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 - 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 5. OTHER INFORMATION
- ------------------------------------------

a)  Noland Fashion Square

In 1989, the Partnership and two affiliates (together, the "Participants")
funded a $23,300,000 first mortgage loan (the "Loan") collateralized by the
Noland Fashion Square, Independence, Missouri.  The Partnership's participating
percentage in the Loan is approximately 41%.  As previously reported, the
Participants contracted to sell the Loan to an unaffiliated party, CS First
Boston Mortgage Capital Corp., for a sale price equal to 79.28% of the
principal balance of the Loan as of the closing date.  The sale of the Loan
closed on August 22, 1996.  The principal balance of the Loan at closing was
$22,356,107 and the sale price was $17,700,000.  The Participants additionally
received a $25,000 premium from the purchaser.

From the proceeds of the sale, the Participants paid closing costs of $50,000
and $197,250 to an unaffiliated party as a commission.  The Participants
received the remaining proceeds of $17,477,750 of which $250,000 will not be
available for use or distribution by the Participants until November 22, 1996.
The Partnership's share of the total net proceeds is approximately $7,166,000.

b)  Waldengreen Apartments

In 1985, the Partnership funded a $2,250,000 loan evidenced by a promissory
note in the amount of $7,250,000 and secured by a wrap-around mortgage on the
Waldengreen Apartments, Orlando, Florida.  In 1987, pursuant to a loan
modification, the Partnership funded an additional $3,350,000 on the loan.  In
1993, the Partnership purchased the first mortgage loan which was held by an
unaffiliated party for $2,269,702.  Subsequently, in 1993, the Partnership
obtained title to the property through foreclosure.

On August 29, 1996, the Partnership contracted to sell the property for a sale
price of $7,100,000 to an unaffiliated party, Southern Properties Fund, Inc., a
Florida corporation.  The purchaser has deposited $150,000 into an escrow
account as earnest money and will pay the remaining $6,950,000 in cash at
closing, which is scheduled to occur no later than October 26, 1996.  From the
proceeds of the sale, the Partnership will pay $177,500 to an unaffiliated
party as a brokerage commission and a fee of $88,750 to an affiliate of the
third party providing property management services for the property for
services rendered in connection with the sale.  The Partnership will receive
the remaining proceeds of approximately $6,833,750, 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.

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>
c)  45 West 45th Street

As previously reported, on July 29, 1996, a limited partnership in which the
Partnership and three affiliates hold interests and which owns the 45 West 45th
Street Office Building, New York City, New York, contracted to sell the
property to an unaffiliated party, Olmstead Properties, Inc., a New York
corporation, for a sale price of $10,300,000.  Pursuant to an agreement dated
August 12, 1996, the closing date has been extended from October 25, 1996 to
November 12, 1996.  The purchaser has the option to further extend the closing
to a date no later than December 12, 1996 upon written notice no later than
October 26, 1996 and the deposit of an additional $200,000 in earnest money no
later than November 8, 1996.

ITEM 7.  FINANCIAL STATEMENTS AND EXHIBITS
- ----------------------------------------------------------------------

     (a)  FINANCIAL STATEMENTS AND EXHIBITS:

            None

     (B)  PRO FORMA FINANCIAL INFORMATION:

            None

     (C)  EXHIBITS:

          (99) (a)  Agreement of Sale and attachments thereto relating to the 
                    sale of the Waldengreen Apartments, Orlando, Florida.

               (b)  First Amendment to the Agreement of Sale relating the sale 
                    of the 45 W. 45th Street Office Building, New York City, 
                    New York.


     No information is required under Items 1, 2, 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:  September 20, 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": "96632819"}, "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)  August 29, 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 5. OTHER INFORMATION
- ------------------------------------------

a)  Noland Fashion Square

In 1989, the Partnership and two affiliates (together, the "Participants")
funded a $23,300,000 first mortgage loan (the "Loan") collateralized by the
Noland Fashion Square, Independence, Missouri.  The Partnership's participating
percentage in the Loan is approximately 41%.  As previously reported, the
Participants contracted to sell the Loan to an unaffiliated party, CS First
Boston Mortgage Capital Corp., for a sale price equal to 79.28% of the
principal balance of the Loan as of the closing date.  The sale of the Loan
closed on August 22, 1996.  The principal balance of the Loan at closing was
$22,356,107 and the sale price was $17,700,000.  The Participants additionally
received a $25,000 premium from the purchaser.

From the proceeds of the sale, the Participants paid closing costs of $50,000
and $197,250 to an unaffiliated party as a commission.  The Participants
received the remaining proceeds of $17,477,750 of which $250,000 will not be
available for use or distribution by the Participants until November 22, 1996.
The Partnership's share of the total net proceeds is approximately $7,166,000.

b)  Waldengreen Apartments

In 1985, the Partnership funded a $2,250,000 loan evidenced by a promissory
note in the amount of $7,250,000 and secured by a wrap-around mortgage on the
Waldengreen Apartments, Orlando, Florida.  In 1987, pursuant to a loan
modification, the Partnership funded an additional $3,350,000 on the loan.  In
1993, the Partnership purchased the first mortgage loan which was held by an
unaffiliated party for $2,269,702.  Subsequently, in 1993, the Partnership
obtained title to the property through foreclosure.

On August 29, 1996, the Partnership contracted to sell the property for a sale
price of $7,100,000 to an unaffiliated party, Southern Properties Fund, Inc., a
Florida corporation.  The purchaser has deposited $150,000 into an escrow
account as earnest money and will pay the remaining $6,950,000 in cash at
closing, which is scheduled to occur no later than October 26, 1996.  From the
proceeds of the sale, the Partnership will pay $177,500 to an unaffiliated
party as a brokerage commission and a fee of $88,750 to an affiliate of the
third party providing property management services for the property for
services rendered in connection with the sale.  The Partnership will receive
the remaining proceeds of approximately $6,833,750, 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.

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)  45 West 45th Street

As previously reported, on July 29, 1996, a limited partnership in which the
Partnership and three affiliates hold interests and which owns the 45 West 45th
Street Office Building, New York City, New York, contracted to sell the
property to an unaffiliated party, Olmstead Properties, Inc., a New York
corporation, for a sale price of $10,300,000.  Pursuant to an agreement dated
August 12, 1996, the closing date has been extended from October 25, 1996 to
November 12, 1996.  The purchaser has the option to further extend the closing
to a date no later than December 12, 1996 upon written notice no later than
October 26, 1996 and the deposit of an additional $200,000 in earnest money no
later than November 8, 1996.

ITEM 7.  FINANCIAL STATEMENTS AND EXHIBITS
- ----------------------------------------------------------------------

     (a)  FINANCIAL STATEMENTS AND EXHIBITS:

            None

     (B)  PRO FORMA FINANCIAL INFORMATION:

            None

     (C)  EXHIBITS:

          (99) (a)  Agreement of Sale and attachments thereto relating to the 
                    sale of the Waldengreen Apartments, Orlando, Florida.

               (b)  First Amendment to the Agreement of Sale relating the sale 
                    of the 45 W. 45th Street Office Building, New York City, 
                    New York.

     No information is required under Items 1, 2, 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:  September 20, 1996