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

                        Quarterly or Transitional Report

                     U.S. Securities and Exchange Commission
                             Washington, D.C. 20549

                                   Form 10-QSB

(Mark One)
[X] Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange
    Act of 1934

                   For the quarterly period ended March 31, 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)

                                 March 31, 2000
<TABLE>
<CAPTION>

Assets
<S>                                                                          <C>
   Cash and cash equivalents                                                 $  801
   Receivables and deposits                                                     100
   Restricted escrows                                                           134
   Other assets                                                                 238
   Investment properties:
       Land                                                  $  1,970
       Buildings and related personal property                 29,033
                                                               31,003
       Less accumulated depreciation                          (17,837)       13,166
                                                                           $ 14,439

Liabilities and Partners' (Deficit) Capital
Liabilities
   Accounts payable                                                          $   64
   Tenant security deposit liabilities                                           71
   Accrued property taxes                                                       545
   Other liabilities                                                            192
   Mortgage notes payable                                                    10,770

Partners' (Deficit) Capital
   General partner                                            $  (195)
   Limited partners (44,882 units
      issued and outstanding)                                   2,992         2,797
                                                                           $ 14,439
</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
                                                                    March 31,
                                                                 2000        1999
Revenues:
<S>                                                            <C>         <C>
   Rental income                                               $ 1,122     $ 1,130
   Other income                                                     74          74
       Total revenues                                            1,196       1,204

Expenses:
   Operating                                                       384         397
   General and administrative                                      111          40
   Interest                                                        232         230
   Depreciation                                                    320         301
   Property taxes                                                  122         113
       Total expenses                                            1,169       1,081

Net income                                                       $  27       $ 123

Net income allocated to general partner (1%)                     $  --        $  1

Net income allocated to limited partners (99%)                      27         122

                                                                 $  27       $ 123
Net income per limited partnership unit                         $ 0.60      $ 2.72

Distribution per limited partnership unit                      $ 22.68     $ 18.76
</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

Distribution to partners                  --         (10)      (1,018)      (1,028)

Net income for the three months
   ended March 31, 2000                   --          --           27           27

Partners' (deficit) capital
   at March 31, 2000                  44,882      $ (195)     $ 2,992      $ 2,797
</TABLE>


                   See Accompanying Notes to Financial Statements
<PAGE>
d)
                           NATIONAL PROPERTY INVESTORS 8

                            STATEMENTS OF CASH FLOWS

                                   (Unaudited)

                                 (in thousands)
<TABLE>
<CAPTION>

                                                                 Three Months Ended
                                                                       March 31,
                                                                   2000        1999
Cash flows from operating activities:
<S>                                                               <C>          <C>
  Net income                                                      $  27        $ 123
  Adjustments to reconcile net income to net cash
   provided by operating activities:
     Depreciation                                                   320          301
     Amortization of loan costs                                       9            9
     Change in accounts:
        Receivables and deposits                                      7          (24)
        Other assets                                                (82)           5
        Accounts payable                                             (3)         (18)
        Tenant security deposit liabilities                          (1)           1
        Accrued property taxes                                       51           19
        Other liabilities                                           (31)           8

          Net cash provided by operating activities                 297          424

Cash flows from investing activities:

  Property improvements and replacements                           (162)         (34)
  Net (deposits to) withdrawals from restricted escrows             (33)         591

          Net cash (used in) provided by investing
             activities                                            (195)         557

Cash flows from financing activities:

  Payments on mortgage notes payable                                (16)         (17)
  Distributions to partners                                      (1,028)        (850)

          Net cash used in financing activities                  (1,044)        (867)

Net (decrease) increase in cash and cash equivalents               (942)         114

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

Cash and cash equivalents at end of period                       $ 801       $ 1,860

Supplemental disclosure of cash flow information:
  Cash paid for interest                                         $ 222        $ 221
</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"),  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, 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 payments were made to the
Managing General Partner and affiliates  during the three months ended March 31,
2000 and 1999:

                                                                  2000      1999
                                                                  (in thousands)

 Property management fees (included in operating expenses)        $ 60      $ 61
 Reimbursement for services of affiliates (included in
   investment properties and operating and general and
   administrative expenses)                                       $ 29      $ 29
 Non-accountable partnership reimbursement (included in
   general and administrative expense)                            $ 67      $ --

During  the three  months  ended  March 31,  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  $60,000 and $61,000 for the
three months ended March 31, 2000 and 1999, respectively.

<PAGE>

An  affiliate  of  the  Managing  General  Partner  received   reimbursement  of
accountable  administrative expenses amounting to approximately $29,000 for both
of the three months ended March 31, 2000 and 1999.

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
for  the  three  months  ended  March  31,  2000  for  non-accountable   expense
reimbursements.  The  Managing  General  Partner  was not  entitled to receive a
similar reimbursement during the three months ended March 31, 1999 because there
were no distributions from operations.

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.

AIMCO and its affiliates  currently own 24,988 limited  partnership units in the
Partnership  representing  55.675% of the  outstanding  units. A number of these
units were acquired  pursuant to tender offers made by AIMCO or its  affiliates.
It is possible  that AIMCO or its  affiliates  will 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. As a result of its
ownership  of  55.675%  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 its units, had
agreed for the  benefit  of  non-tendering  unitholders,  that it would vote its
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  Insignia
Properties, L.P.'s right to vote each Unit acquired.

Note D - Distributions

During the three months ended March 31, 2000, the Registrant declared and paid a
distribution  of  approximately  $1,028,000  (approximately  $1,018,000  to  the
limited partners or $22.68 per limited partnership unit) from operations. During
the three months ended March 31, 1999,  the Registrant  made a  distribution  of
approximately $850,000 (approximately $842,000 to the limited partners or $18.76
per limited  partnership  unit) from refinancing and property sale proceeds from
prior years.

Note E - Segment Reporting

The  Partnership  has  one  reportable  segment:   residential  properties.  The
Partnership's  residential  property segment consists of two apartment complexes
one in Indianapolis,  Indiana and the other in Morrisville,  North Carolina. The
Partnership rents apartment units to tenants for terms that are typically twelve
months or less.

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.

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 months ended March 31, 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>

                     2000                        Residential       Other      Totals
<S>                                                <C>            <C>       <C>
Rental income                                      $ 1,122        $   --    $ 1,122
Other income                                            73             1         74
Interest expense                                       232            --        232
Depreciation                                           320            --        320
General and administrative expense                      --           111        111
Segment profit (loss)                                  137          (110)        27
Total assets                                        14,347            92     14,439
Capital expenditures for investment
  properties                                           162            --        162
</TABLE>

<TABLE>
<CAPTION>

                     1999                        Residential      Other      Totals
<S>                                                <C>           <C>        <C>
Rental income                                      $ 1,130       $   --     $ 1,130
Other income                                            63           11          74
Interest expense                                       230           --         230
Depreciation                                           301           --         301
General and administrative expense                      --           40          40
Segment profit (loss)                                  152          (29)        123
Total assets                                        15,690          707      16,397
Capital expenditures for investment
  properties                                            34           --          34
</TABLE>

<PAGE>

Note F - 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,  the 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  by Insignia  Financial  Group,  Inc.
("Insignia")  and  entities  which  were,  at one time,  affiliates  of Insignia
("Insignia  Affiliates") of interests in certain general partner entities,  past
tender offers by Insignia  Affiliates to acquire limited  partnership units, the
management of partnerships  by Insignia  Affiliates and the Insignia Merger (see
"Note B - Transfer  of  Control").  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 own units as
of November 3, 1999.  Preliminary  approval of the  settlement  was  obtained on
November 3, 1999 from the Superior Court of the State of  California,  County of
San Mateo, 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 class  plaintiffs'  counsel
to enter the settlement.  On December 14, 1999, the Managing General Partner and
its affiliates terminated the proposed settlement. Certain plaintiffs have filed
a motion to  disqualify  some of the  plaintiffs'  counsel  in the  action.  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 three
months ended March 31, 2000 and 1999:

                                                  Average Occupancy
      Property                                     2000       1999

      Williamsburg on the Lake Apartments           95%        95%
         Indianapolis, Indiana
      Huntington Athletic Club Apartments           85%        93%
         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.

Results of Operations

The  Registrant's  net  income for the three  months  ended  March 31,  2000 was
approximately $27,000 as compared to approximately $123,000 for the three months
ended March 31,  1999.  The  decrease  in net income for the three month  period
ended March 31, 2000 was due to an increase in total  expenses and a decrease in
total revenues.

Total  revenues  decreased  for the three  months  ended  March 31,  2000 due to
decreased rental income.  Rental income decreased due to decreased  occupancy at
Huntington  Athletic Club  Apartments  which was  partially  offset by increased
average rental rates at both of the Partnership's properties.

Total  expenses  increased  due to an  increase  in general  and  administrative
expenses and  depreciation  expense which were partially offset by a decrease in
operating  expense.  General  and  administrative  expenses  increased  over the
comparable  period  due  to  an  increase  in  the  nonaccountable   partnership
reimbursement  paid to the  Managing  General  Partner from  distributions  from
operations  as provided in the  Partnership  Agreement.  Included in general and
administrative  expenses  at  both  March  31,  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.  Depreciation  expense
increased due to property  additions during the past twelve months which are now
being  depreciated.  Operating  expenses  decreased  primarily  due to decreased
salary expenses at Williamsburg on the Lake Apartments.

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  March  31,  2000,  the  Partnership   held  cash  and  cash  equivalents  of
approximately  $801,000 compared to approximately  $1,860,000 at March 31, 1999.
The  decrease  of  approximately  $942,000  in cash and cash  equivalents  since
December 31, 1999 is due to  approximately  $1,044,000 of cash used in financing
activities and approximately $195,000 of cash used in investing activities which
was  partially  offset by  approximately  $297,000 of cash provided by operating
activities.  Cash used in financing activities consisted of distributions to the
partners  and, to a lesser  extent,  payments of principal  made on 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.

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
unrestricted 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  three  months  ended  March 31,  2000,  the  Partnership  completed
approximately  $105,000  of capital  expenditures  at  Williamsburg  on the Lake
Apartments  consisting  primarily  of  office  equipment,   carpet  replacement,
submetering  improvements,  and appliances.  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
$328,000,  consisting  primarily of parking area improvements,  air conditioning
unit  replacement,  appliances,  carpet  replacements,  major  landscaping,  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  three  months  ended  March 31,  2000,  the  Partnership  completed
approximately  $57,000 of  capital  expenditures  at  Huntington  Athletic  Club
Apartments  consisting primarily of carpet replacement,  lighting upgrades,  and
appliances.  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  $158,000,  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  $3,370,000 is amortized
over 300  months  with a balloon  payment  of  approximately  $3,211,000  due in
February 2002. 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 three months ended March 31, 2000, the Registrant declared and paid a
distribution  of  approximately  $1,028,000  (approximately  $1,018,000  to  the
limited partners or $22.68 per limited partnership unit) from operations. During
the three months ended March 31, 1999,  the Registrant  made a  distribution  of
approximately $850,000 (approximately $842,000 to the limited partners or $18.76
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  semi-annual  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,  the 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  by Insignia  Financial  Group,  Inc.
("Insignia")  and  entities  which  were,  at one time,  affiliates  of Insignia
("Insignia  Affiliates") of interests in certain general partner entities,  past
tender offers by Insignia  Affiliates to acquire limited  partnership units, the
management of partnerships  by Insignia  Affiliates and the Insignia Merger (see
"Part 1 - Financial Information, Item 1. Financial Statements, Note B - Transfer
of  Control").  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 own units as of November
3, 1999. Preliminary approval of the settlement was obtained on November 3, 1999
from the  Superior  Court of the State of  California,  County of San Mateo,  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 class  plaintiffs'  counsel  to  enter  the
settlement.  On  December  14,  1999,  the  Managing  General  Partner  and  its
affiliates  terminated the proposed settlement.  Certain plaintiffs have filed a
motion to disqualify some of the plaintiffs' counsel in the action. 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 in the first quarter of 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: