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  23, 1996

                        BALCOR REALTY INVESTORS LTD.-82
         ------------------------------------------------------------
                           Exact Name of Registrant

Illinois                                0-11127
- ---------------------------             -----------------------------
State or other jurisdiction             Commission file number

2355 Waukegan Road
Suite A200
Bannockburn, Illinois                   36-3139801
- ---------------------------             -----------------------------
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
- ----------------------------------------------------------------------

Eagles Pointe Apartments

In 1982, the Partnership acquired the Eagles Pointe Apartments, Norcross,
Georgia, utilizing approximately $5,305,331 in offering proceeds.  The property
was acquired subject to first mortgage financing of approximately $8,000,000.

On April 23, 1996, the Partnership contracted to sell the property for a sale
price of $11,600,000 to an unaffiliated party, ERP Operating Limited
Partnership (the "Purchaser"), an Illinois limited partnership.  The Purchaser
has deposited $300,000 into an escrow account as earnest money.  The Purchaser
has the option, to be exercised prior to May 22, 1996, to assume the existing
first mortgage loan collateralized by the property at closing.  If the option
is exercised, the Purchaser is obligated to deposit an additional $200,000 into
the escrow account no later than May 23, 1996.  At closing, the loan, which is
expected to have a then outstanding balance of approximately $7,006,000, will
be either assumed by the Purchaser or repaid from the sale proceeds, with the
remainder of the purchase price paid in cash.  The Purchaser will pay all
closing costs relating to the sale, including title charges and prepayment or
assumption fees relating to the loan.  Of the remaining sale proceeds, an
amount not to exceed $500,000 will be retained by the Partnership and not be
available until 120 days after the closing.  Neither the General Partner, its
affiliates nor any unaffiliated third party will receive a brokerage commission
in connection with the sale of the property.  An affiliate of the third party
providing property management services for the Partnership and certain
affiliates will receive a fee for services in connection with the sale of the
Property of $116,000.  The General Partner will be reimbursed by the
Partnership for actual expenses incurred in connection with the sale, including
the Partnership's legal fees.

If the loan is to be repaid at closing, the closing will occur on the earliest
day the holder of the loan will permit the loan to be repaid, to be no earlier
than June 6, 1996.  If the Purchaser has exercised the option to assume the
loan, the closing will be extended to a date no later than July 19, 1996.

Affiliates of the General Partner have simultaneously contracted to sell 18
other properties to the Purchaser.

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)    Agreement of Sale and attachments thereto relating to the 
                   sale of the Eagles Pointe Apartments, Norcross, Georgia.

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 REALTY INVESTORS LTD.-82

                         By:  Balcor Partners-XI, an Illinois
                                general partnership, its general
                                partner

                         By:  RGF-Balcor Associates-II, 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 8, 1996
<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)  April  23, 1996

                        BALCOR REALTY INVESTORS LTD.-82
         ------------------------------------------------------------
                           Exact Name of Registrant

Illinois                                0-11127
- ---------------------------             -----------------------------
State or other jurisdiction             Commission file number

2355 Waukegan Road
Suite A200
Bannockburn, Illinois                   36-3139801
- ---------------------------             -----------------------------
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
- ----------------------------------------------------------------------

Eagles Pointe Apartments

In 1982, the Partnership acquired the Eagles Pointe Apartments, Norcross,
Georgia, utilizing approximately $5,305,331 in offering proceeds.  The property
was acquired subject to first mortgage financing of approximately $8,000,000.

On April 23, 1996, the Partnership contracted to sell the property for a sale
price of $11,600,000 to an unaffiliated party, ERP Operating Limited
Partnership (the "Purchaser"), an Illinois limited partnership.  The Purchaser
has deposited $300,000 into an escrow account as earnest money.  The Purchaser
has the option, to be exercised prior to May 22, 1996, to assume the existing
first mortgage loan collateralized by the property at closing.  If the option
is exercised, the Purchaser is obligated to deposit an additional $200,000 into
the escrow account no later than May 23, 1996.  At closing, the loan, which is
expected to have a then outstanding balance of approximately $7,006,000, will
be either assumed by the Purchaser or repaid from the sale proceeds, with the
remainder of the purchase price paid in cash.  The Purchaser will pay all
closing costs relating to the sale, including title charges and prepayment or
assumption fees relating to the loan.  Of the remaining sale proceeds, an
amount not to exceed $500,000 will be retained by the Partnership and not be
available until 120 days after the closing.  Neither the General Partner, its
affiliates nor any unaffiliated third party will receive a brokerage commission
in connection with the sale of the property.  An affiliate of the third party
providing property management services for the Partnership and certain
affiliates will receive a fee for services in connection with the sale of the
Property of $116,000.  The General Partner will be reimbursed by the
Partnership for actual expenses incurred in connection with the sale, including
the Partnership's legal fees.

If the loan is to be repaid at closing, the closing will occur on the earliest
day the holder of the loan will permit the loan to be repaid, to be no earlier
than June 6, 1996.  If the Purchaser has exercised the option to assume the
loan, the closing will be extended to a date no later than July 19, 1996.

Affiliates of the General Partner have simultaneously contracted to sell 18
other properties to the Purchaser.

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)    Agreement of Sale and attachments thereto relating to the 
                   sale of the Eagles Pointe Apartments, Norcross, Georgia.

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 REALTY INVESTORS LTD.-82

                         By:  Balcor Partners-XI, an Illinois
                                general partnership, its general
                                partner

                         By:  RGF-Balcor Associates-II, 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 8, 1996