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)  March 31, 1997

                      BALCOR EQUITY PROPERTIES LTD.-VIII
         ------------------------------------------------------------
                           Exact Name of Registrant


Illinois                                0-9541
-----------------------------------     -----------------------------------
State or other jurisdiction             Commission file number

2355 Waukegan Road
Suite A200
Bannockburn, Illinois                   36-3011615
-----------------------------------     -----------------------------------
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
------------------------------------------------------------------------

a)  Walnut Hills Apartments, Phase I

In 1980, the Partnership acquired Walnut Hills Apartments, Phase I, San
Antonio, Texas ("Phase I"), utilizing approximately $2,635,000 in offering
proceeds.  Phase I was acquired subject to an existing first mortgage loan of
approximately $2,649,000.  In 1983, the Partnership sold Phase I and Walnut
Hills Apartments, Phase II ("Phase II"), located adjacent to Phase I, to an
unaffiliated party with a portion of the sale price in the form of a purchase
money note (the "Note").  The purchaser defaulted on the Note and the
Partnership reacquired title to Phase I and Phase II through foreclosure in
1986.  Prior to the foreclosure, the Partnership received approximately
$1,900,000 pursuant to the sale related to Phase I and Phase II combined 
comprised of the cash down payment and principal payments on the Note.  

In 1993, the first mortgage loan on Phase I was refinanced with a new mortgage
loan in the amount of $5,219,500.  The Partnership received excess refinancing
proceeds of  approximately $2,751,000.   

On March 31, 1997, the Partnership contracted to sell Phase I for a sale price
of $4,800,000 to an unaffiliated party, Michael P. Morrison (also referred to
as the "Purchaser").  Mr. Morrison is a partner in the law firm of Hopkins &
Sutter in Chicago.  Hopkins & Sutter, including Mr. Morrison, have provided
legal services periodically to the Partnership and to numerous affiliates of
the General Partner.  

The Purchaser has deposited $48,000 into an escrow account as earnest money.
The remainder of the sale price will be payable in cash at closing, scheduled
for July 1, 1997.  From the proceeds of the sale, the Partnership will pay the
outstanding balance of the first mortgage loan which is expected to be
approximately $5,071,000 at closing  and $96,000 as a brokerage commission to
an affiliate of the third party providing property management services for
Phase I. At closing, the Partnership will utilize the proceeds of the sale of
Phase I along with a portion of the net proceeds from the sale of Phase II, as
described below, to satisfy its obligations with respect to the sale of Phase
I.

The Partnership has simultaneously contracted to sell Phase II to the
Purchaser, as described below.  If the agreement of sale for Phase I or Phase
II is terminated for any reason, the agreement of sale for the other Phase will
also be deemed terminated.   

Neither the General Partner nor any affiliate will receive a brokerage
commission in connection with the sale of Phase I.  The General Partner will be
reimbursed by the Partnership for actual expenses incurred in connection with
the sale.

The closing is subject to the satisfaction of numerous terms and conditions,
including the closing of the sale of Phase II.  There can be no assurance that
all of the terms and conditions will be complied with and, therefore, it is
possible the sale of  Phase I may not occur.
<PAGE>
b)  Walnut Hills Apartments, Phase II

In 1981, the Partnership acquired Walnut Hills Apartments, Phase II, San
Antonio, Texas ("Phase II"), utilizing approximately $1,786,000 in offering
proceeds.  Phase II was acquired subject to a first mortgage loan in the amount
of approximately $3,600,000.  In 1983, the Partnership sold Phase II and Walnut
Hills Apartments, Phase I ("Phase I"), located adjacent to Phase II, to an
unaffiliated party with a portion of the sale price in the form of a purchase
money note (the "Note").  The purchaser defaulted on the Note and the
Partnership reacquired title to Phase II and Phase I through foreclosure in
1986.  As described in Item 2 (a) above, prior to the foreclosure, the 
Partnership received approximately $1,900,000 pursuant to the sale related to 
Phase I and Phase II combined comprised of the cash down payment and principal
payments on the Note. 

In 1993, the first mortgage loan on Phase II was refinanced with a new mortgage
loan in the amount of $1,930,500.  The Partnership paid $1,354,373 from the 
proceeds of the refinancing of Phase I towards the refinancing of Phase II.   

On March 31, 1997, the Partnership contracted to sell Phase II for a sale price
of $5,800,000 to an unaffiliated party, Michael P. Morrison (also referred to
as the "Purchaser").  Mr. Morrison is a partner in the law firm of Hopkins &
Sutter in Chicago.  Hopkins & Sutter, including Mr. Morrison, have provided
legal services periodically to the Partnership and to numerous affiliates of
the General Partner. 

The Purchaser has deposited $58,000 into an escrow account as earnest money.
The remainder of the sale price will be payable in cash at closing, scheduled
for July 1, 1997.  From the proceeds of the sale, the Partnership will pay the
outstanding balance of the first mortgage loan which is expected to be
approximately $1,871,000 at closing and $116,000 as a brokerage commission to
an affiliate of the third party providing property management services for
Phase II. The Partnership will receive the remaining proceeds of approximately
$3,813,000, less closing costs.  At closing, the Partnership will utilize a
portion of the net proceeds from Phase II to satisfy its obligations with 
respect to the sale of Phase I, as described above.

The Partnership has simultaneously contracted to sell Phase I to the Purchaser,
as described above.  If the agreement of sale for Phase I or Phase II is
terminated for any reason, the agreement of sale for the other Phase will also
be deemed terminated.   

Neither the General Partner nor any affiliate will receive a brokerage
commission in connection with the sale of Phase II.  The General Partner will
be reimbursed by the Partnership for actual expenses incurred in connection
with the sale.

The closing is subject to the satisfaction of numerous terms and conditions,
including the closing of the sale of Phase II.  There can be no assurance that
all of the terms and conditions will be complied with and, therefore, it is
possible the sale of  Phase II 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) (a) Agreement of Sale and attachment thereto relating to the sale
                  of Walnut Hills Apartments, Phase I, San Antonio, Texas.

              (b) Agreement of Sale and attachment thereto relating to the sale
                  of Walnut Hills Apartments, Phase II, San Antonio, Texas. 

     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 EQUITY PROPERTIES LTD.-VIII

                         By:  Balcor Partners-79, 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, Managing Director 
                                   and Secretary

Dated:  April 15, 1997
<PAGE>
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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)  March 31, 1997

                      BALCOR EQUITY PROPERTIES LTD.-VIII
         ------------------------------------------------------------
                           Exact Name of Registrant

Illinois                                0-9541
-----------------------------------     -----------------------------------
State or other jurisdiction             Commission file number

2355 Waukegan Road
Suite A200
Bannockburn, Illinois                   36-3011615
-----------------------------------     -----------------------------------
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
------------------------------------------------------------------------

a)  Walnut Hills Apartments, Phase I

In 1980, the Partnership acquired Walnut Hills Apartments, Phase I, San
Antonio, Texas ("Phase I"), utilizing approximately $2,635,000 in offering
proceeds.  Phase I was acquired subject to an existing first mortgage loan of
approximately $2,649,000.  In 1983, the Partnership sold Phase I and Walnut
Hills Apartments, Phase II ("Phase II"), located adjacent to Phase I, to an
unaffiliated party with a portion of the sale price in the form of a purchase
money note (the "Note").  The purchaser defaulted on the Note and the
Partnership reacquired title to Phase I and Phase II through foreclosure in
1986.  Prior to the foreclosure, the Partnership received approximately
$1,900,000 pursuant to the sale related to Phase I and Phase II combined 
comprised of the cash down payment and principal payments on the Note.  

In 1993, the first mortgage loan on Phase I was refinanced with a new mortgage
loan in the amount of $5,219,500.  The Partnership received excess refinancing
proceeds of  approximately $2,751,000.   

On March 31, 1997, the Partnership contracted to sell Phase I for a sale price
of $4,800,000 to an unaffiliated party, Michael P. Morrison (also referred to
as the "Purchaser").  Mr. Morrison is a partner in the law firm of Hopkins &
Sutter in Chicago.  Hopkins & Sutter, including Mr. Morrison, have provided
legal services periodically to the Partnership and to numerous affiliates of
the General Partner.  

The Purchaser has deposited $48,000 into an escrow account as earnest money.
The remainder of the sale price will be payable in cash at closing, scheduled
for July 1, 1997.  From the proceeds of the sale, the Partnership will pay the
outstanding balance of the first mortgage loan which is expected to be
approximately $5,071,000 at closing  and $96,000 as a brokerage commission to
an affiliate of the third party providing property management services for
Phase I. At closing, the Partnership will utilize the proceeds of the sale of
Phase I along with a portion of the net proceeds from the sale of Phase II, as
described below, to satisfy its obligations with respect to the sale of Phase
I.

The Partnership has simultaneously contracted to sell Phase II to the
Purchaser, as described below.  If the agreement of sale for Phase I or Phase
II is terminated for any reason, the agreement of sale for the other Phase will
also be deemed terminated.   

Neither the General Partner nor any affiliate will receive a brokerage
commission in connection with the sale of Phase I.  The General Partner will be
reimbursed by the Partnership for actual expenses incurred in connection with
the sale.

The closing is subject to the satisfaction of numerous terms and conditions,
including the closing of the sale of Phase II.  There can be no assurance that
all of the terms and conditions will be complied with and, therefore, it is
possible the sale of  Phase I may not occur.
b)  Walnut Hills Apartments, Phase II

In 1981, the Partnership acquired Walnut Hills Apartments, Phase II, San
Antonio, Texas ("Phase II"), utilizing approximately $1,786,000 in offering
proceeds.  Phase II was acquired subject to a first mortgage loan in the amount
of approximately $3,600,000.  In 1983, the Partnership sold Phase II and Walnut
Hills Apartments, Phase I ("Phase I"), located adjacent to Phase II, to an
unaffiliated party with a portion of the sale price in the form of a purchase
money note (the "Note").  The purchaser defaulted on the Note and the
Partnership reacquired title to Phase II and Phase I through foreclosure in
1986.  As described in Item 2 (a) above, prior to the foreclosure, the 
Partnership received approximately $1,900,000 pursuant to the sale related to 
Phase I and Phase II combined comprised of the cash down payment and principal
payments on the Note. 

In 1993, the first mortgage loan on Phase II was refinanced with a new mortgage
loan in the amount of $1,930,500.  The Partnership paid $1,354,373 from the 
proceeds of the refinancing of Phase I towards the refinancing of Phase II.   

On March 31, 1997, the Partnership contracted to sell Phase II for a sale price
of $5,800,000 to an unaffiliated party, Michael P. Morrison (also referred to
as the "Purchaser").  Mr. Morrison is a partner in the law firm of Hopkins &
Sutter in Chicago.  Hopkins & Sutter, including Mr. Morrison, have provided
legal services periodically to the Partnership and to numerous affiliates of
the General Partner. 

The Purchaser has deposited $58,000 into an escrow account as earnest money.
The remainder of the sale price will be payable in cash at closing, scheduled
for July 1, 1997.  From the proceeds of the sale, the Partnership will pay the
outstanding balance of the first mortgage loan which is expected to be
approximately $1,871,000 at closing and $116,000 as a brokerage commission to
an affiliate of the third party providing property management services for
Phase II. The Partnership will receive the remaining proceeds of approximately
$3,813,000, less closing costs.  At closing, the Partnership will utilize a
portion of the net proceeds from Phase II to satisfy its obligations with 
respect to the sale of Phase I, as described above.

The Partnership has simultaneously contracted to sell Phase I to the Purchaser,
as described above.  If the agreement of sale for Phase I or Phase II is
terminated for any reason, the agreement of sale for the other Phase will also
be deemed terminated.   

Neither the General Partner nor any affiliate will receive a brokerage
commission in connection with the sale of Phase II.  The General Partner will
be reimbursed by the Partnership for actual expenses incurred in connection
with the sale.

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

     (A)  FINANCIAL STATEMENTS AND EXHIBITS:

            None

     (B)  PRO FORMA FINANCIAL INFORMATION:

            None

     (C)  EXHIBITS:

          (2) (a) Agreement of Sale and attachment thereto relating to the sale
                  of Walnut Hills Apartments, Phase I, San Antonio, Texas.

              (b) Agreement of Sale and attachment thereto relating to the sale
                  of Walnut Hills Apartments, Phase II, San Antonio, Texas. 

     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 EQUITY PROPERTIES LTD.-VIII

                         By:  Balcor Partners-79, 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, Managing Director 
                                   and Secretary

Dated:  April 15, 1997