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)  August 29, 1996

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


Illinois                                0-11699
- --------------------------------        ---------------------------------
State or other jurisdiction             Commission file number

2355 Waukegan Road
Suite A200
Bannockburn, Illinois                   36-3202727
- --------------------------------        ---------------------------------
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
- ----------------------------------------------------------------------

Pelican Pointe Apartments

In 1983, the Partnership funded a $4,811,575 loan collateralized by a
wrap-around mortgage on the Pelican Pointe Apartments (formerly known as
Carriage Crossing Apartments) in Pompano Beach, Florida.  In 1990, the
Partnership cashed a $1,500,000 letter of credit deposited by the borrower and
applied the proceeds to the principal balance of the loan.    The Partnership
obtained title to the property through foreclosure in 1991, subject to the
first mortgage loan.  The Partnership repaid the first mortgage loan from
Partnership funds in 1994 in the amount of  $2,838,473.

On August 30, 1996, the Partnership contracted to sell the property for a sale
price of $9,000,000 to an unaffiliated person, David Morrow.  The purchaser has
deposited $50,000 into an escrow account as earnest money and is obligated to
deposit an additional $150,000 by September 30, 1996.  The remainder of the
sale price will be payable in cash at closing, scheduled for October 31, 1996.
The purchaser may exercise a one-time right to extend the closing for a period
not to exceed 10 days.   

From the proceeds of the sale, the Partnership will pay $157,500 as a brokerage
commission to an unaffiliated party and $90,000 to an affiliate of the third
party providing property management services for the property as a fee for
services rendered in connection with the sale of the property.  The Partnership
will receive the remaining proceeds of approximately $8,752,500, less closing
costs.  Neither the General Partner nor any affiliate will receive a brokerage
commission in connection with the sale of the property.  The General Partner
will be reimbursed by the Partnership for its actual expenses incurred in
connection with the sale.

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 5.  OTHER EVENTS
- ----------------------------------------------------------------------

Del Lago Apartments

In 1983, the Partnership funded a $2,909,876 loan collateralized by a
wrap-around mortgage on the Del Lago Apartments in Tampa, Florida.  In 1986,
the Partnership received approximately $611,000 previously deposited by the
borrower as additional collateral of which $419,429 was applied against the
principal balance of the loan and the remainder to interest.  The Partnership
obtained title to the property through a deed in lieu of foreclosure in 1991,
subject to the first mortgage loan.  The Partnership repaid the first mortgage
loan from Partnership funds in 1993 in the amount of $2,160,797.

On August 29, 1996, the Partnership contracted to sell the property for a sale
price of $3,100,000 to an unaffiliated party, Alliance Holdings, L.L.C., an
Illinois limited liability company.  The purchaser has deposited $150,000 into
an escrow account as earnest money and is obligated to deposit an additional
$25,000 upon the completion of the purchaser's due diligence review.  The
remainder of the sale price will be payable in cash at closing, scheduled for
October 7, 1996. From the proceeds of the sale, the Partnership will pay
$124,000 as a brokerage commission to an unaffiliated party and $38,750 to an
affiliate of the third party providing property management services for the
property as a fee for services rendered in connection with the sale of the
property.  The Partnership will receive the remaining proceeds of approximately
$2,937,250, less closing costs.  Neither the General Partner nor any affiliate
will receive a brokerage commission in connection with the sale of the
property.  The General Partner will be reimbursed by the Partnership for its
actual expenses incurred in connection with the sale.

Affiliates of the General Partner have recently contracted to sell three 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:

          (1)  Agreement of Sale and attachment thereto relating to the sale 
               of Pelican Pointe Apartments, Pompano Beach, Florida.

          (99) (a)  Agreement of Sale and attachment thereto relating to the 
                    sale of Del Lago Apartments, Tampa, Florida.  

               (b)  Modification Agreement relating to the sale of Del Lago 
                    Apartments, Tampa, Florida.

     No information is required under Items 1, 3, 4, 6 and 8 and these items
have, therefore, been omitted.
<PAGE>
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-IV

                         By:  Balcor Mortgage Advisors-III, 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:  September 11, 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)  August 29, 1996

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

Illinois                                0-11699
- --------------------------------        ---------------------------------
State or other jurisdiction             Commission file number

2355 Waukegan Road
Suite A200
Bannockburn, Illinois                   36-3202727
- --------------------------------        ---------------------------------
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
- ----------------------------------------------------------------------

Pelican Pointe Apartments

In 1983, the Partnership funded a $4,811,575 loan collateralized by a
wrap-around mortgage on the Pelican Pointe Apartments (formerly known as
Carriage Crossing Apartments) in Pompano Beach, Florida.  In 1990, the
Partnership cashed a $1,500,000 letter of credit deposited by the borrower and
applied the proceeds to the principal balance of the loan.    The Partnership
obtained title to the property through foreclosure in 1991, subject to the
first mortgage loan.  The Partnership repaid the first mortgage loan from
Partnership funds in 1994 in the amount of  $2,838,473.

On August 30, 1996, the Partnership contracted to sell the property for a sale
price of $9,000,000 to an unaffiliated person, David Morrow.  The purchaser has
deposited $50,000 into an escrow account as earnest money and is obligated to
deposit an additional $150,000 by September 30, 1996.  The remainder of the
sale price will be payable in cash at closing, scheduled for October 31, 1996.
The purchaser may exercise a one-time right to extend the closing for a period
not to exceed 10 days.   

From the proceeds of the sale, the Partnership will pay $157,500 as a brokerage
commission to an unaffiliated party and $90,000 to an affiliate of the third
party providing property management services for the property as a fee for
services rendered in connection with the sale of the property.  The Partnership
will receive the remaining proceeds of approximately $8,752,500, less closing
costs.  Neither the General Partner nor any affiliate will receive a brokerage
commission in connection with the sale of the property.  The General Partner
will be reimbursed by the Partnership for its actual expenses incurred in
connection with the sale.

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 5.  OTHER EVENTS
- ----------------------------------------------------------------------

Del Lago Apartments

In 1983, the Partnership funded a $2,909,876 loan collateralized by a
wrap-around mortgage on the Del Lago Apartments in Tampa, Florida.  In 1986,
the Partnership received approximately $611,000 previously deposited by the
borrower as additional collateral of which $419,429 was applied against the
principal balance of the loan and the remainder to interest.  The Partnership
obtained title to the property through a deed in lieu of foreclosure in 1991,
subject to the first mortgage loan.  The Partnership repaid the first mortgage
loan from Partnership funds in 1993 in the amount of $2,160,797.

On August 29, 1996, the Partnership contracted to sell the property for a sale
price of $3,100,000 to an unaffiliated party, Alliance Holdings, L.L.C., an
Illinois limited liability company.  The purchaser has deposited $150,000 into
an escrow account as earnest money and is obligated to deposit an additional
$25,000 upon the completion of the purchaser's due diligence review.  The
remainder of the sale price will be payable in cash at closing, scheduled for
October 7, 1996. From the proceeds of the sale, the Partnership will pay
$124,000 as a brokerage commission to an unaffiliated party and $38,750 to an
affiliate of the third party providing property management services for the
property as a fee for services rendered in connection with the sale of the
property.  The Partnership will receive the remaining proceeds of approximately
$2,937,250, less closing costs.  Neither the General Partner nor any affiliate
will receive a brokerage commission in connection with the sale of the
property.  The General Partner will be reimbursed by the Partnership for its
actual expenses incurred in connection with the sale.

Affiliates of the General Partner have recently contracted to sell three 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:

          (1)  Agreement of Sale and attachment thereto relating to the sale 
               of Pelican Pointe Apartments, Pompano Beach, Florida.

          (99) (a)  Agreement of Sale and attachment thereto relating to the 
                    sale of Del Lago Apartments, Tampa, Florida.  

               (b)  Modification Agreement relating to the sale of Del Lago 
                    Apartments, Tampa, Florida.

     No information is required under Items 1, 3, 4, 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-IV

                         By:  Balcor Mortgage Advisors-III, 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:  September 11, 1996