UNITED STATES
                       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, 2003


[ ] 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 0-14578


                HCW PENSION REAL ESTATE FUND LIMITED PARTNERSHIP
             (Exact name of registrant as specified in its charter)



         Massachusetts                                      04-2825863
(State or other jurisdiction of                          (I.R.S. Employer
 incorporation or organization)                         Identification No.)

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

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

<PAGE>


                         PART I - FINANCIAL INFORMATION


ITEM 1.     FINANCIAL STATEMENTS


                  HCW PENSION REAL ESTATE FUND LIMITED PARTNERSHIP

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

                                 March 31, 2003

<TABLE>
<CAPTION>

Assets
<S>                                                                          <C>
   Cash and cash equivalents                                                 $  363
   Receivables and deposits                                                     130
   Other assets                                                                  88
   Investment property:
     Land                                                     $ 621
     Buildings and related personal property                  10,036
                                                              10,657
     Less accumulated depreciation                            (6,499)         4,158
                                                                            $ 4,739
Liabilities and Partners' Deficit
Liabilities
   Accounts payable                                                           $   1
   Tenant security deposit liabilities                                          125
   Accrued property taxes                                                       332
   Other liabilities                                                             89
   Mortgage note payable                                                      5,194

Partners' Deficit
   General partner                                            $ (153)
   Limited partners (15,696 units issued and
     outstanding)                                               (849)        (1,002)
                                                                            $ 4,739


                   See Accompanying Notes to Financial Statements

</TABLE>

<PAGE>


                  HCW PENSION REAL ESTATE FUND LIMITED PARTNERSHIP

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

<TABLE>
<CAPTION>

                                                              Three Months Ended
                                                                   March 31,
                                                               2003          2002
Revenues:
<S>                                                          <C>            <C>
  Rental income                                              $ 493          $  480
  Other income                                                   24             30
     Total revenues                                             517            510

Expenses:
  Operating                                                     121            121
  General and administrative                                     51             49
  Depreciation                                                  130            132
  Property taxes                                                 70             63
  Interest expense                                              106            109
     Total expenses                                             478            474

Net income                                                    $ 39          $ 36

Net income allocated to general partner (2%)                  $ 1            $ 1
Net income allocated to limited partners (98%)                   38             35

                                                              $ 39          $ 36

Net income per limited partnership unit                      $ 2.42        $ 2.23

Distributions per limited partnership unit                    $ --         $ 2.48


                   See Accompanying Notes to Financial Statements

</TABLE>

<PAGE>

                  HCW PENSION REAL ESTATE FUND LIMITED PARTNERSHIP

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

<TABLE>
<CAPTION>

                                     Limited
                                   Partnership    General      Limited
                                      Units       Partner      Partners      Total

<S>                                   <C>           <C>        <C>          <C>
Original capital contributions        15,698        $ --       $15,698      $15,698

Partners' deficit at
   December 31, 2002                  15,696       $ (154)      $ (887)     $(1,041)

Net income for the three months
   ended March 31, 2003                   --            1           38           39

Partners' deficit at
   March 31, 2003                     15,696       $ (153)      $ (849)     $(1,002)



                   See Accompanying Notes to Financial Statements

</TABLE>

<PAGE>

                  HCW PENSION REAL ESTATE FUND LIMITED PARTNERSHIP

                            STATEMENTS OF CASH FLOWS
                                   (Unaudited)
                                 (in thousands)

<TABLE>
<CAPTION>

                                                                   Three Months Ended
                                                                       March 31,
                                                                     2003       2002
Cash flows from operating activities:
<S>                                                                 <C>          <C>
  Net income                                                        $  39        $  36
  Adjustments to reconcile net income to net cash
   provided by operating activities:
     Depreciation                                                     130          132
     Amortization of loan costs                                         1            1
     Change in accounts:
      Receivables and deposits                                         (6)          (6)
      Other assets                                                     (2)         (18)
      Accounts payable                                                 (8)           3
      Tenant security deposit liabilities                              10            7
      Accrued property taxes                                           70           63
      Other liabilities                                               (78)         (61)
        Net cash provided by operating activities                     156          157

Cash flows used in investing activities:
  Property improvements and replacements                              (20)         (36)

Cash flows from financing activities:
  Distributions to partners                                            --          (40)
  Payments on mortgage note payable                                   (33)         (31)
        Net cash used in financing activities                         (33)         (71)

Net increase in cash and cash equivalents                             103           50

Cash and cash equivalents at beginning of period                      260          301

Cash and cash equivalents at end of period                         $ 363        $ 351

Supplemental disclosure of cash flow information:
  Cash paid for interest                                           $ 105        $ 108


                   See Accompanying Notes to Financial Statements

</TABLE>

<PAGE>

                  HCW PENSION REAL ESTATE FUND LIMITED PARTNERSHIP

                          NOTES TO FINANCIAL STATEMENTS
                                   (Unaudited)

Note A - Basis of Presentation

The accompanying  unaudited financial statements of HCW Pension Real Estate Fund
Limited  Partnership (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.  The General  Partner of the  Partnership  is HCW General
Partner  Ltd.,  whose sole general  partner is IH, Inc. (the  "Managing  General
Partner").  In the opinion of the  Managing  General  Partner,  all  adjustments
(consisting  of  normal  recurring  accruals)  considered  necessary  for a fair
presentation  have been included.  Operating  results for the three month period
ended March 31, 2003, are not necessarily  indicative of the results that may be
expected for the fiscal year ending December 31, 2003. For further  information,
refer  to  the  financial  statements  and  footnotes  thereto  included  in the
Partnership's  Annual  Report on Form 10-KSB for the fiscal year ended  December
31, 2002. The General  Partner and Managing  General Partner are both affiliates
of Apartment Investment and Management Company ("AIMCO"), a publicly traded real
estate investment trust.

Note B - Transactions with Affiliated Parties

The  Partnership  has no employees  and is  dependent  on the  Managing  General
Partner  and  its  affiliates  for  the  management  and  administration  of all
Partnership  activities.  The  Partnership  Agreement  provides  for (i) certain
payments to affiliates for services and (ii)  reimbursement  of certain expenses
incurred by affiliates on behalf of the Partnership.

Affiliates of the Managing  General  Partner are entitled to receive 5% of gross
receipts from the  Partnership's  residential  property for  providing  property
management  services.  The  Partnership  paid to such  affiliates  approximately
$25,000  and  $26,000  for the  three  months  ended  March  31,  2003 and 2002,
respectively, which is included in operating expenses.

Affiliates  of the Managing  General  Partner  received  reimbursement  of asset
management   fees  and   accountable   administrative   expenses   amounting  to
approximately  $39,000 and $37,000 for the three months ended March 31, 2003 and
2002, respectively, which is included in general and administrative expenses.

The  Partnership  insures its  property up to certain  limits  through  coverage
provided by AIMCO which is  generally  self-insured  for a portion of losses and
liabilities  related to workers  compensation,  property  casualty  and  vehicle
liability.  The Partnership  insures its property above the AIMCO limits through
insurance  policies  obtained  by  AIMCO  from  insurers  unaffiliated  with the
Managing  General  Partner.  During  2003 and 2002  the  Partnership's  cost for
insurance  coverage  and  fees  associated  with  policy  claims  administration
provided by AIMCO and its affiliates will be approximately  $17,000 and $21,000,
respectively.

<PAGE>

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

The matters discussed in this report contain certain forward-looking statements,
including, without limitation, statements regarding future financial performance
and the effect of government  regulations.  The discussions of the  Registrant's
business  and  results  of  operations,   including  forward-looking  statements
pertaining to such matters,  do not take into account the effects of any changes
to the  Registrant's  business  and results of  operations.  Actual  results may
differ  materially  from those described in the  forward-looking  statements and
will  be  affected  by  a  variety  of  risks  and  factors  including,  without
limitation:  national and local economic  conditions;  the terms of governmental
regulations that affect the Registrant and interpretations of those regulations;
the competitive  environment in which the Registrant operates;  financing risks,
including the risk that cash flows from  operations may be  insufficient to meet
required  payments of  principal  and  interest;  real estate  risks,  including
variations  of real  estate  values and the  general  economic  climate in local
markets and competition for tenants in such markets; and possible  environmental
liabilities.   Readers  should  carefully  review  the  Registrant's   financial
statements and the notes thereto,  as well as the risk factors  described in the
documents  the  Registrant  files  from  time to time  with the  Securities  and
Exchange Commission.

The Partnership's  investment property consists of one apartment complex located
in  Carbondale,  Illinois.  The average  occupancy of the property for the three
months ended March 31, 2003 and 2002 was 91% and 87%, respectively. The Managing
General Partner  attributes the increase in occupancy to the implementation of a
resident  retention  program and the  restructuring of the property's  leases to
allow for lease terms to  coincide  with the local  university  school term as a
large portion of the tenants are university students.

Results of Operations

The  Partnership  realized  net income of  approximately  $39,000  for the three
months ended March 31, 2003 compared to net income of approximately  $36,000 for
the three months  ended March 31, 2002.  The increase in net income is due to an
increase in total revenues offset by an increase in total expenses.

Total revenues  increased due primarily to an increase in rental income slightly
offset by a decrease in other income. Rental income increased due to an increase
in occupancy at Lewis Park Apartments as discussed above. Other income decreased
due  to a  decrease  in  late  charges  and  administrative  charges  billed  to
residents.

Total  expenses  increased  for the three  months ended March 31, 2003 due to an
increase  in  property  tax  expense  slightly  offset by a decrease in interest
expense.  Property tax expense increased due to an understatement of the expense
recognized  at Lewis Park  Apartments  during the three  months  ended March 31,
2002, which was based on an estimate of the 2002 tax liability. Interest expense
decreased due to scheduled  principal payments made on the mortgage  encumbering
Lewis Park Apartments which reduced the average  outstanding  balance during the
periods.

Included in general and  administrative  expense at both March 31, 2003 and 2002
are management  reimbursements to the Managing General Partner allowed under the
Partnership  Agreement.  In addition,  costs  associated  with the quarterly and
annual  communications  with  investors and  regulatory  agencies and the annual
audit required by the Partnership Agreement are also included.

As part of the ongoing  business plan of the  Partnership,  the Managing 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 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

At  March  31,  2003,  the  Partnership   had  cash  and  cash   equivalents  of
approximately  $363,000  compared to  approximately  $351,000 at March 31, 2002.
Cash and cash  equivalents  increased  approximately  $103,000 from December 31,
2002,  due to  approximately  $156,000 of cash provided by operating  activities
which was partially offset by approximately  $20,000 and $33,000 of cash used in
investing  and  financing  activities,  respectively.  Cash  used  in  investing
activities  consisted of property  improvements and  replacements.  Cash used in
financing  activities  consisted  of  principal  payments  made on the  mortgage
encumbering Lewis Park Apartments.  The Partnership  invests its working capital
reserves in interest bearing accounts.

The sufficiency of existing  liquid assets to meet future  liquidity and capital
expenditure   requirements   is  directly   related  to  the  level  of  capital
expenditures required at the property to adequately maintain the physical assets
and other operating needs of the Partnership and to comply with Federal,  state,
and local  legal and  regulatory  requirements.  The  Managing  General  Partner
monitors  developments  in the area of legal and  regulatory  compliance  and is
studying  new  federal  laws,  including  the  Sarbanes-Oxley  Act of 2002.  The
Sarbanes-Oxley Act of 2002 mandates or suggests  additional  compliance measures
with regard to governance,  disclosure, audit and other areas. In light of these
changes,  the Partnership  expects that it will incur higher expenses related to
compliance, including increased legal and audit fees.

During  the  three  months  ended  March 31,  2003,  the  Partnership  completed
approximately   $20,000  of  capital  improvements  at  Lewis  Park,  consisting
primarily of floor covering replacements,  furniture and fixtures, and cabinets.
These  improvements  were  funded  from  operating  cash flow.  The  Partnership
evaluates  the capital  improvement  needs of the  property  during the year and
currently  expects to complete  an  additional  $60,000 in capital  improvements
during the remainder of 2003. The additional  capital  improvements will consist
primarily of floor covering  replacements,  plumbing fixtures,  appliances,  air
conditioning  and  furniture  and  fixtures.   Additional  improvements  may  be
considered and will depend on the physical  condition of the property as well as
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 at least in the short term.

The  Partnership's  assets are thought to be sufficient for any short-term needs
(exclusive  of  capital   improvements)   of  the   Partnership.   The  mortgage
indebtedness  of  approximately  $5,194,000  is  amortized  over 20 years with a
maturity  date of September  1, 2020,  at which time the loan is scheduled to be
fully amortized.

The Partnership  distributed the following amounts during the three months ended
March 31, 2003 and 2002 (in thousands, except per unit data):
<TABLE>
<CAPTION>

                     Three Months     Per Limited      Three Months     Per Limited
                        Ended         Partnership         Ended         Partnership
                    March 31, 2003        Unit        March 31, 2002        Unit

<S>                      <C>              <C>              <C>             <C>
Operations               $ --             $ --             $ 40            $ 2.48
</TABLE>

The  Partnership's  cash  available  for  distribution  is reviewed on a monthly
basis. Future cash distributions will depend on the levels of net cash generated
from  operations,  the  availability  of cash  reserves,  and the timing of debt
refinancing  and/or  a  property  sale.  There  can  be no  assurance  that  the
Partnership  will  generate  sufficient  funds from  operations,  after  planned
capital  improvement  expenditures,  to permit any distributions to its partners
during the remainder of 2003 or subsequent periods.

Other

In addition to its  indirect  ownership of the general  partner  interest in the
Partnership, AIMCO and its affiliates owned 5,608 limited partnership units (the
"Units") in the Partnership  representing  35.73% of the outstanding units as of
March 31, 2003. A number of these units were acquired  pursuant to tender offers
made by AIMCO or its  affiliates.  It is possible  that AIMCO or its  affiliates
will acquire additional units of limited partnership interest in the Partnership
in  exchange  for  cash or a  combination  of cash and  units  in the  operating
partnership of AIMCO either through  private  purchases or tender offers.  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.  Although  the
Managing  General Partner owes fiduciary  duties to the limited  partners of the
Partnership, the Managing General Partner also owes fiduciary duties to AIMCO as
its sole stockholder.  As a result,  the duties of the Managing General Partner,
as managing  general  partner,  to the Partnership and its limited  partners may
come into conflict with the duties of the Managing  General Partner to AIMCO, as
its sole stockholder.

Critical Accounting Policies and Estimates

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

Impairment of Long-Lived Assets

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

Real  property  investments  are  subject  to varying  degrees of risk.  Several
factors  may  adversely  affect  the  economic  performance  and  value  of  the
Partnership's   investment  property.  These  factors  include  changes  in  the
national,  regional and local economic  climate;  local  conditions,  such as an
oversupply  of  multifamily   properties;   competition   from  other  available
multifamily  property  owners and changes in market  rental  rates.  Any adverse
changes in these factors could cause an impairment in the Partnership's assets.

Revenue Recognition

The Partnership generally leases apartment units for twelve-month terms or less.
Rental income  attributable to leases is recognized  monthly as it is earned and
the Partnership  fully reserves all balances  outstanding  over thirty days. The
Partnership will 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.

ITEM 3.     CONTROLS AND PROCEDURES

The principal  executive officer and principal financial officer of the Managing
General Partner, who are the equivalent of the Partnership's principal executive
officer and principal financial officer,  respectively,  have, within 90 days of
the filing date of this quarterly  report,  evaluated the  effectiveness  of the
Partnership's  disclosure  controls and  procedures  (as defined in Exchange Act
Rules 13a-14(c) and 15d-14(c)) and have determined that such disclosure controls
and  procedures  are  adequate.  There have been no  significant  changes in the
Partnership's  internal  controls or in other  factors that could  significantly
affect the  Partnership's  internal  controls since the date of evaluation.  The
Partnership does not believe any significant deficiencies or material weaknesses
exist in the Partnership's internal controls. Accordingly, no corrective actions
have been taken.

<PAGE>


                           PART II - OTHER INFORMATION


ITEM 6.     EXHIBITS AND REPORTS ON FORM 8-K

            a) Exhibits:

               Exhibit  3.1, Limited  Partnership  Agreement,   incorporated  by
               reference to Registration  Statement  No.  2-91006  on Form S-11
               filed by Registrant.

               Exhibit 99, Certification  Pursuant to 18 U.S.C. Section 1350,
               as Adopted Pursuant to Section 906 of the  Sarbanes-Oxley  Act
               of 2002.

            b) Reports on Form 8-K filed during the first quarter of 2003:

               None.




<PAGE>


                                   SIGNATURES



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



                                HCW PENSION REAL ESTATE FUND LIMITED PARTNERSHIP


                                    By:   HCW General Partner, Ltd.,
                                          General Partner


                                    By:   IH, Inc.,
                                          the Managing General Partner


                                    By:   /s/Patrick J. Foye
                                          Patrick J. Foye
                                          Executive Vice President


                                    By:   /s/Thomas C. Novosel
                                          Thomas C. Novosel
                                          Senior Vice President and
                                          Chief Accounting Officer


                                    Date: May 13, 2003




<PAGE>



                                  CERTIFICATION


I, Patrick J. Foye, certify that:


1. I have  reviewed  this  quarterly  report on Form 10-QSB of HCW Pension  Real
Estate Fund Limited Partnership;


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


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


4.  The  registrant's  other  certifying  officers  and  I are  responsible  for
establishing and maintaining  disclosure  controls and procedures (as defined in
Exchange Act Rules 13a-14 and 15d-14) for the registrant and we have:


      a)  Designed  such  disclosure  controls  and  procedures  to ensure  that
      material   information   relating  to  the   registrant,   including   its
      consolidated  subsidiaries,  is made  known to us by others  within  those
      entities, particularly during the period in which this quarterly report is
      being prepared;


      b) Evaluated the effectiveness of the registrant's disclosure controls and
      procedures  as of a date  within 90 days prior to the filing  date of this
      quarterly report (the "Evaluation Date"); and


      c)  Presented  in  this  quarterly   report  our  conclusions   about  the
      effectiveness  of the  disclosure  controls  and  procedures  based on our
      evaluation as of the Evaluation Date;


5. The registrant's other certifying officers and I have disclosed, based on our
most recent evaluation,  to the registrant's auditors and the audit committee of
registrant's   board  of  directors  (or  persons   performing   the  equivalent
functions):


      a) All  significant  deficiencies  in the design or  operation of internal
      controls which could adversely affect the registrant's  ability to record,
      process,  summarize and report  financial data and have identified for the
      registrant's auditors any material weaknesses in internal controls; and


      b) Any fraud,  whether or not material,  that involves management or other
      employees  who  have  a  significant  role  in the  registrant's  internal
      controls; and


6. The  registrant's  other  certifying  officers  and I have  indicated in this
quarterly  report  whether or not there  were  significant  changes in  internal
controls or in other factors that could  significantly  affect internal controls
subsequent to the date of our most recent  evaluation,  including any corrective
actions with regard to significant deficiencies and material weaknesses.


Date:  May 13, 2003

                                    /s/Patrick J. Foye
                                    Patrick J. Foye
                                    Executive Vice President  of   IH,   Inc.,
                                    equivalent of the chief executive officer of
                                    the Partnership


<PAGE>



                                  CERTIFICATION


I, Paul J. McAuliffe, certify that:


1. I have  reviewed  this  quarterly  report on Form 10-QSB of HCW Pension  Real
Estate Fund Limited Partnership;


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


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


4.  The  registrant's  other  certifying  officers  and  I are  responsible  for
establishing and maintaining  disclosure  controls and procedures (as defined in
Exchange Act Rules 13a-14 and 15d-14) for the registrant and we have:


      a)  Designed  such  disclosure  controls  and  procedures  to ensure  that
      material   information   relating  to  the   registrant,   including   its
      consolidated  subsidiaries,  is made  known to us by others  within  those
      entities, particularly during the period in which this quarterly report is
      being prepared;


      b) Evaluated the effectiveness of the registrant's disclosure controls and
      procedures  as of a date  within 90 days prior to the filing  date of this
      quarterly report (the "Evaluation Date"); and


      c)  Presented  in  this  quarterly   report  our  conclusions   about  the
      effectiveness  of the  disclosure  controls  and  procedures  based on our
      evaluation as of the Evaluation Date;


5. The registrant's other certifying officers and I have disclosed, based on our
most recent evaluation,  to the registrant's auditors and the audit committee of
registrant's   board  of  directors  (or  persons   performing   the  equivalent
functions):


      a) All  significant  deficiencies  in the design or  operation of internal
      controls which could adversely affect the registrant's  ability to record,
      process,  summarize and report  financial data and have identified for the
      registrant's auditors any material weaknesses in internal controls; and


      b) Any fraud,  whether or not material,  that involves management or other
      employees  who  have  a  significant  role  in the  registrant's  internal
      controls; and


6. The  registrant's  other  certifying  officers  and I have  indicated in this
quarterly  report  whether or not there  were  significant  changes in  internal
controls or in other factors that could  significantly  affect internal controls
subsequent to the date of our most recent  evaluation,  including any corrective
actions with regard to significant deficiencies and material weaknesses.


Date:  May 13, 2003

                                    /s/Paul J. McAuliffe
                                    Paul J. McAuliffe
                                    Executive Vice President and Chief Financial
                                    Officer of IH, Inc., equivalent of the chief
                                    financial officer of the Partnership



<PAGE>


Exhibit 99


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



In  connection  with the  Quarterly  Report on Form 10-QSB of HCW  Pension  Real
Estate Fund Limited  Partnership (the  "Partnership"),  for the quarterly period
ended March 31, 2003 as filed with the Securities and Exchange Commission on the
date hereof (the  "Report"),  Patrick J. Foye,  as the  equivalent  of the chief
executive officer of the Partnership,  and Paul J. McAuliffe,  as the equivalent
of the chief  financial  officer  of the  Partnership,  each  hereby  certifies,
pursuant to 18 U.S.C.  Section 1350,  as adopted  pursuant to Section 906 of the
Sarbanes-Oxley Act of 2002, that, to the best of his knowledge:

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

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


                                    /s/  Patrick J. Foye
                                    Name:  Patrick J. Foye
                                    Date:  May 13, 2003


                                    /s/  Paul J. McAuliffe
                                    Name:  Paul J. McAuliffe
                                    Date:  May 13, 2003


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