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 84-SERIES II,
                       A REAL ESTATE LIMITED PARTNERSHIP
         ------------------------------------------------------------
                           Exact Name of Registrant

Maryland                                0-13334
- -----------------------------           -----------------------------------
State or other jurisdiction             Commission file number

2355 Waukegan Road
Suite A200
Bannockburn, Illinois                   36-3223939
- -----------------------------           -----------------------------
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 DISPOSITON OF ASSETS

a) Ridgetree Apartments, Phase II

In 1983, the Partnership acquired  the Ridgetree Apartments, Phase II,  Dallas,
Texas, utilizing approximately $5,452,000 in  offering proceeds.  The  property
was acquired subject to first  mortgage financing of approximately  $9,520,000.
In 1993, the mortgage loan was repaid at a discount and refinanced with new
first and second  mortgage loans in  the amounts of  $7,784,630 and   $158,870,
respectively (the "Loans").  

On April 23, 1996, the Partnership contracted  to sell the property for a  sale
price of $9,200,000 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 Loans  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 Loans, which are expected to have a then total outstanding balance
of approximately $7,639,000, 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  Loans.  Of  the
remaining proceeds, an amount  not to exceed $500,000  will be retained by  the
Partnership and not  be available until  120 days after  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 $92,000.  The General Partner will be reimbursed by the
Partnership for actual expenses incurred in connection with the sale, including
legal fees.

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

The Partnership  and  affiliates of  the  General Partner  have  simultaneously
contracted to sell 18  other properties to the  Purchaser, including   Rosehill
Pointe Apartments,  described  elsewhere  in  this  report.    One  of  the  19
properties, Ridgetree Apartments, Phase  I, which is owned  by an affiliate  of
the General Partner, is located adjacent to this property.  If a default occurs
under the agreement  of sale for  the property or  the adjacent property,  such
action will be considered a  default under the other  agreement.  In the  event
the Purchaser terminates  either agreement,  the other agreement  will also  be
deemed to be terminated.  

The closing is subject to the satisfaction of numerous terms and conditions,
including the closing of the sale of the adjacent property.  There can be no
assurance that all of the terms and conditions will be complied with and,
therefore, its is possible the sale of the property may not occur.
<PAGE>
b) Rosehill Pointe Apartments

In 1984, Rosehill Pointe  Apartments, Lenexa, Kansas, was  acquired by a  joint
venture (the "Joint Venture")  in which the Partnership  and an affiliate  held
joint venture interests of approximately 61.62% and 38.38%, respectively.   The
Partnership contributed approximately $6,000,000 and the affiliate  contributed
approximately $3,737,000 from  their respective offering  proceeds towards  the
purchase of  the property.    The property  was  acquired subject  to  mortgage
financing of approxmately $17,248,000, consisting  of a first mortgage loan  in
the amount of $15,904,000 (the "Loan") and a second mortgage loan in the amount
of $1,344,000.   

On April 23, 1996, the Joint Venture contracted to sell the property for a sale
price  of  $20,700,000  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 Loan  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 $14,274,000, 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.   From  the
remaining sale proceeds, the  Partnership will pay  the outstanding balance  of
the second mortgage loan.  In addition,  an amount not to exceed $500,000  will
be retained by  the Joint Venture  and not  be available until  120 days  after
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 $155,250.  The  General
Partner will be reimbursed by the Joint Venture for the Partnership's share  of
actual expenses incurred  in connection  with the sale,  including legal  fees.
The net sale  proceeds will  be distributed to  the Partnership  and the  joint
venture partner in accordance with their respective joint venture interests.

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.

The Partnership  and  affiliates of  the  General Partner  have  simultaneously
contracted to sell 18  other properties to  the Purchaser, including  Ridgetree
Apartments, Phase II,  described elsewhere in this report.  

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)  (a) Agreement of Sale and attachment thereto relating
                      to the sale of the Ridgetree apartment complex,
                      Phase II, Dallas, Texas.

                (b) Agreement of Sale and attachment thereto relating
                      to the sale of the Rosehill Pointe apartment complex,
                      Lenexa, Kansas.

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 84 - SERIES II,
                    A REAL ESTATE LIMITED PARTNERSHIP

                         By:  Balcor Partners-84 II, Inc., a Delaware
                                corporation, its general
                                 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 84-SERIES II,
                       A REAL ESTATE LIMITED PARTNERSHIP
         ------------------------------------------------------------
                           Exact Name of Registrant

Maryland                                0-13334
- -----------------------------           -----------------------------------
State or other jurisdiction             Commission file number

2355 Waukegan Road
Suite A200
Bannockburn, Illinois                   36-3223939
- -----------------------------           -----------------------------
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 DISPOSITON OF ASSETS

a) Ridgetree Apartments, Phase II

In 1983, the Partnership acquired  the Ridgetree Apartments, Phase II,  Dallas,
Texas, utilizing approximately $5,452,000 in  offering proceeds.  The  property
was acquired subject to first  mortgage financing of approximately  $9,520,000.
In 1993, the mortgage loan was repaid at a discount and refinanced with new
first and second  mortgage loans in  the amounts of  $7,784,630 and   $158,870,
respectively (the "Loans").  

On April 23, 1996, the Partnership contracted  to sell the property for a  sale
price of $9,200,000 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 Loans  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 Loans, which are expected to have a then total outstanding balance
of approximately $7,639,000, 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  Loans.  Of  the
remaining proceeds, an amount  not to exceed $500,000  will be retained by  the
Partnership and not  be available until  120 days after  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 $92,000.  The General Partner will be reimbursed by the
Partnership for actual expenses incurred in connection with the sale, including
legal fees.

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

The Partnership  and  affiliates of  the  General Partner  have  simultaneously
contracted to sell 18  other properties to the  Purchaser, including   Rosehill
Pointe Apartments,  described  elsewhere  in  this  report.    One  of  the  19
properties, Ridgetree Apartments, Phase  I, which is owned  by an affiliate  of
the General Partner, is located adjacent to this property.  If a default occurs
under the agreement  of sale for  the property or  the adjacent property,  such
action will be considered a  default under the other  agreement.  In the  event
the Purchaser terminates  either agreement,  the other agreement  will also  be
deemed to be terminated.  

The closing is subject to the satisfaction of numerous terms and conditions,
including the closing of the sale of the adjacent property.  There can be no
assurance that all of the terms and conditions will be complied with and,
therefore, its is possible the sale of the property may not occur.
b) Rosehill Pointe Apartments

In 1984, Rosehill Pointe  Apartments, Lenexa, Kansas, was  acquired by a  joint
venture (the "Joint Venture")  in which the Partnership  and an affiliate  held
joint venture interests of approximately 61.62% and 38.38%, respectively.   The
Partnership contributed approximately $6,000,000 and the affiliate  contributed
approximately $3,737,000 from  their respective offering  proceeds towards  the
purchase of  the property.    The property  was  acquired subject  to  mortgage
financing of approxmately $17,248,000, consisting  of a first mortgage loan  in
the amount of $15,904,000 (the "Loan") and a second mortgage loan in the amount
of $1,344,000.   

On April 23, 1996, the Joint Venture contracted to sell the property for a sale
price  of  $20,700,000  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 Loan  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 $14,274,000, 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.   From  the
remaining sale proceeds, the  Partnership will pay  the outstanding balance  of
the second mortgage loan.  In addition,  an amount not to exceed $500,000  will
be retained by  the Joint Venture  and not  be available until  120 days  after
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 $155,250.  The  General
Partner will be reimbursed by the Joint Venture for the Partnership's share  of
actual expenses incurred  in connection  with the sale,  including legal  fees.
The net sale  proceeds will  be distributed to  the Partnership  and the  joint
venture partner in accordance with their respective joint venture interests.

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.

The Partnership  and  affiliates of  the  General Partner  have  simultaneously
contracted to sell 18  other properties to  the Purchaser, including  Ridgetree
Apartments, Phase II,  described elsewhere in this report.  

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)  (a) Agreement of Sale and attachment thereto relating
                      to the sale of the Ridgetree apartment complex,
                      Phase II, Dallas, Texas.

                (b) Agreement of Sale and attachment thereto relating
                      to the sale of the Rosehill Pointe apartment complex,
                      Lenexa, Kansas.

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 84 - SERIES II,
                    A REAL ESTATE LIMITED PARTNERSHIP

                         By:  Balcor Partners-84 II, Inc., a Delaware
                                corporation, its general
                                 partner

                         By:  /s/  Jerry M. Ogle
                            ------------------------------------
                                 Jerry M. Ogle, Vice President 
                                 and Secretary

Dated:  May 8, 1996