a decrease  in  contract  maintenance
expense at the Partnership's  investment  property.  The decrease in general and
administrative   expenses  is  primarily   due  to   decreases   in   management
reimbursements to the General Partner as allowed under the Partnership Agreement
and audit fees.  Also  included in general and  administrative  expenses for the
three months ended March 31, 2005 and 2004 are costs  associated  with quarterly
and annual communications with investors and regulatory agencies.

Liquidity and Capital Resources

At  March  31,  2005,  the  Partnership   had  cash  and  cash   equivalents  of
approximately $79,000,  compared to approximately $56,000 at March 31, 2004. The
increase in cash and cash  equivalents of approximately  $49,000,  from December
31,  2004,  is due to  approximately  $55,000  of  cash  provided  by  financing
activities and approximately  $39,000 of cash provided by operating  activities,
partially offset by approximately  $45,000 of cash used in investing activities.
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.  Cash  used  in
investing activities consisted of property improvements and replacements and net
deposits to an escrow account maintained by the mortgage lender. 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.   Capital  improvements  planned  at  the  Partnership's  investment
property are detailed below.

During  the  three  months  ended  March 31,  2005,  the  Partnership  completed
approximately $14,000 of capital improvements at Lakewood at Pelham,  consisting
primarily of floor covering  replacement.  These  improvements  were funded from
operations. The Partnership regularly evaluates the capital improvement needs of
the property.  While the  Partnership  has no material  commitments for property
improvements  and  replacements,   certain  routine  capital   expenditures  are
anticipated  during 2005. Such capital  expenditures will depend on the physical
condition of the property as well as replacement  reserves and anticipated  cash
flow generated by the property.

The  capital  expenditures  will be  incurred  only if  cash is  available  from
operations or from Partnership reserves. To the extent that 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
$5,176,000  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.  Subsequent to
March 31,  2005,  an  affiliate of the General  Partner  advanced  approximately
$76,000  to the  Partnership  to fund  costs  associated  with  the  anticipated
refinancing of the mortgage encumbering Lakewood at Pelham.

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
March 31, 2005. 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.
The Partnership will offer rental concessions during particularly slow months or
in response  to heavy  competition  from other  similar  complexes  in the area.
Rental income attributable to leases, net of any concessions, is recognized on a
straight-line  basis over the term of the lease.  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.

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

AIMCO Properties L.P. and NHP Management Company, both affiliates of the General
Partner,  are defendants in a lawsuit alleging that they 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.  The  complaint  attempts  to
bring 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. and NHP Management Company failed
to  compensate  maintenance  workers  for time  that they  were  required  to be
"on-call."  Additionally,  the complaint  alleges AIMCO  Properties L.P. and NHP
Management  Company 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.  Oral  argument  relating to the  certification  of the  collective
action took place on May 12, 2005 and the parties await a ruling from the Court.
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 consolidated financial condition or results of operations.

ITEM 5.     OTHER INFORMATION

            None.

ITEM 6.     EXHIBITS

            See Exhibit Index.



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


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


                                    Date: May 13, 2005


<PAGE>


                                  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  of  the  equivalent  of the  Chief  Executive
                  Officer and Chief  Financial  Officer  Pursuant to 18 U.S.C.
                  Section  1350,  as Adopted  Pursuant  to Section  906 of the
                  Sarbanes-Oxley Act of 2002.


<PAGE>



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: May 13, 2005

                                    /s/Martha L. Long
                                    Martha L. Long
                                    Senior Vice  President of CRPTEX,
                                    Inc.,  equivalent  of  the  chief
                                    executive    officer    of    the
                                   Partnership


<PAGE>



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: May 13, 2005

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



<PAGE>


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 March 31, 2005 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:  May 13, 2005

                                           /s/Stephen B. Waters
                                    Name:  Stephen B. Waters
                                    Date:  May 13, 2005

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.