UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549

                                   Form 10-QSB

(Mark One)

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

                 For the quarterly period ended June 30, 2005


[ ]   TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE EXCHANGE ACT


             For the transition period from _________to _________

                         Commission file number 0-14570


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



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

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

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


Check  whether the issuer (1) filed all reports  required to be filed by Section
13 or 15(d) of the  Exchange  Act during the past 12 months (or for such shorter
period that the  registrant  was required to file such reports) and (2) has been
subject to such filing requirements for the past 90 days.
Yes  X   No ___


<PAGE>



                         PART I - FINANCIAL INFORMATION

ITEM 1.     FINANCIAL STATEMENTS



                             MCCOMBS REALTY PARTNERS

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

                                  June 30, 2005

<TABLE>
<CAPTION>


<S>                                                        <C>            <C>
Assets
   Cash and cash equivalents                                             $    152
   Receivables and deposits                                                   132
   Restricted escrow                                                           80
   Other assets                                                               141
   Investment property:
       Land                                               $    499
       Buildings and related personal property               6,313
                                                             6,812
       Less accumulated depreciation                        (5,194)         1,618
                                                                         $  2,123
Liabilities and Partners' Deficit
Liabilities
   Accounts payable                                                      $     21
   Tenant security deposit liabilities                                         27
   Accrued property taxes                                                      36
   Other liabilities                                                           72
   Due to affiliates (Note D)                                               1,557
   Mortgage note payable                                                    4,350

Partners' Deficit
   General partner                                        $     (1)
   Limited partners (17,169.13 units
      issued and outstanding)                               (3,939)        (3,940)
                                                                         $  2,123
</TABLE>


         See Accompanying Notes to Consolidated Financial Statements


<PAGE>





                             MCCOMBS REALTY PARTNERS

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

<TABLE>
<CAPTION>



                                        Three Months Ended         Six Months Ended
                                             June 30,                  June 30,
                                         2005         2004         2005        2004
Revenues:
<S>                                     <C>          <C>          <C>          <C>
  Rental income                         $ 252        $ 310        $ 513        $ 646
  Other income                              46           44           84           83
  Casualty gain (Note F)                    --           16           --           16
       Total revenues                      298          370          597          745

Expenses:
  Operating                                240          206          411          391
  General and administrative                33           29           58           61
  Depreciation                              64           70          128          138
  Interest                                 115          113          232          226
  Property taxes                             8           28           36           55
       Total expenses                      460          446          865          871

Net loss                                $ (162)      $ (76)       $ (268)     $ (126)

Net loss allocated to general
  partner                               $    --      $ --         $   --      $   --
Net loss allocated to limited
  partners                                 (162)        (76)         (268)      (126)
                                        $  (162)     $  (76)      $  (268)    $ (126)
Net loss per limited partnership
 unit                                   $ (9.44)     $ (4.43)     $(15.61)    $ (7.34)

</TABLE>

         See Accompanying Notes to Consolidated Financial Statements


<PAGE>



                             MCCOMBS REALTY PARTNERS

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



<TABLE>
<CAPTION>



                                     Limited
                                   Partnership   General      Limited
                                      Units      Partner     Partners       Total

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

Net loss for the six months
   ended June 30, 2005                     --         --         (268)        (268)

Partners' deficit
   at June 30, 2005                 17,169.13      $ (1)     $ (3,939)    $ (3,940)

</TABLE>


         See Accompanying Notes to Consolidated Financial Statements


<PAGE>



                             MCCOMBS REALTY PARTNERS

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

                                                                  Six Months Ended
                                                                        June 30,
                                                                   2005        2004
Cash flows from operating activities:
<S>                                                              <C>         <C>
  Net loss                                                       $ (268)     $ (126)
  Adjustments to reconcile net loss to net cash
     used in operating activities:
     Depreciation                                                   128         138
     Amortization of loan costs                                      12          10
     Bad debt expense                                                15          22
     Casualty gain                                                   --         (16)
     Loss on early extinguishment of debt                             3          --
     Change in accounts:
       Receivables and deposits                                     (59)        (22)
       Other assets                                                   4         (33)
       Accounts payable                                             (27)        (29)
       Tenant security deposit liabilities                           (1)         (1)
       Accrued property taxes                                        36         (52)
       Due to affiliates                                             56          41
       Other liabilities                                            (10)         (6)
         Net cash used in operating activities                     (111)        (74)
Cash flows from investing activities:
  Insurance proceeds received                                        --          16
  Property improvements and replacements                            (71)        (45)
  Net withdrawals from (deposits to) restricted escrows              68         (18)
         Net cash used in investing activities                       (3)        (47)
Cash flows from financing activities:
  Repayment of mortgage note payable                             (5,160)         --
  Proceeds from mortgage note payable                             4,350          --
  Loan costs paid                                                  (103)         --
  Payments on mortgage note payable                                 (41)        (47)
  Advances from affiliate                                         1,190         120
         Net cash provided by financing activities                  236          73
Net increase (decrease) in cash and cash equivalents                122         (48)
Cash and cash equivalents at beginning of period                     30         132

Cash and cash equivalents at end of period                       $ 152        $ 84

Supplemental disclosure of cash flow information:
  Cash paid for interest                                         $ 209        $ 214
</TABLE>

Included in property improvements and replacements for the six months ended June
30, 2005 are  approximately  $14,000 of property  improvements  and replacements
which were included in accounts payable at December 31, 2004.

         See Accompanying Notes to Consolidated Financial Statements


<PAGE>



                             MCCOMBS REALTY PARTNERS

                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                                   (Unaudited)


Note A - Going Concern

The accompanying  unaudited consolidated financial statements have been prepared
assuming  McCombs  Realty  Partners (the  "Partnership"  or  "Registrant")  will
continue  as  a  going  concern.  The  Partnership  has  experienced  decreasing
occupancy  levels  and  suffers  from a lack of cash flow from  operations.  The
Partnership's  general partner,  CRPTEX, Inc., a Texas corporation (the "General
Partner") is currently  evaluating  its options to improve the operations of the
property and increase  occupancy  levels to improve the cash flows  generated by
the property.

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

Note B - Basis of Presentation

The accompanying  unaudited consolidated financial statements of the Partnership
have been prepared in accordance with generally accepted  accounting  principles
for interim  financial  information and with the instructions to Form 10-QSB and
Item  310(b) of  Regulation  S-B.  Accordingly,  they do not  include all of the
information and footnotes required by generally accepted  accounting  principles
for complete financial  statements.  In the opinion of the General Partner,  all
adjustments (consisting of normal recurring accruals) considered necessary for a
fair  presentation  have been included.  Operating results for the three and six
month periods ended June 30, 2005 are not necessarily  indicative of the results
that may be expected for the fiscal year ending  December 31, 2005.  For further
information,  refer  to the  consolidated  financial  statements  and  footnotes
thereto  included  in the  Partnership's  Annual  Report on Form  10-KSB for the
fiscal year ended  December 31,  2004.  The General  Partner is a subsidiary  of
Apartment  Investment and Management Company  ("AIMCO"),  a publicly traded real
estate investment trust.

Note C - Plan of Reorganization

On March 9, 1987, the original general partners of the Partnership, on behalf of
the  Partnership,  filed a voluntary  petition  under  Chapter 11 of the Federal
Bankruptcy  Code  in U.S.  Bankruptcy  Court,  Central  District  of  California
("Court").  The  Partnership  continued as  Debtor-In-Possession  to operate its
business in the ordinary course until the Court confirmed the Partnership's Plan
of Reorganization (the "Plan") effective October 25, 1988. The Plan was approved
by all required classes of creditors.

The Plan  required  that the  Partnership  make certain  payments to its secured
creditors and others on or before October 20, 1995.  These payments were made on
or about  June  25,  1995,  when  the  Partnership  refinanced  the  outstanding
mortgages encumbering the property.  The Plan also required that the Partnership
make the following distributions on October 20, 1998, from available cash:

      1)    First,  Limited  Partners,  both original and  substitute,  who made
            additional  capital  contributions  under the Plan  would  receive a
            repayment of the  additional  contributions  totaling  approximately
            $730,000; if sufficient funds were unavailable to fully satisfy this
            amount then a pro-rata  portion  would be paid based upon  available
            funds;

      2)    Second,  Class 12 unsecured  creditors  ($23,100) would be paid on
            their claims;

      3)    Third,  Limited Partners who made additional  capital  contributions
            and were  original  Limited  Partners  would  receive a repayment of
            their  original   capital   contributions   totaling   approximately
            $9,818,000;  if sufficient  funds were  unavailable to fully satisfy
            this  amount  then a  pro-rata  portion  of  available  cash  less a
            pro-rata  portion  reserved  for one third of the  existing  capital
            contributions  of  non-contributing  Limited  Partners would be paid
            based upon available funds;

      4)    Fourth,  Limited  Partners  who  did  not  make  additional  capital
            contributions  would  receive  a  repayment  of  one-third  of their
            original capital contributions (i.e.,  one-third of $1,200,000);  if
            sufficient  funds were unavailable to fully satisfy this amount then
            a pro-rata portion would be paid based upon available funds.

Additionally,  the Plan required CRPTEX, Inc. to make a capital  contribution of
$14,500  and loan an  additional  $117,500  on  behalf of the  Partnership.  The
Partnership  received the $14,500  capital  contribution  but did not receive or
require the additional $117,500 to be loaned.

The payments  required by number 2 above were timely  made.  With respect to the
amounts due to the Limited Partners under numbers 1, 3, and 4 above,  there were
not  sufficient  funds  available to  completely  satisfy these  obligations  at
October 20, 1998.

It was not anticipated  that at October 20, 1998, there would be available funds
to fully  satisfy the  unsecured  claims of the Limited  Partners,  as indicated
under the Plan. The limited partners were approached in August 1998 and asked to
either approve a sale of the Partnership's  sole investment  property or for the
General  Partner  to  petition  the  Bankruptcy  Court for an  extension  of the
settlement date. The required fifty-one percent response was not received.  As a
result,  the  Partnership  did not make any payments to the Limited  Partners on
October 20,  1998,  as required by the Plan from  available  funds.  There is no
requirement,  however, that the Partnership sell or again refinance the property
in  order to pay in part or in  whole,  the  payments  to the  Limited  Partners
referred to above.  The General  Partner has determined that although all of the
required payments due under the Plan to the Limited Partners were not made, that
the Partnership is not in any material  financial default in connection with its
prior  bankruptcy.  In addition,  the General Partner believes that it is proper
for the  Partnership to continue  operating  under the terms of its  Partnership
Agreement as modified by the Plan.

Since the  expiration of the Plan on October 20, 1998,  the General  Partner had
reserved  all excess cash to ensure that the  Partnership  would be able to meet
its operating and capital improvement needs rather than making pro-rata payments
to the limited partners in accordance with numbers 1, 3, and 4 above. During the
fourth quarter of 2001, the General Partner  determined that the Partnership had
accumulated  approximately  $562,000 in excess  funds.  Approximately  $530,000,
which had been reserved since 1998 to ensure that the property was fully able to
meet its operating and capital  improvement needs with existing operating funds,
was  distributed  during the year ended  December  31, 2002 in  accordance  with
number  1  above.  In  addition,  approximately  $32,000  was  distributed  from
operations during the year ended December 31, 2002. Any additional funds will be
distributed  in  accordance  with the  terms  of the  Partnership  Agreement  as
modified by the Plan.

Note D - Transactions with Affiliated Parties

The  Partnership  has no  employees  and depends on the General  Partner and its
affiliates for the management and administration of all Partnership  activities.
The  Partnership  Agreement  provides  for certain  payments to  affiliates  for
services and for  reimbursement  of certain  expenses  incurred by affiliates on
behalf of the Partnership.

Affiliates  of the  General  Partner  receive  5% of  gross  receipts  from  the
Partnership's   investment  property  as  compensation  for  providing  property
management  services.  The  Partnership  paid to such  affiliates  approximately
$31,000  and  $36,000  for  the  six  months  ended  June  30,  2005  and  2004,
respectively, which are included in operating expenses.

Affiliates of the General Partner charged the Partnership for  reimbursement  of
accountable  administrative  expenses  amounting  to  approximately  $33,000 and
$38,000 for the six months ended June 30, 2005 and 2004, respectively, which are
included  in general  and  administrative  expenses.  Approximately  $190,000 in
reimbursement of accountable administrative expenses,  including related accrued
interest of approximately $13,000, was owed to affiliates of the General Partner
at June 30, 2005 and is included in due to affiliates.

During the six months  ended June 30, 2005 and 2004 an  affiliate of the General
Partner  advanced  the  Partnership   approximately   $1,190,000  and  $120,000,
respectively,  to fund the refinancing of the mortgage  encumbering  Lakewood at
Pelham (as  discussed  in Note E),  operating  expenses  and audit  fees.  These
advances  bear  interest  at the prime  rate  plus 2% (8.25% at June 30,  2005).
Interest  expense  for  the  six  months  ended  June  30,  2005  and  2004  was
approximately  $17,000  and  $1,000,  respectively.  At June 30,  2005 the total
outstanding  advances and accrued interest was  approximately  $1,367,000 and is
included in due to affiliates.

The  Partnership  insures its  property up to certain  limits  through  coverage
provided by AIMCO which is  generally  self-insured  for a portion of losses and
liabilities  related  to  workers'  compensation,   property  casualty,  general
liability and vehicle liability.  The Partnership insures its property above the
AIMCO  limits  through  insurance  policies  obtained  by  AIMCO  from  insurers
unaffiliated with the General Partner. During the six months ended June 30, 2005
and 2004, the Partnership was charged by AIMCO and its affiliates  approximately
$26,000 and $25,000,  respectively,  for insurance  coverage and fees associated
with policy claims administration.

Note E - Refinancing

On May 27, 2005, the  Partnership  obtained a mortgage in the maximum  principal
amount of  $5,500,000  on Lakewood  at Pelham  Apartments.  The new  mortgage is
comprised of an initial  advance of $4,350,000  that was made to the Partnership
on May 27, 2005 and an earn-out  advance of $1,150,000  that is available to the
Partnership based upon certain  performance  criteria being met prior to June 1,
2006.   The  existing   mortgage  with  an  outstanding   principal   amount  of
approximately  $5,160,000  was repaid with proceeds from the initial  advance of
the new mortgage and an additional loan from an affiliate of the General Partner
of  approximately  $1,035,000.  The  Partnership  recognized a loss on the early
extinguishment  of  debt  of  approximately  $3,000  due  to  the  write  off of
unamortized  loan costs.  Total  capitalized  loan costs associated with the new
mortgage were  approximately  $103,000 during the six months ended June 30, 2005
which are included in other assets.  The new mortgage  requires monthly payments
of interest  beginning on July 1, 2005 until the loan matures June 1, 2007, with
interest being equal to the average of the one month LIBOR plus 230 basis points
(5.64% at June 30, 2005 with a minimum rate of 5.40%).  In conjunction  with the
new mortgage note, the Partnership paid  approximately  $14,000 to enter into an
interest rate cap agreement, which limits the Partnership's exposure to interest
rate  increases.  Under this  interest  rate cap  agreement,  the  Partnership's
interest  rate on the  amounts  owed to the lender will be no higher than 7.55%.
Adjustments to the initial amount paid are  recognized in interest  expense.  In
addition, the new mortgage requires monthly escrow deposits for taxes, insurance
and replacement  reserves and a $80,000 repair reserve that was established with
the lender at closing.  The Partnership has the option of extending the maturity
date for two additional six month periods upon delivering  written notice to the
lender,  paying an extension fee of .25% of the outstanding  principal amount of
the  mortgage,  no event of default  existing and certain  performance  criteria
being met. As a condition of making the new mortgage,  the lender required AIMCO
Properties,  L.P., an affiliate of the Partnership, to guarantee the obligations
and liabilities of the Partnership with respect to the new mortgage.

Note F - Casualty Event

In October 2002, a fire occurred at Lakewood at Pelham, which resulted in damage
to the laundry area. The property  incurred  damages of  approximately  $52,000.
Insurance proceeds of approximately  $26,000 were received during the six months
ended June 30,  2003 to  partially  cover the  damages.  After  writing  off the
undepreciated  cost  of  the  damaged  asset  of  approximately   $11,000,   the
Partnership  realized a casualty gain of  approximately  $15,000 from this event
during the six months ended June 30, 2003. During the three and six months ended
June 30, 2004, the Partnership  received  additional  proceeds of  approximately
$16,000, resulting in a casualty gain of approximately $16,000 for the three and
six months ended June 30, 2004.

Note G - Contingencies

As previously disclosed,  AIMCO Properties L.P. and NHP Management Company, both
affiliates of the General  Partner,  are  defendants in a lawsuit  alleging that
they willfully  violated the Fair Labor Standards Act ("FLSA") by failing to pay
maintenance  workers  overtime for all hours worked in excess of forty per week.
The complaint  attempts to bring a collective action under the FLSA and seeks to
certify state subclasses in California,  Maryland, and the District of Columbia.
Specifically,  the  plaintiffs  contend  that  AIMCO  Properties  L.P.  and  NHP
Management Company failed to compensate  maintenance  workers for time that they
were  required  to be  "on-call".  Additionally,  the  complaint  alleges  AIMCO
Properties  L.P. and NHP  Management  Company  failed to comply with the FLSA in
compensating maintenance workers for time that they worked in excess of 40 hours
in a week. On June 23, 2005 the Court  conditionally  certified  the  collective
action  on both the  on-call  and  overtime  issues.  The  Court  ruling  allows
plaintiffs  to  provide  notice  of the  collective  action  to  all  non-exempt
maintenance  workers from August 7, 2000 through the  present.  Those  employees
will have the  opportunity to opt-in to the collective  action.  Defendants have
asked the Court to  reconsider  its  ruling or in the  alternative  certify  the
ruling for appeal on that issue. After the notice goes out, defendants will have
the  opportunity to move to decertify the collective  action.  The Court further
denied plaintiffs' Motion for Certification of the state subclass.  Although the
outcome of any litigation is uncertain, AIMCO Properties,  L.P. does not believe
that  the  ultimate   outcome  will  have  a  material  adverse  effect  on  its
consolidated  financial  condition  or results  of  operations.  Similarly,  the
General Partner does not believe that the ultimate  outcome will have a material
adverse effect on the Partnership's  consolidated financial condition or results
of operations.

The  Partnership  is unaware  of any other  pending  or  outstanding  litigation
matters involving it or its investment property that are not of a routine nature
arising in the ordinary course of business.

Environmental

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

Mold

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

SEC Investigation

The  Central  Regional  Office of the  United  States  Securities  and  Exchange
Commission (the "SEC")  continues its formal  investigation  relating to certain
matters.  Although  the staff of the SEC is not limited in the areas that it may
investigate,  AIMCO believes the areas of  investigation  have included  AIMCO's
miscalculated   monthly  net  rental  income  figures  in  third  quarter  2003,
forecasted  guidance,  accounts  payable,  rent  concessions,   vendor  rebates,
capitalization of payroll and certain other costs, tax credit transactions,  and
tender offers for limited  partnership  interests.  AIMCO is cooperating  fully.
AIMCO is not able to predict when the investigation will be resolved. AIMCO does
not believe that the ultimate outcome will have a material adverse effect on its
consolidated  financial  condition  or results  of  operations.  Similarly,  the
General Partner does not believe that the ultimate  outcome will have a material
adverse effect on the Partnership's  consolidated financial condition or results
of operations.


<PAGE>



ITEM 2.     MANAGEMENT'S DISCUSSION AND ANALYSIS OR PLAN OF OPERATION

The matters discussed in this report contain certain forward-looking statements,
including, without limitation, statements regarding future financial performance
and the effect of government  regulations.  Actual results may differ materially
from those described in the forward-looking statements and will be affected by a
variety of risks and factors including,  without limitation:  national and local
economic  conditions;  the terms of  governmental  regulations  that  affect the
Registrant and interpretations of those regulations; the competitive environment
in which the Registrant operates;  financing risks, including the risk that cash
flows from operations may be insufficient to meet required payments of principal
and interest;  real estate risks, including variations of real estate values and
the general  economic  climate in local markets and  competition  for tenants in
such markets;  litigation,  including  costs  associated  with  prosecuting  and
defending  claims  and  any  adverse   outcomes,   and  possible   environmental
liabilities.   Readers  should  carefully  review  the  Registrant's   financial
statements and the notes thereto,  as well as the risk factors  described in the
documents  the  Registrant  files  from  time to time  with the  Securities  and
Exchange Commission.

The Partnership's  investment  property consists of one apartment  complex.  The
following  table sets forth the average  occupancy  of the  property for the six
months ended June 30, 2005 and 2004:
<TABLE>
<CAPTION>

                                                   Average Occupancy
      Property                                      2005       2004

<S>                                                 <C>        <C>
      Lakewood at Pelham                            71%        95%
        Greenville, South Carolina
</TABLE>

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

The  Partnership's  financial  results depend upon a number of factors including
the ability to attract and maintain tenants at the investment property, interest
rates on mortgage  loans,  costs  incurred to operate the  investment  property,
general economic conditions and weather. As part of the ongoing business plan of
the Partnership,  the General Partner monitors the rental market  environment of
its  investment   property  to  assess  the  feasibility  of  increasing  rents,
maintaining or increasing  occupancy  levels and protecting the Partnership from
increases in expenses.  As part of this plan,  the General  Partner  attempts to
protect  the  Partnership  from the  burden of  inflation-related  increases  in
expenses by increasing  rents and  maintaining a high overall  occupancy  level.
However,  the  General  Partner  may use  rental  concessions  and  rental  rate
reductions  to offset  softening  market  conditions;  accordingly,  there is no
guarantee that the General Partner will be able to sustain such a plan. Further,
a number of factors which are outside the control of the Partnership such as the
local  economic  climate and  weather can  adversely  or  positively  impact the
Partnership's financial results.

Results of Operations

The  Partnership's net loss for the three and six months ended June 30, 2005 was
approximately  $162,000 and $268,000,  respectively,  as compared to net loss of
approximately  $76,000 and  $126,000 for the three and six months ended June 30,
2004, respectively. The increase in net loss for the three months ended June 30,
2005 is due to a decrease in total  revenues and an increase in total  expenses.
The  increase  in net loss for the six months  ended  June 30,  2005 is due to a
decrease in total  revenues.  The decrease in total revenues for both periods is
due to a decrease in rental income and the recognition of a casualty gain during
2004 (as discussed  below).  Other income remained  relatively  constant for the
comparable periods.  The decrease in rental income for both periods is primarily
due to the decrease in occupancy, partially offset by an increase in the average
rental rate at Lakewood at Pelham.

The  increase in total  expenses for the three months ended June 30, 2005 is due
to increases in operating and interest  expenses,  partially offset by decreases
in depreciation and property tax expenses.  Total expenses  remained  relatively
constant for the six months  ended June 30, 2005 as increases in both  operating
and interest  expenses were offset by decreases in depreciation and property tax
expenses.  General and administrative  expenses remained relatively constant for
both the three and six months  ended June 30,  2005.  The  increase in operating
expenses  for both periods is primarily  due to  increases  in  advertising  and
contract  services at Lakewood at Pelham.  The increase in interest  expense for
both  periods is  primarily  due to an increase in interest on advances  from an
affiliate  of  the  General  Partner  and  the  loss  recognized  on  the  early
extinguishment   of  debt  associated  with  the  refinancing  of  the  mortgage
encumbering   Lakewood  at  Pelham  (as  discussed  in  "Liquidity  and  Capital
Resources"),  partially  offset  by  scheduled  principal  payments  made on the
mortgage  encumbering  the property,  which reduced the carrying  balance of the
loan and the refinancing of the mortgage at a lower variable  interest rate. The
decrease in  depreciation  expense for both periods is primarily due to property
improvements and replacements  placed into service in prior years becoming fully
depreciated  during the fourth  quarter of 2004.  The  decrease in property  tax
expense for both  periods is  primarily  a result of a decrease in the  assessed
value of Lakewood at Pelham. Included in general and administrative expenses for
the  three  and  six  months  ended  June  30,  2005  and  2004  are  management
reimbursements   to  the  General  Partner  as  allowed  under  the  Partnership
Agreement,  costs  associated  with  quarterly  and annual  communications  with
investors  and  regulatory  agencies  and  the  annual  audit  required  by  the
Partnership Agreement.

In October 2002, a fire occurred at Lakewood at Pelham, which resulted in damage
to the laundry area. The property  incurred  damages of  approximately  $52,000.
Insurance proceeds of approximately  $26,000 were received during the six months
ended June 30,  2003 to  partially  cover the  damages.  After  writing  off the
undepreciated  cost  of  the  damaged  asset  of  approximately   $11,000,   the
Partnership  realized a casualty gain of  approximately  $15,000 from this event
during the six months ended June 30, 2003. During the three and six months ended
June 30, 2004, the Partnership  received  additional  proceeds of  approximately
$16,000, resulting in a casualty gain of approximately $16,000 for the three and
six months ended June 30, 2004.

Liquidity and Capital Resources

At June 30, 2005, the Partnership had cash and cash equivalents of approximately
$152,000,  compared to  approximately  $84,000 at June 30, 2004. The increase in
cash and cash equivalents of approximately  $122,000, from December 31, 2004, is
due  to  approximately  $236,000  of  cash  provided  by  financing  activities,
partially offset by approximately  $111,000 of cash used in operating activities
and approximately $3,000 of cash used in investing activities.  Cash provided by
financing  activities  consisted of proceeds received related to the refinancing
of the mortgage encumbering Lakewood at Pelham and advances from an affiliate of
the  General  Partner,  partially  offset  by  the  repayment  of  the  mortgage
encumbering  Lakewood at Pelham, loan costs paid, and payments of principal made
on the mortgage encumbering the Partnership's  investment property. Cash used in
investing  activities  consisted  of  property  improvements  and  replacements,
partially  offset by net  receipts  from an  escrow  account  maintained  by the
mortgage  lender.  The  Partnership  invests  its  working  capital  reserves in
interest bearing accounts.

The sufficiency of existing  liquid assets to meet future  liquidity and capital
expenditure   requirements   is  directly   related  to  the  level  of  capital
expenditures required at the property to adequately maintain the physical assets
and other operating  needs of the Partnership and to comply with Federal,  state
and local  legal and  regulatory  requirements.  The  General  Partner  monitors
developments in the area of legal and regulatory  compliance.  For example,  the
Sarbanes-Oxley Act of 2002 mandates or suggests  additional  compliance measures
with regard to governance,  disclosure, audit and other areas. In light of these
changes,  the Partnership  expects that it will incur higher expenses related to
compliance.   Capital  improvements  planned  at  the  Partnership's  investment
property are detailed below.

During  the  six  months  ended  June  30,  2005,  the   Partnership   completed
approximately $57,000 of capital improvements at Lakewood at Pelham,  consisting
primarily of appliance and floor covering replacements.  These improvements were
funded from  replacement  reserves and  operations.  The  Partnership  regularly
evaluates the capital  improvement needs of the property.  While the Partnership
has no material commitments for property improvements and replacements,  certain
routine  capital   expenditures  are  anticipated   during  2005.  Such  capital
expenditures  will depend on the  physical  condition of the property as well as
replacement reserves and anticipated cash flow generated by the property.

The  capital  expenditures  will be  incurred  only if  cash is  available  from
operations or from Partnership reserves. To the extent that capital improvements
are  completed,  the  Partnership's  distributable  cash  flow,  if any,  may be
adversely affected at least in the short term.

On May 27, 2005, the  Partnership  obtained a mortgage in the maximum  principal
amount of  $5,500,000  on Lakewood  at Pelham  Apartments.  The new  mortgage is
comprised of an initial  advance of $4,350,000  that was made to the Partnership
on May 27, 2005 and an earn-out  advance of $1,150,000  that is available to the
Partnership based upon certain  performance  criteria being met prior to June 1,
2006.   The  existing   mortgage  with  an  outstanding   principal   amount  of
approximately  $5,160,000  was repaid with proceeds from the initial  advance of
the new mortgage and an additional loan from an affiliate of the General Partner
of  approximately  $1,035,000.  The  Partnership  recognized a loss on the early
extinguishment  of  debt  of  approximately  $3,000  due  to  the  write  off of
unamortized  loan costs.  Total  capitalized  loan costs associated with the new
mortgage were  approximately  $103,000 during the six months ended June 30, 2005
which are included in other assets.  The new mortgage  requires monthly payments
of interest  beginning on July 1, 2005 until the loan matures June 1, 2007, with
interest being equal to the average of the one month LIBOR plus 230 basis points
(5.64% at June 30, 2005 with a minimum rate of 5.40%).  In conjunction  with the
new mortgage note, the Partnership paid  approximately  $14,000 to enter into an
interest rate cap agreement, which limits the Partnership's exposure to interest
rate  increases.  Under this  interest  rate cap  agreement,  the  Partnership's
interest  rate on the  amounts  owed to the lender will be no higher than 7.55%.
Adjustments to the initial amount paid are  recognized in interest  expense.  In
addition, the new mortgage requires monthly escrow deposits for taxes, insurance
and replacement  reserves and a $80,000 repair reserve that was established with
the lender at closing.  The Partnership has the option of extending the maturity
date for two additional six month periods upon delivering  written notice to the
lender,  paying an extension fee of .25% of the outstanding  principal amount of
the  mortgage,  no event of default  existing and certain  performance  criteria
being met. As a condition of making the new mortgage,  the lender required AIMCO
Properties,  L.P., an affiliate of the Partnership, to guarantee the obligations
and liabilities of the Partnership with respect to the new mortgage.

On March 9, 1987, the original general partners of the Partnership, on behalf of
the  Partnership,  filed a voluntary  petition  under  Chapter 11 of the Federal
Bankruptcy  Code  in U.S.  Bankruptcy  Court,  Central  District  of  California
("Court").  The  Partnership  continued as  Debtor-In-Possession  to operate its
business in the ordinary course until the Court confirmed the Partnership's Plan
of Reorganization (The "Plan") effective October 25, 1988. The Plan was approved
by all required classes of creditors.

The Plan  required  that the  Partnership  make certain  payments to its secured
creditors and others on or before October 20, 1995.  These payments were made on
or about  June  25,  1995,  when  the  Partnership  refinanced  the  outstanding
mortgages encumbering the property.  The Plan also required that the Partnership
make the following distributions on October 20, 1998, from available cash:

      1)    First,  Limited  Partners,  both original and  substitute,  who made
            additional  capital  contributions  under the Plan  would  receive a
            repayment of the  additional  contributions  totaling  approximately
            $730,000; if sufficient funds were unavailable to fully satisfy this
            amount then a pro-rata  portion  would be paid based upon  available
            funds;

      2)    Second,  Class 12 unsecured  creditors  ($23,100) would be paid on
            their claims;

      3)    Third,  Limited Partners who made additional  capital  contributions
            and were  original  Limited  Partners  would  receive a repayment of
            their  original   capital   contributions   totaling   approximately
            $9,818,000;  if sufficient  funds were  unavailable to fully satisfy
            this  amount  then a  pro-rata  portion  of  available  cash  less a
            pro-rata  portion  reserved  for one third of the  existing  capital
            contributions  of  non-contributing  Limited  Partners would be paid
            based upon available funds;

      4)    Fourth,  Limited  Partners  who  did  not  make  additional  capital
            contributions  would  receive  a  repayment  of  one-third  of their
            original capital contributions (i.e.,  one-third of $1,200,000);  if
            sufficient  funds were unavailable to fully satisfy this amount then
            a pro-rata portion would be paid based upon available funds.

Additionally,  the Plan required CRPTEX, Inc. to make a capital  contribution of
$14,500  and loan an  additional  $117,500  on  behalf of the  Partnership.  The
Partnership  received the $14,500  capital  contribution  but did not receive or
require the additional $117,500 to be loaned.

The payments  required by number 2 above were timely  made.  With respect to the
amounts due to the Limited Partners under numbers 1, 3, and 4 above,  there were
not  sufficient  funds  available to  completely  satisfy these  obligations  at
October 20, 1998.

It was not anticipated  that at October 20, 1998, there would be available funds
to fully  satisfy the  unsecured  claims of the Limited  Partners,  as indicated
under the Plan. The limited partners were approached in August 1998 and asked to
either approve a sale of the Partnership's  sole investment  property or for the
General  Partner  to  petition  the  Bankruptcy  Court for an  extension  of the
settlement date. The required fifty-one percent response was not received.  As a
result,  the  Partnership  did not make any payments to the Limited  Partners on
October 20,  1998,  as required by the Plan from  available  funds.  There is no
requirement,  however, that the Partnership sell or again refinance the property
in  order to pay in part or in  whole,  the  payments  to the  Limited  Partners
referred to above.  The General  Partner has determined that although all of the
required payments due under the Plan to the Limited Partners were not made, that
the Partnership is not in any material  financial default in connection with its
prior  bankruptcy.  In addition,  the General Partner believes that it is proper
for the  Partnership to continue  operating  under the terms of its  Partnership
Agreement as modified by the Plan.

Since the  expiration of the Plan on October 20, 1998,  the General  Partner had
reserved  all excess cash to ensure that the  Partnership  would be able to meet
its operating and capital improvement needs rather than making pro-rata payments
to the limited partners in accordance with numbers 1, 3, and 4 above. During the
fourth quarter of 2001, the General Partner  determined that the Partnership had
accumulated approximately $562,000 in excess funds. Approximately $530,000 which
had been reserved  since 1998 to ensure that the property was fully able to meet
its operating and capital  improvement needs with existing  operating funds, was
distributed  during the year ended December 31, 2002 in accordance with number 1
above. In addition, approximately $32,000 was distributed from operations during
the year ended December 31, 2002.  Any  additional  funds will be distributed in
accordance with the terms of the Partnership Agreement as modified by the Plan.

Other

In addition to its indirect  ownership of the general  partner  interests in the
Partnership,  AIMCO and its affiliates owned 4,558.50 limited  partnership units
(the "Units") in the Partnership representing 26.55% of the outstanding Units at
June 30, 2005. A number of these Units were  acquired  pursuant to tender offers
made by AIMCO or its  affiliates.  It is possible  that AIMCO or its  affiliates
will acquire  additional Units in exchange for cash or a combination of cash and
units in AIMCO  Properties,  L.P., the operating  partnership  of AIMCO,  either
through  private  purchases  or  tender  offers.  Pursuant  to  the  Partnership
Agreement,  unitholders  holding a majority  of the Units are  entitled  to take
action with  respect to a variety of matters that  include,  but are not limited
to,  voting on certain  amendments  to the  Partnership  Agreement and voting to
remove the General  Partner.  Although the General Partner owes fiduciary duties
to the  limited  partners of the  Partnership,  the  General  Partner  also owes
fiduciary duties to AIMCO as its sole  stockholder.  As a result,  the duties of
the General  Partner,  as general  partner,  to the  Partnership and its limited
partners may come into conflict with the duties of the General  Partner to AIMCO
as its sole stockholder.

Critical Accounting Policies and Estimates

The consolidated financial statements are prepared in accordance with accounting
principles generally accepted in the United States which require the Partnership
to  make  estimates  and  assumptions.  The  Partnership  believes  that  of its
significant  accounting  policies,  the following may involve a higher degree of
judgment and complexity.

Impairment of Long-Lived Assets

The  Partnership's  investment  property is recorded at cost,  less  accumulated
depreciation,  unless considered impaired.  If events or circumstances  indicate
that the carrying amount of the property may be impaired,  the Partnership  will
make an assessment of its  recoverability by estimating the undiscounted  future
cash flows,  excluding interest charges, of the property. If the carrying amount
exceeds the aggregate  future cash flows,  the  Partnership  would  recognize an
impairment  loss to the extent the carrying amount exceeds the fair value of the
property.

Real  property  investments  are  subject  to varying  degrees of risk.  Several
factors  may  adversely  affect  the  economic  performance  and  value  of  the
Partnership's  investment  property.  These factors include, but are not limited
to,  changes  in the  national,  regional  and  local  economic  climate;  local
conditions,  such as an oversupply of multifamily  properties;  competition from
other available  multifamily property owners and changes in market rental rates.
Any adverse changes in these factors could cause impairment of the Partnership's
asset.

Revenue Recognition

The Partnership generally leases apartment units for twelve-month terms or less.
The Partnership will offer rental concessions during particularly slow months or
in response  to heavy  competition  from other  similar  complexes  in the area.
Rental income attributable to leases, net of any concessions, is recognized on a
straight-line  basis over the term of the lease.  The Partnership  evaluates all
accounts  receivable  from  residents and  establishes  an allowance,  after the
application of security deposits,  for accounts greater than 30 days past due on
current tenants and all receivables due from former tenants.

ITEM 3.     CONTROLS AND PROCEDURES

(a) Disclosure Controls and Procedures.  The Partnership's management,  with the
participation of the principal executive officer and principal financial officer
of the General Partner,  who are the equivalent of the  Partnership's  principal
executive officer and principal financial officer,  respectively,  has evaluated
the  effectiveness of the Partnership's  disclosure  controls and procedures (as
such term is defined  in Rules  13a-15(e)  and  15d-15(e)  under the  Securities
Exchange  Act of 1934,  as amended  (the  "Exchange  Act")) as of the end of the
period covered by this report. Based on such evaluation, the principal executive
officer and  principal  financial  officer of the General  Partner,  who are the
equivalent  of the  Partnership's  principal  executive  officer  and  principal
financial  officer,  respectively,  have  concluded  that, as of the end of such
period, the Partnership's disclosure controls and procedures are effective.

(b) Internal Control Over Financial  Reporting.  There have not been any changes
in the Partnership's  internal control over financial reporting (as such term is
defined in Rules  13a-15(f)  and  15d-15(f)  under the Exchange  Act) during the
fiscal quarter to which this report relates that have  materially  affected,  or
are reasonably likely to materially affect,  the Partnership's  internal control
over financial reporting.


<PAGE>



                           PART II - OTHER INFORMATION


ITEM 1.     LEGAL PROCEEDINGS

As previously disclosed,  AIMCO Properties L.P. and NHP Management Company, both
affiliates of the General  Partner,  are  defendants in a lawsuit  alleging that
they willfully  violated the Fair Labor Standards Act ("FLSA") by failing to pay
maintenance  workers  overtime for all hours worked in excess of forty per week.
The complaint  attempts to bring a collective action under the FLSA and seeks to
certify state subclasses in California,  Maryland, and the District of Columbia.
Specifically,  the  plaintiffs  contend  that  AIMCO  Properties  L.P.  and  NHP
Management Company failed to compensate  maintenance  workers for time that they
were  required  to be  "on-call".  Additionally,  the  complaint  alleges  AIMCO
Properties  L.P. and NHP  Management  Company  failed to comply with the FLSA in
compensating maintenance workers for time that they worked in excess of 40 hours
in a week. On June 23, 2005 the Court  conditionally  certified  the  collective
action  on both the  on-call  and  overtime  issues.  The  Court  ruling  allows
plaintiffs  to  provide  notice  of the  collective  action  to  all  non-exempt
maintenance  workers from August 7, 2000 through the  present.  Those  employees
will have the  opportunity to opt-in to the collective  action.  Defendants have
asked the Court to  reconsider  its  ruling or in the  alternative  certify  the
ruling for appeal on that issue. After the notice goes out, defendants will have
the  opportunity to move to decertify the collective  action.  The Court further
denied plaintiffs' Motion for Certification of the state subclass.  Although the
outcome of any litigation is uncertain, AIMCO Properties,  L.P. does not believe
that  the  ultimate   outcome  will  have  a  material  adverse  effect  on  its
consolidated  financial  condition  or results  of  operations.  Similarly,  the
General Partner does not believe that the ultimate  outcome will have a material
adverse effect on the Partnership's  consolidated financial condition or results
of operations.

ITEM 5.     OTHER INFORMATION

            None.

ITEM 6.     EXHIBITS

            See Exhibit Index.



<PAGE>


                                   SIGNATURES



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



                                    MCCOMBS REALTY PARTNERS


                                    By:   CRPTEX, INC.
                                          General Partner

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


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


                                    Date: August 15, 2005



<PAGE>


                                  EXHIBIT INDEX



Exhibit

3.1               Amended and  Restated  Certificate  and  Agreement  of Limited
                  Partners of McCombs  Realty  Partners,  a  California  Limited
                  Partnership,  incorporated by reference to the exhibits to the
                  Registrant's  Annual Report filed on Form 10-K, filed on April
                  13, 1990.

3.2               Certificate  of  Limited   Partnership  of  the   Partnership,
                  incorporated by reference to the exhibits to the  Registrant's
                  Annual Report filed on Form 10-K, filed on April 13, 1990.

10.2              Loan  Agreement  dated May 27, 2005  between  Pelham  Place,
                  L.P.,  a  South  Carolina   limited   partnership  and  GMAC
                  Commercial Mortgage Bank,  (incorporated by reference to the
                  Partnership's  Current  Report  on Form  8-K  dated  May 27,
                  2005).

10.3              Promissory  Note A dated May 27, 2005 between  Pelham Place,
                  L.P.,  a  South  Carolina   limited   partnership  and  GMAC
                  Commercial Mortgage Bank,  (incorporated by reference to the
                  Partnership's  Current  Report  on Form  8-K  dated  May 27,
                  2005).

10.4              Promissory  Note B dated May 27, 2005 between  Pelham Place,
                  L.P.,  a  South  Carolina   limited   partnership  and  GMAC
                  Commercial Mortgage Bank,  (incorporated by reference to the
                  Partnership's  Current  Report  on Form  8-K  dated  May 27,
                  2005).

10.5              Guaranty dated May 27, 2005 by AIMCO Properties, L.P., for the
                  benefit of GMAC  Commercial  Mortgage Bank,  (incorporated  by
                  reference  to the  Partnership's  Current  Report  on Form 8-K
                  dated May 27, 2005).

10.6              Rate Cap Provider - Consent and Acknowledgement  dated May 27,
                  2005 by and among GMAC Commercial Mortgage Bank, Pelham Place,
                  L.P.,  a  South  Carolina  Limited   Partnership,   and  SMBC,
                  (incorporated by reference to the Partnership's Current Report
                  on Form 8-K dated May 27, 2005).

31.1              Certification  of  equivalent  of  Chief  Executive  Officer
                  pursuant     to     Securities     Exchange     Act    Rules
                  13a-14(a)/15d-14(a),  as Adopted  Pursuant to Section 302 of
                  the Sarbanes-Oxley Act of 2002.

31.2              Certification  of  equivalent  of  Chief  Financial  Officer
                  pursuant     to     Securities     Exchange     Act    Rules
                  13a-14(a)/15d-14(a),  as Adopted  Pursuant to Section 302 of
                  the Sarbanes-Oxley Act of 2002.

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


<PAGE>



Exhibit 31.1


                                  CERTIFICATION


I, Martha L. Long, certify that:


1.    I have reviewed  this  quarterly  report on Form 10-QSB of McCombs  Realty
      Partners;

2.    Based on my knowledge,  this report does not contain any untrue  statement
      of a material fact or omit to state a material fact  necessary to make the
      statements made, in light of the circumstances under which such statements
      were made,  not  misleading  with  respect  to the period  covered by this
      report;

3.    Based on my  knowledge,  the  financial  statements,  and other  financial
      information  included  in this  report,  fairly  present  in all  material
      respects the financial condition,  results of operations and cash flows of
      the small  business  issuer as of, and for, the periods  presented in this
      report;

4.    The  small  business  issuer's  other  certifying  officer(s)  and  I  are
      responsible  for  establishing  and  maintaining  disclosure  controls and
      procedures (as defined in Exchange Act Rules  13a-15(e) and 15d-15(e)) for
      the small business issuer and have:

      (a)   Designed such  disclosure  controls and  procedures,  or caused such
            disclosure   controls  and  procedures  to  be  designed  under  our
            supervision,  to ensure that  material  information  relating to the
            small business issuer, including its consolidated  subsidiaries,  is
            made  known to us by  others  within  those  entities,  particularly
            during the period in which this report is being prepared;

      (b)   Evaluated  the   effectiveness   of  the  small  business   issuer's
            disclosure  controls and procedures and presented in this report our
            conclusions about the  effectiveness of the disclosure  controls and
            procedures, as of the end of the period covered by this report based
            on such evaluation; and

      (c)   Disclosed in this report any change in the small  business  issuer's
            internal  control over financial  reporting that occurred during the
            small  business  issuer's  most  recent  fiscal  quarter  (the small
            business  issuer's  fourth  fiscal  quarter in the case of an annual
            report) that has  materially  affected,  or is reasonably  likely to
            materially affect, the small business issuer's internal control over
            financial reporting; and

5.    The  small  business  issuer's  other  certifying  officer(s)  and I  have
      disclosed,  based on our most recent  evaluation of internal  control over
      financial reporting, to the small business issuer's auditors and the audit
      committee of the small  business  issuer's  board of directors (or persons
      performing the equivalent functions):

      (a)   All significant  deficiencies and material  weaknesses in the design
            or operation of internal control over financial  reporting which are
            reasonably  likely to adversely  affect the small business  issuer's
            ability  to  record,   process,   summarize  and  report   financial
            information; and


      (b)   Any fraud,  whether or not  material,  that  involves  management or
            other  employees who have a significant  role in the small  business
            issuer's internal control over financial reporting.

Date: August 15, 2005
                                    /s/Martha L. Long
                                    Martha L. Long
                                    Senior Vice  President of CRPTEX,
                                    Inc.,  equivalent  of  the  chief
                                    executive    officer    of    the
                                    Partnership


<PAGE>



Exhibit 31.2


                                  CERTIFICATION


I, Stephen B. Waters, certify that:


1.    I have reviewed  this  quarterly  report on Form 10-QSB of McCombs  Realty
      Partners;

2.    Based on my knowledge,  this report does not contain any untrue  statement
      of a material fact or omit to state a material fact  necessary to make the
      statements made, in light of the circumstances under which such statements
      were made,  not  misleading  with  respect  to the period  covered by this
      report;

3.    Based on my  knowledge,  the  financial  statements,  and other  financial
      information  included  in this  report,  fairly  present  in all  material
      respects the financial condition,  results of operations and cash flows of
      the small  business  issuer as of, and for, the periods  presented in this
      report;

4.    The  small  business  issuer's  other  certifying  officer(s)  and  I  are
      responsible  for  establishing  and  maintaining  disclosure  controls and
      procedures (as defined in Exchange Act Rules  13a-15(e) and 15d-15(e)) for
      the small business issuer and have:

      (a)   Designed such  disclosure  controls and  procedures,  or caused such
            disclosure   controls  and  procedures  to  be  designed  under  our
            supervision,  to ensure that  material  information  relating to the
            small business issuer, including its consolidated  subsidiaries,  is
            made  known to us by  others  within  those  entities,  particularly
            during the period in which this report is being prepared;

      (b)   Evaluated  the   effectiveness   of  the  small  business   issuer's
            disclosure  controls and procedures and presented in this report our
            conclusions about the  effectiveness of the disclosure  controls and
            procedures, as of the end of the period covered by this report based
            on such evaluation; and

      (c)   Disclosed in this report any change in the small  business  issuer's
            internal  control over financial  reporting that occurred during the
            small  business  issuer's  most  recent  fiscal  quarter  (the small
            business  issuer's  fourth  fiscal  quarter in the case of an annual
            report) that has  materially  affected,  or is reasonably  likely to
            materially affect, the small business issuer's internal control over
            financial reporting; and

5.    The  small  business  issuer's  other  certifying  officer(s)  and I  have
      disclosed,  based on our most recent  evaluation of internal  control over
      financial reporting, to the small business issuer's auditors and the audit
      committee of the small  business  issuer's  board of directors (or persons
      performing the equivalent functions):

      (a)   All significant  deficiencies and material  weaknesses in the design
            or operation of internal control over financial  reporting which are
            reasonably  likely to adversely  affect the small business  issuer's
            ability  to  record,   process,   summarize  and  report   financial
            information; and

      (b)   Any fraud,  whether or not  material,  that  involves  management or
            other  employees who have a significant  role in the small  business
            issuer's internal control over financial reporting.

Date: August 15, 2005
                              /s/Stephen B. Waters
                              Stephen B. Waters
                              Vice President of CRPTEX, Inc.,
                              equivalent of the chief financial
                              officer of the Partnership



<PAGE>



Exhibit 32.1


                          Certification of CEO and CFO
                       Pursuant to 18 U.S.C. Section 1350,
                             As Adopted Pursuant to
                Section 906 of the Sarbanes-Oxley Act of 2002



In  connection  with the  Quarterly  Report  on Form  10-QSB of  McCombs  Realty
Partners (the  "Partnership"),  for the quarterly  period ended June 30, 2005 as
filed with the  Securities  and  Exchange  Commission  on the date  hereof  (the
"Report"),  Martha L. Long, as the equivalent of the chief executive  officer of
the Partnership, and Stephen B. Waters, as the equivalent of the chief financial
officer of the Partnership, each hereby certifies, pursuant to 18 U.S.C. Section
1350,  as adopted  pursuant  to Section 906 of the  Sarbanes-Oxley  Act of 2002,
that, to the best of his knowledge:

      (1)   The Report fully complies with the  requirements of Section 13(a) or
            15(d) of the Securities Exchange Act of 1934; and

      (2)   The  information  contained in the Report  fairly  presents,  in all
            material respects, the financial condition and results of operations
            of the Partnership.

                                           /s/Martha L. Long
                                    Name:  Martha L. Long
                                    Date:  August 15, 2005

                                           /s/Stephen B. Waters
                                    Name:  Stephen B. Waters
                                    Date:  August 15, 2005

This  certification is furnished with this Report pursuant to Section 906 of the
Sarbanes-Oxley  Act of 2002 and shall not be deemed filed by the Partnership for
purposes of Section 18 of the Securities Exchange Act of 1934, as amended.