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 27, 1996

                         BALCOR REALTY INVESTORS - 84
         ------------------------------------------------------------
                           Exact Name of Registrant


Illinois                                0-13349
- ---------------------------------       ----------------------------------
State or other jurisdiction             Commission file number

2355 Waukegan Road
Suite A200
Bannockburn, Illinois                   36-3215399
- ---------------------------------       ----------------------------------
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
- ----------------------------------------------------

Woodland Hills Apartments

In 1983, the Partnership acquired the Woodland Hills Apartments, Irving, Texas,
utilizing approximately $3,918,095 in offering proceeds.  The property was
acquired subject to first mortgage financing of approximately $7,145,000. In
1988, the existing loan was refinanced with a $5,060,000 first mortgage loan
from a third party lender and a $1,797,098 loan from an affiliate of the
general partner ("Second Loan").  In 1993, the first mortgage loan was again
refinanced with a new first mortgage loan of $5,054,563 (the "Loan").  The
Partnership used these proceeds to repay the prior first mortgage loan.
Additionally, as a requirement of the first mortgage loan, the Partnership used
cash reserves to repay a portion of the Second Loan so that the outstanding
balance was reduced to $585,171.

On August 27, 1996, the Partnership contracted to sell the property for a sale
price of  $7,500,000 to an unaffiliated party, TGM Realty Corp. #5, a Delaware
corporation.  The purchaser has deposited $300,000 into an escrow account as
earnest money and will pay the remaining $7,200,000 at closing, which is
scheduled for September 30, 1996.  From the proceeds of the sale, the
Partnership will repay the Loan and the Second Loan which are expected to have
outstanding loan balances at closing of approximately $4,919,000 and $337,000,
respectively, and pay $150,000 to an unaffiliated third 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 $93,750.  Additionally, the
Partnership will pay the purchaser $62,500 for deferred maintenance at the
property.  The Partnership will receive the remaining proceeds of approximately
$1,937,750, less closing costs.  Of the net sale proceeds, an amount not to
exceed $250,000 will be retained by the Partnership and will not be available
for use or distribution by the Partnership until 90 days after the 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.

Affiliates of the General Partner have sold or contracted to sell 10 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 5.  Other Matters
- ---------------------------

Courtyards of Kendall Apartments

As previously reported, on June 6, 1996, the Partnership contracted to sell the
Courtyards of Kendall Apartments, Dade County, Florida, to an unaffiliated
party , BH Courtyards of Kendall, L.P., an Iowa limited partnership, for a sale
price of $11,000,000. On August 16, 1996, the purchaser exercised its option to
terminate the agreement of sale.
<PAGE>
ITEM 7.  FINANCIAL STATEMENTS AND EXHIBITS
- ----------------------------------------------------------------------

     (a)  FINANCIAL STATEMENTS AND EXHIBITS:

            None

     (B)  PRO FORMA FINANCIAL INFORMATION:

            None

     (C)  EXHIBITS:

          (2) (i)  Agreement of Sale and attachments thereto relating to the
                   sale of the Woodland Hills Apartments, Irving, Texas.
              
              (ii) Letter dated September 9, 1996 relating to the sale of the
                   Woodland Hills Apartments, Irving, Texas.

          (99) Letter of Termination relating to the sale of Courtyards of 
               Kendall Apartments, Dade County, 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 REALTY INVESTORS-84

                         By:  Balcor Partners-XV, 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 10, 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 27, 1996

                         BALCOR REALTY INVESTORS - 84
         ------------------------------------------------------------
                           Exact Name of Registrant

Illinois                                0-13349
- ---------------------------------       ----------------------------------
State or other jurisdiction             Commission file number

2355 Waukegan Road
Suite A200
Bannockburn, Illinois                   36-3215399
- ---------------------------------       ----------------------------------
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
- ----------------------------------------------------

Woodland Hills Apartments

In 1983, the Partnership acquired the Woodland Hills Apartments, Irving, Texas,
utilizing approximately $3,918,095 in offering proceeds.  The property was
acquired subject to first mortgage financing of approximately $7,145,000. In
1988, the existing loan was refinanced with a $5,060,000 first mortgage loan
from a third party lender and a $1,797,098 loan from an affiliate of the
general partner ("Second Loan").  In 1993, the first mortgage loan was again
refinanced with a new first mortgage loan of $5,054,563 (the "Loan").  The
Partnership used these proceeds to repay the prior first mortgage loan.
Additionally, as a requirement of the first mortgage loan, the Partnership used
cash reserves to repay a portion of the Second Loan so that the outstanding
balance was reduced to $585,171.

On August 27, 1996, the Partnership contracted to sell the property for a sale
price of  $7,500,000 to an unaffiliated party, TGM Realty Corp. #5, a Delaware
corporation.  The purchaser has deposited $300,000 into an escrow account as
earnest money and will pay the remaining $7,200,000 at closing, which is
scheduled for September 30, 1996.  From the proceeds of the sale, the
Partnership will repay the Loan and the Second Loan which are expected to have
outstanding loan balances at closing of approximately $4,919,000 and $337,000,
respectively, and pay $150,000 to an unaffiliated third 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 $93,750.  Additionally, the
Partnership will pay the purchaser $62,500 for deferred maintenance at the
property.  The Partnership will receive the remaining proceeds of approximately
$1,937,750, less closing costs.  Of the net sale proceeds, an amount not to
exceed $250,000 will be retained by the Partnership and will not be available
for use or distribution by the Partnership until 90 days after the 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.

Affiliates of the General Partner have sold or contracted to sell 10 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 5.  Other Matters
- ---------------------------

Courtyards of Kendall Apartments

As previously reported, on June 6, 1996, the Partnership contracted to sell the
Courtyards of Kendall Apartments, Dade County, Florida, to an unaffiliated
party , BH Courtyards of Kendall, L.P., an Iowa limited partnership, for a sale
price of $11,000,000. On August 16, 1996, the purchaser exercised its option to
terminate the agreement of sale.
ITEM 7.  FINANCIAL STATEMENTS AND EXHIBITS
- ----------------------------------------------------------------------

     (a)  FINANCIAL STATEMENTS AND EXHIBITS:

            None

     (B)  PRO FORMA FINANCIAL INFORMATION:

            None

     (C)  EXHIBITS:

          (2) (i)  Agreement of Sale and attachments thereto relating to the
                   sale of the Woodland Hills Apartments, Irving, Texas.
              
              (ii) Letter dated September 9, 1996 relating to the sale of the
                   Woodland Hills Apartments, Irving, Texas.

          (99) Letter of Termination relating to the sale of Courtyards of 
               Kendall Apartments, Dade County, 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 REALTY INVESTORS-84

                         By:  Balcor Partners-XV, 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 10, 1996