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



                                    FORM 8-K


                                 CURRENT REPORT


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

                        Date of Report: February 27, 2004

                       united investors income properties
             (Exact name of registrant as specified in its charter)


             Missouri                 0-17646                43-1483942
    (State or other jurisdiction     (Commission          (I.R.S. Employer
          of incorporation)          File Number)          Identification
                                                               Number)


                                55 Beattie Place
                              Post Office Box 1089
                        Greenville, South Carolina 29602
                    (Address of principal executive offices)


         Registrant's telephone number, including area code (864) 239-1000












Item 1.     Changes in Control of Registrant

On February 27, 2004, (i) AIMCO/IPT, Inc., a Delaware corporation ("AIMCO/IPT"),
and a wholly owned subsidiary of Apartment  Investment and Management Company, a
Maryland  corporation  ("AIMCO"),  acquired  from  Everest  Properties,  Inc., a
California corporation ("Everest"), all of the capital stock of United Investors
Real Estate, Inc., a Delaware corporation ("UIRE"),  the sole general partner of
United  Investors  Income  Properties  (the   "Partnership"),   and  (ii)  AIMCO
Properties, L.P., a Delaware limited partnership ("AIMCO OP"), and the operating
partnership of AIMCO,  acquired from Everest 14,328  limited  partnership  units
(the "Units") in United Investors Growth Properties,  whose sole general partner
was also  UIRE.  The  purchase  price  for the  stock of UIRE and the  Units was
$100,000, which was obtained from available cash balances.

As the sole  stockholder  of UIRE,  AIMCO/IPT  is in a  position  to remove  the
current  directors and elect the directors of UIRE and  consequently  to control
the Partnership.  As of February 27, 2004, David I. Lesser and W. Robert Kohorst
resigned as directors of UIRE, and AIMCO/IPT  appointed Martha L. Long and Peter
Kompaniez as directors of UIRE.

Everest had  originally  acquired the stock of UIRE and the Units from AIMCO/IPT
and AIMCO OP,  respectively,  on May 1, 2003. In connection with the May 1, 2003
transaction,  UIRE and the  Partnership  entered into a Services  Agreement (the
"Services  Agreement")  with NHP  Management  Company  ("NHP"),  an affiliate of
AIMCO,  whereby NHP agreed to provide portfolio management services and property
management services for the Partnership. Subsequent to AIMCO/IPT's repurchase of
UIRE, the Services Agreement was terminated.







                                    SIGNATURE



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 hereunto duly authorized.



                                    UNITED INVESTORS INCOME PROPERTIES


                                    By:   United Investors Real Estate, Inc.
                                          Its General Partner


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


                                    Date: March 22, 2004