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 EQUITY PROPERTIES-XVIII
                       A REAL ESTATE LIMITED PARTNERSHIP
         ------------------------------------------------------------
                           Exact Name of Registrant

Illinois                                0-13357
- ---------------------------             -----------------------------
State or other jurisdiction             Commission file number

2355 Waukegan Road
Suite A200
Bannockburn, Illinois                   36-3274349
- ---------------------------             -----------------------------
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
- ---------------------------------------------

Mallard Cove Apartments

In 1985, the Partnership acquired the Mallard Cove (formerly Hidden Lake)
Apartments, Greenville, South Carolina, utilizing approximately $5,712,550 in
offering proceeds.  The property was acquired subject to first mortgage
financing of approximately $3,030,000. In 1993, the first mortgage loan was
refinanced with a new mortgage loan (the "Loan") in the amount of $4,050,000.
The Partnership received excess refinancing proceeds of $1,029,977. 

On April 23, 1996, the Partnership contracted to sell the property for a sale
price of $7,850,000 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 $3,962,000, 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.  Of the
remaining sale 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 $78,500.  The General Partner will be reimbursed by the
Partnership for actual expenses incurred in connection with the sale, including
legal fees.

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.

Affiliates of the General Partner have simultaneously contracted to sell 18
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:

          (2)  Agreement of Sale and attachment thereto relating
                 to the sale of the Mallard Cove apartment complex,
                 Greenville, South Carolina. 

     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 EQUITY PROPERTIES-XVIII
                    A REAL ESTATE LIMITED PARTNERSHIP

                         By:  Balcor Equity Partners-XVIII, 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:  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 EQUITY PROPERTIES-XVIII
                       A REAL ESTATE LIMITED PARTNERSHIP
         ------------------------------------------------------------
                           Exact Name of Registrant

Illinois                                0-13357
- ---------------------------             -----------------------------
State or other jurisdiction             Commission file number

2355 Waukegan Road
Suite A200
Bannockburn, Illinois                   36-3274349
- ---------------------------             -----------------------------
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
- ---------------------------------------------

Mallard Cove Apartments

In 1985, the Partnership acquired the Mallard Cove (formerly Hidden Lake)
Apartments, Greenville, South Carolina, utilizing approximately $5,712,550 in
offering proceeds.  The property was acquired subject to first mortgage
financing of approximately $3,030,000. In 1993, the first mortgage loan was
refinanced with a new mortgage loan (the "Loan") in the amount of $4,050,000.
The Partnership received excess refinancing proceeds of $1,029,977. 

On April 23, 1996, the Partnership contracted to sell the property for a sale
price of $7,850,000 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 $3,962,000, 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.  Of the
remaining sale 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 $78,500.  The General Partner will be reimbursed by the
Partnership for actual expenses incurred in connection with the sale, including
legal fees.

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.

Affiliates of the General Partner have simultaneously contracted to sell 18
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:

          (2)  Agreement of Sale and attachment thereto relating
                 to the sale of the Mallard Cove apartment complex,
                 Greenville, South Carolina. 

     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 EQUITY PROPERTIES-XVIII
                    A REAL ESTATE LIMITED PARTNERSHIP

                         By:  Balcor Equity Partners-XVIII, 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:  May 8, 1996