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 September 30, 2000


[ ] 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 0-14554


                           NATIONAL PROPERTY INVESTORS 8
         (Exact name of small business issuer as specified in its charter)



         California                                         13-3254885
(State or other jurisdiction of                          (I.R.S. Employer
 incorporation or organization)                         Identification No.)

                          55 Beattie Place, P.O. 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___

<PAGE>

                         PART I - FINANCIAL INFORMATION



ITEM 1.     FINANCIAL STATEMENTS


a)

                           NATIONAL PROPERTY INVESTORS 8

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

                               September 30, 2000

<TABLE>
<CAPTION>


Assets
<S>                                                                          <C>
   Cash and cash equivalents                                                 $  683
   Receivables and deposits                                                     302
   Restricted escrows                                                           543
   Other assets                                                                 340
   Investment properties:
       Land                                                  $  1,970
       Buildings and related personal property                 29,557
                                                               31,527
       Less accumulated depreciation                          (18,499)       13,028
                                                                           $ 14,896
Liabilities and Partners' Deficit
Liabilities
   Accounts payable                                                          $  219
   Tenant security deposit liabilities                                           73
   Accrued property taxes                                                       594
   Other liabilities                                                            280
   Mortgage notes payable                                                    14,735

Partners' Deficit
   General partner                                            $  (233)
   Limited partners (44,882 units
      issued and outstanding)                                    (772)       (1,005)
                                                                           $ 14,896
</TABLE>


                   See Accompanying Notes to Financial Statements

<PAGE>

b)

                           NATIONAL PROPERTY INVESTORS 8

                            STATEMENTS OF OPERATIONS
                                   (Unaudited)
                          (in thousands, except unit data)
<TABLE>
<CAPTION>

                                       Three Months Ended         Nine Months Ended
                                         September 30,              September 30,
                                       2000          1999         2000         1999
Revenues:
<S>                                   <C>          <C>          <C>          <C>
   Rental income                      $ 1,100      $ 1,080      $ 3,314      $ 3,326
   Other income                           105           83          269          234
     Total revenues                     1,205        1,163        3,583        3,560

Expenses:
   Operating                              540          434        1,382        1,239
   General and administrative              88           62          265          142
   Interest                               296          229          794          688
   Depreciation                           336          311          982          919
   Property taxes                         110          123          359          364
     Total expenses                     1,370        1,159        3,782        3,352

(Loss) income before
   extraordinary item                    (165)           4         (199)         208
Extraordinary loss on early
   extinguishment of debt                  --           --         (181)          --

Net (loss) income                     $  (165)        $  4       $ (380)      $  208

Net (loss) income allocated to
  general partner (1%)                     (2)          --           (4)           2

Net (loss) income allocated to
  limited partners (99%)                 (163)           4         (376)         206

                                      $  (165)        $  4       $ (380)      $  208
Per limited partnership unit:
  (Loss) income before
    extraordinary item                $ (3.63)      $ 0.09      $ (4.39)      $ 4.59
  Extraordinary loss on the
    early extinguishment of debt           --           --        (3.99)          --

Net (loss) income                     $ (3.63)      $ 0.09      $ (8.38)      $ 4.59

Distributions per limited
  partnership unit                    $  1.52      $ 22.57      $ 97.57       $ 41.33
</TABLE>

                   See Accompanying Notes to Financial Statements

<PAGE>

c)

                           NATIONAL PROPERTY INVESTORS 8

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

<TABLE>
<CAPTION>


                                     Limited
                                   Partnership   General      Limited
                                      Units      Partner     Partners       Total

<S>                                   <C>         <C>         <C>          <C>
Original capital contributions        44,882      $    1      $22,441      $22,442

Partners' (deficit) capital at
   December 31, 1999                  44,882      $ (185)     $ 3,983      $ 3,798

Distributions to partners                 --         (44)      (4,379)      (4,423)

Net loss for the nine months
   ended September 30, 2000               --          (4)        (376)        (380)

Partners' deficit at
   September 30, 2000                 44,882      $ (233)     $  (772)     $(1,005)
</TABLE>


                   See Accompanying Notes to Financial Statements

<PAGE>

d)

                           NATIONAL PROPERTY INVESTORS 8

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

                                                                    Nine Months Ended
                                                                      September 30,
                                                                     2000        1999
Cash flows from operating activities:
<S>                                                                 <C>         <C>
  Net (loss) income                                                 $ (380)     $  208
  Adjustments to reconcile net (loss) income to net cash
   provided by operating activities:
     Depreciation                                                      982         919
     Amortization of loan costs                                         28          28
     Extraordinary loss on early extinguishment of debt                181          --
     Change in accounts:
        Receivables and deposits                                      (195)        (95)
        Other assets                                                   (59)        (44)
        Accounts payable                                                 7         (25)
        Tenant security deposit liabilities                              1           4
        Accrued property taxes                                         100          89
        Other liabilities                                               57          15

          Net cash provided by operating activities                    722       1,099

Cash flows from investing activities:
  Property improvements and replacements                              (541)       (264)
  Net (deposits to) withdrawals from restricted escrows               (442)        693

          Net cash (used in) provided by investing activities         (983)        429

Cash flows from financing activities:
  Payments on mortgage note payable                                    (59)        (53)
  Payoff of mortgage note payable                                   (3,364)         --
  Proceeds from mortgage note payable                                7,372          --
  Prepayment penalty                                                  (168)         --
  Loan costs paid                                                     (157)         --
  Distributions to partners                                         (4,423)     (1,874)

          Net cash used in financing activities                       (799)     (1,927)

Net decrease in cash and cash equivalents                           (1,060)       (399)

Cash and cash equivalents at beginning of period                     1,743       1,746

Cash and cash equivalents at end of period                         $   683     $ 1,347

Supplemental disclosure of cash flow information:
  Cash paid for interest                                           $   744     $   661

At  September  30, 2000,  approximately  $145,000 of property  improvements  and
replacements were included in accounts payable.
</TABLE>

                   See Accompanying Notes to Financial Statements

<PAGE>

e)

                           NATIONAL PROPERTY INVESTORS 8

                          NOTES TO FINANCIAL STATEMENTS
                                   (Unaudited)


Note A - Basis of Presentation

The accompanying unaudited financial statements of National Property Investors 8
(the  "Partnership"  or  "Registrant")  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 NPI Equity  Investments,  Inc.  ("NPI Equity" or the "Managing
General  Partner"),  the general  partner of the  Partnership,  all  adjustments
(consisting  of  normal  recurring  accruals)  considered  necessary  for a fair
presentation have been included.  Operating results for the three and nine month
periods ended September 30, 2000 are not  necessarily  indicative of the results
that may be expected for the fiscal year ending  December 31, 2000.  For further
information, refer to the financial statements and footnotes thereto included in
the  Partnership's  Annual Report on Form 10-KSB for the year ended December 31,
1999.

Note B - Transfer of Control

Pursuant  to a series  of  transactions  which  closed  on  October  1, 1998 and
February 26, 1999,  Insignia Financial Group, Inc. and Insignia Properties Trust
merged into Apartment  Investment and Management Company  ("AIMCO"),  a publicly
traded real estate investment trust, with AIMCO being the surviving  corporation
(the "Insignia Merger").  As a result, AIMCO acquired 100% ownership interest in
the Managing General Partner. The Managing General Partner does not believe that
this  transaction  has had or will have a  material  effect on the  affairs  and
operations of the Partnership.

Note C - Transactions with Affiliated Parties

The  Partnership  has no employees  and is  dependent  on the  Managing  General
Partner  and  its  affiliates  for  the  management  and  administration  of all
Partnership  activities.  The  Partnership  Agreement  provides  for payments to
affiliates for services and as  reimbursement  of certain  expenses  incurred by
affiliates on behalf of the Partnership. The following expenditures were paid or
accrued to the Managing  General  Partner and affiliates  during the nine months
ended September 30, 2000 and 1999:

                                                                  2000      1999
                                                                  (in thousands)
 Property management fees (included in operating expenses)        $180      $181
 Reimbursement for services of affiliates (included in
   investment properties and operating and general and
   administrative expenses)                                        133        81
 Non-accountable partnership reimbursement (included in
   general and administrative expense)                              67        26
 Partnership management fee (included in general and
   administrative expense)                                          25        --
 Loan costs (included in other assets)                              74        --

During the nine months  ended  September  30, 2000 and 1999,  affiliates  of the
Managing General Partner were entitled to receive 5% of gross receipts from both
of the Registrant's  properties for providing property management services.  The
Registrant paid to such affiliates  approximately  $180,000 and $181,000 for the
nine months ended September 30, 2000 and 1999, respectively.

An  affiliate  of  the  Managing  General  Partner  received   reimbursement  of
accountable  administrative  expenses  amounting to  approximately  $133,000 and
$81,000 for the nine months ended September 30, 2000 and 1999, respectively.

For services relating to the  administration of the Partnership and operation of
its properties,  the Managing General Partner is entitled to receive payment for
non-accountable  expenses up to a maximum of $150,000 per year of  distributions
from  operations  based upon the number of  Partnership  units sold,  subject to
certain limitations. The Managing General Partner received approximately $67,000
and $26,000 for the nine months ended September 30, 2000 and 1999, respectively,
for non-accountable expense reimbursements.

For managing the affairs of the Partnership, the Managing General Partner of the
Partnership  is entitled to receive a  partnership  management  fee.  The fee is
equal to 4% of the  Partnership's  adjusted cash from operations,  as defined in
the Partnership  Agreement,  in any year, provided that 50% of the fee shall not
be paid until the Partnership has distributed to the limited  partners  adjusted
cash from operations in such year which is equal to 5% of the limited  partners'
adjusted invested capital, as defined,  on a non-cumulative  basis. In addition,
50% of the fee shall not be paid until the  Partnership  has  distributed to the
limited partners adjusted cash from operations in such year which is equal to 8%
of the limited partners'  adjusted  invested capital on a non-cumulative  basis.
The fee shall be paid when adjusted cash from  operations is  distributed to the
limited partners.  The Managing General Partner was paid  approximately  $25,000
during the nine months  ended  September  30, 2000 for such fees.  The  Managing
General Partner was not entitled to receive a similar  reimbursement  during the
nine months ended September 30, 1999.

In addition to  reimbursement  for services of affiliates,  the  Partnership was
charged by an affiliate of the Managing  General Partner  approximately  $74,000
for loan costs related to the refinancing of one of the Partnership's properties
during the nine months ended  September 30, 2000.  These costs were  capitalized
and are included in other assets on the consolidated balance sheet.

The Managing  General Partner has  established a revolving  credit facility (the
"Partnership  Revolver")  to be used to fund  deferred  maintenance  and working
capital needs of the Partnership.  The maximum draw available to the Partnership
under the Partnership Revolver is $500,000. Loans under the Partnership Revolver
will have a term of 365 days,  be unsecured  and bear interest at the rate of 2%
per  annum in  excess of the  prime  rate  announced  from time to time by Chase
Manhattan  Bank.  The maturity date of such borrowing will be accelerated in the
event of: (i) the removal of the managing  general  partner  (whether or not For
Cause);  (ii) the sale or refinancing of a property by the Partnership  (whether
or not a borrowing under the Partnership  Revolver was made with respect to such
property); or (iii) the liquidation of the Partnership.  The Partnership has not
borrowed under the Partnership Revolver to date.

In addition to its  indirect  ownership of the general  partner  interest in the
Partnership,  AIMCO and its affiliates  currently own 25,391 limited partnership
units in the Partnership  representing 56.57% of the outstanding units. A number
of these  units were  acquired  pursuant  to tender  offers made by AIMCO or its
affiliates or affiliates of the Managing  General  Partner.  It is possible that
AIMCO or its  affiliates  will make one or more  additional  offers  to  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 Managing General  Partner.  As a result of its ownership of 56.57%
of the  outstanding  units,  AIMCO is in a  position  to  influence  all  voting
decisions with respect to the Registrant. When voting on matters, AIMCO would in
all likelihood vote the Units it acquired in a manner  favorable to the interest
of the Managing  General Partner because of their  affiliation with the Managing
General Partner.  However,  DeForest Ventures II L.P., from whom AIMCO,  through
its merger with Insignia,  acquired 16,352 units,  had agreed for the benefit of
non-tendering  unitholders,  that it would vote these  units:  (i)  against  any
increase  in  compensation  payable  to  the  Managing  General  Partner  or  to
affiliates;  and (ii) on all other matters submitted by it or its affiliates, in
proportion  to the votes  cast by non  tendering  unit  holders.  Except for the
foregoing, no other limitations are imposed on AIMCO and its affiliates right to
vote each Unit acquired.

Note D - Distributions

During the nine months ended  September 30, 2000,  the  Registrant  declared and
paid distributions of approximately $4,423,000  (approximately $4,379,000 to the
limited  partners  or  $97.57  per  limited   partnership  unit)  consisting  of
approximately  $1,245,000  (approximately  $1,233,000 to the limited partners or
$27.48  per  limited   partnership   unit)  from  operations  and  approximately
$3,178,000  (approximately  $3,146,000  to the  limited  partners  or $70.09 per
limited  partnership unit) from the refinancing  proceeds of Huntington Athletic
Club Apartments. During the nine months ended September 30, 1999, the Registrant
made  distributions of  approximately  $266,000  (approximately  $263,000 to the
limited  partners or $5.86 per limited  partnership  unit) from  operations  and
approximately  $1,608,000  (approximately  $1,592,000 to the limited partners or
$35.47 per limited partnership unit) from refinancing and property sale proceeds
from prior years.

Note E - Extraordinary Loss on Early Extinguishment

On May 11, 2000, the Partnership  refinanced the mortgage encumbering Huntington
Athletic Club Apartments. The refinancing replaced indebtedness of approximately
$3,364,000  with a new  mortgage in the amount of  $7,372,000.  The new mortgage
carries a stated  interest rate of 8.15% as compared to the 9.85%  interest rate
on the old  mortgage.  Payments on the mortgage  loan are due monthly  until the
loan matures on June 1, 2020 at which time the loan will be fully amortized.  In
addition,  the  Partnership  was  required  to  establish  a  repair  escrow  of
approximately  $454,000 with the lender for certain capital replacements.  Total
capitalized  loan costs were  approximately  $157,000 at September 30, 2000. The
Partnership recognized an extraordinary loss on the early extinguishment of debt
of  approximately  $181,000 due to the write-off of unamortized loan costs and a
prepayment penalty.

Note F - Segment Reporting

Description  of the types of products  and  services  from which the  reportable
segment  derives its  revenues:  The  Partnership  has one  reportable  segment:
residential properties.  The Partnership's residential property segment consists
of two apartment  complexes,  one located in each of  Indianapolis,  Indiana and
Morrisville,  North Carolina.  The Partnership  rents apartment units to tenants
for terms that are typically twelve months or less.
Note F - Segment Reporting (continued)

Measurement  of segment profit or loss: The  Partnership  evaluates  performance
based on segment profit (loss) before  depreciation.  The accounting policies of
the reportable  segment are the same as those of the Partnership as described in
the  Partnership's  Annual  Report on Form  10-KSB  for the  fiscal  year  ended
December 31, 1999.

Factors management used to identify the enterprise's  reportable  segments:  The
Partnership's  reportable  segment consists of investment  properties that offer
similar  products and services.  Although each of the  investment  properties is
managed  separately,  they have been aggregated into one segment as they provide
services with similar types of products and customers.

Segment  information  for the three and nine month periods  ended  September 30,
2000 and 1999, is shown in the tables below (in  thousands).  The "Other" column
includes  partnership  administration  related  items and income and expense not
allocated to the reportable segment.

<TABLE>
<CAPTION>

     Three Months Ended September 30, 2000       Residential      Other      Totals

<S>                                                <C>            <C>       <C>
Rental income                                      $ 1,100        $  --     $ 1,100
Other income                                            96             9        105
Interest expense                                       296            --        296
Depreciation                                           336            --        336
General and administrative expense                      --            88         88
Segment loss                                           (86)          (79)      (165)


     Nine Months Ended September 30, 2000        Residential      Other      Totals

Rental income                                      $ 3,314        $   --    $ 3,314
Other income                                           248            21        269
Interest expense                                       794            --        794
Depreciation                                           982            --        982
General and administrative expense                      --           265        265
Extraordinary loss on early extinguishment
  of debt                                             (181)           --       (181)
Segment loss                                          (136)         (244)      (380)
Total assets                                        14,551           345     14,896
Capital expenditures for investment
  properties                                           686            --        686


     Three Months Ended September 30, 1999        Residential     Other      Totals

Rental income                                       $ 1,080       $   --    $ 1,080
Other income                                             78            5         83
Interest expense                                        229           --        229
Depreciation                                            311           --        311
General and administrative expense                       --           62         62
Segment profit (loss)                                    61          (57)         4


     Nine Months Ended September 30, 1999        Residential     Other      Totals

Rental income                                      $ 3,326       $  --      $ 3,326
Other income                                           212           22         234
Interest expense                                       688           --         688
Depreciation                                           919           --         919
General and administrative expense                      --          142         142
Segment profit (loss)                                  328         (120)        208
Total assets                                        15,387          108      15,495
Capital expenditures for investment
  properties                                            264           --        264
</TABLE>

Note G - Legal Proceedings

In March 1998, several putative unit holders of limited partnership units of the
Partnership  commenced an action  entitled  Rosalie  Nuanes,  et al. v. Insignia
Financial  Group,  Inc., et al. in the Superior Court of the State of California
for the County of San Mateo. The plaintiffs  named as defendants,  among others,
the  Partnership,  its Managing  General Partner and several of their affiliated
partnerships  and corporate  entities.  The action  purports to assert claims on
behalf of a class of limited  partners and derivatively on behalf of a number of
limited  partnerships  (including  the  Partnership)  which are named as nominal
defendants,  challenging the acquisition of interests in certain general partner
entities by Insignia Financial Group, Inc. and entities which were, at one time,
affiliates of Insignia; past tender offers by the Insignia affiliates to acquire
limited  partnership  units;  the  management  of  partnerships  by the Insignia
affiliates;  and the Insignia  Merger.  The plaintiffs seek monetary damages and
equitable relief, including judicial dissolution of the Partnership. On June 25,
1998,  the Managing  General  Partner  filed a motion  seeking  dismissal of the
action.  In lieu of  responding  to the  motion,  the  plaintiffs  have filed an
amended  complaint.  The Managing General Partner filed demurrers to the amended
complaint which were heard February 1999.

Pending the ruling on such  demurrers,  settlement  negotiations  commenced.  On
November 2, 1999,  the parties  executed and filed a Stipulation  of Settlement,
settling claims,  subject to final court approval,  on behalf of the Partnership
and all limited  partners  who owned  units as of November 3, 1999.  Preliminary
approval of the settlement  was obtained on November 3, 1999 from the Court,  at
which time the Court set a final approval  hearing for December 10, 1999.  Prior
to the December 10, 1999 hearing,  the Court received various  objections to the
settlement, including a challenge to the Court's preliminary approval based upon
the alleged lack of authority of prior lead counsel to enter the settlement.  On
December 14, 1999, the Managing  General  Partner and its affiliates  terminated
the  proposed  settlement.  In  February  2000,  counsel  for some of the  named
plaintiffs filed a motion to disqualify plaintiff's lead and liaison counsel who
negotiated  the  settlement.  On June  27,  2000,  the  Court  entered  an order
disqualifying them from the case. The Court is considering applications for lead
counsel and has  currently  scheduled a hearing on the matter for  November  20,
2000. The Managing  General  Partner does not anticipate  that costs  associated
with this case will be material to the Partnership's overall operations.

The  Partnership is unaware of any other pending or outstanding  litigation that
is not of a routine nature arising in the ordinary course of business.

<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 Registrant from time to time. The
discussion of the  Registrant'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  Registrant's  business and results of
operations.  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 properties consist of two apartment complexes. The
following table sets forth the average  occupancy of the properties for the nine
months ended September 30, 2000 and 1999:

                                                  Average Occupancy
      Property                                     2000       1999

      Williamsburg on the Lake Apartments           93%        93%
         Indianapolis, Indiana
      Huntington Athletic Club Apartments           89%        92%
         Morrisville, North Carolina

The Managing General Partner  attributes the decrease in occupancy at Huntington
Athletic  Club  Apartments  to  increased  competition  in the area from six new
apartment  complexes and a plumbing project which causes several units at a time
to be vacant as the work is being completed.

Results of Operations

The  Registrant's  net loss for the nine  months  ended  September  30, 2000 was
approximately  $380,000 as compared to net income of approximately  $208,000 for
the nine months ended  September  30, 1999.  The  Registrant's  net loss for the
three  month  period  ended  September  30, 2000 was  approximately  $165,000 as
compared to net income of approximately  $4,000 for the three month period ended
September  30,  1999.  The  increase in net loss for the nine month period ended
September 30, 2000 was due to the recognition in 2000 of an  extraordinary  loss
on early  extinguishment  of debt,  as well as an  increase  in total  expenses,
partially  offset by an increase in total revenues.  The  extraordinary  loss on
early  extinguishment  of debt  relates to the  refinancing  of the  mortgage at
Huntington  Athletic Club Apartments (see discussion below). The increase in net
loss for the three month period ended  September 30, 2000 was due to an increase
in total expenses partially offset by an increase in total revenues.

Total revenues  increased for the nine month period ended September 30, 2000 due
to an  increase  in other  income  which was  partially  offset by a decrease in
rental  income.  Total  revenues  increased  for the three  month  period  ended
September 30, 2000 due to an increase in other income and rental  income.  Other
income  increased for the three and nine month periods ended  September 30, 2000
due to an increase in tenant  charges at  Williamsburg  on the Lake  Apartments,
increased  corporate housing revenue at Huntington  Athletic Club Apartments and
increased  local  telephone  commissions  at  both  properties.   Rental  income
decreased  for the  nine  months  ended  September  30,  2000  due to  decreased
occupancy at Huntington  Athletic Club Apartments and increased  concessions and
bad debt expenses at  Williamsburg  on the Lake  Apartments  which was partially
offset by increased  average rental rates at Williamsburg on the Lake Apartments
and decreased concessions at Huntington Athletic Club Apartments.  Rental income
increased  for the three month period ended  September 30, 2000 due to increased
average  rental  rates at  Williamsburg  on the Lake  Apartments  and  decreased
concessions  at  Huntington  Athletic  Club  Apartments,   partially  offset  by
increased bad debt expense at Williamsburg on the Lake Apartments.

Total  expenses  increased for the three and nine month periods ended  September
30, 2000 due to an increase in operating,  interest,  depreciation,  and general
and administrative  expenses.  Operating expenses increased  primarily due to an
increase in payroll expenses, collection costs, and interior painting at both of
the Partnership's properties.  Interest expense increased due to the refinancing
of Huntington Athletic Club Apartments, as discussed below. Depreciation expense
increased due to property  additions during the past twelve months.  General and
administrative  expenses increased over the comparable period due to an increase
in the non-accountable partnership reimbursement and partnership management fees
paid to the Managing  General  Partner from  distributions  from  operations  as
provided  in the  Partnership  Agreement,  an  increase  in the cost of services
included  in  the management  reimbursements  to the  Managing  General  Partner
as allowed  under the  Partnership  Agreement,  and increased  professional fees
necessary  to manage the  Partnership.  Included in general  and  administrative
expenses at both  September 30, 2000 and 1999 are management  reimbursements  to
the  Managing  General  Partner  allowed  under the  Partnership  Agreement.  In
addition,  costs  associated with the quarterly and annual  communications  with
investors  and  regulatory  agencies  and  the  annual  audit  required  by  the
Partnership Agreement are also included.

As part of the ongoing  business plan of the  Partnership,  the Managing General
Partner  monitors  the  rental  market  environment  of each  of its  investment
properties  to assess  the  feasibility  of  increasing  rents,  maintaining  or
increasing  occupancy  levels and protecting  the  Registrant  from increases in
expenses. As part of this plan, the Managing General Partner attempts to protect
the  Registrant  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 Managing General Partner will be able to sustain such a plan.

Liquidity and Capital Resources

At  September  30,  2000,  the  Partnership  held cash and cash  equivalents  of
approximately  $683,000  compared to  approximately  $1,347,000 at September 30,
1999.  The decrease of  approximately  $1,060,000  in cash and cash  equivalents
since  December  31,  1999 is due to  approximately  $799,000  of  cash  used in
financing  activities  and  approximately  $983,000  of cash  used in  investing
activities which was partially offset by approximately $722,000 of cash provided
by  operating  activities.  Cash  used  in  financing  activities  consisted  of
distributions  to the  partners,  the payoff of the  previous  debt  encumbering
Huntington Athletic Club Apartments,  payments of principal made on the mortgage
encumbering Huntington Athletic Club Apartments,  the payment of loan costs, and
a prepayment  penalty  relating to the  refinance of  Huntington  Athletic  Club
Apartments  partially  offset by proceeds from the  refinancing  of the mortgage
encumbering  Huntington  Athletic  Club  Apartments.   Cash  used  in  investing
activities consisted of property  improvements and replacements and net deposits
to escrow accounts  maintained by the mortgage lender.  The Partnership  invests
its working capital reserves in money market accounts.

On May 11, 2000, the Partnership  refinanced the mortgage encumbering Huntington
Athletic Club Apartments. The refinancing replaced indebtedness of approximately
$3,364,000  with a new  mortgage in the amount of  $7,372,000.  The new mortgage
carries a stated  interest rate of 8.15% as compared to the 9.85%  interest rate
on the old  mortgage.  Payments on the mortgage  loan are due monthly  until the
loan matures on June 1, 2020 at which time the loan will be fully amortized.  In
addition,  the  Partnership  was  required  to  establish  a  repair  escrow  of
approximately  $454,000 with the lender for certain capital replacements.  Total
capitalized  loan costs were  approximately  $157,000 at September 30, 2000. The
Partnership  recognized an extraordinary loss on early extinguishment of debt of
approximately  $181,000  due to the  write-off of  unamortized  loan costs and a
prepayment penalty.

The Managing  General Partner has extended to the Partnership a $500,000 line of
credit.  The  Partnership  has no  outstanding  amounts  due under  this line of
credit. Based on present plans, the Managing General Partner does not anticipate
the need to borrow  against  the line of credit in the near  future.  Other than
cash and cash equivalents,  the line of credit is the Partnership's  only unused
source of liquidity.

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 various  properties  to  adequately  maintain  the
physical  assets and other  operating needs of the Registrant and to comply with
Federal, state and local legal and regulatory requirements. Capital improvements
for each of the Registrant's properties are detailed below.

Williamsburg on the Lake Apartments

During the nine months ended  September  30,  2000,  the  Partnership  completed
approximately  $381,000  of capital  expenditures  at  Williamsburg  on the Lake
Apartments  consisting  primarily of carpet and vinyl replacements,  submetering
improvements, structural improvements,  appliances, and major landscaping. These
improvements  were  funded  from  operating  cash  flow  and  the  Partnership's
reserves.  The  Partnership has evaluated the capital  improvement  needs of the
property  for the year 2000.  The amount  budgeted  is  approximately  $512,000,
consisting  primarily  of  parking  area  improvements,  air  conditioning  unit
replacement,  appliances,  carpet replacements,  major landscaping,  submetering
improvements,  and  structural  improvements.  Additional  improvements  may  be
considered and will depend on the physical  condition of the property as well as
replacement reserves and anticipated cash flow generated by the property.

Huntington Athletic Club Apartments

During the nine months ended  September  30,  2000,  the  Partnership  completed
approximately  $305,000 of capital  expenditures  at  Huntington  Athletic  Club
Apartments  consisting  primarily  of swimming  pool  upgrades,  floor  covering
replacements,  appliances, and structural improvements.  These improvements were
funded from  operating  cash flow.  The  Partnership  has  evaluated the capital
improvement  needs of the  property  for the year 2000.  The amount  budgeted is
approximately $611,000,  consisting primarily of appliances, carpet replacement,
and structural improvements.  Additional improvements may be considered and will
depend on the physical condition of the property as well as replacement reserves
and 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  Registrant's  current assets are thought to be sufficient for any near-term
needs (exclusive of capital improvements) of the Registrant. Huntington Athletic
Club Apartment's mortgage indebtedness of approximately  $7,335,000 is amortized
over  20  years  and  matures  June  1,  2020.  The  mortgage   encumbering  the
Williamsburg  on the Lake  Apartments  requires  interest only payments with the
principal  balance of  $7,400,000  due in November  2003.  The Managing  General
Partner will attempt to refinance such  indebtedness  and/or sell the properties
prior to such maturity dates. If the properties cannot be refinanced or sold for
a sufficient  amount,  the  Registrant may risk losing such  properties  through
foreclosure.  During the nine months ended  September 30, 2000,  the  Registrant
declared  and paid  distributions  of  approximately  $4,423,000  (approximately
$4,379,000  to the  limited  partners or $97.57 per  limited  partnership  unit)
consisting of approximately $1,245,000  (approximately $1,233,000 to the limited
partners  or  $27.48  per  limited   partnership   unit)  from   operations  and
approximately  $3,178,000  (approximately  $3,146,000 to the limited partners or
$70.09 per limited partnership unit) from the refinancing proceeds of Huntington
Athletic Club  Apartments.  During the nine months ended September 30, 1999, the
Registrant made distributions of approximately $266,000  (approximately $263,000
to the limited partners or $5.86 per limited  partnership  unit) from operations
and approximately $1,608,000  (approximately  $1,592,000 to the limited partners
or $35.47 per limited  partnership  unit) from  refinancing  and  property  sale
proceeds from prior years.  Future cash  distributions will depend on the levels
of net cash generated from operations,  the  availability of cash reserves,  and
the  timing  of  debt  maturities,   refinancings  and/or  property  sales.  The
Registrant's  distribution policy is reviewed on a quarterly basis. There can be
no assurance,  however,  that the Registrant will generate sufficient funds from
operations after required capital  improvements to permit further  distributions
to its partners during the remainder of 2000 or subsequent periods.

<PAGE>

                           PART II - OTHER INFORMATION


ITEM 1.     LEGAL PROCEEDINGS

In March 1998, several putative unit holders of limited partnership units of the
Partnership  commenced an action  entitled  Rosalie  Nuanes,  et al. v. Insignia
Financial  Group,  Inc., et al. in the Superior Court of the State of California
for the County of San Mateo. The plaintiffs  named as defendants,  among others,
the  Partnership,  its Managing  General Partner and several of their affiliated
partnerships  and corporate  entities.  The action  purports to assert claims on
behalf of a class of limited  partners and derivatively on behalf of a number of
limited  partnerships  (including  the  Partnership)  which are named as nominal
defendants,  challenging the acquisition of interests in certain general partner
entities by Insignia Financial Group, Inc. and entities which were, at one time,
affiliates of Insignia; past tender offers by the Insignia affiliates to acquire
limited  partnership  units;  the  management  of  partnerships  by the Insignia
affiliates;  and the Insignia  Merger.  The plaintiffs seek monetary damages and
equitable relief, including judicial dissolution of the Partnership. On June 25,
1998,  the Managing  General  Partner  filed a motion  seeking  dismissal of the
action.  In lieu of  responding  to the  motion,  the  plaintiffs  have filed an
amended  complaint.  The Managing General Partner filed demurrers to the amended
complaint which were heard February 1999.

Pending the ruling on such  demurrers,  settlement  negotiations  commenced.  On
November 2, 1999,  the parties  executed and filed a Stipulation  of Settlement,
settling claims,  subject to final court approval,  on behalf of the Partnership
and all limited  partners  who owned  units as of November 3, 1999.  Preliminary
approval of the settlement  was obtained on November 3, 1999 from the Court,  at
which time the Court set a final approval  hearing for December 10, 1999.  Prior
to the December 10, 1999 hearing,  the Court received various  objections to the
settlement, including a challenge to the Court's preliminary approval based upon
the alleged lack of authority of prior lead counsel to enter the settlement.  On
December 14, 1999, the Managing  General  Partner and its affiliates  terminated
the  proposed  settlement.  In  February  2000,  counsel  for some of the  named
plaintiffs filed a motion to disqualify plaintiff's lead and liaison counsel who
negotiated  the  settlement.  On June  27,  2000,  the  Court  entered  an order
disqualifying them from the case. The Court is considering applications for lead
counsel and has  currently  scheduled a hearing on the matter for  November  20,
2000. The Managing  General  Partner does not anticipate  that costs  associated
with this case will be material to the Partnership's overall operations.

ITEM 6.     EXHIBITS AND REPORTS ON FORM 8-K

            a)    Exhibits:

                  Exhibit 27, Financial Data Schedule, is filed as an exhibit to
                  this report.

            b)    Reports on Form 8-K filed during the quarter  ended  September
                  30, 2000:

                  None.

<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.



                                    NATIONAL PROPERTY INVESTORS 8


                                    By:   NPI EQUITY INVESTMENTS, INC.
                                          Its Managing 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: