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)  December 6, 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
---------------------------------------------------------------------

1420 Harbor Bay Parkway

In  1987, the Partnership funded a $14,000,000 loan evidenced by a promissory
note and secured by a first mortgage on 1420 Harbor Bay Parkway, Alameda,
California.  In 1992, the Partnership obtained title to the property through a
deed-in-lieu of foreclosure.

On December 6, 1996, the Partnership contracted to sell the property for a sale
price of $7,200,000 to an unaffiliated party, Lincoln Property Company N.C.,
Inc., a Texas corporation.  The purchaser has deposited $200,000 into an escrow
account as earnest money.  The remainder of the sale price will be payable in
cash at closing, scheduled for December 23, 1996.  From the proceeds of the
sale, the Partnership will pay as a brokerage commission a total of  $144,000
to two unaffiliated parties, one of which is an affiliate of the third party
providing property management services for the property.  The Partnership will
receive the remaining proceeds of approximately $7,056,000, 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 actual expenses incurred in
connection with the sale.

An affiliate of the General Partner has simultaneously contracted to sell
another property 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 5.  OTHER INFORMATION
-------------------------------------------

a) Villa Medici Apartments

As previously reported, in October 1996, the Partnership contracted to sell the
Villa Medici Apartments, Overland Park, Kansas to an unaffiliated party, Heow,
Inc., a Wisconsin corporation.  Pursuant to an amendment, the purchase price
was reduced from $13,100,000 to $12,808,000.  In addition, the closing date was
extended and the sale closed on December 5, 1996.  From the proceeds of the
sale, the Partnership paid a total of $256,160 to two unaffiliated parties as a
brokerage commission, closing costs of $10,375, and a fee of $96,060 to an
affiliate of the third party providing property management services for the
property for services rendered in connection with the sale.  The Partnership
received approximately $12,445,405, representing the net proceeds.

b)  The Glades on Ulmerton

As previously reported, on September 17, 1996, the Partnership contracted to
sell The Glades on Ulmerton Apartments, Largo, Florida, to an unaffiliated
party, Housing Systems, Incorporated, a Georgia corporation, for a sale price
<PAGE>
of $6,500,000.  The purchaser assigned its rights under the agreement of sale
to an affiliate, H & G Partnership Limited Partnership, a Georgia limited
partnership, and the sale closed on December 9, 1996.  From the proceeds of the
sale, the Partnership paid $146,250 to an unaffiliated party as a brokerage
commission, closing costs of $47,710, and a fee of $81,250 to an affiliate of
the third party providing property management services for the property for
services rendered in connection with the sale.  The Partnership received the
remaining proceeds of $6,224,790.  Of such proceeds, $50,000 is being retained
by the Partnership and will not be available for use or distribution by the
Partnership until 90 days after closing.
  
c)  Plantation Apartments

As previously reported, on September 17, 1996, the Partnership contracted to
sell the Plantation Apartments, Tampa, Florida, to an unaffiliated party,
Housing Systems, Incorporated, a Georgia corporation.  The purchaser assigned
its rights under the agreement of sale to an affiliate, H & G Partnership
Limited Partnership, a Georgia limited partnership, and the sale closed on
December 9, 1996.  The sale price for the property was $3,000,000.  From the
proceeds of the sale, the Partnership paid $105,000 to an unaffiliated party as
a brokerage commission, closing costs of $31,092, and a fee of $37,500 to an
affiliate of the third party providing property management services for the
property for services rendered in connection with the sale.  The Partnership
received the remaining proceeds of $2,826,408.  Of such proceeds, $50,000 is
being retained by the Partnership and will not be available for use or
distribution by the Partnership until 90 days after closing.

d)  Granada Apartments

As previously reported, on September 17, 1996, the Partnership contracted to
sell the Granada Apartments, Tampa, Florida, to an unaffiliated party, Housing
Systems, Incorporated, a Georgia corporation.  The purchaser assigned its
rights under the agreement of sale to an affiliate, H & G Partnership Limited
Partnership, a Georgia limited partnership, and the sale closed on December 9,
1996.  The sale price for the property was $2,300,000.  From the proceeds of
the sale, the Partnership paid $92,000 to an unaffiliated party as a brokerage
commission, closing costs of $24,738, and a fee of $28,750 to an affiliate of
the third party providing property management services for the property for
services rendered in connection with the sale.  The Partnership received the
remaining proceeds of $2,154,512.  Of such proceeds, $50,000 is being retained
by the Partnership and will not be available for use or distribution by the
Partnership until 90 days after closing.

e) Union Tower office building

As previously reported, on October 10, 1996, the Partnership contracted to sell
the Union Tower office building, Lakewood, Colorado, to an unaffiliated party,
Transwestern Investment Company, L.L.C., for a sale price of $15,350,000.  The
purchaser assigned its rights under the agreement of sale to its affiliate,
Transwestern Office Partners I LLC and the sale closed on December 18, 1996.
From the proceeds of the sale, the Partnership paid $307,000 as a brokerage
commission to an affiliate of the third party providing property management
services for the property and $54,230 in closing costs.  The Partnership
received the remaining proceeds of $14,988,770.
<PAGE>
f)  Waldengreen Apartments

As previously reported, on August 29, 1996, the Partnership contracted to sell
the Waldengreen Apartments, Orlando, Florida, to an unaffiliated party,
Southern Properties Fund, Inc., a Florida corporation.  The purchaser assigned
its rights under the agreement of sale to an affiliate, Waldengreen Associates,
Ltd., a Florida limited partnership, and the sale closed on December 16, 1996.
The sale price for the property was $6,590,000.  From the proceeds of the sale,
the Partnership paid $131,800 to an unaffiliated party as a brokerage
commission, closing costs of $56,150, and a fee of $82,375 to an affiliate of
the third party providing property management services for the property for
services rendered in connection with the sale.  The Partnership received the
remaining proceeds of $6,319,675.  

g)  Huntington Meadows Apartments

As previously reported, on October 3, 1996, the Partnership contracted to sell
the Huntington Meadows Apartments, Arlington, Texas, to an unaffiliated party,
William L. Huntley, for a sale price of $9,300,000.  The purchaser assigned its
rights under the agreement of sale to an affiliate, Arlington Huntington LLC,
and the sale closed on December 13, 1996.  From the proceeds of the sale, the
Partnership paid $186,000 to an unaffiliated party as a brokerage commission,
closing costs of $62,832, and a fee of $93,000 to an affiliate of the third
party providing property management services for the property for services
rendered in connection with the sale.  The Partnership received the remaining
proceeds of $8,958,168.  Of such proceeds, $200,000 is being retained by the
Partnership and will not be available for use or distribution by the
Partnership until 60 days after closing.  In addition, pursuant to an escrow
agreement between the Partnership and the purchaser, $342,000 is being held 
in an escrow account until April 15, 1997, pending completion of certain
repairs at the property.
<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 attachments thereto relating to the 
                   sale of the 1420 Harbor Bay Parkway, Alameda, California.

              (b)  First Amendment to Agreement of Sale relating to the
                   sale of the 1420 Harbor Bay Parkway, Alameda, California.
 
          (99) (a) Second Amendment to Agreement of Sale and Escrow Agreement 
                   relating to the sale of the Villa Medici Apartments, 
                   Overland Park, Kansas.

               (b) Escrow Agreement dated December 16, 1996, relating to the 
                   sale of Huntington Meadows Apartments, Arlington, Texas.

     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-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:  December 20, 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)  December 6, 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
---------------------------------------------------------------------

1420 Harbor Bay Parkway

In  1987, the Partnership funded a $14,000,000 loan evidenced by a promissory
note and secured by a first mortgage on 1420 Harbor Bay Parkway, Alameda,
California.  In 1992, the Partnership obtained title to the property through a
deed-in-lieu of foreclosure.

On December 6, 1996, the Partnership contracted to sell the property for a sale
price of $7,200,000 to an unaffiliated party, Lincoln Property Company N.C.,
Inc., a Texas corporation.  The purchaser has deposited $200,000 into an escrow
account as earnest money.  The remainder of the sale price will be payable in
cash at closing, scheduled for December 23, 1996.  From the proceeds of the
sale, the Partnership will pay as a brokerage commission a total of  $144,000
to two unaffiliated parties, one of which is an affiliate of the third party
providing property management services for the property.  The Partnership will
receive the remaining proceeds of approximately $7,056,000, 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 actual expenses incurred in
connection with the sale.

An affiliate of the General Partner has simultaneously contracted to sell
another property 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 5.  OTHER INFORMATION
-------------------------------------------

a) Villa Medici Apartments

As previously reported, in October 1996, the Partnership contracted to sell the
Villa Medici Apartments, Overland Park, Kansas to an unaffiliated party, Heow,
Inc., a Wisconsin corporation.  Pursuant to an amendment, the purchase price
was reduced from $13,100,000 to $12,808,000.  In addition, the closing date was
extended and the sale closed on December 5, 1996.  From the proceeds of the
sale, the Partnership paid a total of $256,160 to two unaffiliated parties as a
brokerage commission, closing costs of $10,375, and a fee of $96,060 to an
affiliate of the third party providing property management services for the
property for services rendered in connection with the sale.  The Partnership
received approximately $12,445,405, representing the net proceeds.

b)  The Glades on Ulmerton

As previously reported, on September 17, 1996, the Partnership contracted to
sell The Glades on Ulmerton Apartments, Largo, Florida, to an unaffiliated
party, Housing Systems, Incorporated, a Georgia corporation, for a sale price
of $6,500,000.  The purchaser assigned its rights under the agreement of sale
to an affiliate, H & G Partnership Limited Partnership, a Georgia limited
partnership, and the sale closed on December 9, 1996.  From the proceeds of the
sale, the Partnership paid $146,250 to an unaffiliated party as a brokerage
commission, closing costs of $47,710, and a fee of $81,250 to an affiliate of
the third party providing property management services for the property for
services rendered in connection with the sale.  The Partnership received the
remaining proceeds of $6,224,790.  Of such proceeds, $50,000 is being retained
by the Partnership and will not be available for use or distribution by the
Partnership until 90 days after closing.
  
c)  Plantation Apartments

As previously reported, on September 17, 1996, the Partnership contracted to
sell the Plantation Apartments, Tampa, Florida, to an unaffiliated party,
Housing Systems, Incorporated, a Georgia corporation.  The purchaser assigned
its rights under the agreement of sale to an affiliate, H & G Partnership
Limited Partnership, a Georgia limited partnership, and the sale closed on
December 9, 1996.  The sale price for the property was $3,000,000.  From the
proceeds of the sale, the Partnership paid $105,000 to an unaffiliated party as
a brokerage commission, closing costs of $31,092, and a fee of $37,500 to an
affiliate of the third party providing property management services for the
property for services rendered in connection with the sale.  The Partnership
received the remaining proceeds of $2,826,408.  Of such proceeds, $50,000 is
being retained by the Partnership and will not be available for use or
distribution by the Partnership until 90 days after closing.

d)  Granada Apartments

As previously reported, on September 17, 1996, the Partnership contracted to
sell the Granada Apartments, Tampa, Florida, to an unaffiliated party, Housing
Systems, Incorporated, a Georgia corporation.  The purchaser assigned its
rights under the agreement of sale to an affiliate, H & G Partnership Limited
Partnership, a Georgia limited partnership, and the sale closed on December 9,
1996.  The sale price for the property was $2,300,000.  From the proceeds of
the sale, the Partnership paid $92,000 to an unaffiliated party as a brokerage
commission, closing costs of $24,738, and a fee of $28,750 to an affiliate of
the third party providing property management services for the property for
services rendered in connection with the sale.  The Partnership received the
remaining proceeds of $2,154,512.  Of such proceeds, $50,000 is being retained
by the Partnership and will not be available for use or distribution by the
Partnership until 90 days after closing.

e) Union Tower office building

As previously reported, on October 10, 1996, the Partnership contracted to sell
the Union Tower office building, Lakewood, Colorado, to an unaffiliated party,
Transwestern Investment Company, L.L.C., for a sale price of $15,350,000.  The
purchaser assigned its rights under the agreement of sale to its affiliate,
Transwestern Office Partners I LLC and the sale closed on December 18, 1996.
From the proceeds of the sale, the Partnership paid $307,000 as a brokerage
commission to an affiliate of the third party providing property management
services for the property and $54,230 in closing costs.  The Partnership
received the remaining proceeds of $14,988,770.
f)  Waldengreen Apartments

As previously reported, on August 29, 1996, the Partnership contracted to sell
the Waldengreen Apartments, Orlando, Florida, to an unaffiliated party,
Southern Properties Fund, Inc., a Florida corporation.  The purchaser assigned
its rights under the agreement of sale to an affiliate, Waldengreen Associates,
Ltd., a Florida limited partnership, and the sale closed on December 16, 1996.
The sale price for the property was $6,590,000.  From the proceeds of the sale,
the Partnership paid $131,800 to an unaffiliated party as a brokerage
commission, closing costs of $56,150, and a fee of $82,375 to an affiliate of
the third party providing property management services for the property for
services rendered in connection with the sale.  The Partnership received the
remaining proceeds of $6,319,675.  

g)  Huntington Meadows Apartments

As previously reported, on October 3, 1996, the Partnership contracted to sell
the Huntington Meadows Apartments, Arlington, Texas, to an unaffiliated party,
William L. Huntley, for a sale price of $9,300,000.  The purchaser assigned its
rights under the agreement of sale to an affiliate, Arlington Huntington LLC,
and the sale closed on December 13, 1996.  From the proceeds of the sale, the
Partnership paid $186,000 to an unaffiliated party as a brokerage commission,
closing costs of $62,832, and a fee of $93,000 to an affiliate of the third
party providing property management services for the property for services
rendered in connection with the sale.  The Partnership received the remaining
proceeds of $8,958,168.  Of such proceeds, $200,000 is being retained by the
Partnership and will not be available for use or distribution by the
Partnership until 60 days after closing.  In addition, pursuant to an escrow
agreement between the Partnership and the purchaser, $342,000 is being held 
in an escrow account until April 15, 1997, pending completion of certain
repairs at the property.
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 attachments thereto relating to the 
                   sale of the 1420 Harbor Bay Parkway, Alameda, California.

              (b)  First Amendment to Agreement of Sale relating to the
                   sale of the 1420 Harbor Bay Parkway, Alameda, California.
 
          (99) (a) Second Amendment to Agreement of Sale and Escrow Agreement 
                   relating to the sale of the Villa Medici Apartments, 
                   Overland Park, Kansas.

               (b) Escrow Agreement dated December 16, 1996, relating to the 
                   sale of Huntington Meadows Apartments, Arlington, Texas.

     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-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:  December 20, 1996