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 0-15675


                             DAVIDSON GROWTH PLUS, L.P.
         (Exact name of small business issuer as specified in its charter)



         Delaware                                           52-1462866
(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

a)

                             DAVIDSON GROWTH PLUS, L.P.

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

                                 March 31, 2001

<TABLE>
<CAPTION>


Assets
<S>                                                                          <C>
   Cash and cash equivalents                                                 $  370
   Receivables and deposits                                                      55
   Restricted escrows                                                           177
   Other assets                                                                 337
   Investment properties:
       Land                                                  $  4,650
       Buildings and related personal property                 21,079
                                                               25,729
       Less accumulated depreciation                          (12,035)       13,694
                                                                           $ 14,633
Liabilities and Partners' (Deficit) Capital
Liabilities
   Accounts payable                                                          $   57
   Tenant security deposit liabilities                                          103
   Accrued property taxes                                                       132
   Other liabilities                                                            147
   Mortgage notes payable                                                    14,373

Minority interest                                                                71

Partners' (Deficit) Capital
   General partners                                           $  (825)
   Limited partners (28,371.75 units issued and
      outstanding)                                                575          (250)
                                                                           $ 14,633

</TABLE>

            See Accompanying Notes to Consolidated Financial Statements


<PAGE>

b)

                             DAVIDSON GROWTH PLUS, L.P.

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

<TABLE>
<CAPTION>

                                                            Three Months Ended
                                                                 March 31,
                                                           2001             2000
Revenues:
<S>                                                       <C>              <C>
   Rental income                                          $ 1,388          $ 1,292
   Other income                                               115               74
      Total revenues                                        1,503            1,366

Expenses:
   Operating                                                  506              497
   General and administrative                                  65               56
   Depreciation                                               249              237
   Interest                                                   291              252
   Property taxes                                             132              117
      Total expenses                                        1,243            1,159

Income before minority interest in net income
   of joint venture                                           260              207

Minority interest in net income of joint venture              (29)             (16)

Net income                                                 $  231            $ 191

Net income allocated to general partners (3%)               $   7              $ 6

Net income allocated to limited partners (97%)                224              185
                                                           $  231            $ 191

Net income per limited partnership unit                   $  7.90           $ 6.52

Distributions per limited partnership unit                $ 27.00           $ 8.21

            See Accompanying Notes to Consolidated Financial Statements
</TABLE>


<PAGE>


c)

                             DAVIDSON GROWTH PLUS, L.P.

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


<TABLE>
<CAPTION>

                                     Limited
                                     Partnership    General     Limited
                                        Units      Partners    Partners      Total

<S>                                   <C>             <C>       <C>         <C>
Original capital contributions        28,371.75       $ 1       $28,376     $28,377

Partners' (deficit) capital at
   December 31, 2000                  28,371.75     $ (808)     $ 1,117      $ 309

Distribution to partners                     --         (24)       (766)       (790)

Net income for the three
   months ended March 31, 2001               --           7         224         231

Partners' (deficit) capital
   at March 31, 2001                  28,371.75     $ (825)      $ 575       $ (250)


            See Accompanying Notes to Consolidated Financial Statements

</TABLE>

<PAGE>



d)

                             DAVIDSON GROWTH PLUS, L.P.

                      CONSOLIDATED 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 income                                                     $ 231        $ 191
  Adjustments to reconcile net income to net cash
   provided by operating activities:
      Depreciation                                                  249         237
      Amortization of discounts and loan costs                       16          26
      Minority interest in net income of joint venture               29          16
      Change in accounts:
         Receivables and deposits                                   380         247
         Other assets                                               (73)        (40)
         Accounts payable                                           (59)        (19)
         Tenant security deposit liabilities                         (3)         (5)
         Accrued property taxes                                    (121)        (76)
         Other liabilities                                          (47)        (21)
            Net cash provided by operating activities               602         556

Cash flows from investing activities:
  Property improvements and replacements                            (76)       (220)
  Net deposits to restricted escrows                                 (1)        (79)
            Net cash used in investing activities                   (77)       (299)

Cash flows from financing activities:
  Payments on mortgage notes payable                                (59)        (69)
  Loan costs paid                                                    (5)         --
  Distribution to partners                                         (790)       (240)
  Distributions to minority partner                                 (62)        (33)
            Net cash used in financing activities                  (916)       (342)

Net decrease in cash and cash equivalents                          (391)        (85)
Cash and cash equivalents at beginning of period                    761         746
Cash and cash equivalents at end of period                       $ 370        $ 661

Supplemental disclosure of cash flow information:
  Cash paid for interest                                         $ 234        $ 226

            See Accompanying Notes to Consolidated Financial Statements

</TABLE>

<PAGE>

e)

                           DAVIDSON GROWTH PLUS, L.P.

                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                                   (Unaudited)


Note A - Basis of Presentation

The accompanying  unaudited consolidated financial statements of Davidson Growth
Plus, L.P. (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 Davidson  Growth Plus GP Corporation  (the  "Managing  General
Partner"),   an  affiliate  of  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  consolidated  financial  statements  and
footnotes thereto included in the Partnership's Annual Report on Form 10-KSB for
the fiscal year ended December 31, 2000.

Principles of Consolidation

The consolidated financial statements of the Partnership include its 99% limited
partnership  interest in The New Fairways,  LP and its 82.5% general partnership
interest in Sterling  Crest Joint  Venture  ("Sterling  Crest")  which  operates
Brighton  Crest.  Because the  Partnership may remove the general partner of The
New  Fairways,  L.P.  and has a  controlling  interest  in Sterling  Crest,  the
partnerships are controlled and consolidated by the Partnership. All significant
inter-entity balances have been eliminated.

Segment Reporting

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 consolidated 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.  Affiliates  of the Managing  General  Partner  provide
property  management  and asset  management  services  to the  Partnership.  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  amounts  were paid or accrued to the  Managing  General  Partner
and/or its  affiliates  during the three month  periods ended March 31, 2001 and
2000:
<TABLE>
<CAPTION>

                                                                   2001       2000
                                                                    (in thousands)

<S>                                                                <C>        <C>
 Property management fees (included in operating expenses)         $ 76       $ 72
 Reimbursement for services of affiliates (included in
    general and administrative expense)                              40         23
 Subordinated management fee (included in general and
    administrative expense)                                           4          8
</TABLE>

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 all
of  the  Partnership's   properties  as  compensation  for  providing   property
management  services.  The  Partnership  paid to such  affiliates  approximately
$76,000  and  $72,000  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  $40,000 and
$23,000 for the three months ended March 31, 2001 and 2000, respectively.

The Partnership Agreement provides for the Managing General Partner to receive a
fee for managing the affairs of the Partnership.  The fee is 2% of adjusted cash
from  operations,  as  defined  in the  Partnership  Agreement.  Payment of this
management fee is  subordinated  and is payable only after the  Partnership  has
distributed to the limited  partners,  adjusted cash from operations in any year
equal to 10% of the limited partners adjusted invested capital as defined in the
Partnership  Agreement  or upon  the  refinance  or sale  of a  property  in the
Partnership.  Unpaid subordinated Partnership management fees at March 31, 2001,
are approximately  $4,000. This amount reflects the Partnership  management fees
for the three month period ended March 31, 2001.

In addition to its  indirect  ownership of the general  partner  interest in the
Partnership,  AIMCO and its affiliates  currently own 15,950 limited partnership
units in the Partnership  representing 56.22% of the outstanding units. A number
of these  units were  acquired  pursuant  to tender  offers made by AIMCO or its
affiliates.  It is possible that AIMCO or its  affiliates  will make one or more
additional offers to acquire  additional  limited  partnership  interests in the
Partnership  for cash or in exchange for units in the operating  partnership  of
AIMCO. Under the Partnership  Agreement,  unitholders  holding a majority of the
Units are  entitled to take action with  respect to a variety of matters,  which
would  include  without   limitation,   voting  on  certain  amendments  to  the
Partnership  Agreement and voting to remove the Managing General  Partner.  As a
result  of its  ownership  of  56.22% of the  outstanding  units,  AIMCO is in a
position to influence all voting decisions with respect to the Registrant.  When
voting on matters, AIMCO would in all likelihood vote the Units it acquired in a
manner  favorable  to the interest of the Managing  General  Partner  because of
their affiliation with the Managing General Partner.

Note C - Distributions to Partners

During the three months ended March 31, 2001, the Partnership  declared and paid
a distribution of approximately $790,000  (approximately $766,000 to the limited
partners  or  $27.00  per  limited  partnership  unit)  to  its  partners.   The
distribution consisted of approximately $524,000  (approximately $508,000 to the
limited  partners or $17.91 per limited  partnership  unit) from  operations and
approximately $266,000  (approximately $258,000 to the limited partners or $9.09
per  limited  partnership  unit) from the  proceeds  of the  refinancing  of the
mortgage loans encumbering The Fairway  Apartments in December 2000.  Subsequent
to March 31, 2001, the  Partnership  declared a distribution  from operations of
approximately $219,000  (approximately $212,000 to the limited partners or $7.47
per limited  partnership  unit) to its  partners.  During the three months ended
March  31,  2000,  the  Partnership  paid  a  distribution  from  operations  of
approximately $240,000  (approximately $233,000 to the limited partners or $8.21
per limited partnership unit) to its partners.

Note D - Refinancing of Mortgage Note Payable

On December 15, 2000, the  Partnership  refinanced the mortgage  encumbering The
Fairway  Apartments.  The refinancing  replaced  indebtedness  of  approximately
$3,599,000  with a new  mortgage in the amount of  $6,575,000.  The new mortgage
carries a stated interest rate of 7.27% as compared to the 7.6% interest rate on
the old  mortgage.  Payments on the mortgage loan are due monthly until the loan
matures  on January 1, 2021.  Total  capitalized  loan costs were  approximately
$122,000  during the year ended  December  31,  2000.  Additional  loan costs of
approximately  $5,000 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  Partnership  from time to time.
The  discussion  of  the  Partnership'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  Partnership's  business  and
results of operation.  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 three 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

      Brighton Crest Apartments                     94%        92%
         Marietta, Georgia
      The Fairway Apartments                        96%        95%
         Plano, Texas
      The Village Apartments                        95%        93%
         Brandon, Florida

Results of Operations

The  Partnership  realized  net income of  approximately  $231,000 for the three
months ended March 31, 2001,  compared to net income of  approximately  $191,000
for the three months ended March 31, 2000.  The increase in net income is due to
an increase in total revenues  partially offset by an increase in total expenses
and an  increase in minority  interest in income from the joint  venture.  Total
revenues increased as a result of an increase in rental income and other income.
Rental income increased primarily due to an increase in average rental rates and
occupancy at all of the  Partnership's  properties and a decrease in concessions
at The Fairway Apartments and Brighton Crest Apartments.  Other income increased
primarily  due  to an  increase  in  utilities  reimbursements  at  all  of  the
Partnership's properties.

The increase in total  expenses is due to increases  in  depreciation,  property
tax, interest,  operating and general and administrative  expenses. The increase
in depreciation  expense is due to capital  improvements put into service during
the past twelve months. Property tax expense increased due to an increase in the
assessed value of The Fairway Apartments.  Interest expense increased due to the
refinancing  of The Fairway  Apartments in December  2000,  as discussed  below.
Operating expenses increased  primarily due to increased utility expenses at The
Fairway Apartments.  General and administrative expenses increased primarily due
to an increase in the cost of services included in the management reimbursements
to the Managing  General Partner as allowed under the Partnership  Agreement and
increased  professional fees associated with managing the Partnership  partially
offset by  decreased  legal  expenses.  Included in general  and  administrative
expenses at both March 31, 2001 and 2000,  are  reimbursements  to the  Managing
General  Partner  allowed under the  Partnership  Agreement  associated with its
management of the  Partnership.  Costs  associated with the quarterly and annual
communications  with  investors  and  regulatory  agencies  and the annual audit
required  by the  Partnership  Agreement  are also  included.  The  increase  in
minority  interest  in net income of joint  venture is due to an increase in the
net income of the joint venture,  resulting  primarily  from  increased  average
rental rates and increased occupancy at the joint venture's  property,  Brighton
Crest.

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  Partnership  from increases in
expense.  As part of this plan, the Managing 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, 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

The  Partnership  held cash and cash  equivalents of  approximately  $370,000 at
March 31,  2001,  compared  to  approximately  $661,000 at March 31,  2000.  The
decrease  in cash  and  cash  equivalents  of  approximately  $391,000  from the
Partnership's cash balance at December 31, 2000, is due to approximately $77,000
of cash used in investing activities and approximately  $916,000 of cash used in
financing  activities,  which was partially offset by approximately  $602,000 of
cash  provided  by  operating  activities.  Cash  used in  investing  activities
consisted  primarily of property  improvements and replacements and, to a lesser
extent, net deposits to escrow accounts maintained by the mortgage lenders. Cash
used  in  financing  activities  consisted  primarily  of  distributions  to the
partners,  and to a lesser  extent,  payments of principal made on the mortgages
encumbering the Partnership's properties,  distributions to the minority partner
of  Sterling  Crest and loan costs  paid.  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 various  properties  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.   Capital
improvements planned for the Partnership's properties are detailed below.

Brighton Crest Apartments

During  the  three  months  ended  March 31,  2001,  the  Partnership  completed
approximately  $44,000  of  capital  improvements  at the  property,  consisting
primarily  of sewer  replacement,  carpet  and vinyl  replacements,  appliances,
plumbing  fixture  upgrades,  wall coverings,  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  $129,000,  consisting  primarily  of  water
conservation   projects  and  interior  and  exterior   building   improvements.
Additional  improvements  may be  considered  and will  depend  on the  physical
condition of the property as well as replacement  reserves and anticipated  cash
flow generated by the property.

Fairway Apartments

During  the  three  months  ended  March 31,  2001,  the  Partnership  completed
approximately  $21,000  of  capital  improvements  at the  property,  consisting
primarily  of  carpet  replacements,   interior  decoration,  and  water  heater
replacements.  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 $89,000, consisting primarily of
air conditioning  unit  replacements,  carpet and vinyl  replacements,  interior
upgrades,  window  treatments,  and appliances.  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 Village Apartments

During  the  three  months  ended  March 31,  2001,  the  Partnership  completed
approximately  $11,000  of  capital  improvements  at the  property,  consisting
primarily of carpet and vinyl replacements,  plumbing upgrades,  and appliances.
These  improvements  were funded from operating cash flow. The  Partnership  has
evaluated the capital  improvement  needs of the property for the year 2001. The
amount  budgeted  is  approximately   $56,000,   consisting   primarily  of  air
conditioning  unit  replacement,  appliances,  carpet  and  vinyl  replacements,
interior  decoration,  fencing,  and  swimming  pool  improvements.   Additional
improvements may be considered and will depend on the physical  condition of the
property as well as replacement  reserves and anticipated cash flow generated by
the property.

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

On December 15, 2000, the  Partnership  refinanced the mortgage  encumbering The
Fairway  Apartments.  The refinancing  replaced  indebtedness  of  approximately
$3,599,000  with a new  mortgage in the amount of  $6,575,000.  The new mortgage
carries a stated interest rate of 7.27% as compared to the 7.6% interest rate on
the old  mortgage.  Payments on the mortgage loan are due monthly until the loan
matures  on January 1, 2021.  Total  capitalized  loan costs were  approximately
$122,000  during the year ended  December  31,  2000.  Additional  loan costs of
approximately  $5,000 were  capitalized  during the three months ended March 31,
2001.

The Partnership's  current assets are thought to be sufficient for any near-term
needs  (exclusive  of capital  improvements)  of the  Partnership.  The mortgage
indebtedness of approximately  $14,373,000,  net of discounts, is amortized over
periods ranging from  approximately  20 to 29 years with balloon payments due in
2003 for Brighton  Crest  Apartments  and The Village  Apartments.  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 Partnership may risk losing such properties
through foreclosure.

During the three months ended March 31, 2001, the Partnership  declared and paid
a distribution of approximately $790,000  (approximately $766,000 to the limited
partners  or  $27.00  per  limited  partnership  unit)  to  its  partners.   The
distribution consisted of approximately $524,000  (approximately $508,000 to the
limited  partners or $17.91 per limited  partnership  unit) from  operations and
approximately $266,000  (approximately $258,000 to the limited partners or $9.09
per  limited  partnership  unit) from the  proceeds  of the  refinancing  of the
mortgage loans encumbering The Fairway  Apartments in December 2000.  Subsequent
to March 31, 2001, the  Partnership  declared a distribution  from operations of
approximately $219,000  (approximately $212,000 to the limited partners or $7.47
per limited  partnership  unit) to its  partners.  During the three months ended
March  31,  2000,  the  Partnership  paid  a  distribution  from  operations  of
approximately $240,000  (approximately $233,000 to the limited partners or $8.21
per limited  partnership unit) to its partners.  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 Partnership's  distribution  policy is reviewed on a quarterly basis.
There  can  be  no  assurance,  however,  that  the  Partnership  will  generate
sufficient funds from operations, after required capital improvements, to permit
further  distributions  to its  partners  during  the  year  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:

                  None filed during the quarter ended March 31, 2001.




<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.



                                    DAVIDSON GROWTH PLUS, L.P.


                                    By:   DAVIDSON GROWTH PLUS GP CORPORATION
                                          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: