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, 2001


[ ] Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange
    Act of 1934


                For the transition period from _________to _________

                         Commission file number 0-14554


                           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, 2001

<TABLE>
<CAPTION>


Assets
<S>                                                                          <C>
   Cash and cash equivalents                                                 $  655
   Receivables and deposits                                                     305
   Restricted escrows                                                           117
   Other assets                                                                 315
   Investment properties:
       Land                                                  $  1,970
       Buildings and related personal property                 30,264
                                                               32,234
       Less accumulated depreciation                          (19,203)       13,031
                                                                           $ 14,423
Liabilities and Partners' Deficit
Liabilities
   Accounts payable                                                          $   81
   Tenant security deposit liabilities                                           74
   Accrued property taxes                                                       428
   Other liabilities                                                            298
   Mortgage notes payable                                                    14,658

Partners' Deficit
   General partner                                            $  (234)
   Limited partners (44,882 units
      issued and outstanding)                                    (882)       (1,116)
                                                                           $ 14,423


                   See Accompanying Notes to Financial Statements

</TABLE>

<PAGE>

b)

                           NATIONAL PROPERTY INVESTORS 8

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

<TABLE>
<CAPTION>


                                                                Three Months Ended
                                                                       March 31,
                                                                2001          2000
Revenues:
<S>                                                            <C>          <C>
   Rental income                                               $ 1,104      $ 1,122
   Other income                                                     78           74
       Total revenues                                            1,182        1,196

Expenses:
   Operating                                                       426          384
   General and administrative                                       54          111
   Interest                                                        295          232
   Depreciation                                                    357          320
   Property taxes                                                   83          122
       Total expenses                                            1,215        1,169

Net (loss) income                                               $ (33)        $ 27

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

Net (loss) income allocated to limited partners (99%)             (33)          27

                                                                $ (33)        $ 27
Net (loss) income per limited partnership unit                 $(0.74)      $ 0.60

Distribution per limited partnership unit                       $  --        $ 22.68

                   See Accompanying Notes to Financial Statements

</TABLE>

<PAGE>


c)

                           NATIONAL PROPERTY INVESTORS 8

                    STATEMENT OF CHANGES IN PARTNERS' DEFICIT
                                   (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 at
  December 31, 2000                   44,882      $ (234)     $ (849)      $(1,083)

Net loss for the three months
  ended March 31, 2001                    --          --          (33)         (33)

Partners' deficit at
  March 31, 2001                      44,882      $ (234)     $ (882)      $(1,116)


                   See Accompanying Notes to Financial Statements

</TABLE>

<PAGE>

d)
                           NATIONAL PROPERTY INVESTORS 8

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

                                                                 Three Months Ended
                                                                       March 31,
                                                                  2001        2000
Cash flows from operating activities:
<S>                                                              <C>          <C>
  Net (loss) income                                              $ (33)       $   27
  Adjustments to reconcile net (loss) income to net cash
   provided by operating activities:
     Depreciation                                                   357          320
     Amortization of loan costs                                      11            9
     Change in accounts:
        Receivables and deposits                                   (135)           7
        Other assets                                                (35)         (82)
        Accounts payable                                            (76)          (3)
        Tenant security deposit liabilities                           3           (1)
        Accrued property taxes                                       84           51
        Other liabilities                                            65          (31)

          Net cash provided by operating activities                 241          297

Cash flows from investing activities:
  Property improvements and replacements                           (301)        (162)
  Net withdrawals from (deposits to) restricted escrows             421          (33)

          Net cash provided by (used in) investing
             activities                                             120         (195)

Cash flows from financing activities:
  Payments on mortgage notes payable                                (39)         (16)
  Loan costs paid                                                   (12)          --
  Distributions to partners                                          --       (1,028)

          Net cash used in financing activities                     (51)      (1,044)

Net increase (decrease) in cash and cash equivalents                310         (942)

Cash and cash equivalents at beginning of period                    345        1,743

Cash and cash equivalents at end of period                       $ 655        $ 801

Supplemental disclosure of cash flow information:
  Cash paid for interest                                         $ 284        $ 222

At  December  31,  2000,  approximately  $97,000 of  property  improvements  and
replacements were included in accounts payable.

                   See Accompanying Notes to Financial Statements

</TABLE>

<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, which is wholly-owned
by Apartment  Investment  and  Management  Company  ("AIMCO"),  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, 2001 are not  necessarily  indicative of the results that may be
expected for the fiscal year ending December 31, 2001. For further  information,
refer  to  the  financial  statements  and  footnotes  thereto  included  in the
Partnership's Annual Report on Form 10-KSB for the year ended December 31, 2000.

Segment Reporting

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

Note B - 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 (i) payments to
affiliates for services and (ii)  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 three months
ended March 31, 2001 and 2000:

                                                                  2001      2000
                                                                  (in thousands)

 Property management fees (included in operating expenses)        $ 61      $ 60
 Reimbursement for services of affiliates (included in
   investment properties and general and administrative
   expenses)                                                        37        29
 Non-accountable partnership reimbursement (included in
   general and administrative expense)                              --        67


During  the three  months  ended  March 31,  2001 and  2000,  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  $61,000 and $60,000 for the
three months ended March 31, 2001 and 2000, respectively.

An  affiliate  of  the  Managing  General  Partner  received   reimbursement  of
accountable  administrative  expenses  amounting  to  approximately  $37,000 and
$29,000 for the three months ended March 31, 2001 and 2000, 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  out  of
distributions  from operations based upon the number of Partnership  units sold,
subject to certain limitations. The Managing General Partner was not entitled to
receive a  reimbursement  during the three  months  ended March 31, 2001 because
there were no  distributions  from  operations.  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 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 26,387 limited partnership
units in the Partnership  representing 58.79% 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 58.79%
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 its  affiliation  with the Managing
General Partner.  However,  DeForest Ventures II L.P., from whom AIMCO,  through
its merger with Insignia,  acquired 16,447 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 or its affiliates' right to
vote each Unit acquired.

Note C - Distributions

No cash  distributions  were made during the three  months ended March 31, 2001.
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.

Note D - Refinance of Mortgage Note Payable

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  $160,000 for the year ended December
31, 2000. Additional loan costs of approximately $12,000 were capitalized during
the three months ended March 31, 2001.

Note E - 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,  among other things,  the  acquisition of interests in
certain general partner entities by Insignia Financial Group, Inc.  ("Insignia")
and entities which were, at one time, affiliates of Insignia; past tender offers
by the Insignia affiliates to acquire limited  partnership units;  management of
the  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 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 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 and an  appeal  was  taken  from the order on
October 5, 2000. On December 4, 2000, the Court  appointed the law firm of Lieff
Cabraser  Heimann & Bernstein  LLP as new lead  counsel for  plaintiffs  and the
putative class.  Plaintiffs filed a third amended complaint on January 19, 2001.
On March 2, 2001,  the  Managing  General  Partner  and its  affiliates  filed a
demurrer to the third amended  complaint.  The demurrer is scheduled to be heard
on May 14,  2001.  The Court has also  scheduled a hearing on a motion for class
certification  for August 27, 2001.  Plaintiffs must file their motion for class
certification no later than June 15, 2001. 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.

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, 2001 and 2000:

                                                  Average Occupancy
      Property                                     2001       2000

      Williamsburg on the Lake Apartments           92%        95%
         Indianapolis, Indiana
      Huntington Athletic Club Apartments           88%        85%
         Morrisville, North Carolina

The  Managing   General   Partner   attributes  the  decrease  in  occupancy  at
Williamsburg  on the Lake  Apartments to road  construction  which has decreased
traffic in the area of the property. The Managing General Partner attributes the
increase in  occupancy  at  Huntington  Athletic  Club  Apartments  to increased
advertising and marketing to attract new tenants.

Results of Operations

The  Registrant's  net  loss for the  three  months  ended  March  31,  2001 was
approximately $33,000 as compared to net income of approximately $27,000 for the
three months  ended March 31,  2000.  The increase in the net loss for the three
month period ended March 31, 2001 was due to a decrease in total revenues and an
increase in total expenses.

Total  revenues  decreased  for the three  months  ended March 31, 2001 due to a
decrease in rental  income  which was  partially  offset by an increase in other
income.   Rental  income  decreased  due  to  decreased   occupancy,   increased
concessions  and  increased  bad  debt  expenses  at  Williamsburg  on the  Lake
Apartments  which was  partially  offset by increased  occupancy  at  Huntington
Athletic Club Apartments and increased  rental rates at Williamsburg on the Lake
Apartments.  Other  income  increased  due to an  increase  in  local  telephone
commissions and utilities  reimbursements  primarily at Williamsburg on the Lake
Apartments.

Total  expenses  increased  due  to  increases  in  interest,  depreciation  and
operating  expenses which were partially offset by decreases in property tax and
general and  administrative  expenses.  Interest  expense  increased  due to the
refinancing of Huntington  Athletic Club  Apartments,  which  increased the debt
balance at the property, as discussed below.  Depreciation expense increased due
to  property  additions  during  the  past  twelve  months.  Operating  expenses
increased primarily due to an increase in expenses associated with the rental of
apartments to employees,  utility expenses,  and maintenance salaries at both of
the Partnership's  properties.  Property tax expense decreased due to the timing
of the receipt of the property tax bills that affected prior estimates.  General
and  administrative  expenses  decreased  over the  comparable  period  due to a
decrease in the non-accountable  partnership  reimbursement paid to the Managing
General  Partner  from   distributions   from  operations  as  provided  in  the
Partnership  Agreement which was partially  offset by an increase in the cost of
services  included in the  management  reimbursements  to the  Managing  General
Partner as allowed under the Partnership Agreement. Also included in general and
administrative  expenses  at both March 31,  2001 and 2000 are costs  associated
with the  quarterly and annual  communications  with  investors  and  regulatory
agencies and the annual audit required by the Partnership Agreement.

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,  2001,  the  Partnership   held  cash  and  cash  equivalents  of
approximately $655,000 compared to approximately $801,000 at March 31, 2000. The
increase of approximately  $310,000 in cash and cash equivalents  since December
31,  2000  is due to  approximately  $241,000  of  cash  provided  by  operating
activities and approximately  $120,000 of cash provided by investing  activities
which was partially  offset by  approximately  $51,000 of cash used in financing
activities.  Cash provided by investing  activities consisted of net withdrawals
from escrow  accounts  maintained  by the mortgage  lender  partially  offset by
property  improvements  and  replacements.  Cash  used in  financing  activities
consisted of payments of principal made on the mortgage  encumbering  Huntington
Athletic Club Apartments and the payment of loan costs. The Partnership  invests
its working capital reserves in interest bearing 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  $160,000 for the year ended December
31, 2000. Additional loan costs of approximately $12,000 were capitalized during
the three months ended March 31, 2001.

The Managing  General Partner has extended to the Partnership a $500,000 line of
credit.  At the present time, 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 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  three  months  ended  March 31,  2001,  the  Partnership  completed
approximately  $132,000 of budgeted and  non-budgeted  capital  expenditures  at
Williamsburg  on the Lake  Apartments  consisting  primarily of carpet and vinyl
replacements, major landscaping, structural improvements,  appliances, and other
building improvements.  These improvements were funded from operating cash flow.
The Partnership has evaluated the capital  improvement needs of the property for
the year  2001.  The  amount  budgeted  is  approximately  $127,000,  consisting
primarily of water  heater  replacements,  air  conditioning  unit  replacement,
appliances,  and carpet and vinyl replacements.  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,  2001,  the  Partnership  completed
approximately  $72,000 of  capital  expenditures  at  Huntington  Athletic  Club
Apartments consisting primarily of carpet replacements, interior decoration, and
structural  improvements.  These improvements were funded from the Partnership's
reserves.  The  Partnership has evaluated the capital  improvement  needs of the
property  for the year  2001.  The amount  budgeted  is  approximately  $99,000,
consisting  primarily of air conditioning  unit replacements and carpet and tile
replacements.  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  $7,258,000 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.

No cash  distributions  were made during the three  months ended March 31, 2001.
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. 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 2001 or subsequent periods.


                           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,  among other things,  the  acquisition of interests in
certain general partner entities by Insignia Financial Group, Inc.  ("Insignia")
and entities which were, at one time, affiliates of Insignia; past tender offers
by the Insignia affiliates to acquire limited  partnership units;  management of
the  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 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 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 and an  appeal  was  taken  from the order on
October 5, 2000. On December 4, 2000, the Court  appointed the law firm of Lieff
Cabraser  Heimann & Bernstein  LLP as new lead  counsel for  plaintiffs  and the
putative class.  Plaintiffs filed a third amended complaint on January 19, 2001.
On March 2, 2001,  the  Managing  General  Partner  and its  affiliates  filed a
demurrer to the third amended  complaint.  The demurrer is scheduled to be heard
on May 14,  2001.  The Court has also  scheduled a hearing on a motion for class
certification  for August 27, 2001.  Plaintiffs must file their motion for class
certification no later than June 15, 2001. 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:

               None.

            b) Reports  on Form 8-K filed  during the  quarter  ended  March 31,
               2001:

               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: