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

                                   Form 10-QSB

(Mark One)

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

                 For the quarterly period ended September 30, 2002


[ ]   TRANSITION REPORT UNDER 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)

<PAGE>


                         PART I - FINANCIAL INFORMATION


ITEM 1.     FINANCIAL STATEMENTS



                  HCW PENSION REAL ESTATE FUND LIMITED PARTNERSHIP

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

                               September 30, 2002

<TABLE>
<CAPTION>


Assets
<S>                                                                          <C>
   Cash and cash equivalents                                                 $  124
   Receivables and deposits                                                     133
   Other assets                                                                  96
   Investment property:
     Land                                                     $ 621
     Buildings and related personal property                  10,011
                                                              10,632
     Less accumulated depreciation                            (6,239)         4,393
                                                                            $ 4,746
Liabilities and Partners' Deficit
Liabilities
   Accounts payable                                                           $ 1
   Tenant security deposit liabilities                                          113
   Accrued property taxes                                                       191
   Other liabilities                                                            142
   Mortgage note payable                                                      5,260

Partners' Deficit
   General partner                                            $ (153)
   Limited partners (15,698 units issued and
     outstanding)                                               (808)          (961)
                                                                            $ 4,746


                   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          Nine Months Ended
                                       September 30,               September 30,
                                     2002          2001          2002          2001
Revenues:
<S>                                  <C>          <C>          <C>            <C>
  Rental income                      $ 429        $ 367        $ 1,345        $ 1,203
  Other income                           53           33           128            133
       Total revenues                   482          400         1,473          1,336

Expenses:
  Operating                             180          232           456            523
  General and administrative             54           39           157            154
  Depreciation                          129          132           396            403
  Interest                              108          110           324            332
  Property taxes                         71           53           196            173
       Total expenses                   542          566         1,529          1,585

       Net loss                      $ (60)       $ (166)       $ (56)        $ (249)

Net loss allocated to
  general partner (2%)               $ (1)         $ (3)         $ (1)         $ (5)
Net loss allocated to
  limited partners (98%)                (59)        (163)          (55)          (244)

                                     $ (60)       $ (166)       $ (56)        $ (249)

Net loss per limited
  partnership unit                  $ (3.76)     $(10.38)      $ (3.50)       $(15.54)

Distributions per limited
  partnership unit                  $ 7.13         $ --        $ 15.22        $ 44.40

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

Distributions paid to partners            --           (5)        (239)        (244)

Net loss for the nine months
   Ended September 30, 2002               --           (1)         (55)         (56)

Partners' deficit
   at September 30, 2002              15,698       $ (153)      $ (808)      $ (961)

                   See Accompanying Notes to Financial Statements
</TABLE>

<PAGE>

                  HCW PENSION REAL ESTATE FUND LIMITED PARTNERSHIP

                            STATEMENTS OF CASH FLOWS
                                   (Unaudited)
                                 (in thousands)

<TABLE>
<CAPTION>

                                                                   Nine Months Ended
                                                                     September 30,
                                                                   2002         2001
Cash flows from operating activities:
<S>                                                               <C>          <C>
  Net loss                                                        $ (56)       $ (249)
  Adjustments to reconcile net loss to net cash provided by
   (used in) operating activities:
     Depreciation                                                    396          403
     Amortization of loan costs                                        3            3
     Change in accounts:
      Receivables and deposits                                        11           (1)
      Other assets                                                    (5)          (4)
      Due from affiliate                                              --           57
      Accounts payable                                                (5)          16
      Tenant security deposit liabilities                            (15)           2
      Accrued property taxes                                         (58)        (194)
      Other liabilities                                               (9)         (86)
        Net cash provided by (used in) operating activities          262          (53)

Cash flows used in investing activities:
  Property improvements and replacements                            (100)         (70)

Cash flows from financing activities:
  Distributions to partners                                         (244)        (700)
  Payments on mortgage note payable                                  (95)         (87)
        Net cash used in financing activities                       (339)        (787)

Net decrease in cash and cash equivalents                           (177)        (910)

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

Cash and cash equivalents at end of period                        $ 124        $ 242

Supplemental disclosure of cash flow information:
  Cash paid for interest                                          $ 322        $ 329

                   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 and nine month
periods ended September 30, 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. The General  Partner is an affiliate of Apartment  Investment
and  Management  Company  ("AIMCO"),  a publicly  traded real estate  investment
trust.

Reclassifications

Certain  reclassifications  have been made to the 2001 information 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 were entitled to receive 5% of gross
receipts  from the  Registrant's  property  for  providing  property  management
services.  The  Registrant  paid to such  affiliates  approximately  $73,000 and
$69,000 for the nine months  ended  September  30, 2002 and 2001,  respectively,
which is included in operating expenses.

An affiliate of the Managing  General Partner  received  reimbursement  of asset
management  fees  amounting  to  approximately  $67,000 and $65,000 for the nine
months ended  September  30, 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  $54,000 and
$61,000 for the nine months  ended  September  30, 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 nine months ended
September  30,  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 Private  Securities  Litigation  Reform Act of 1995 provides a "safe harbor"
for forward-looking  statements in certain circumstances.  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 nine
months  ended  September  30, 2002 and 2001 was 82% and 74%,  respectively.  The
Managing   General   Partner   attributes  the  increase  in  occupancy  to  the
restructuring  of the  property's  leases and the  implementation  of a resident
retention program.

Results of Operations

The Partnership  recognized a net loss of approximately $56,000 and $249,000 for
the nine months ended September 30, 2002 and 2001, respectively. The Partnership
recognized a net loss of approximately $60,000 and $166,000 for the three months
ended  September 30, 2002 and 2001,  respectively.  The decrease in net loss for
the three and nine month periods ended September 30, 2002 was attributable to an
increase in total  revenues  and a decrease in total  expenses.  Total  revenues
increased due primarily to an increase in rental income. Rental income increased
due to an  increase in  occupancy  at Lewis Park  Apartments  and an increase in
student  housing fees  partially  offset by reduced  rental rates.  In addition,
other income  increased for the three months ended  September 30, 2002 due to an
increase in parking income and nonrefundable  administrative  fees at Lewis Park
Apartments.

Total  expenses  decreased for the three and nine month periods ended  September
30, 2002 due to a decrease in operating  expense partially offset by an increase
in  property  tax  expense.  Operating  expense  decreased  due to a decrease in
maintenance and advertising costs at the Partnership's  investment property. The
decrease in  maintenance  expense is  primarily  the result of a decrease in the
costs  of  interior  painting  for  the  periods  presented.  Advertising  costs
decreased  as a  result  of the  increase  in  occupancy  at  the  Partnership's
investment property,  as discussed above.  Property tax expense increased due to
the timing of the receipt of the property tax bills from the taxing authorities.
The decrease in total expenses for the three months ended September 30, 2002 was
also  offset  by an  increase  in  general  and  administrative  expense  due to
increased professional fees associated with the management of the Partnership.

Included in general and  administrative  expense at both  September 30, 2002 and
2001 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 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  September  30,  2002,  the  Partnership  had cash and  cash  equivalents  of
approximately  $124,000 as compared to  approximately  $242,000 at September 30,
2001. Cash and cash equivalents decreased  approximately  $177,000 from December
31, 2001, due to  approximately  $339,000 and $100,000 of cash used in financing
and  investing  activities,   respectively,  slightly  offset  by  approximately
$262,000  of cash  provided  by  operating  activities.  Cash used in  financing
activities  consisted of  distributions  paid to the  partners  and, to a lesser
extent,  principal  payments on the mortgage  encumbering Lewis Park Apartments.
Cash  used in  investing  activities  consisted  of  property  improvements  and
replacements.  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 nine months ended  September  30,  2002,  the  Partnership  completed
approximately  $100,000  of  capital  improvements  at  Lewis  Park  Apartments,
consisting primarily of floor covering and appliance  replacements,  parking lot
improvements,   swimming  pool   upgrades,   and  gutter   replacements.   These
improvements  were funded from operating cash flow. The Partnership has budgeted
approximately  $111,000 for capital improvements for 2002,  consisting primarily
of  parking  lot  improvements  and  floor  covering  and  gutter  replacements.
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 $5,260,000 is being 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 nine months ended
September 30, 2002 and 2001 (in thousands, except per unit data):

<TABLE>
<CAPTION>

                     Nine Months      Per Limited       Nine Months      Per Limited
                        Ended         Partnership          Ended         Partnership
                 September 30, 2002       Unit      September 30, 2001       Unit

<S>                     <C>              <C>               <C>              <C>
Operations              $ 244            $15.22            $ 153            $ 9.56
Financing (1)              --                --              547             34.84
                        $ 244            $15.22            $ 700            $44.40
</TABLE>

(1) From the financing of Lewis Park Apartments in August 2000.

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.

Other

In addition to its  indirect  ownership of the general  partner  interest in the
Partnership, AIMCO and its affiliates owned 5,464 limited partnership units (the
"Units") in the Partnership  representing  34.81% of the outstanding units as of
September  30,  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 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. 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  of Chief  Executive  Officer and
                    Chief Financial Officer.

            b)  Reports  on Form 8-K  filed  during  the  quarter  ended
                September 30, 2002:

                    Current  Report on Form 8-K/A  dated June 27, 2002 and filed
                    on July 16, 2002,  disclosing  the  dismissal of KPMG LLP as
                    the Registrant's  certifying  auditor and the appointment of
                    Ernst & Young LLP,  as the  certifying  auditor for the year
                    ending December 31, 2002.




<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.,
                                          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: November 13, 2002



<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:  November 13, 2002

                                    _______________________
                                    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:  November 13, 2002

                                    _______________________
                                    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 September 30, 2002 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: November 13, 2002


                                    /s/  Paul J. McAuliffe
                                    Name:  Paul J. McAuliffe
                                    Date: November 13, 2002


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.