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)  September 17, 1996

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


Illinois                                0-13233
-----------------------------------     -----------------------------------
State or other jurisdiction             Commission file number

2355 Waukegan Road
Suite A200
Bannockburn, Illinois                   36-3254673
-----------------------------------     -----------------------------------
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)  Granada Apartments

In  1985, the Partnership funded a $1,894,920 loan evidenced by a promissory
note in the amount of $3,200,000 and secured by a wrap-around mortgage (the
"Loan") on the Granada Apartments, Tampa, Florida.  In 1992, the Partnership
purchased the primary underlying mortgage loan for $1,190,643.  The Partnership
obtained title to the property through foreclosure in 1993, subject to the
remaining underlying mortgage loan held by an unaffiliated party.  Subsequently
in 1993, the Partnership repaid the remaining underlying first mortgage loan in
the amount of $ 9,220.

On September 17, 1996,  the Partnership contracted to  sell the property for  a
sale  price  of   $2,850,000  to  an   unaffiliated  party,  Housing   Systems,
Incorporated, a Georgia corporation.  The purchaser has deposited $50,000  into
an escrow account as earnest  money.  The remainder of  the sale price will  be
payable in cash at closing, scheduled for October 31, 1996.  From the  proceeds
of the sale, the Partnership  will pay $114,000 to  an unaffiliated party as  a
brokerage commission.   An  affiliate  of the  third party  providing  property
management services for the property will  receive a fee for services  rendered
in connection with the sale of the  property of up to $28,000.  The Partnership
will receive the remaining proceeds of approximately $2,700,375, less closing 
costs.  Of such proceeds $50,000 will  be retained by the  Partnership and will
not  be available for  use or  distribution  by the  Partnership  until 90  days
after closing.   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 actual expenses
incurred  in connection with the sale.

The Partnership  and  affiliates of  the  General Partner  have  simultaneously
contracted to sell 4  other properties to  the purchaser, including  Plantation
Apartments and The Glades on Ulmerton Apartments, 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.

b)  Plantation Apartments

In 1985, the Partnership funded a $2,105,080 loan evidenced by a promissory
note in the amount of $3,600,000 and secured by a wrap-around mortgage (the
"Loan") on the Plantation Apartments, Tampa, Florida.  The Partnership obtained
title to the property through foreclosure in 1993, subject to the interest only 
underlying mortgage loan held by an unaffiliated party.  In 1993, the 
Partnership repaid the underlying first mortgage loan in the amount of 
$1,494,920.
<PAGE>
On September 17, 1996,  the Partnership contracted to  sell the property for  a
sale  price  of   $3,550,000  to  an   unaffiliated  party,  Housing   Systems,
Incorporated, a Georgia corporation.  The purchaser has deposited $50,000  into
an escrow account as earnest  money.  The remainder of  the sale price will  be
payable in cash at closing, scheduled for October 31, 1996.  From the  proceeds
of the sale, the Partnership  will pay $124,250 to  an unaffiliated party as  a
brokerage commission.   An  affiliate  of the  third party  providing  property
management services for the property will  receive a fee for services  rendered
in connection with the sale of the  property of up to $44,375.  The Partnership
will receive the remaining proceeds of approximately $3,381,375, less closing 
costs.  Of such proceeds $50,000 will  be retained by the  Partnership and will
not  be available for  use or  distribution  by the  Partnership  until 90  days
after closing.   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 actual expenses 
incurred  in connection with the sale.

The Partnership  and  affiliates of  the  General Partner  have  simultaneously
contracted to  sell 4  other  properties to  the purchaser,  including  Granada
Apartments and The Glades on Ulmerton Apartments, 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.

c)  The Glades on Ulmerton Apartments

In 1984, the Partnership funded a $3,618,952 loan evidenced by a promissory
note in the amount of $6,350,000 and secured by a wrap-around mortgage (the
"Loan") on The Glades on Ulmerton Apartments, Largo, Florida.  The Partnership
obtained title to the property through foreclosure in 1991, subject to the
underlying mortgage loan held by an unaffiliated party.  In 1994, the
Partnership prepaid the underlying first mortgage loan in the amount of
$2,241,349.

On September 17, 1996,  the Partnership contracted to  sell the property for  a
sale  price  of   $6,500,000  to  an   unaffiliated  party,  Housing   Systems,
Incorporated, a Georgia corporation.  The purchaser has deposited $50,000  into
an escrow account as earnest  money.  The remainder of  the sale price will  be
payable in cash at closing, scheduled for October 31, 1996.  From the  proceeds
of the sale, the Partnership  will pay $146,250 to  an unaffiliated party as  a
brokerage commission.   An  affiliate  of the  third party  providing  property
management services for the property will  receive a fee for services  rendered
in connection with the sale of the  property of up to $81,250.  The Partnership
will receive the remaining proceeds of approximately $6,272,500, less closing 
costs.  Of such proceeds $50,000 will  be retained by the  Partnership and will
not  be available for  use or  distribution  by the  Partnership  until 90  days
after closing.   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 actual expenses
incurred  in connection with the sale.
<PAGE>
The Partnership  and  affiliates of  the  General Partner  have  simultaneously
contracted to  sell 4  other  properties to  the purchaser,  including  Granada
Apartments and the Plantation Apartments, 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) (i)  Agreement of Sale and attachments thereto relating to 
                       the sale of the Granada Apartments, Tampa, Florida.

                  (ii) First Amendment to Agreement of Sale relating to the 
                       sale of the Granada Apartments, Tampa, Florida.

              (b) (i)  Agreement of Sale and attachments thereto relating to 
                       the sale of the Plantation Apartments, Tampa, Florida.

                  (ii) First Amendment to Agreement of Sale relating to the 
                       sale of the Plantation Apartments, Tampa, Florida.

              (c) (i)  Agreement of Sale and attachments thereto relating to 
                       the sale of The Glades on Ulmerton Apartments, Largo,
                       Florida.

                  (ii) First Amendment to Agreement of Sale relating to the 
                       sale of The Glades on Ulmerton Apartments, Largo,
                       Florida.

     No information is required under Items 1, 3, 4, 5, 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-V

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

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

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

Dated:  October 2, 1996
<PAGE>
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{"company-data": {"conformed-name": "BALCOR PENSION INVESTORS V", "cik": "0000732350", "assigned-sic": "6500", "irs-number": "363254673", "state-of-incorporation": "IL", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "000-13233", "film-number": "96638409"}, "business-address": {"street1": "2355 WAUKEGAN RD  #A200", "city": "DEERFIELD", "state": "IL", "zip": "60015-1586", "phone": "7086772900"}, "mail-address": {"street1": "2355 WAUKENGAN RD #A200", "city": "DEERFIELD", "state": "IL", "zip": "60015-1586"}}
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)  September 17, 1996

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

Illinois                                0-13233
-----------------------------------     -----------------------------------
State or other jurisdiction             Commission file number

2355 Waukegan Road
Suite A200
Bannockburn, Illinois                   36-3254673
-----------------------------------     -----------------------------------
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)  Granada Apartments

In  1985, the Partnership funded a $1,894,920 loan evidenced by a promissory
note in the amount of $3,200,000 and secured by a wrap-around mortgage (the
"Loan") on the Granada Apartments, Tampa, Florida.  In 1992, the Partnership
purchased the primary underlying mortgage loan for $1,190,643.  The Partnership
obtained title to the property through foreclosure in 1993, subject to the
remaining underlying mortgage loan held by an unaffiliated party.  Subsequently
in 1993, the Partnership repaid the remaining underlying first mortgage loan in
the amount of $ 9,220.

On September 17, 1996,  the Partnership contracted to  sell the property for  a
sale  price  of   $2,850,000  to  an   unaffiliated  party,  Housing   Systems,
Incorporated, a Georgia corporation.  The purchaser has deposited $50,000  into
an escrow account as earnest  money.  The remainder of  the sale price will  be
payable in cash at closing, scheduled for October 31, 1996.  From the  proceeds
of the sale, the Partnership  will pay $114,000 to  an unaffiliated party as  a
brokerage commission.   An  affiliate  of the  third party  providing  property
management services for the property will  receive a fee for services  rendered
in connection with the sale of the  property of up to $28,000.  The Partnership
will receive the remaining proceeds of approximately $2,700,375, less closing 
costs.  Of such proceeds $50,000 will  be retained by the  Partnership and will
not  be available for  use or  distribution  by the  Partnership  until 90  days
after closing.   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 actual expenses
incurred  in connection with the sale.

The Partnership  and  affiliates of  the  General Partner  have  simultaneously
contracted to sell 4  other properties to  the purchaser, including  Plantation
Apartments and The Glades on Ulmerton Apartments, 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.

b)  Plantation Apartments

In 1985, the Partnership funded a $2,105,080 loan evidenced by a promissory
note in the amount of $3,600,000 and secured by a wrap-around mortgage (the
"Loan") on the Plantation Apartments, Tampa, Florida.  The Partnership obtained
title to the property through foreclosure in 1993, subject to the interest only 
underlying mortgage loan held by an unaffiliated party.  In 1993, the 
Partnership repaid the underlying first mortgage loan in the amount of 
$1,494,920.
On September 17, 1996,  the Partnership contracted to  sell the property for  a
sale  price  of   $3,550,000  to  an   unaffiliated  party,  Housing   Systems,
Incorporated, a Georgia corporation.  The purchaser has deposited $50,000  into
an escrow account as earnest  money.  The remainder of  the sale price will  be
payable in cash at closing, scheduled for October 31, 1996.  From the  proceeds
of the sale, the Partnership  will pay $124,250 to  an unaffiliated party as  a
brokerage commission.   An  affiliate  of the  third party  providing  property
management services for the property will  receive a fee for services  rendered
in connection with the sale of the  property of up to $44,375.  The Partnership
will receive the remaining proceeds of approximately $3,381,375, less closing 
costs.  Of such proceeds $50,000 will  be retained by the  Partnership and will
not  be available for  use or  distribution  by the  Partnership  until 90  days
after closing.   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 actual expenses 
incurred  in connection with the sale.

The Partnership  and  affiliates of  the  General Partner  have  simultaneously
contracted to  sell 4  other  properties to  the purchaser,  including  Granada
Apartments and The Glades on Ulmerton Apartments, 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.

c)  The Glades on Ulmerton Apartments

In 1984, the Partnership funded a $3,618,952 loan evidenced by a promissory
note in the amount of $6,350,000 and secured by a wrap-around mortgage (the
"Loan") on The Glades on Ulmerton Apartments, Largo, Florida.  The Partnership
obtained title to the property through foreclosure in 1991, subject to the
underlying mortgage loan held by an unaffiliated party.  In 1994, the
Partnership prepaid the underlying first mortgage loan in the amount of
$2,241,349.

On September 17, 1996,  the Partnership contracted to  sell the property for  a
sale  price  of   $6,500,000  to  an   unaffiliated  party,  Housing   Systems,
Incorporated, a Georgia corporation.  The purchaser has deposited $50,000  into
an escrow account as earnest  money.  The remainder of  the sale price will  be
payable in cash at closing, scheduled for October 31, 1996.  From the  proceeds
of the sale, the Partnership  will pay $146,250 to  an unaffiliated party as  a
brokerage commission.   An  affiliate  of the  third party  providing  property
management services for the property will  receive a fee for services  rendered
in connection with the sale of the  property of up to $81,250.  The Partnership
will receive the remaining proceeds of approximately $6,272,500, less closing 
costs.  Of such proceeds $50,000 will  be retained by the  Partnership and will
not  be available for  use or  distribution  by the  Partnership  until 90  days
after closing.   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 actual expenses
incurred  in connection with the sale.
The Partnership  and  affiliates of  the  General Partner  have  simultaneously
contracted to  sell 4  other  properties to  the purchaser,  including  Granada
Apartments and the Plantation Apartments, 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) (i)  Agreement of Sale and attachments thereto relating to 
                       the sale of the Granada Apartments, Tampa, Florida.

                  (ii) First Amendment to Agreement of Sale relating to the 
                       sale of the Granada Apartments, Tampa, Florida.

              (b) (i)  Agreement of Sale and attachments thereto relating to 
                       the sale of the Plantation Apartments, Tampa, Florida.

                  (ii) First Amendment to Agreement of Sale relating to the 
                       sale of the Plantation Apartments, Tampa, Florida.

              (c) (i)  Agreement of Sale and attachments thereto relating to 
                       the sale of The Glades on Ulmerton Apartments, Largo,
                       Florida.

                  (ii) First Amendment to Agreement of Sale relating to the 
                       sale of The Glades on Ulmerton Apartments, Largo,
                       Florida.

     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-V

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

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

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

Dated:  October 2, 1996