<PAGE>   1


                       SECURITIES AND EXCHANGE COMMISSION

                             Washington, D.C. 20549


                                    FORM 10-Q


       Quarterly Report Pursuant to Section 13 or 15(d) of the Securities
                              Exchange Act of 1934

                  For the Quarterly Period Ended JUNE 30, 1999

                         Commission File Number 33-22857

                  CENTURY HILLCRESTE APARTMENT INVESTORS, L.P.
                       (A California Limited Partnership)

                  I.R.S. Employer Identification No. 95-4166241

                         9090 WILSHIRE BLVD., SUITE 201
                           BEVERLY HILLS, CALIF. 90211

                         Registrant's Telephone Number,
                       Including Area Code (310) 278-2191


Indicate by check mark whether the registrant (1) has filed all documents and
reports required to be filed by Section 13 or 15(d) of the Securities Exchange
Act of 1934 during the preceding twelve 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 [ ]




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                  CENTURY HILLCRESTE APARTMENT INVESTORS, L.P.
                       (A CALIFORNIA LIMITED PARTNERSHIP)

                               INDEX TO FORM 10-Q

                       FOR THE QUARTER ENDED JUNE 30, 1999



<TABLE>
<S>                                                                                                            <C>
PART I.  FINANCIAL INFORMATION

        Item 1.  Financial Statements and Notes to Financial Statements

                      Balance Sheets, June 30, 1999 and December 31, 1998 ......................................1

                      Statements of Operations,
                              Six and Three Months Ended June 30, 1999 and 1998.................................2

                      Statement of Partners' Capital (Deficiency)
                              Six Months Ended June 30, 1999 ...................................................3

                      Statement of Cash Flows
                              Six Months Ended June 30, 1999 and 1998...........................................4

                      Notes to Financial Statements ............................................................5

        Item 2.       Management's Discussion and Analysis of Financial
                              Condition and Results of Operations ..............................................9


PART II.  OTHER INFORMATION

        Item 1.       Legal Proceedings.........................................................................9

        Item 6.       Exhibits and Reports on Form 8-K..........................................................9

        Signatures ............................................................................................10
</TABLE>

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                  CENTURY HILLCRESTE APARTMENTS INVESTORS, L.P.
                       (A CALIFORNIA LIMITED PARTNERSHIP)

                                 BALANCE SHEETS

                       JUNE 30, 1999 AND DECEMBER 31, 1998

                                     ASSETS

<TABLE>
<CAPTION>
                                                           1999
                                                       (Unaudited)      1998
                                                       -----------   -----------
<S>                                                    <C>           <C>
RENTAL PROPERTY (Notes 1, 2 and 3)                     $         -   $57,836,152

CASH AND CASH EQUIVALENTS (Note 1)                       1,484,752     5,505,534

RESTRICTED CASH (Notes 1 and 5)                            158,700       158,700

OTHER ASSETS (Note 5)                                       35,266        94,363
                                                       -----------   -----------

                                                       $ 1,678,718   $63,594,749
                                                       ===========   ===========


                       LIABILITIES AND PARTNERS' CAPITAL

ACCOUNTS PAYABLE AND ACCRUED
   LIABILITIES (Note 4)                                $     3,449   $   436,035


COMMITMENTS AND CONTINGENCIES (Note 5)

PARTNERS' CAPITAL (Note 1)                               1,675,269    63,158,714
                                                       -----------   -----------

                                                       $ 1,678,718   $63,594,749
                                                       ===========   ===========
</TABLE>







   The accompanying notes are an integral part of these financial statements.


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<PAGE>   4

                  CENTURY HILLCRESTE APARTMENTS INVESTORS, L.P.
                       (A CALIFORNIA LIMITED PARTNERSHIP)

                              STATEMENTS OF INCOME
                SIX AND THREE MONTHS ENDED JUNE 30, 1999 AND 1998
                                   (Unaudited)


<TABLE>
<CAPTION>
                                              Six months      Three months      Six months    Three months
                                                ended            ended            ended           ended
                                            June 30, 1999    June 30, 1999    June 30, 1998   June 30, 1998
                                              ---------       -----------       ----------      ----------
<S>                                           <C>             <C>               <C>             <C>
REVENUES
     Rental income                            $       -       $         -       $3,112,838      $1,620,007
     Interest and other income (Note 3)         227,959            18,115          128,431          40,984
                                              ---------       -----------       ----------      ----------
                                                227,959            18,115        3,241,269       1,660,991
                                              ---------       -----------       ----------      ----------

EXPENSES
     Operating (Note 4)                          83,248            31,435          671,541         359,792
     Property taxes                                --                --            253,229         189,162
     Management fee (Note 4)                       --                --             91,611          46,398
     General and administrative (Note 4)        173,804            55,439          194,709         103,621
     Depreciation                                  --                --            352,778         176,389
                                              ---------       -----------       ----------      ----------

                                                257,052            86,874        1,563,868         875,362
                                              ---------       -----------       ----------      ----------

NET INCOME(LOSS)                              $ (29,093)      $   (68,759)      $1,677,401      $  785,629
                                              =========       ===========       ==========      ==========

NET INCOME(LOSS) PER DEPOSITORY UNIT          $      (0)      $        (0)      $        0      $        0
                                              =========       ===========       ==========      ==========
</TABLE>















   The accompanying notes are an integral part of these financial statements.


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<PAGE>   5

                  CENTURY HILLCRESTE APARTMENTS INVESTORS, L.P.
                       (A CALIFORNIA LIMITED PARTNERSHIP)

                  STATEMENTS OF PARTNERS' CAPITAL (DEFICIENCY)
                         SIX MONTHS ENDED JUNE 30, 1999
                                   (Unaudited)


<TABLE>
<CAPTION>
                                                              Special Limited
                                General         Limited           Partner
                               Partners         Partners          (Note 1)          Total
                               ---------      ------------    ---------------    ------------
<S>                            <C>            <C>               <C>              <C>
PARTNERSHIP INTERESTS                            7,258,000
                                              ============


BALANCE, JANUARY 1, 1999       $ (18,942)     $ 61,605,222      $ 1,572,434      $ 63,158,714

DISTRIBUTIONS (Note 7)          (228,545)      (59,653,373)      (1,572,434)      (61,454,352)

NET LOSS FOR THE SIX
MONTHS ENDED JUNE 30, 1999          (291)          (28,802)              --           (29,093)
                               ---------      ------------      -----------      ------------

BALANCE, JUNE 30, 1999         $(247,778)     $  1,923,047      $        --      $  1,675,269
                               =========      ============      ===========      ============
</TABLE>


























   The accompanying notes are an integral part of these financial statements.


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<PAGE>   6

                  CENTURY HILLCRESTE APARTMENTS INVESTORS, L.P.
                       (A CALIFORNIA LIMITED PARTNERSHIP)

                            STATEMENTS OF CASH FLOWS

                     SIX MONTHS ENDED JUNE 30, 1999 AND 1998

                                   (Unaudited)

<TABLE>
<CAPTION>
                                                                   1999           1998
                                                               ------------    -----------
<S>                                                            <C>             <C>
CASH FLOWS FROM OPERATING ACTIVITIES:
      Net  (loss) income                                       $    (29,093)   $ 1,096,978
      Adjustments to reconcile net income (loss) to net
         cash (used in) provided by operating activities:
            Depreciation                                               --          352,778
            Decrease in other assets                                 59,097         40,472
            Decrease in accounts payable and
                accrued liabilities                                (432,586)      (173,242)
            Decrease in security deposits                              --          (17,826)
            Decrease in prepaid rent                                   --          (54,239)
                                                               ------------    -----------

                   Net cash provided by operating activities       (402,582)     1,244,921
                                                               ------------    -----------

CASH FLOWS FROM INVESTING ACTIVITIES:
      Cash proceeds from sale                                    57,836,152           --
      Increase in rental property                                      --         (354,534)
                                                               ------------    -----------

                                                                 57,836,152       (354,534)
                                                               ------------    -----------

CASH FLOWS FROM FINANCING ACTIVITIES:
      Distributions to partners                                 (61,454,352)    (1,169,731)
                                                               ------------    -----------


NET INCREASE IN CASH AND CASH EQUIVALENTS                        (4,020,782)      (279,344)

CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD                    5,505,534      3,490,463
                                                               ------------    -----------

CASH AND CASH EQUIVALENTS, END OF PERIOD                       $  1,484,752    $ 3,211,119
                                                               ============    ===========
</TABLE>









   The accompanying notes are an integral part of these financial statements.


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<PAGE>   7

                  CENTURY HILLCRESTE APARTMENT INVESTORS, L.P.
                       (A CALIFORNIA LIMITED PARTNERSHIP)

                          NOTES TO FINANCIAL STATEMENTS

                                  JUNE 30, 1999


NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

         GENERAL

         The information contained in the following notes to the financial
         statements is condensed from that which would appear in the annual
         financial statements; accordingly, the financial statements included
         herein should be reviewed in conjunction with the financial statements
         and related notes thereto contained in the Annual Report for the year
         ended December 31, 1998 prepared by Century HillCreste Apartment
         Investors, L.P. (the "Partnership"). Accounting measurements at interim
         dates inherently involve greater reliance on estimates than at year
         end. The results of operations for the interim periods presented are
         not necessarily indicative of the results for the entire year.

         In the opinion of National Partnership Investments Corp. ("NAPICO"),
         the accompanying unaudited financial statements contain all adjustments
         (consisting primarily of normal recurring accruals) necessary to
         present fairly the financial position as of June 30, 1999, and the
         results of operations and changes in cash flows for the six and three
         months then ended.

         ORGANIZATION

         The Partnership, a California limited partnership, was formed on June
         6, 1988, with National Partnership Investments Corp. (the "Managing
         General Partner"), and HillCreste Properties Inc. (the "Non-Managing
         General Partner") as the general partners (collectively, the "General
         Partners"). On October 26, 1988, the Partnership issued to investors
         (the "Limited Partners") 7,258,000 depositary units (each depositary
         unit being entitled to the beneficial interest of a limited partnership
         interest), for a total amount raised of $72,580,000, through a public
         offering.

         Prior to December 30, 1998, NAPICO was a wholly owned subsidiary of
         Casden Investment Corporation ("CIC"), which is wholly owned by Alan I.
         Casden. On December 30, 1998, Casden Properties Operating Partnership,
         L.P., (the "Operating Partnership"), a majority owned subsidiary of
         Casden Properties Inc., a real estate investment trust organized by
         Alan I. Casden, purchased a 95.25% economic interest in NAPICO.

         Concurrent with the issuance of the depositary units, the Partnership
         purchased a 315-unit apartment complex in the Century City area of Los
         Angeles, California (the "Property") from Casden Properties (the
         "Seller"). To complete the purchase of the Property, the Seller
         purchased a 10% special limited partnership interest in the Partnership
         for $6,855,000 and became the Special Limited Partner of the
         Partnership.

         Among other things, the Partnership Agreement provides that the 10%
         special limited partnership interest be subordinate to the other
         Limited Partners' specified priority return in the case of
         distributions of net cash flow from operations, plus the other Limited
         Partners' return of capital in the case of net sales or refinancing
         distribution proceeds.


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<PAGE>   8

                  CENTURY HILLCRESTE APARTMENT INVESTORS, L.P.
                       (A CALIFORNIA LIMITED PARTNERSHIP)

                    NOTES TO FINANCIAL STATEMENTS (CONTINUED)

                                  JUNE 30, 1999


NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

         Upon termination and liquidation of the Partnership, liquidating
         distributions are made to the partners in accordance with their
         respective capital account balances (as defined in the Partnership
         Agreement).

         On December 30, 1998, the Partnership sold the Property for $58,500,000
         to the Operating Partnership. The partners intend to dissolve the
         Partnership in 1999.

         USE OF ESTIMATES

         The preparation of financial statements in conformity with generally
         accepted accounting principles requires management to make estimates
         and assumptions that affect the reported amounts of assets and
         liabilities and disclosure of contingent assets and liabilities at the
         date of the financial statements and reported amounts of revenues and
         expenses during the reporting period. Actual results could differ from
         those estimates.

         MINIMUM DISTRIBUTION GUARANTEE

         The minimum distribution guarantee payments from the seller have been
         reflected as a reduction in the carrying amount of the Property.

         CASH AND CASH EQUIVALENTS

         Cash and cash equivalents consists of cash and bank certificates of
         deposit with an original maturity of three months or less. The
         Partnership has its cash and cash equivalents on deposit primarily with
         one money market mutual fund. Such cash and cash equivalents are
         uninsured.

         RESTRICTED CASH

         Restricted cash consists of bank certificates of deposits assigned to
         the City of Los Angeles in lieu of purchasing a subdivision improvement
         bond to effectuate the privatization of city streets located within the
         Property's perimeter during 1998. The Partnership is in process of
         having the assignment released.

         INCOME TAXES

         No provision has been made for income taxes in the accompanying
         financial statements as such taxes, if any, are the liability of the
         partners.

         NET INCOME PER DEPOSITORY UNIT

         Net income per depository unit was computed by dividing the limited
         partners' share of net income (99 percent) by the number of depository
         units outstanding during the year. The number of depository units was
         7,258,000 for the periods presented.


                                       6
<PAGE>   9

                  CENTURY HILLCRESTE APARTMENT INVESTORS, L.P.
                       (A CALIFORNIA LIMITED PARTNERSHIP)

                    NOTES TO FINANCIAL STATEMENTS (CONTINUED)

                                  JUNE 30, 1999


NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

         IMPAIRMENT OF LONG-LIVED ASSETS

         The Partnership reviews long-lived assets to determine if there has
         been any permanent impairment whenever events or changes in
         circumstances indicate that the carrying amount of the asset may not be
         recoverable. If the sum of the expected future cash flows is less than
         the carrying amount of the assets, the Partnership recognizes an
         impairment loss.

NOTE 2 - RENTAL PROPERTY

         On December 30, 1998, the Partnership sold the Property for $58,500,000
         to the Operating Partnership, an affiliate of NAPICO. The sale resulted
         in net cash proceeds to the Partnership of $57,916,894 and a gain of
         $24,646,417. The cash proceeds were held in escrow at December 31, 1998
         and were collected in 1999.

         In March 1999, the Partnership made liquidating cash distributions of
         $59,653,373 to the limited partners, $1,572,434 to the special limited
         partner and $228,545 to the general partners, primarily using proceeds
         from the sale of the building.


NOTE 3 - FEES PAID TO GENERAL PARTNERS AND AFFILIATES

         In accordance with the Partnership Agreement certain fees and
         reimbursements are paid to the General Partners and their affiliates as
         follows:

         (a)      A Partnership management fee payable to the Managing General
                  Partner of $50,000 annually. The fee is included in general
                  and administrative expenses.

         (b)      The Managing General Partner is entitled to receive 1 percent
                  of distributions from operations (as defined in the
                  Partnership Agreement). This is paid quarterly by the
                  Partnership to the Managing General Partner.

NOTE 4 - COMMITMENTS AND CONTINGENCIES

         a.       The Managing General Partner of the Partnership is a plaintiff
                  in various lawsuits and has also been named as a defendant in
                  other lawsuits arising from transactions in the ordinary
                  course of business. In the opinion of management and the
                  Managing General Partner, the claims will not result in any
                  material liability to the Partnership.


                                       7
<PAGE>   10

                  CENTURY HILLCRESTE APARTMENT INVESTORS, L.P.
                       (A CALIFORNIA LIMITED PARTNERSHIP)

                    NOTES TO FINANCIAL STATEMENTS (CONTINUED)

                                  JUNE 30, 1999


NOTE 4 - COMMITMENTS AND CONTINGENCIES (CONTINUED)

         b.       The Partnership has assessed the potential impact of the Year
                  2000 computer systems issue on its operations. The Partnership
                  believes that no significant actions are required to be taken
                  by the Partnership to address the issue and that the impact of
                  the Year 2000 computer systems issue will not materially
                  affect the Partnership's future operating results or financial
                  condition.

NOTE 5 - FAIR VALUE OF FINANCIAL INSTRUMENTS

         Statement of Financial Accounting Standards No. 107, "Disclosure about
         Fair Value of Financial Instruments," requires disclosure of fair value
         information about financial instruments. The carrying amounts of assets
         and liabilities reported on the balance sheets that require such
         disclosure approximate fair value due to their short-term maturity.


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<PAGE>   11

                  CENTURY HILLCRESTE APARTMENT INVESTORS, L.P.
                       (A CALIFORNIA LIMITED PARTNERSHIP)

                                  JUNE 30, 1999


ITEM 2.   MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL POSITION AND
          RESULTS OF OPERATIONS

        CAPITAL RESOURCES AND LIQUIDITY

        The Partnership raised proceeds of $72,580,000 from the sale of
        depository units, pursuant to a public offering and received additional
        capital contributions from the General Partners of $1,050 and from the
        special limited partner of $6,855,000. Currently, the only sources of
        Partnership income consist of income from rental operations at the
        Property and interest earned on Partnership reserves.

        The Partnership pledged a certificate of deposit in the amount of
        $158,700 to the City of Los Angeles, to secure an improvement guarantee
        on the construction of a storm drain and related improvement, which was
        completed in 1998. Upon final inspection, the Partnership will receive
        its deposit of $158,700.

        RESULTS OF OPERATIONS

        Due to the sale of the building on December 30, 1998, operations in 1999
        consist of interest and other income and general and administrative
        expenses. Included in the interest and other income is interest income
        earned on cash and cash equivalents of $223,000 and $128,000 for the six
        months ended June 30, 1999 and 1998, respectively. Interest income
        increased in 1999 as compared to 1998 as a result of interest earned on
        cash proceeds from the sale of the Property held by the Partnership,
        prior to its distribution to the partners. The Partnership has its cash
        and cash equivalents on deposit primarily with one money market mutual
        fund.

        The Partnership has assessed the potential impact of the Year 2000
        computer systems issue on its operations. The Partnership believes that
        no significant actions are required to be taken by the Partnership to
        address the issue and that the impact of the Year 2000 computer systems
        issue will not materially affect the Partnership's future operating
        results or financial condition.


PART II - OTHER INFORMATION

        ITEM 1.     LEGAL PROCEEDINGS

        As of June 30, 1999, NAPICO, the Managing General Partner, was a
        plaintiff or defendant in several lawsuits, which are unrelated to the
        Partnership.


        ITEM 6.     EXHIBITS AND REPORTS ON FORM 8-K

        (a) No reports on Form 8-K were filed during the quarter ended June 30,
1999.


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<PAGE>   12

                  CENTURY HILLCRESTE APARTMENT INVESTORS, L.P.
                       (A CALIFORNIA LIMITED PARTNERSHIP)

                                  JUNE 30, 1999


                                   SIGNATURES


Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.


                             CENTURY HILLCRESTE APARTMENT INVESTORS, L.P.
                             (a California limited partnership)


                             By: National Partnership Investments Corp.
                             Managing General Partner


                             /s/ BRUCE NELSON
                             ------------------------------------
                             Bruce Nelson
                             President


                             Date:    August 13, 1999
                                  -------------------------------


                             /s/ CHARLES H. BOXENBAUM
                             ------------------------------------
                             Charles H. Boxenbaum
                             Chief Executive Officer


                             Date:    August 13, 1999
                                  -------------------------------

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