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)  July 5, 1996

                       BALCOR EQUITY PENSION INVESTORS-I
         ------------------------------------------------------------
                           Exact Name of Registrant


Illinois                                2-85270
- --------------------------------        --------------------------------
State or other jurisdiction             Commission file number

2355 Waukegan Road
Suite A200
Bannockburn, Illinois                   36-3240345
- --------------------------------        --------------------------------
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
- ------------------------------------------------------------------------

Oxford Square Apartments

In August 1986, the Partnership funded a $12,000,000 first mortgage loan
collateralized by the Oxford Square Apartments, Casselberry, Florida (formerly
known as Casselberry Apartments).  In December 1986, the Partnership accepted a
deed in lieu of foreclosure and took title to the property.

On July 5, 1996, the Partnership contracted to sell the property for a sale
price of $10,500,000 to an unaffiliated party, TGM Realty Corp. #5, a Delaware
corporation.  The purchaser has deposited $300,000 into an escrow account as
earnest money.  The remaining portion of the sale price will be payable in cash
at closing, which is scheduled to occur on August 1, 1996.  From the proceeds
of the sale, the Partnership will pay $210,000 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 $105,000.  The Partnership will
receive the remaining proceeds of approximately $10,185,000, less closing
costs.  Of such 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 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 simultaneously contracted to sell 3
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 Oxford Square Apartments, Casselberry, 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 EQUITY PENSION INVESTORS - I

                         By:  Balcor Equity Partners-I, 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:  July 19, 1996
<PAGE>
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{"company-data": {"conformed-name": "BALCOR EQUITY PENSION INVESTORS I", "cik": "0000723873", "assigned-sic": "6500", "irs-number": "363240345", "state-of-incorporation": "IL", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "002-85270", "film-number": "96596989"}, "business-address": {"street1": "2355 WAUKEGAN ROAD", "street2": "SUITE A200", "city": "DEERFIELD", "state": "IL", "zip": "60015", "phone": "7086772900"}, "mail-address": {"street1": "2355 DEERFIELD", "street2": "SUITE A200", "city": "DEERFIELD", "state": "IL", "zip": "60015"}}
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)  July 5, 1996

                       BALCOR EQUITY PENSION INVESTORS-I
         ------------------------------------------------------------
                           Exact Name of Registrant

Illinois                                2-85270
- --------------------------------        --------------------------------
State or other jurisdiction             Commission file number

2355 Waukegan Road
Suite A200
Bannockburn, Illinois                   36-3240345
- --------------------------------        --------------------------------
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
- ------------------------------------------------------------------------

Oxford Square Apartments

In August 1986, the Partnership funded a $12,000,000 first mortgage loan
collateralized by the Oxford Square Apartments, Casselberry, Florida (formerly
known as Casselberry Apartments).  In December 1986, the Partnership accepted a
deed in lieu of foreclosure and took title to the property.

On July 5, 1996, the Partnership contracted to sell the property for a sale
price of $10,500,000 to an unaffiliated party, TGM Realty Corp. #5, a Delaware
corporation.  The purchaser has deposited $300,000 into an escrow account as
earnest money.  The remaining portion of the sale price will be payable in cash
at closing, which is scheduled to occur on August 1, 1996.  From the proceeds
of the sale, the Partnership will pay $210,000 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 $105,000.  The Partnership will
receive the remaining proceeds of approximately $10,185,000, less closing
costs.  Of such 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 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 simultaneously contracted to sell 3
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 Oxford Square Apartments, Casselberry, 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 EQUITY PENSION INVESTORS - I

                         By:  Balcor Equity Partners-I, 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:  July 19, 1996