FORM 10-QSB--QUARTERLY OR TRANSITIONAL REPORT UNDER SECTION 13 OR 15(d) OF
                     THE SECURITIES EXCHANGE ACT OF 1934
                        Quarterly or Transitional Report



                   U.S. SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                                   Form 10-QSB

(Mark One)
[X]   QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
      EXCHANGE ACT OF 1934

                For the quarterly period ended March 31, 2002


[ ]   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 small business issuer 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)


Check  whether the issuer (1) filed all reports  required to be filed by Section
13 or 15(d) of the  Exchange  Act during the past 12 months (or for such shorter
period that the registrant was required to file such reports),  and (2) has been
subject to such filing requirements for the past 90 days.
Yes X  No___

<PAGE>

                         PART I - FINANCIAL INFORMATION


ITEM 1.     FINANCIAL STATEMENTS

a)

               HCW PENSION REAL ESTATE FUND LIMITED PARTNERSHIP

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

                                 March 31, 2002

<TABLE>
<CAPTION>

Assets
<S>                                                                          <C>
   Cash and cash equivalents                                                 $  351
   Receivables and deposits                                                     150
   Other assets                                                                 111
   Investment property:
     Land                                                     $ 621
     Buildings and related personal property                   9,947
                                                              10,568
     Less accumulated depreciation                            (5,975)         4,593
                                                                            $ 5,205
Liabilities and Partners' Deficit
Liabilities
   Accounts payable                                                           $ 9
   Tenant security deposit liabilities                                          135
   Accrued property taxes                                                       312
   Other liabilities                                                             90
   Mortgage note payable                                                      5,324

Partners' Deficit
   General partner                                            $ (147)
   Limited partners (15,698 units issued and
     outstanding)                                               (518)          (665)
                                                                            $ 5,205


                See Accompanying Notes to Financial Statements

</TABLE>

<PAGE>

b)

               HCW PENSION REAL ESTATE FUND LIMITED PARTNERSHIP

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

<TABLE>
<CAPTION>

                                                              Three Months Ended
                                                                   March 31,
                                                              2002          2001
Revenues:
<S>                                                          <C>            <C>
  Rental income                                              $  480         $  459
  Other income                                                   30             36
     Total revenues                                             510            495

Expenses:
  Operating                                                     121            140
  General and administrative                                     49             65
  Depreciation                                                  132            136
  Property taxes                                                 63             66
  Interest expense                                              109            112
     Total expenses                                             474            519

Net income (loss)                                             $ 36          $ (24)

Net income allocated to general partner (2%)                  $ 1           $ --
Net income (loss) allocated to limited partners (98%)            35            (24)

                                                              $ 36          $ (24)

Net income (loss) per limited partnership unit               $ 2.23        $ (1.53)

Distributions per limited partnership unit                   $ 2.48        $ 36.25

                See Accompanying Notes to Financial Statements

</TABLE>

<PAGE>
c)

               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, 2001                  15,698       $ (147)      $ (514)      $ (661)

Distributions paid to partners            --           (1)         (39)         (40)

Net income for the three months
   ended March 31, 2002                   --            1           35           36

Partners' deficit at
   March 31, 2002                     15,698       $ (147)      $ (518)      $ (665)


                See Accompanying Notes to Financial Statements

</TABLE>

<PAGE>
d)

               HCW PENSION REAL ESTATE FUND LIMITED PARTNERSHIP

                            STATEMENTS OF CASH FLOWS
                                   (Unaudited)
                                (in thousands)

<TABLE>
<CAPTION>
                                                                   Three Months Ended
                                                                       March 31,
                                                                    2002        2001
Cash flows from operating activities:
<S>                                                                 <C>         <C>
  Net income (loss)                                                 $ 36        $ (24)
  Adjustments to reconcile net income (loss) to net cash
   provided by (used in) operating activities:
     Depreciation                                                     132          136
     Amortization of loan costs                                         1            2
     Change in accounts:
      Receivables and deposits                                         (6)           8
      Due from affiliate                                               --            2
      Other assets                                                    (18)         (18)
      Accounts payable                                                  3            2
      Tenant security deposit liabilities                               7          (10)
      Accrued property taxes                                           63         (177)
      Other liabilities                                               (61)        (102)
        Net cash provided by (used in) operating activities           157         (181)

Cash flows from investing activities:
  Property improvements and replacements                              (36)          (4)

Cash flows from financing activities:
  Distributions to partners                                           (40)        (570)
  Payments on mortgage note payable                                   (31)         (28)
        Net cash used in financing activities                         (71)        (598)

Net increase (decrease) in cash and cash equivalents                   50         (783)

Cash and cash equivalents at beginning of period                      301        1,152

Cash and cash equivalents at end of period                         $ 351        $ 369

Supplemental disclosure of cash flow information:
  Cash paid for interest                                           $ 108        $ 110

                See Accompanying Notes to Financial Statements

</TABLE>

<PAGE>
e)
               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"),   an  affiliate  of  Apartment   Investment  and  Management  Company
("AIMCO"), a publicly traded real estate investment trust. 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,  2002,  are not
necessarily  indicative  of the results that may be expected for the fiscal year
ending  December  31,  2002.  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, 2001.

Reclassifications

Certain  reclassifications have been made to the 2001 balances to conform to the
2002 presentation.

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  Registrant's  residential  property for  providing  property
management  services.  The  Registrant  paid  to such  affiliates  approximately
$26,000 for both of the three  months  ended  March 31, 2002 and 2001,  which is
included in operating expenses.

An affiliate of the Managing  General Partner  received  reimbursement  of asset
management  fees  amounting to  approximately  $17,000 and $32,000 for the three
months ended March 31, 2002 and 2001, respectively, which is included in general
and administrative expenses.

An  affiliate  of  the  Managing  General  Partner  received   reimbursement  of
accountable  administrative  expenses  amounting  to  approximately  $20,000 and
$19,000 for the three months ended March 31, 2002 and 2001, respectively,  which
is included in general and administrative expenses.

Beginning in 2001,  the  Partnership  began  insuring 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 the three months ended
March 31, 2002 and 2001, the Partnership was charged by AIMCO and its affiliates
approximately $14,000 and $15,000, respectively, for insurance coverage and fees
associated with policy claims administration.
<PAGE>
ITEM 2.     MANAGEMENT'S DISCUSSION AND ANALYSIS OR PLAN OF OPERATION

The  matters  discussed  in this Form  10-QSB  contain  certain  forward-looking
statements  and  involve  risks and  uncertainties  (including  changing  market
conditions,   competitive  and  regulatory   matters,   etc.)  detailed  in  the
disclosures  contained  in this  Form  10-QSB  and the  other  filings  with the
Securities and Exchange Commission made by the Registrant from time to time. The
discussion of the  Registrant's  business and results of  operations,  including
forward-looking  statements  pertaining  to such  matters,  does not  take  into
account the effects of any changes to the  Registrant's  business and results of
operation.  Accordingly,  actual  results  could  differ  materially  from those
projected in the forward-looking  statements as a result of a number of factors,
including those identified herein.

The Partnership's  investment property consists of one apartment complex located
in  Carbondale,  Illinois.  The average  occupancy of the property for the three
months ended March 31, 2002 and 2001 was 87% and 86%, respectively.

Results of Operations

The  Partnership  realized  net income of  approximately  $36,000  for the three
months ended March 31, 2002 compared to a net loss of approximately  $24,000 for
the three months  ended March 31, 2001.  The increase in net income is primarily
attributable to an increase in total revenues and a decrease in total expenses.

Total revenues increased due to an increase in rental income partially offset by
a decrease  in other  income.  Rental  income  increased  due to an  increase in
student  housing  fees.  Other  income  decreased  due to a decrease in interest
income as a result of lower cash balances throughout the period.

Total  expenses  decreased  primarily due to a decrease in operating and general
and  administrative  expenses.  Operating expense decreased due to a decrease in
salaries and related employee benefits and advertising costs.

General   and   administrative   expenses   decreased   due  to  a  decrease  in
reimbursements  to the Managing  General  Partner  allowed under the Partnership
Agreement  associated with its management of the  Partnership.  Costs associated
with the  quarterly and annual  communications  with  investors  and  regulatory
agencies and the annual audit  required by the  Partnership  Agreement  are also
included in general and administrative expenses.

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 Registrant 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,  2002,  the  Partnership   had  cash  and  cash   equivalents  of
approximately  $351,000  compared to  approximately  $369,000 at March 31, 2001.
Cash and cash  equivalents  increased  approximately  $50,000 from  December 31,
2001,  due to  approximately  $157,000 of cash provided by operating  activities
which was offset by approximately  $36,000 and $71,000 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  consists of payments of principal  made on the mortgage  encumbering
Lewis Park Apartments and distributions to the partners. 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.  Capital  improvements planned for
the Partnership's property are detailed below.

During  the  three  months  ended  March 31,  2002,  the  Partnership  completed
approximately   $36,000  of  capital  improvements  at  Lewis  Park,  consisting
primarily   of  floor   covering   replacements,   furniture,   appliances   and
miscellaneous  improvements.  These improvements were funded from operating cash
flow. Capital improvements of approximately  $99,000 have been budgeted for 2002
which  include  appliance  and  floor  covering  replacements  and  parking  lot
improvements.  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 Registrant's  current assets are thought to be sufficient for any short-term
needs  (exclusive  of capital  improvements)  of the  Partnership.  The mortgage
indebtedness  of  approximately  $5,324,000  is  amortized  over 20 years with a
maturity date of September 1, 2020.

The Partnership  distributed the following amounts during the three months ended
March 31, 2002 and 2001 (in thousands, except per unit data):

                  Three Months     Per Limited      Three Months     Per Limited
                     Ended         Partnership         Ended         Partnership
                 March 31, 2002        Unit        March 31, 2001        Unit

Operations            $ 40            $ 2.48           $  23            $ 1.40
Refinancing (1)         --                --             547             34.85
                      $ 40            $ 2.48           $ 570            $36.25

(1)   From the refinancing of Lewis Park Apartments.

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 additional distributions to its
partners during the remainder of 2002 or subsequent periods.

In addition to its  indirect  ownership of the general  partner  interest in the
Partnership, AIMCO and its affiliates owned 5,389 limited partnership units (the
"Units") in the Partnership  representing  34.33% of the outstanding units as of
March 31, 2002. A number of these units were acquired  pursuant to tender offers
made by AIMCO or its  affiliates.  It is possible  that AIMCO or its  affiliates
will  make  one  or  more  additional  offers  to  acquire   additional  limited
partnership  interests in the  Partnership  for cash or in exchange for units in
the operating partnership of AIMCO. Under the Partnership Agreement, unitholders
holding a majority of the Units are  entitled  to take action with  respect to a
variety of matters,  which would include without  limitation,  voting on certain
amendments  to the  Partnership  Agreement  and  voting to remove  the  Managing
General Partner. When voting on matters,  AIMCO would in all likelihood vote the
Units it acquired in a manner  favorable to the interest of the Managing General
Partner because of its affiliation with the Managing General Partner.
<PAGE>
                           PART II - OTHER INFORMATION


ITEM 6.     EXHIBITS AND REPORTS ON FORM 8-K

            a)    Exhibits:

                  None.

            b)    Reports on Form 8-K filed during the first quarter of 2002:

                  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/Martha L. Long
                                          Martha L. Long
                                          Senior Vice President
                                          and Controller


                                    Date: