FORM 10-KSB--ANNUAL OR TRANSITIONAL REPORT UNDER
                               SECTION 13 OR 15(d)

                                   Form 10-KSB
(Mark One)
[X]   ANNUAL REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT
      OF 1934
      [No Fee Required]

                 For the fiscal year ended December 31, 2000

[ ]   TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
      ACT OF 1934 [No Fee Required]

             For the transition period from _________to _________

                         Commission file number 0-14570

                           MCCOMBS REALTY PARTNERS
                (Name of small business issuer 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)

                   Issuer's telephone number (864) 239-1000

        Securities registered under Section 12(b) of the Exchange Act:

                                      None

        Securities registered under Section 12(g) of the Exchange Act:

                      Units of Limited Partnership Interest
                                (Title of class)

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___

Check if there is no disclosure  of delinquent  filers in response to Item 405
of  Regulation  S-B  contained  in  this  form,  and  no  disclosure  will  be
contained,  to the best of the Partnership's  knowledge in definitive proxy or
information  statements  incorporated  by  reference  in Part III of this Form
10-KSB or any amendment to this Form 10-KSB. [X]

State issuer's revenues for its most recent fiscal year.  $1,588,000

State the aggregate  market value of the voting  partnership  interests  held by
non-affiliates  computed  by  reference  to the price at which  the  partnership
interests  were sold,  or the average bid and asked  prices of such  partnership
interests as of December 31, 2000. No market exists for the limited  partnership
interests of the Registrant,  and,  therefore,  no aggregate market value can be
determined.

                       DOCUMENTS INCORPORATED BY REFERENCE
                                      None


                                     PART I

Item 1.     Description of Business

McCombs Realty  Partners  ("Partnership"  or  "Registrant")  is a  publicly-held
limited  partnership  organized under the California Uniform Limited Partnership
Act on June 22, 1984. The Partnership's general partner is CRPTEX, Inc., a Texas
Corporation  (the "General  Partner" and formerly  known as Capital Realty Group
Property, Inc.). The General Partner is a subsidiary of Apartment Investment and
Management  Company  ("AIMCO").  The  Partnership  Agreement  provides  that the
Partnership  is to terminate on December 31, 2030,  unless  terminated  prior to
such date.

The Partnership sold 22,036 units of Limited Partnership  Interest ("Units") for
$11,018,000  in a public  offering that began  December 1984 and ended  December
1985.  Since its initial  offering,  the Registrant  has received  approximately
$730,000 of additional capital contributions from limited partners. In addition,
under the Partnership's  1988 Plan of Reorganization  (see "Item 6. Management's
Discussion  and  Analysis or Plan of  Operation"),  the General  Partner  made a
$14,500  capital  contribution.  The  Partnership  is engaged in the business of
operating  and  holding  real estate  property  for  investment.  All of the net
proceeds  from  the  offering  were  expended  in 1985 for the  acquisition  and
operation of one apartment  complex  (Lakewood at Pelham) located in Greenville,
South Carolina,  as well as office complexes  (Airport Business Center and Crown
Center)  located  in  Georgia  and  California.   Airport  Business  Center  was
foreclosed upon by the lender in September 1987, and Crown Center was foreclosed
upon by the lender in April 1988. At December 31, 2000, the  Partnership's  sole
investment  property  was  Lakewood  at  Pelham.  See  "Item 2.  Description  of
Property" for a further description of the Partnership's investment property.

The  original  general  partners of the  Partnership  were  McCombs  Corp.,  a
California  corporation  and EP Partners V, a California  General  Partnership
(the "Original  General  Partners").  Upon final  confirmation  of the Plan of
Reorganization  (effective January 25, 1989),  CRPTEX,  Inc. (then called A.B.
Capital  Property,  Inc.)  became the new General  Partner of the  Partnership
retroactively effective to January 1, 1988.

The Registrant has no employees. Property management and administrative services
are provided by the General Partner and affiliates.

The  real  estate  business  in which  the  Partnership  is  engaged  is  highly
competitive.  There are other  residential  properties within the market area of
the Partnership's  property.  The number and quality of competitive  properties,
including  those which may be managed by an affiliate of the General  Partner in
such  market  area  could have a  material  effect on the rental  market for the
apartments at the  Partnership's  property and the rents that may be charged for
such apartments. While the General Partner and its affiliates own and/or control
a  significant  number of  apartment  units in the  United  States,  such  units
represent an  insignificant  percentage of total  apartment  units in the United
States and competition for the apartments is local.

Both the income and expenses of operating the property owned by the  Partnership
are subject to factors outside of the Partnership's  control, such as changes in
supply  and  demand  for  similar  properties   resulting  from  various  market
conditions, increases/decreases in unemployment or population shifts, changes in
the  availability of permanent  mortgage  financing,  changes in zoning laws, or
changes in patterns or needs of users. In addition,  there are risks inherent in
owning  and  operating  residential   properties  because  such  properties  are
susceptible  to the  impact of  economic  and other  conditions  outside  of the
control of the Partnership.

There have been, and it is possible there may be other, Federal, state and local
legislation  and  regulations   enacted   relating  to  the  protection  of  the
environment.  The Partnership is unable to predict the extent,  if any, to which
such new  legislation  or  regulations  might occur and the degree to which such
existing or new legislation or regulations  might adversely  affect the property
owned by the Partnership.

The  Partnership  monitors its property for evidence of  pollutants,  toxins and
other dangerous substances, including the presence of asbestos. In certain cases
environmental  testing has been performed which resulted in no material  adverse
conditions or liabilities.  In no case has the Partnership  received notice that
it is a potentially  responsible party with respect to an environmental clean up
site.

A further description of the Partnership's business is included in "Management's
Discussion and Analysis or Plan of Operation"  included in "Item 6" of this Form
10-KSB.

Transfer of Control

On September 21, 1994, Capital Realty Group, Corporation ("CRGC"), the parent of
the General Partner,  entered into a Stock Purchase Agreement ("Agreement") with
Insignia  Financial  Group,  Inc.  ("Insignia")  and  several of its  affiliates
whereby  Metropolitan  Asset  Enhancement,   L.P.,  an  affiliate  of  Insignia,
purchased  affiliates of CRCG including the General Partner of the  Partnership.
Under the terms of the  Agreement,  affiliates of Insignia  commenced  providing
property  management and  administrative  services to the  Partnership  upon HUD
approval of the Agreement. The Agreement became effective November 30, 1994, and
the name of the General Partner of the Partnership was changed to CRPTEX, Inc.

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

Item 2.     Description of Property

The following table sets forth the Partnership's investment in property:

                                     Date of
Property                           Purchase      Type of Ownership        Use

Lakewood at Pelham                   01/85   Fee ownership subject to  Apartment
  Greenville, South Carolina                 first mortgage (1)        271 units

(1)   The  property is held by a limited  partnership  in which the  Partnership
      owns a 100% interest.

Schedule of Property:

Set forth  below for the  Partnership's  property is the gross  carrying  value,
accumulated depreciation,  depreciable life, method of depreciation, and Federal
tax basis.

<TABLE>
<CAPTION>

                           Gross
                          Carrying   Accumulated                         Federal
Property                   Value    Depreciation     Rate    Method     Tax Basis
                              (in thousands)                         (in thousands)

Lakewood at Pelham
  Greenville, South
<S>                       <C>          <C>           <C>       <C>        <C>
  Carolina                $ 6,309      $ 3,999       3-25      S/L       $ 1,317
</TABLE>

See  "Note B" to the  consolidated  financial  statements  included  in "Item 7.
Financial Statements" for a description of the Partnership's depreciation policy
and "Note H -Change in Accounting Principle".


<PAGE>



Schedule of Property Indebtedness:

The  following  table  sets  forth  certain  information  relating  to the  loan
encumbering the Registrant's property.

<TABLE>
<CAPTION>

                         Principal                                        Principal
                         Balance At     Stated                             Balance
                        December 31,   Interest    Period    Maturity       Due At
Property                    2000         Rate     Amortized    Date      Maturity (2)
                       (in thousands)                                   (in thousands)

Lakewood at Pelham
<S>                       <C>            <C>         <C>     <C>           <C>
  1st mortgage            $ 5,538        8.1%        (1)     07/01/05      $ 5,151
</TABLE>

(1)   The principal  balance is amortized over 30 years with a balloon payment
      due July 1, 2005.

(2)   See "Item 7. Financial Statements, Note D" for information with respect to
      the  Partnership's  ability to prepay this loan and other specific details
      about the loan.

Schedule of Rental Rate and Occupancy:

Average  annual  rental rates and  occupancy  for 2000 and 1999 for the property
were as follows:

                                    Average Annual               Average Annual
                                      Rental Rate                  Occupancy
                                      (per unit)
 Property                        2000             1999          2000        1999

 Lakewood at Pelham             $5,843          $5,634          96%          96%

As noted under "Item 1.  Description of Business",  the real estate  industry is
highly  competitive.  The property of the  Partnership is subject to competition
from other  residential  apartment  complexes in the area.  The General  Partner
believes that the property is adequately  insured.  The property is an apartment
complex  which leases units for terms of one year or less.  No tenant leases 10%
or more  of the  available  rental  space.  The  property  is in  good  physical
condition,  subject to normal  depreciation and  deterioration as is typical for
assets of this type and age.

Schedule of Real Estate Taxes and Rates:

Real estate taxes and rates in 2000 for the property were as follows:

                                                2000            2000
                                               Billing          Rate
                                           (in thousands)

       Lakewood at Pelham                        $83            1.50%

Capital Improvements:

Lakewood at Pelham

During  2000,  the  Partnership  expended  approximately  $110,000  for  capital
improvements  at  Lakewood  at  Pelham,   consisting   primarily  of  structural
improvements,  floor covering replacement,  appliances and HVAC upgrades.  These
improvements were funded from replacement reserves. The Partnership is currently
evaluating the capital  improvement needs of the property for the upcoming year.
The  minimum  amount to be  budgeted is expected to be $275 per unit or $74,525.
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.   Partnership  reserves  are
sufficient to cover the estimated costs of the capital  improvements planned for
the year 2001.  However,  the  Partnership  does not have  sufficient  assets to
fulfill its  obligation  under the Plan of  Reorganization  ("Plan") and in fact
defaulted on its  obligations  due October 20, 1998.  See "Item 6.  Management's
Discussion and Analysis or Plan of Operation" for detail as to the Partnership's
Plan  with  respect  to  meeting  its  short  term  needs  under  the  Plan.  No
distributions  were  declared or paid during  either of the twelve  months ended
December 31, 2000 or 1999.


<PAGE>



Item 3.     Legal Proceedings

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

Item 4.     Submission of Matters to a Vote of Partners

During the quarter ended  December 31, 2000, no matters were submitted to a vote
of the Unit holders through the solicitation of proxies or otherwise.


<PAGE>



                                     PART II


Item 5.     Market for the Registrant's Units of Limited Partnership and
            Related Partner Matters

As of  December  31,  2000,  the number of  holders  of record of the  17,196.39
Limited Partnership Units ("Units") was 1,119. Affiliates of the General Partner
owned 2,520.5 units or 14.66% at December 31, 2000. No public trading market has
developed  for the  Units,  and it is not  anticipated  that such a market  will
develop in the future.  No distributions  were made in 2000 or 1999. See further
discussion  in  "Item  6.  Management's  Discussion  and  Analysis  or  Plan  of
Operation" below.

In addition to its  indirect  ownership of the general  partner  interest in the
Partnership, AIMCO and its affiliates owned 2,520.5 limited partnership units in
the Partnership  representing  approximately  14.66% of the outstanding units at
December  31,  2000.  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  limited  partnership   interests  in  the
Partnership  for cash or in exchange for units in the operating  partnership  of
AIMCO either  through  private  purchases or tender offers.  In this regard,  on
February 8, 2001, AIMCO  Properties,  L.P.,  commenced a tender offer to acquire
all of the Units  note  owned by  affiliates  of AIMCO for a  purchase  price of
$24.92 per Unit.  Pursuant to this offer, AIMCO acquired an additional 639 units
resulting in its total  ownership  being  increased to 31,595 units or 18.37% of
the total  outstanding  units.  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  General
Partner. When voting on matters, AIMCO would in all likelihood vote the Units it
acquired in a manner favorable to the interest of the General Partner because of
their affiliation with the General Partner.

Item 6.     Management's Discussion and Analysis or Plan of Operation

The  matters  discussed  in this Form  10-KSB  contain  certain  forward-looking
statements  and  involve  risks and  uncertainties  (including  changing  market
conditions, competitive and regulatory matters, etc.) detailed in the disclosure
contained  in this Form 10-KSB and the other  filings  with the  Securities  and
Exchange  Commission made by the Registrant from time to time. The discussion of
the Registrant's business and results of operations,  including  forward-looking
statements pertaining to such matters, does not take into account the effects of
any changes to the Registrant's business and results of 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.

This  item  should  be read  in  conjunction  with  the  consolidated  financial
statements and other items contained elsewhere in this report.

Results of Operations

The   Partnership's   net  loss  for  the  year  ended  December  31,  2000  was
approximately $83,000 as compared to net income of approximately $54,000 for the
year  ended  December  31,  1999.  The  increase  in net loss for the year ended
December 31, 2000 was due to an increase in total  expenses and the  recognition
in 1999 of the  cumulative  effect  on prior  years of a  change  in  accounting
principle (see discussion  below),  which was partially offset by an increase in
total revenues. Total expenses increased primarily due to an increase in general
and  administrative  expense and, to a lesser extent,  increases in depreciation
and operating  expenses.  Depreciation  expense  increased due to an increase in
depreciable  assets  resulting  from  property   improvements  and  replacements
completed  in the last  twelve  months.  The  increase in  operating  expense is
primarily  due to increases in salaries and related  benefits at the  investment
property,  and to a lesser  extent,  an increase in utility  expenses.  Interest
expense and property tax expense remained relatively constant for the comparable
periods.  General and  administrative  expenses  increased  primarily  due to an
increase in the costs of services  included in the management  reimbursements to
the General  Partner as allowed  under the  Partnership  Agreement and increased
professional fees necessary to manage the Partnership.  Also included in general
and  administrative  expenses for the years ended December 31, 2000 and 1999 are
costs associated with the quarterly and annual communications with investors and
regulatory agencies and the annual audit required by the Partnership Agreement.

Total revenues increased primarily due to an increase in rental income, and to a
lesser extent, an increase in other income. Rental income increased primarily as
a  result  of an  increase  in the  average  rental  rate  at the  Partnership's
investment  property  and  reduced  concession  costs.  Other  income  increased
primarily  due to an increase  in  interest  income as a result of a higher cash
balance in interest-bearing accounts.

Effective  January 1, 1999, the Partnership  changed its method of accounting to
capitalize the cost of exterior painting and major landscaping.  The Partnership
believes that this accounting principle change is preferable because it provides
a better matching of expenses with the related benefit of the  expenditures  and
it is consistent with industry practice and the policies of the General Partner.
The effect of the change in 1999 was to increase net income before the change by
approximately  $48,000  ($2.73 per limited  partnership  unit).  The  cumulative
effect  adjustment  of  approximately  $25,000  is the  result of  applying  the
aforementioned  change in accounting principle  retroactively and is included in
income for 1999. The accounting principle change will not have an effect on cash
flow,  funds  available for  distribution or fees payable to the General Partner
and affiliates.

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, 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 General Partner will
be able to sustain such a plan.

Liquidity and Capital Resources

At  December  31,  2000,  the  Partnership  had  cash and  cash  equivalents  of
approximately  $782,000 as compared to  approximately  $593,000 at December  31,
1999. The increase in cash and cash equivalents of approximately $189,000 is due
to approximately  $279,000 of cash provided by operating  activities,  which was
partially offset by approximately  $68,000 of cash used in financing  activities
and  approximately  $22,000 of cash used in investing  activities.  Cash used in
financing  activities  consisted of payments of  principal  made on the mortgage
encumbering  the  Partnership's  investment  property.  Cash  used in  investing
activities  consisted  of  property  improvements  and  replacements,  which was
partially offset by net receipts from escrow accounts maintained by the mortgage
lender.  The Partnership  invests its working capital reserves in a money market
account.

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 Registrant and to comply with Federal,  state,
local,  legal and  regulatory  requirements.  The capital  improvements  will be
incurred only if cash is available from operations or from Partnership reserves.
The  Partnership is currently  evaluating the capital  improvement  needs of the
property for the upcoming year. The minimum amount to be budgeted is expected to
be $275 per unit or $74,525.  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.  Current Partnership reserves are
sufficient to cover the estimated costs of the capital  improvements planned for
the year 2001.  However,  the  Partnership  does not have  sufficient  assets to
fulfill its  obligation  under the Plan of  Reorganization  ("Plan") and in fact
defaulted on its  obligations  due October 20, 1998.  See  discussion  below for
detail as to the Partnership's Plan with respect to meeting its short term needs
under the Plan.  No  distributions  were  declared or paid during  either of the
twelve months ended December 31, 2000 or 1999.

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
effective  October 25, 1988.  The Plan was  approved by all required  classes of
creditors.

The Plan required that the  Partnership  make the following  payments on October
20, 1998:

      1)    First,  all  existing  creditors,  except  prebankruptcy  Class 12
            creditors ($23,100), would be satisfied;

      2)    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;

      3)    Class 12 creditors would be paid claims aggregating $23,100;

      4)    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;

      5)    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).

Additionally,  the Plan required CRPTEX, Inc. to make a capital  contribution of
$14,500 and loan or expend an additional  $117,500 on behalf of the  Partnership
on an as-needed basis. The Partnership received the $14,500 capital contribution
but has not required the additional $117,500.

The  payments  required  by  numbers 1 and 3 above  were  timely  satisfied.  In
addition,  all  other  claims  provided  for in the Plan then  outstanding  were
settled on June 25, 1995 when the  Partnership  refinanced the then  outstanding
mortgages  encumbering  the property.  However,  the  Partnership  was unable to
satisfy the amounts due to the limited partners  indicated in numbers 2, 4 and 5
above and is in default on these obligations.

To attempt to satisfy its remaining  obligations under the Plan, the Partnership
would be  required  to sell the  investment  property.  As an  alternative,  the
Partnership  could seek  authorization  from the Limited  Partners to extend the
payment date of October 20, 1998 to a future period.  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
defaulted on its  obligations  which were due on October 20,  1998.  The General
Partner is continuing to see that the  Partnership  operates its business in the
ordinary  course  while it  evaluates  the best  course  of  action  to  follow.
Additionally,   the   Partnership's   mortgage   indebtedness  of  approximately
$5,538,000  at December  31,  2000,  matures in July 2005,  and would  require a
property sale or  refinancing at that time.  However,  there can be no assurance
that these courses of action will be successful  and that the  Partnership  will
have sufficient funds to meet its obligations in 2001 or beyond.

Tender Offers

In addition to its  indirect  ownership of the general  partner  interest in the
Partnership, AIMCO and its affiliates owned 2,520.5 limited partnership units in
the Partnership  representing  approximately  14.66% of the outstanding units at
December  31,  2000.  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  limited  partnership   interests  in  the
Partnership  for cash or in exchange for units in the operating  partnership  of
AIMCO either  through  private  purchases or tender offers.  In this regard,  on
February 8, 2001, AIMCO  Properties,  L.P.,  commenced a tender offer to acquire
all of the Units  note  owned by  affiliates  of AIMCO for a  purchase  price of
$24.92 per Unit.  Pursuant to this offer, AIMCO acquired an additional 639 units
resulting in its total  ownership  being  increased to 31,595 units or 18.37% of
the total  outstanding  units.  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  General
Partner. When voting on matters, AIMCO would in all likelihood vote the Units it
acquired in a manner favorable to the interest of the General Partner because of
their affiliation with the General Partner.


<PAGE>


Item 7.     Financial Statements


MCCOMBS REALTY PARTNERS

LIST OF FINANCIAL STATEMENTS


      Report of KPMG LLP, Independent Auditors

      Consolidated Balance Sheet - December 31, 2000

      Consolidated  Statements of  Operations - Years ended  December 31, 2000
      and 1999

      Consolidated  Statements of Changes in Partners' Capital (Deficit) - Years
      ended December 31, 2000 and 1999

      Consolidated  Statements  of Cash Flows - Years ended  December 31, 2000
      and 1999

      Notes to Consolidated Financial Statements


<PAGE>


Independent Auditors' Report

The Partners
McCombs Realty Partners

We have audited the  accompanying  consolidated  balance sheet of McCombs Realty
Partners (a California  limited  partnership),  as of December 31, 2000, and the
related  consolidated  statements of  operations,  changes in partners'  capital
(deficit)  and cash  flows for each of the years in the  two-year  period  ended
December  31,   2000.   These   consolidated   financial   statements   are  the
responsibility of the partnership's management. Our responsibility is to express
an opinion on these consolidated financial statements based on our audits.

We conducted our audits in accordance with auditing standards generally accepted
in the  United  States of  America.  Those  standards  require  that we plan and
perform the audit to obtain  reasonable  assurance  about  whether the financial
statements are free of material misstatement.  An audit includes examining, on a
test basis,  evidence  supporting  the amounts and  disclosures in the financial
statements.  An audit also includes assessing the accounting principles used and
significant  estimates  made by  management,  as well as evaluating  the overall
financial  statement  presentation.   We  believe  that  our  audits  provide  a
reasonable basis for our opinion.

In our opinion, the consolidated  financial statements referred to above present
fairly,  in all material  respects,  the  financial  position of McCombs  Realty
Partners as of December 31, 2000, and the results of its operations and its cash
flows for each of the years in the two year period ended  December 31, 2000,  in
conformity with accounting principles generally accepted in the United States of
America.

As discussed in Note H to the consolidated financial statements, the Partnership
changed its method of accounting to capitalize the cost of exterior painting and
major landscaping effective January 1, 1999.

The accompanying  consolidated  financial statements have been prepared assuming
that McCombs Realty  Partners will continue as a going concern.  As discussed in
Note A to the consolidated  financial  statements,  the Partnership was required
under its Plan of Reorganization to pay claims to limited partners and creditors
of approximately  $11,000,000  during 1998. This raises  substantial doubt about
the Partnership's ability to continue as a going concern.  Management's plans in
regard to these matters are also described in Note A. The consolidated financial
statements do not include any adjustments  that might result from the outcome of
this uncertainty.


                                                                     /s/KPMG LLP

Greenville, South Carolina
February 20, 2001


<PAGE>







                             MCCOMBS REALTY PARTNERS

                           CONSOLIDATED BALANCE SHEET
                       (in thousands, except unit data)

                                December 31, 2000

<TABLE>
<CAPTION>




Assets
<S>                                                              <C>         <C>
   Cash and cash equivalents                                                 $  782
   Receivables and deposits                                                      31
   Restricted escrow                                                             45
   Other assets                                                                 105
   Investment property (Notes D and G):
      Land                                                     $  499
      Buildings and related personal property                   5,810
                                                                6,309
      Less accumulated depreciation                            (3,999)        2,310
                                                                            $ 3,273

Liabilities and Partners' Deficit

Liabilities
      Accounts payable                                                      $    15
      Tenant security deposit liabilities                                        17
      Accrued property taxes                                                     83
      Other liabilities                                                         106
      Mortgage note payable (Note D)                                          5,538

Partners' Deficit
   General Partner                                              $ --
   Limited partners (17,196.39 units issued and
      outstanding)                                             (2,486)       (2,486)
                                                                            $ 3,273
</TABLE>

         See Accompanying Notes to Consolidated Financial Statements

<PAGE>


                             MCCOMBS REALTY PARTNERS

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

<TABLE>
<CAPTION>

                                                           Years Ended December 31,
                                                              2000         1999
Revenues:
<S>                                                          <C>          <C>
   Rental income                                             $ 1,470      $ 1,390
   Other income                                                  118          111
      Total revenues                                           1,588        1,501

Expenses:
   Operating                                                     626          580
   General and administrative                                    216           85
   Depreciation                                                  276          249
   Interest                                                      469          475
   Property taxes                                                 84           83
      Total expenses                                           1,671        1,472

(Loss) income before cumulative effect of a change in
   accounting principle                                          (83)          29

Cumulative effect on prior years of a change in
   accounting principle for the costs of exterior
   painting and major landscaping (Note H)                        --           25

Net (loss) income (Note E)                                    $ (83)       $   54

Net (loss) income allocated to general partner (1%)           $  (1)       $    1
Net (loss) income allocated to limited partners (99%)           (82)           53
                                                              $ (83)       $   54

Net (loss) income per limited partnership unit:
   (Loss) income before cumulative effect of a change in
      accounting principle                                   $(4.77)       $ 1.64
   Cumulative effect on prior years of a change in
      accounting principle for the costs of exterior
      painting and major landscaping                              --         1.44

Net (loss) income                                            $ (4.77)      $ 3.08

         See Accompanying Notes to Consolidated Financial Statements
</TABLE>

<PAGE>


                             MCCOMBS REALTY PARTNERS

      CONSOLIDATED STATEMENTS OF CHANGES IN PARTNERS' CAPITAL (DEFICIT)
                       (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, 1998                     17,196.39       $ --      $(2,457)   $(2,457)

Net income for the year ended
  December 31, 1999                            --           1          53         54

Partners' capital (deficit) at
  December 31, 1999                     17,196.39           1      (2,404)    (2,403)

Net loss for the year ended
  December 31, 2000                            --          (1)        (82)       (83)

Partners' deficit at
  December 31, 2000                     17,196.39       $ --      $(2,486)   $(2,486)
</TABLE>


         See Accompanying Notes to Consolidated Financial Statements

<PAGE>




                             MCCOMBS REALTY PARTNERS

                      CONSOLIDATED STATEMENTS OF CASH FLOWS
                                (in thousands)

<TABLE>
<CAPTION>


                                                              Years Ended December 31,
                                                                  2000        1999
Cash flows from operating activities:
<S>                                                              <C>          <C>
  Net (loss) income                                              $ (83)       $ 54
  Adjustments to reconcile net (loss) income to net
   cash provided by operating activities:
     Depreciation                                                   276          249
     Amortization of loan costs                                      18           19
     Cumulative effect on prior years of change in
       accounting principle                                          --          (25)
     Change in accounts:
       Receivables and deposits                                      83            1
       Other assets                                                  (3)          (7)
       Accounts payable                                             (44)          46
       Tenant security deposit liabilities                           (2)           1
       Accrued property taxes                                         1            1
       Other liabilities                                             33           (7)

          Net cash provided by operating activities                 279          332

Cash flows from investing activities:
  Property improvements and replacements                           (198)        (139)
  Net receipts from restricted escrows                              176          113

          Net cash used in investing activities                     (22)         (26)

Cash flows used in financing activities:
  Payments on mortgage note payable                                 (68)         (63)

Net increase in cash and cash equivalents                           189          243

Cash and cash equivalents at beginning of year                      593          350

Cash and cash equivalents at end of year                         $ 782        $ 593

Supplemental disclosure of cash flow information:
  Cash paid for interest                                         $ 452        $ 457

Supplemental disclosure of non-cash transaction:
  Property improvements and replacements in accounts              $ --        $ 88
   payable
</TABLE>

         See Accompanying Notes to Consolidated Financial Statements

<PAGE>



                             MCCOMBS REALTY PARTNERS

                  Notes to Consolidated Financial Statements

                                December 31, 2000


Note A - Going Concern

Under the Plan of Reorganization (the "Plan"; see "Note B" below) McCombs Realty
Partners (the "Partnership" or "Registrant"),  a California limited partnership,
was required to pay claims to limited  partners and  creditors of  approximately
$11,000,000 on October 20, 1998.  These claims have not been paid as of December
31,  2000.  This raises  substantial  doubt about the  Partnership's  ability to
continue as a going concern. In order to attempt to satisfy the remaining claims
under  the  Plan,  the  Partnership  would be  required  to sell the  investment
property.  As an alternative to the sale of the property,  the Partnership could
attempt  to obtain  authorization  from the Court and the  limited  partners  to
extend the settlement date of October 20, 1998, to a future period.  The limited
partners were  approached  in August 1998 and asked to either  approve a sale of
the  Partnership's  sole investment  property or for CRPTEX,  Inc. ("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 defaulted on its obligations which were due on October 20, 1998. The
General Partner is continuing to see that the Partnership  operates its business
in the ordinary  course of business while it evaluates the best course of action
to follow. The consolidated  financial statements do not include any adjustments
that might result from the outcome of this uncertainty.

Note B - Organization and Significant Accounting Policies

Organization

The  Partnership is a  publicly-held  limited  partnership  organized  under the
California  Uniform Limited  Partnership Act on June 22, 1984. The Partnership's
general partner is CRPTEX, Inc., a Texas Corporation  (formerly known as Capital
Realty Group Property,  Inc.).  The General Partner is a subsidiary of Apartment
Investment and Management Company ("AIMCO").  The Partnership Agreement provides
that the  Partnership  is to terminate on December 31, 2030,  unless  terminated
prior to such date.

Under the Partnership  Agreement,  the maximum liability of the Limited Partners
is the amount of their capital  contributions.  Since its initial offering,  the
Partnership   has  received   approximately   $730,000  of  additional   capital
contributions from limited partners. In addition, per the Plan of Reorganization
(see below), the General Partner made a $14,500 capital contribution. There were
17,196.39 Limited Partnership units outstanding at December 31, 2000 and 1999.

Prior to February 25, 1998, the General Partner was a wholly-owned subsidiary of
MAE GP Corporation  ("MAE GP").  Effective  February 25, 1998, MAE GP was merged
into  Insignia  Properties  Trust  ("IPT"),  which is an  affiliate  of Insignia
Financial  Group,  Inc.  ("Insignia").  Effective  October 1, 1998,  the General
Partner  became a subsidiary of AIMCO (see "Note C - Transfer of Control").  The
directors and officers of the General  Partner also serve as executive  officers
of AIMCO.

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
effective  October 25, 1988.  The Plan was  approved by all required  classes of
creditors.

The Plan required that the  Partnership  make the following  payments on October
20, 1998:

      1)    First,  all  existing  creditors,  except  prebankruptcy  Class 12
            creditors ($23,100), would be satisfied;

      2)    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;

      3)    Class 12 creditors would be paid claims aggregating $23,100;

      4)    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;

      5)    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).

Additionally,  the Plan required CRPTEX, Inc. to make a capital  contribution of
$14,500 and loan or expend an additional  $117,500 on behalf of the  Partnership
on an as-needed basis. The Partnership received the $14,500 capital contribution
but has not required the additional $117,500.

The  payments  required  by  numbers 1 and 3 above  were  timely  satisfied.  In
addition,  all  other  claims  provided  for in the Plan then  outstanding  were
settled on June 25, 1995 when the  Partnership  refinanced the then  outstanding
mortgages  encumbering  the property.  However,  the  Partnership  was unable to
satisfy the amounts due to the limited partners  indicated in numbers 2, 4 and 5
above and is in default on these obligations.

Allocation of Profits, Gains and Losses

Partnership income, gains, and losses are generally allocated 98% to the Limited
Partners,  1% to the  General  Partner,  and  1% to a  special  Limited  Partner
interest,  which percentage was subsequently  transferred to CRPTEX.  Losses are
not allocated to CRPTEX's General Partner capital balance or the special Limited
Partner capital  balance,  if the allocation of loss creates a negative  capital
balance.

Notwithstanding the above allocations,  gains from the sale or other disposition
of the Partnership's  property are allocated first to the General Partner to the
extent  distributions of sale or refinancing proceeds (as defined) are received;
next,  to  partners  with  deficit  balances  in  their  capital  accounts  and,
thereafter,  to the  partners in an amount  equal to their pro rata share of the
total capital balance.

Net income (loss) per Limited Partnership unit is based on the number of Limited
Partnership  units  outstanding  (17,196.39 in 2000 and 1999) and the net income
(loss)  allocated to the Limited  Partners in  accordance  with the  Partnership
Agreement as amended by the Plan of Reorganization.

Allocation of Cash Distributions

Prior to the effective date of the Partnership's Plan of Reorganization (October
25,  1988),  cash  available  for  distribution  (as defined in the  Partnership
Agreement)  was  distributed  90% to the Limited  Partners and 1% to the General
Partner for their  interest in profits and losses and 9% to the General  Partner
as a  partnership  management  fee,  which  was  considered  an  expense  of the
Partnership.  The  General  Partner  was  not  to  receive  the  9%  Partnership
management  fee during any year in which the  Limited  Partners  did not receive
cash   distributions   equal  to  4%  per  annum  on  their   adjusted   capital
contributions.  Adjusted capital  contributions  are defined as original capital
contributed,  less distributions constituting a return of unused capital or cash
proceeds from the sale or refinancing of Partnership  properties.  In accordance
with the Plan of  Reorganization,  CRPTEX  waived the  subordinated  Partnership
management fee in return for the ability to receive real estate commissions that
are not  subordinated  to the cumulative  return (as defined in the  Partnership
Agreement).  During  the  continuing  operations  of  the  Partnership,  if  all
transfers  contemplated by the Plan of Reorganization  are made and there exists
cash available for distribution, as defined in the Partnership Agreement, CRPTEX
shall receive 1% of same as a Partnership administration fee.

Net proceeds from the sale or refinancing of the Partnership's  property will be
distributed  in  cash  to the  Limited  Partners  who  made  additional  capital
contributions  pursuant  to  the  Partnership's  Plan  of  Reorganization  until
distributions  equal the  additional  capital  contributions.  Next, the Limited
Partners who made additional capital  contributions and who are original Limited
Partners will receive distributions equal to their capital contributions.  Next,
the Limited  Partners who did not make  additional  capital  contributions  will
receive distributions equal to one-third of their existing capital contribution.
Thereafter, 16% of the remaining proceeds shall be distributed to CRPTEX and 84%
to the Limited Partners.

Notwithstanding  the  above,  the  Plan  of  Reorganization  provides  that,  in
connection  with  distributions  resulting  from the sale or  refinancing of the
Partnership's  property,  1% of each such  distribution  that would otherwise be
paid  to the  Limited  Partners  and 1% of each  such  distribution  that  would
otherwise  be paid  to the  special  Limited  Partner  interest  will be paid to
CRPTEX.

In order to increase the  Partnership's  cash reserves to a level  sufficient to
meet  anticipated  liquidity   requirements,   CRPTEX  has  not  authorized  any
distributions to the partners during the years ended December 31, 2000 and 1999.

Principles of Consolidation

The consolidated  financial statements of the Partnership include the accounts
of Pelham Place,  L.P., a South Carolina  limited  partnership.  Pelham Place,
L.P.  is the  limited  partnership  which  holds  title to Lakewood at Pelham.
Pelham Place,  L.P. is wholly-owned by the Partnership.  All  interpartnership
transactions have been eliminated.

Use of Estimates

The preparation of financial  statements in conformity  with generally  accepted
accounting principles requires management to make estimates and assumptions that
affect the amounts reported in the financial  statements and accompanying notes.
Actual results could differ from those estimates.

Investment Property

The investment property is stated at cost. Acquisition fees are capitalized as a
cost of real estate.  In  accordance  with  "Statement  of Financial  Accounting
Standards  ("SFAS") No. 121,  Accounting for the Impairment of Long-Lived Assets
and for Long-Lived Assets to be Disposed of", the Partnership records impairment
losses on  long-lived  assets used in operations  when events and  circumstances
indicate  that the assets  might be  impaired  and the  undiscounted  cash flows
estimated to be generated by those assets are less than the carrying  amounts of
those assets.  No adjustments for impairment of value were recorded in the years
ended December 31, 2000 and 1999.

Depreciation

Depreciation is provided by the straight-line method over the estimated lives of
the investment  property and related personal  property.  For Federal income tax
purposes,  the  accelerated  cost recovery  method is used (1) for real property
over 18 years for additions after March 15, 1984, and before May 9, 1985, and 19
years for additions  after May 8, 1985,  and before January 1, 1987, and (2) for
personal  property  over 5 years for  additions  prior to January 1, 1987.  As a
result of the Tax Reform Act of 1986, for additions after December 31, 1986, the
modified  accelerated  cost recovery method is used for depreciation of (1) real
property additions over 27 1/2 years, and (2) personal property additions over 5
years.

Effective  January 1, 1999, the Partnership  changed its method of accounting to
capitalize the cost of exterior painting and major landscaping (Note H).

Leases

The Partnership generally leases apartment units for twelve-month terms or less.
The Partnership recognizes income as earned on leases. The General Partner finds
it necessary to offer rental concessions  during  particularly slow months or in
response  to  heavy  competition  from  other  similar  complexes  in the  area.
Concessions are charged to income as incurred.

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
General Partner  believes that  segment-based  disclosures  will not result in a
more  meaningful  presentation  than the  consolidated  financial  statements as
currently presented.

Loan Costs

Loan  costs  of  approximately  $193,000,   less  accumulated   amortization  of
approximately  $105,000, are included in other assets and are being amortized on
a straight-line basis over the life of the loan.

Cash and Cash Equivalents

Cash and cash  equivalents  includes  cash on hand and in banks and money market
accounts.  At certain  times,  the amount of cash deposited at a bank may exceed
the limits on insured deposits.  Cash balances include approximately $645,000 at
December 31, 2000 that are  maintained  by an affiliated  management  company on
behalf of affiliated entities in cash concentration accounts.

Tenant Security Deposits

The Partnership  requires security deposits from lessees for the duration of the
lease and such deposits are included in receivables  and deposits.  Deposits are
refunded when the tenant vacates,  provided the tenant has not damaged its space
and is current on rental payments.

Advertising

The  Partnership  expenses the costs of  advertising  as  incurred.  Advertising
expense,  included in operating expenses,  was approximately $20,000 and $21,000
for the years ended December 31, 2000 and 1999, respectively.

Fair Value of Financial Instruments

SFAS No.  107,  "Disclosures  about Fair  Value of  Financial  Instruments",  as
amended by SFAS No. 119, "Disclosures about Derivative Financial Instruments and
Fair  Value  of  Financial  Instruments",  requires  disclosure  of  fair  value
information  about  financial  instruments,  whether  or not  recognized  in the
balance sheet, for which it is practicable to estimate fair value. Fair value is
defined in the SFAS as the amount at which the instruments could be exchanged in
a  current  transaction  between  willing  parties,  other  than in a forced  or
liquidation  sale.  The  Partnership  believes that the carrying  amounts of its
financial  instruments  (except for long term debt) approximate their fair value
due to the short  term  maturity  of these  instruments.  The fair  value of the
Partnership's long term debt, after discounting the scheduled loan payments at a
borrowing rate currently available to the Partnership, approximates its carrying
value.

Restricted Escrow

      Replacement  Reserve:  At the time of the refinancing of the mortgage note
      payable in 1995,  a  replacement  reserve  account was  established.  This
      reserve is to be used for capital  replacements at the apartment  complex.
      At December 31, 2000, the account balance was approximately $45,000, which
      includes interest earned on these funds.

Note C - Transfer of Control

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

Note D - Mortgage Note Payable

The principle terms of mortgage note payable are as follows:

<TABLE>
<CAPTION>

                        Principal     Monthly                            Principal
                       Balance At     Payment      Stated                 Balance
                      December 31,   Including    Interest  Maturity       Due At
Property                  2000        Interest      Rate      Date        Maturity
                            (in thousands)                             (in thousands)
Lakewood at Pelham
<S>                      <C>            <C>         <C>     <C>           <C>
  1st mortgage           $ 5,538        $ 43        8.1%    07/01/05      $ 5,151
</TABLE>

The mortgage  indebtedness  carries a stated  interest rate of 8.1% and is being
amortized over 30 years with a balloon  payment due July 1, 2005. The investment
property may not be sold subject to the existing indebtedness. Additionally, the
mortgage note requires a prepayment penalty if repaid prior to maturity.

Scheduled principal payments of the mortgage note payable subsequent to December
31, 2000 are as follows (in thousands):

                               2001             $    74
                               2002                  81
                               2003                  87
                               2004                  95
                               2005               5,201
                                                $ 5,538

Note E - Income Taxes

The Partnership  received a ruling from the Internal  Revenue Service that it is
to be classified as a partnership for Federal income tax purposes.  Accordingly,
no provision for income taxes is made in the consolidated  financial  statements
of the Partnership. Taxable income or loss of the Partnership is reported in the
income tax returns of its partners.

The  following is a  reconciliation  of reported  net (loss)  income and Federal
taxable income (loss) (in thousands, except per unit data):

                                              2000         1999

Net (loss) income as reported                $  (83)      $    54
Add (deduct)
  Depreciation and amortization                 (18)           15
  Other                                          (4)           (1)

Federal taxable (loss) income                $ (105)      $    68

Federal taxable (loss) income per
 limited partnership unit                    $(6.05)      $  3.91

The following is a reconciliation between the Partnership's reported amounts and
Federal tax basis of partners' deficit (in thousands):


Total partner's deficit - financial
  statement basis                                    $(2,486)
Current year tax basis net (loss) income
  over financial statement net (loss) income             (22)
Prior year cumulative tax basis net loss
  over financial statement net (loss) income            (938)

Total partner's deficit - Federal
  income tax basis                                   $(3,446)

Note F - Transactions with Affiliated Parties

The Partnership has no employees and is dependent 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.  The following  transactions with the General Partner
and its  affiliates  were incurred  during each of the years ended  December 31,
2000 and 1999 (in thousands):

                                                          2000      1999
Property management fees (included in operating
  expenses)                                                $ 79      $ 76
Reimbursement for services from affiliates
  (included in general and administrative expenses
  and investment properties)                                 76        46

During the years ended  December  31, 2000 and 1999,  affiliates  of the General
Partner were  entitled to 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  $79,000 and $76,000 for
the years ended December 31, 2000 and 1999, respectively.

Affiliates  of  the  General  Partner  received   reimbursement  of  accountable
administrative  expenses amounting to approximately  $76,000 and $46,000 for the
years ended December 31, 2000 and 1999, respectively.

In addition to its  indirect  ownership of the general  partner  interest in the
Partnership, AIMCO and its affiliates owned 2,520.5 limited partnership units in
the Partnership  representing  approximately  14.66% of the outstanding units at
December  31,  2000.  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  limited  partnership   interests  in  the
Partnership  for cash or in exchange for units in the operating  partnership  of
AIMCO either  through  private  purchases or tender offers.  In this regard,  on
February 8, 2001, AIMCO  Properties,  L.P.,  commenced a tender offer to acquire
all of the Units  note  owned by  affiliates  of AIMCO for a  purchase  price of
$24.92 per Unit.  Pursuant to this offer, AIMCO acquired an additional 639 units
resulting in its total  ownership  being  increased to 31,595 units or 18.37% of
the total  outstanding  units.  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  General
Partner. When voting on matters, AIMCO would in all likelihood vote the Units it
acquired in a manner favorable to the interest of the General Partner because of
their affiliation with the General Partner.

Note G - Real Estate and Accumulated Depreciation


                                                  Initial Cost
                                                 To Partnership
                                                 (in thousands)

<TABLE>
<CAPTION>

                                                          Buildings         Cost
                                                         and Related    Written Down
                                                           Personal     Subsequent to
Description                Encumbrances       Land         Property      Acquisition
                          (in thousands)                               (in thousands)

<S>                          <C>              <C>          <C>             <C>
Lakewood at Pelham           $ 5,538          $ 695        $ 6,730         $(1,116)
</TABLE>

             Gross Amount At Which Carried
                 At December 31, 2000
                    (in thousands)
<TABLE>
<CAPTION>

                       Buildings
                      And Related
                       Personal             Accumulated     Date of       Date    Depreciable
Description    Land    Property    Total    Depreciation  Construction  Acquired   Life-Years
                                           (in thousands)
Lakewood at
<S>           <C>       <C>       <C>         <C>            <C>        <C>         <C>
  Pelham      $ 499     $ 5,810   $ 6,309     $(3,999)       1980       01/85       3-25
</TABLE>

Reconciliation of "Real Estate and Accumulated Depreciation":

                                              Years Ended December 31,
                                                 2000          1999
                                                   (in thousands)
Real Estate
Balance at beginning of year                    $ 6,199       $ 5,947
    Property improvements                           110           227
    Cumulative effect on prior years
      of change in accounting principle              --            25
Balance at end of year                          $ 6,309       $ 6,199

Accumulated Depreciation
Balance at beginning of year                    $ 3,723       $ 3,474
    Additions charged to expense                    276           249
Balance at end of year                          $ 3,999       $ 3,723

The  aggregate  cost of the real  estate  for  Federal  income tax  purposes  at
December  31,  2000  and  1999,  is  approximately  $8,952,000  and  $8,842,000,
respectively. The accumulated depreciation taken for Federal income tax purposes
at December  31, 2000 and 1999,  is  approximately  $7,635,000  and  $7,341,000,
respectively.

Note H - Change in Accounting Principle

Effective  January 1, 1999, the Partnership  changed its method of accounting to
capitalize the cost of exterior painting and major landscaping.  The Partnership
believes that this accounting principle change is preferable because it provides
a better matching of expenses with the related benefit of the  expenditures  and
it is consistent with industry practice and the policies of the General Partner.
The effect of the change in 1999 was to increase net income before the change by
approximately  $48,000  ($2.73 per limited  partnership  unit).  The  cumulative
effect  adjustment  of  approximately  $25,000  is the  result of  applying  the
aforementioned  change in accounting principle  retroactively and is included in
income for 1999. The accounting principle change will not have an effect on cash
flow,  funds  available for  distribution or fees payable to the General Partner
and affiliates.


<PAGE>




Item 8.     Changes in and  Disagreements  with  Accountants on Accounting and
            Financial Disclosure

            None.


<PAGE>


                                    PART III


Item 9.     Directors,  Executive  Officers,  Promoters  and Control  Persons;
            Compliance with Section 16(a) of the Exchange Act

The  Partnership  has no directors or officers.  The names of the director and
executive  officers  of CRPTEX,  Inc.  (the  "General  Partner"  and  formerly
Capital  Realty  Group  Properties,  Inc.),  their  ages and the nature of all
positions  with  CRPTEX,  Inc.  presently  held by them are set  forth  below.
There are no family relationships between or among any officers or directors.

Name                        Age    Position

Patrick J. Foye              43    Executive Vice President and Director

Martha L. Long               41    Senior Vice President and Controller

Patrick J. Foye has been  Executive Vice President and Director of the General
Partner  since  October  1,  1998.  Mr.  Foye has  served  as  Executive  Vice
President  of AIMCO  since May 1998.  Prior to joining  AIMCO,  Mr. Foye was a
partner in the law firm of Skadden,  Arps, Slate, Meagher & Flom LLP from 1989
to 1998 and was Managing Partner of the firm's  Brussels,  Budapest and Moscow
offices from 1992 through 1994.  Mr. Foye is also Deputy  Chairman of the Long
Island  Power  Authority  and  serves  as a  member  of  the  New  York  State
Privatization  Council.  He received a B.A.  from  Fordham  College and a J.D.
from Fordham University Law School.

Martha L. Long has been  Senior Vice  President  and  Controller  of the General
Partner since October 1998 as a result of the acquisition of Insignia  Financial
Group, Inc. As of February 2001, Ms. Long was also appointed head of the service
business for AIMCO.  From June 1994 until January 1997,  she was the  Controller
for Insignia, and was promoted to Senior Vice President - Finance and Controller
in January 1997,  retaining  that title until  October  1998.  From 1988 to June
1994,  Ms. Long was Senior Vice  President and  Controller for The First Savings
Bank, FSB in Greenville, South Carolina.

One or more of the above persons are also directors and/or officers of a general
partner (or general partner of a general partner) of limited  partnerships which
either have a class of  securities  registered  pursuant to Section 12(g) of the
Securities Exchange Act of 1934, or are subject to the reporting requirements of
Section  15(d) of such Act.  Further,  one or more of the above persons are also
directors and/or officers of Apartment Investment and Management Company and the
general  partner  of  AIMCO  Properties,  L.P.,  entities  that  have a class of
securities  registered  pursuant to Section 12(g) of the Securities Exchange Act
of 1934, or are subject to the reporting  requirements of Section 15 (d) of such
Act.

The  executive  officers  and  director  of  the  General  Partner  fulfill  the
obligations  of the Audit  Committee  and  oversee the  Partnership's  financial
reporting  process on behalf of the General Partner.  Management has the primary
responsibility for the financial  statements and the reporting process including
the systems of internal controls. In fulfilling its oversight  responsibilities,
the executive  officers and director of the General Partner reviewed the audited
financial  statements with management including a discussion of the quality, not
just the  acceptability,  of the accounting  principles,  the  reasonableness of
significant  judgments,   and  the  clarity  of  disclosures  in  the  financial
statements.

The  executive  officers and director of the General  Partner  reviewed with the
independent  auditors,  who are  responsible  for  expressing  an opinion on the
conformity  of  those  audited  financial  statements  with  generally  accepted
accounting  principles,  their  judgments  as  to  the  quality,  not  just  the
acceptability, of the Partnership's accounting principles and such other matters
as are required to be discussed with the Audit Committee or its equivalent under
generally  accepted  auditing  standards.   In  addition,  the  Partnership  has
discussed  with  the  independent  auditors  the  auditors'   independence  from
management and the Partnership  including the matters in the written disclosures
required by the Independence Standards Board and considered the compatibility of
non-audit services with the auditors' independence.

The executive  officers and director of the General  Partner  discussed with the
Partnership's  independent auditors the overall scope and plans for their audit.
In  reliance on the reviews and  discussions  referred to above,  the  executive
officers and director of the General  Partner has approved the  inclusion of the
audited financial  statements in the Form 10-KSB for the year ended December 31,
2000 for filing with the Securities and Exchange Commission.

The General  Partner has reappointed  KPMG LLP as independent  auditors to audit
the financial  statements of the  Partnership  for the current fiscal year. Fees
for the last fiscal year were annual audit services of approximately $29,000 and
non-audit services (principally tax-related) of approximately $14,000.


Item 10.    Executive Compensation

No  remuneration  was paid to the General  Partner nor any of its  directors  or
officers during the year ended December 31, 2000.



<PAGE>


Item 11.    Security Ownership of Certain Beneficial Owners and Management

Except as noted below, no person or entity was known by the Registrant to be the
beneficial  owner  of  more  than 5% of the  Limited  Partnership  Units  of the
Registrant as of December 31, 2000.

Entity                                  Number of Units      Percentage
AIMCO Properties L.P.
  (an affiliate of AIMCO)                   2,520.5            14.66%

AIMCO Properties,  L.P. is indirectly  ultimately owned by AIMCO. Its business
address is 2000 South Colorado Boulevard, Denver, Colorado 80222.

No officers or directors of CRPTEX,  Inc. own any Limited Partnership Units in
the Partnership.

No general  partners  or  officers or  directors  of the General  Partner of the
Partnership possess the right to acquire a beneficial  ownership of interests of
the Partnership.

Item 12.    Certain Relationships and Related Transactions

The Partnership has no employees and is dependent 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.  The following  transactions with the General Partner
and its  affiliates  were incurred  during each of the years ended  December 31,
2000 and 1999 (in thousands):

                                                         2000       1999

Property management fees                                 $ 79       $ 76

Reimbursement for services from affiliates                 76         46

During the years ended  December  31, 2000 and 1999,  affiliates  of the General
Partner were  entitled to 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  $79,000 and $76,000 for
the years ended December 31, 2000 and 1999, respectively.

Affiliates  of  the  General  Partner  received   reimbursement  of  accountable
administrative  expenses amounting to approximately  $76,000 and $46,000 for the
years ended December 31, 2000 and 1999, respectively.

In addition to its  indirect  ownership of the general  partner  interest in the
Partnership, AIMCO and its affiliates owned 2,520.5 limited partnership units in
the Partnership  representing  approximately  14.66% of the outstanding units at
December  31,  2000.  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  limited  partnership   interests  in  the
Partnership  for cash or in exchange for units in the operating  partnership  of
AIMCO either  through  private  purchases or tender offers.  In this regard,  on
February 8, 2001, AIMCO  Properties,  L.P.,  commenced a tender offer to acquire
all of the Units  note  owned by  affiliates  of AIMCO for a  purchase  price of
$24.92 per Unit.  Pursuant to this offer, AIMCO acquired an additional 639 units
resulting in its total  ownership  being  increased to 31,595 units or 18.37% of
the total  outstanding  units.  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  General
Partner. When voting on matters, AIMCO would in all likelihood vote the Units it
acquired in a manner favorable to the interest of the General Partner because of
their affiliation with the General Partner.


<PAGE>


Item 13.    Exhibits and Reports on Form 8-K

      (a)   Exhibits:

            None.

      (b)   Reports on Form 8-K filed in the fourth  quarter of calendar  year
            2000:

            None.


<PAGE>


                                   SIGNATURES


In accordance  with Section 13 or 15(d) of the Exchange Act, the  Registrant has
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/Patrick J. Foye
                                          Patrick J. Foye
                                          Executive Vice President


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


                                    Date: April 2, 2001


In  accordance  with the Exchange  Act, this report has been signed below by the
following  persons on behalf of the Partnership and in the capacities and on the
dates indicated.


/s/Patrick J. Foye      Executive Vice President      Date:  April 2, 2001
Patrick J. Foye         and Director


/s/Martha L. Long       Senior Vice President         Date: April 2, 2001
Martha L. Long          and Controller


<PAGE>



                                  EXHIBIT INDEX



Exhibit

 2.1              Agreement  and Plan of Merger,  dated as of October 1, 1998,
                  by and  between  AIMCO and IPT;  filed in Current  Report on
                  Form 8-K on October 16, 1998.

10(a)             Mortgage and Security  Agreement dated June 29, 1995 between
                  Pelham  Place,  L.P. and First Union  National Bank of North
                  Carolina,  securing Pelham Place Apartments, is incorporated
                  by  reference  to  Exhibit   10JJ(a)  of  the   Registrant's
                  Quarterly  Report on Form 10-QSB for the Quarter  ended June
                  30, 1995.

  (b)             Promissory  Note dated June 29,  1995  between  Pelham  Place,
                  L.P., a South Carolina  limited  partnership,  and First Union
                  National   Bank  of  North   Carolina,   a  national   banking
                  association,  is  incorporated by reference to Exhibit 10JJ(b)
                  to the  Registrant's  Quarterly  Report on Form 10-QSB for the
                  Quarter ended June 30, 1995.

  (c)             Assignment  of Leases and Rents  dated June 29,  1995  between
                  Pelham  Place,  L.P.,  and First Union  National Bank of North
                  Carolina, securing Pelham Place Apartments, is incorporated by
                  reference  to Exhibit  10JJ(c) to the  Registrant's  Quarterly
                  Report on Form 10-QSB for the Quarter ended June 30, 1995.

  (d)             Agreement  of  Limited  Partnership  for Pelham  Place,  L.P.,
                  between   Pelham   Place,   GP,  a  South   Carolina   limited
                  partnership,  is  incorporated  by reference to Exhibit 28A to
                  the  Registrant's  Quarterly  Report on Current Report on Form
                  10-QSB for the Quarter ended June 30, 1995.