SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, DC  20549

                                   FORM 8-K

                                CURRENT REPORT

                    PURSUANT TO SECTION 13 OR 15 (d) OF THE
                        SECURITIES EXCHANGE ACT OF 1934

       Date of Report (date of earliest event reported)  April 26, 1996

                           BALCOR PENSION INVESTORS
         ------------------------------------------------------------
                           Exact Name of Registrant

Illinois                                0-9198
- ---------------------------             -----------------------------
State or other jurisdiction             Commission file number

2355 Waukegan Road
Suite A200
Bannockburn, Illinois                   36-2943462
- ---------------------------             -----------------------------
Address of principal                    I.R.S. Employer
executive offices                       Identification
                                        Number

60015
- ---------------------------
Zip Code

              Registrant's telephone number, including area code:
                                (847) 267-1600
<PAGE>
ITEM 2.  ACQUISITION OR DISPOSITION OF ASSETS
- ----------------------------------------------------------------------

Huntington Plaza Shopping Center

In 1979, the Partnership funded a $1,429,476 loan collateralized by a
wrap-around mortgage on the Huntington Plaza Shopping Center.  The borrower did
not pay the outstanding amount due under the loan at maturity in 1991 and
commenced bankruptcy proceedings.  Pursuant to an agreement executed in 1993
with the holder of the second mortgage on the property (the "Second
Mortgagee"), the Partnership acquired title to the property in 1993 for the
outstanding amount then due under the loan.  All mortgage liens were eliminated
although the agreement with the Second Mortgagee remained in effect.

On April 26, 1996, the Partnership contracted to sell the property for a sale
price of $2,400,000 to an unaffiliated party, J. Herzog & Sons, Inc. (the
"Purchaser"), a Colorado corporation.  The Purchaser has deposited $50,000 into
an escrow account as earnest money.  The closing is scheduled to occur on May
21, 1996. 

At closing, $300,000 of the purchase price will be payable in the form of a
purchase money note (the "Note") collateralized by a junior mortgage on the
property.  The note will accrue interest at a rate of 8% per annum and be
payable in monthly installments of principal and interest based on a 20-year
amortization schedule through maturity, ten years after closing.  The remainder
of the purchase price will be payable in cash.  Neither the General Partner,
its affiliates nor any unaffiliated third party will receive a commission in
connnection with the sale of the property.  The General Partner will be
reimbursed by the Partnership for actual expenses incurred in connection with
the sale.  

Net proceeds of the sale of the property are to be distributed first to the
Partnership and then to the Second Mortgagee in amounts equal to their
respective claims and other amounts due relating to the original borrower's
bankruptcy proceedings, with the remainder distributed 75% to the Partnership
and 25% to the Second Mortgagee. However, the Second Mortgagee has agreed to a
$100,000 reduction of its 25% share of residual proceeds, with the share
allocated to the Partnership increased by such amount. The Second Mortgagee has
further agreed to accept the Note as a portion of its 25% residual share. Based
on the terms of the sale, it is expected that the Partnership and Second
Mortgagee will receive approximately $1,865,000 and $487,000 (excluding
interest on the Note) of the sale proceeds, respectively.   

The closing is subject to the satisfaction of numerous terms and conditions.
There can be no assurance that all of the terms and conditions will be complied
with and, therefore, it is possible the sale of the property may not occur.
<PAGE>
ITEM 7.  FINANCIAL STATEMENTS AND EXHIBITS
- ----------------------------------------------------------------------

     (a)  FINANCIAL STATEMENTS AND EXHIBITS:

          None

     (B)  PRO FORMA FINANCIAL INFORMATION:

          None

     (C)  EXHIBITS:

          (2) Documents relating to the sale of Huntington
              Plaza, Huntington, Indiana. 
                (a) Agreement of Sale and attachment thereto.
                (b) First Amendment to Agreement of Sale.
                (c)  Form of Junior Mortgage and Security Agreement.
                (d)  Form of Principal Note.
                (e)  Satisfaction and Release.

No information is required under Items 1, 3, 4, 5, 6 and 8 and these items
have, therefore, been omitted.


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.


                    BALCOR PENSION INVESTORS

                         By:  Balcor Mortgage Advisors, an Illinois
                              general partnership, its general
                              partner

                         By:  RGF-Balcor Associates,
                              an Illinois general partnership,
                              a partner

                         By:  The Balcor Company,
                              a Delaware corporation,
                              a partner

                         By: /s/Jerry M. Ogle
                            ------------------------------------
                              Jerry M. Ogle, Vice President 
                              and Secretary
Dated:  May 10, 1996
<PAGE>
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{"company-data": {"conformed-name": "BALCOR PENSION INVESTORS", "cik": "0000225075", "assigned-sic": "6500", "irs-number": "362943462", "state-of-incorporation": "IL", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "000-09198", "film-number": "96559951"}, "business-address": {"street1": "BALCOR PLZ", "street2": "4849 GOLF ROAD", "city": "SKOKIE", "state": "IL", "zip": "60077", "phone": "7086772900"}, "mail-address": {"street1": "4849 GOLF ROAD", "street2": "4849 GOLF ROAD", "city": "SKOKIE", "state": "IL", "zip": "60077"}}
SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, DC  20549

                                   FORM 8-K

                                CURRENT REPORT

                    PURSUANT TO SECTION 13 OR 15 (d) OF THE
                        SECURITIES EXCHANGE ACT OF 1934

       Date of Report (date of earliest event reported)  April 26, 1996

                           BALCOR PENSION INVESTORS
         ------------------------------------------------------------
                           Exact Name of Registrant

Illinois                                0-9198
- ---------------------------             -----------------------------
State or other jurisdiction             Commission file number

2355 Waukegan Road
Suite A200
Bannockburn, Illinois                   36-2943462
- ---------------------------             -----------------------------
Address of principal                    I.R.S. Employer
executive offices                       Identification
                                        Number

60015
- ---------------------------
Zip Code

              Registrant's telephone number, including area code:
                                (847) 267-1600
ITEM 2.  ACQUISITION OR DISPOSITION OF ASSETS
- ----------------------------------------------------------------------

Huntington Plaza Shopping Center

In 1979, the Partnership funded a $1,429,476 loan collateralized by a
wrap-around mortgage on the Huntington Plaza Shopping Center.  The borrower did
not pay the outstanding amount due under the loan at maturity in 1991 and
commenced bankruptcy proceedings.  Pursuant to an agreement executed in 1993
with the holder of the second mortgage on the property (the "Second
Mortgagee"), the Partnership acquired title to the property in 1993 for the
outstanding amount then due under the loan.  All mortgage liens were eliminated
although the agreement with the Second Mortgagee remained in effect.

On April 26, 1996, the Partnership contracted to sell the property for a sale
price of $2,400,000 to an unaffiliated party, J. Herzog & Sons, Inc. (the
"Purchaser"), a Colorado corporation.  The Purchaser has deposited $50,000 into
an escrow account as earnest money.  The closing is scheduled to occur on May
21, 1996. 

At closing, $300,000 of the purchase price will be payable in the form of a
purchase money note (the "Note") collateralized by a junior mortgage on the
property.  The note will accrue interest at a rate of 8% per annum and be
payable in monthly installments of principal and interest based on a 20-year
amortization schedule through maturity, ten years after closing.  The remainder
of the purchase price will be payable in cash.  Neither the General Partner,
its affiliates nor any unaffiliated third party will receive a commission in
connnection with the sale of the property.  The General Partner will be
reimbursed by the Partnership for actual expenses incurred in connection with
the sale.  

Net proceeds of the sale of the property are to be distributed first to the
Partnership and then to the Second Mortgagee in amounts equal to their
respective claims and other amounts due relating to the original borrower's
bankruptcy proceedings, with the remainder distributed 75% to the Partnership
and 25% to the Second Mortgagee. However, the Second Mortgagee has agreed to a
$100,000 reduction of its 25% share of residual proceeds, with the share
allocated to the Partnership increased by such amount. The Second Mortgagee has
further agreed to accept the Note as a portion of its 25% residual share. Based
on the terms of the sale, it is expected that the Partnership and Second
Mortgagee will receive approximately $1,865,000 and $487,000 (excluding
interest on the Note) of the sale proceeds, respectively.   

The closing is subject to the satisfaction of numerous terms and conditions.
There can be no assurance that all of the terms and conditions will be complied
with and, therefore, it is possible the sale of the property may not occur.
ITEM 7.  FINANCIAL STATEMENTS AND EXHIBITS
- ----------------------------------------------------------------------

     (a)  FINANCIAL STATEMENTS AND EXHIBITS:

          None

     (B)  PRO FORMA FINANCIAL INFORMATION:

          None

     (C)  EXHIBITS:

          (2) Documents relating to the sale of Huntington
              Plaza, Huntington, Indiana. 
                (a) Agreement of Sale and attachment thereto.
                (b) First Amendment to Agreement of Sale.
                (c)  Form of Junior Mortgage and Security Agreement.
                (d)  Form of Principal Note.
                (e)  Satisfaction and Release.

No information is required under Items 1, 3, 4, 5, 6 and 8 and these items
have, therefore, been omitted.

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.

                    BALCOR PENSION INVESTORS

                         By:  Balcor Mortgage Advisors, an Illinois
                              general partnership, its general
                              partner

                         By:  RGF-Balcor Associates,
                              an Illinois general partnership,
                              a partner

                         By:  The Balcor Company,
                              a Delaware corporation,
                              a partner

                         By: /s/Jerry M. Ogle
                            ------------------------------------
                              Jerry M. Ogle, Vice President 
                              and Secretary
Dated:  May 10, 1996