SECURITIES AND EXCHANGE COMMISSION
                            Washington, D.C. 20549

                                   FORM 10-Q
(Mark One)

  X  QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
-----
     EXCHANGE ACT OF 1934.

For the quarterly period ended June 30, 1997
                               -------------
                                      OR

     TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
-----
     EXCHANGE ACT OF 1934.

For the transition period from              to             
                               ------------    ------------
Commission file number 0-13334
                       -------

                   BALCOR REALTY INVESTORS 84-SERIES II,
                     A REAL ESTATE LIMITED PARTNERSHIP         
          -------------------------------------------------------
          (Exact name of registrant as specified in its charter)

          Maryland                                       36-3223939    
-------------------------------                     -------------------
(State or other jurisdiction of                      (I.R.S. Employer  
incorporation or organization)                      Identification No.)

2355 Waukegan Road
Bannockburn, Illinois                                     60015    
----------------------------------------            ------------------- 
(Address of principal executive offices)                (Zip Code)

Registrant's telephone number, including area code (847) 267-1600
                                                  --------------
Indicate by check mark whether the Registrant (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities Exchange Act of
1934 during the preceding 12 months (or for such shorter period that the
Registrant was required to file such reports), and (2) has been subject to such
filing requirements for the past 90 days.

Yes   X    No     
    -----     -----
<PAGE>
                     BALCOR REALTY INVESTORS 84-SERIES II,
                       A REAL ESTATE LIMITED PARTNERSHIP
                       (A Maryland Limited Partnership)

                                 BALANCE SHEETS
                      June 30, 1997 and December 31, 1996
                                  (Unaudited)

                                    ASSETS

                                                 1997            1996
                                           --------------- ---------------
Cash and cash equivalents                  $    6,659,989  $    2,025,727
Escrow deposits - restricted                      100,000
Escrow deposits                                                   634,200
Accounts and accrued interest receivable          883,347         648,039
Prepaid expenses                                                   44,776
Deferred expenses, net of accumulated
  amortization of $187,891 in 1996                                200,423
                                           --------------- ---------------
                                                7,643,336       3,553,165
                                           --------------- ---------------
Investment in real estate:
  Land                                                          2,714,509
  Buildings and improvements                                   17,638,625
                                                           ---------------
                                                               20,353,134
  Less accumulated depreciation                                 8,291,565
                                                           ---------------
Investment in real estate, net of
  accumulated depreciation                                     12,061,569
                                           --------------- ---------------
                                           $    7,643,336  $   15,614,734
                                           =============== ===============

                  LIABILITIES AND PARTNERS' CAPITAL (DEFICIT)

Accounts payable                           $       38,600  $       66,808
Due to affiliates                                  82,111         134,062
Accrued real estate taxes                                         147,601
Security deposits                                                 125,211
Mortgage notes payable                                         17,211,741
                                           --------------- ---------------
  Total liabilities                               120,711      17,685,423
                                           --------------- ---------------
<PAGE>
                     BALCOR REALTY INVESTORS 84-SERIES II,
                       A REAL ESTATE LIMITED PARTNERSHIP
                       (A Maryland Limited Partnership)

                                 BALANCE SHEETS
                      June 30, 1997 and December 31, 1996
                                  (Unaudited)
                                  (Continued)


                                                 1997            1996
                                             --------------- ---------------
Commitments and contingencies                 

Limited Partners' capital (deficit)
  (87,037 Interests issued and outstanding)     8,116,179      (1,343,455)

General Partner's deficit                        (593,554)       (727,234)
                                           --------------- ---------------
  Total partners' capital (deficit)             7,522,625      (2,070,689)
                                           --------------- ---------------
                                           $    7,643,336  $   15,614,734
                                           =============== ===============


The accompanying notes are an integral part of the financial statements.
<PAGE>
                     BALCOR REALTY INVESTORS 84-SERIES II,
                       A REAL ESTATE LIMITED PARTNERSHIP
                       (A Maryland Limited Partnership)

                       STATEMENTS OF INCOME AND EXPENSES
                for the six months ended June 30, 1997 and 1996
                                  (Unaudited)


                                                1997            1996
                                           --------------- ---------------
Income:
  Rental and service                       $    1,970,579  $    6,585,531
  Interest on short-term investments               42,714          64,526
                                           --------------- ---------------
    Total income                                2,013,293       6,650,057
                                           --------------- ---------------

Expenses:
  Interest on mortgage notes payable              771,770       2,058,810
  Interest on short-term loans from an        
    affiliate                                                     189,838
  Depreciation                                    246,374         907,424
  Amortization of deferred expenses                31,315          87,602
  Property operating                              910,024       2,668,878
  Real estate taxes                               193,078         572,765
  Property management fees                        103,726         318,838
  Other expenses                                  176,685
  Administrative                                  185,518         380,798
                                           --------------- ---------------
    Total expenses                              2,618,490       7,184,953
                                           --------------- ---------------
Loss before gains on sale of properties,
  participation in joint ventures
  and extraordinary items                        (605,197)       (534,896)

Gains on sale of properties                    12,350,293      24,331,787

Affiliates' participation in income
  from joint ventures                                          (3,288,528)
                                           --------------- ---------------
Income before extraordinary items              11,745,096      20,508,363
                                           --------------- ---------------
Extraordinary items:
  Debt extinguishment expense                    (921,926)       (360,073)
  Affiliate's participation in debt
    extinguishment expense                                         20,945
                                           --------------- ---------------
    Total extraordinary items                    (921,926)       (339,128)
                                           --------------- ---------------
Net income                                 $   10,823,170  $   20,169,235
                                           =============== ===============

<PAGE>
                     BALCOR REALTY INVESTORS 84-SERIES II,
                       A REAL ESTATE LIMITED PARTNERSHIP
                       (A Maryland Limited Partnership)

                       STATEMENTS OF INCOME AND EXPENSES
                for the six months ended June 30, 1997 and 1996
                                (Unaudited)                                    
                                (Continued)


                                                 1997            1996
                                           --------------- ---------------
Income before extraordinary
  items allocated to General Partner       $      145,067  $      205,083
                                           =============== ===============
Income before extraordinary
  items allocated to Limited Partners      $   11,600,029  $   20,303,280
                                           =============== ===============
Income before extraordinary
  items per Limited Partnership Interest
  (87,037 issued and outstanding)          $       133.28  $       233.27
                                           =============== ===============
Extraordinary items allocated to
  General Partner                          $      (11,387) $       (3,391)
                                           =============== ===============
Extraordinary items allocated to
  Limited Partners                         $     (910,539) $     (335,737)
                                           =============== ===============
Extraordinary items per Limited
  Partnership Interest (87,037 issued
  and outstanding)                         $       (10.46) $        (3.86)
                                           =============== ===============
Net income allocated to General Partner    $      133,680  $      201,692
                                           =============== ===============
Net income allocated to Limited Partners   $   10,689,490  $   19,967,543
                                           =============== ===============
Net income per Limited Partnership Interest
  (87,037 issued and outstanding)          $       122.82  $       229.41
                                           =============== ===============
Distribution to Limited Partners           $      870,370            None
                                           =============== ===============
Distribution per Limited Partnership 
  Interest (87,037 issued and outstanding) $        10.00            None
                                           =============== ===============


The accompaying notes are an integral part of the financial statements.
<PAGE>
                     BALCOR REALTY INVESTORS 84-SERIES II,
                       A REAL ESTATE LIMITED PARTNERSHIP
                       (A Maryland Limited Partnership)

                       STATEMENTS OF INCOME AND EXPENSES
                 for the quarters ended June 30, 1997 and 1996
                                  (Unaudited)

                                                1997            1996
                                           --------------- ---------------
Income:
  Rental and service                       $      880,147  $    2,724,660
  Interest on short-term investments               27,294          42,179
                                           --------------- ---------------
    Total income                                  907,441       2,766,839
                                           --------------- ---------------

Expenses:
  Interest on mortgage notes payable              370,879         692,089
  Interest on short-term loans from an        
    affiliate                                                      62,120
  Depreciation                                    112,360         381,412
  Amortization of deferred expenses                13,949          36,303
  Property operating                              461,285       1,281,618
  Real estate taxes                                92,003         250,342
  Property management fees                         47,795         146,669
  Other expenses                                  176,685
  Administrative                                   97,315         278,100
                                           --------------- ---------------
    Total expenses                              1,372,271       3,128,653
                                           --------------- ---------------
Loss before gains on sale of properties,
  participation in joint ventures
  and extraordinary items                        (464,830)       (361,814)
 
Gains on sale of properties                    12,350,293      22,968,356
 
Affiliates' participation in income
  from joint ventures                                          (3,057,338)
                                           --------------- ---------------
Income before extraordinary items              11,885,463      19,549,204
                                           --------------- ---------------
Extraordinary items:
  Debt extinguishment expense                    (921,926)       (360,073)
  Affiliate's participation in debt
    extinguishment expense                                         20,945
                                           --------------- ---------------
    Total extraordinary items                    (921,926)       (339,128)
                                           --------------- ---------------
Net income                                 $   10,963,537  $   19,210,076
                                           =============== ===============

<PAGE>
                     BALCOR REALTY INVESTORS 84-SERIES II,
                       A REAL ESTATE LIMITED PARTNERSHIP
                       (A Maryland Limited Partnership)

                       STATEMENTS OF INCOME AND EXPENSES
                 for the quarters ended June 30, 1997 and 1996
                                  (Unaudited)
                                  (Continued)


                                                1997            1996
                                           --------------- ---------------
Income before extraordinary
  items allocated to General Partner       $      146,471  $      195,491
                                           =============== ===============
Income before extraordinary
  items allocated to Limited Partners      $   11,738,992  $   19,353,713
                                           =============== ===============
Income before extraordinary
  items per Limited Partnership Interest
  (87,037 issued and outstanding)          $       134.88  $       222.36
                                           =============== ===============
Extraordinary items allocated to
  General Partner                          $      (11,387) $       (3,391)
                                           =============== ===============
Extraordinary items allocated to
  Limited Partners                         $     (910,539) $     (335,737)
                                           =============== ===============
Extraordinary items per Limited
  Partnership Interest (87,037 issued
  and outstanding)                         $       (10.46) $        (3.86)
                                           =============== ===============
Net income allocated to General Partner    $      135,084  $      192,100
                                           =============== ===============
Net income allocated to Limited Partners   $   10,828,453  $   19,017,976
                                           =============== ===============
Net income per Limited Partnership Interest
  (87,037 issued and outstanding)          $       124.42  $       218.50
                                           =============== ===============


The accompanying notes are an integral part of the financial statments.
<PAGE>
                     BALCOR REALTY INVESTORS 84-SERIES II,
                       A REAL ESTATE LIMITED PARTNERSHIP
                       (A Maryland Limited Partnership)

                             STATEMENTS OF CASH FLOWS
                for the six months ended June 30, 1997 and 1996
                                  (Unaudited)

                                                 1997            1996
                                           --------------- ---------------
Operating activities:
  Net income                               $   10,823,170  $   20,169,235
  Adjustments to reconcile net income to 
    net cash used in operating activities:
      Debt extinguishment expense                 169,108         188,412
      Affiliates' participation in debt
        extinguishment expense                                    (20,945)
      Gains on sale of properties             (12,350,293)    (24,331,787)
      Affiliates' participation in income
        from joint ventures                                     3,288,528
      Depreciation of properties                  246,374         907,424
      Amortization of deferred expenses            31,315          87,602
      Net change in:
        Escrow deposits                           634,200         474,808
        Accounts and accrued
          interest receivable                    (235,308)       (556,818)
        Prepaid expenses                           44,776          (1,072)
        Accounts payable                          (28,208)         10,283
        Due to affiliates                         (51,951)        (72,675)
        Accrued liabilities                      (147,601)       (641,451)
        Security deposits                        (125,211)       (138,175)
                                           --------------- ---------------
  Net cash used in operating activities          (989,629)       (636,631)
                                           --------------- ---------------
Investing activities:
  Proceeds from sale of properties             24,725,000      58,215,000
  Payment of selling costs                       (559,512)     (1,069,817)
  Escrow deposits - restricted                   (100,000)
                                           --------------- ---------------
  Net cash provided by investing activities    24,065,488      57,145,183
                                           --------------- ---------------
Financing activities:
  Distribution to Limited Partners               (870,370)
  Deemed distribution to Limited Partners        (359,486)
  Distributions to joint venture partners-
    affiliates                                                 (1,753,050)
  Repayment of loans payable-affiliate                         (8,385,555)
  Principal payments on mortgage notes
    payable                                       (25,686)       (495,603)
  Repayment of mortgage notes payable         (17,186,055)    (40,464,579)
                                           --------------- ---------------
  Net cash used in financing activities       (18,441,597)    (51,098,787)
                                           --------------- ---------------
<PAGE>
                     BALCOR REALTY INVESTORS 84-SERIES II,
                       A REAL ESTATE LIMITED PARTNERSHIP
                       (A Maryland Limited Partnership)

                             STATEMENTS OF CASH FLOWS
                for the six months ended June 30, 1997 and 1996
                                  (Unaudited)

                                                   1997            1996
                                             --------------- ---------------
Net change in cash and cash equivalents         4,634,262       5,409,765

Cash and cash equivalents at beginning
  of year                                       2,025,727         419,227
                                           --------------- ---------------
Cash and cash equivalents at end of period $    6,659,989  $    5,828,992
                                           =============== ===============


The accompanying notes are an integral part of the financial statments.
<PAGE>
                     BALCOR REALTY INVESTORS 84-SERIES II,
                       A REAL ESTATE LIMITED PARTNERSHIP
                       (A Maryland Limited Partnership)

                         NOTES TO FINANCIAL STATEMENTS

1. Accounting Policies:

(a) In the opinion of management, all adjustments necessary for a fair
presentation have been made to the accompanying statements for the six months
and quarter ended June 30, 1997, and all such adjustments are of a normal and
recurring nature.

(b) A reclassification has been made to the previously reported 1996 financial
statements in order to provide comparability with the 1997 statements. This
reclassification has not changed the 1996 results.

(c) For financial statement purposes, in previous years partners were allocated
income and loss in accordance with the provisions in the Partnership Agreement.
In order for the capital accounts of the General Partner and Limited Partners
to appropriately reflect their respective remaining economic interests as
provided for in the Partnership Agreement, the General Partner was allocated
additional income during 1997 for financial statement purposes.

2. Partnership Termination:

The Partnership Agreement provides for the dissolution of the Partnership upon
the occurrence of certain events, including the disposition of all interests in
real estate. During 1996, the Partnership sold six properties. During June
1997, the Partnership sold its remaining two properties, the Spring Creek and
Park Colony apartment complexes. The Partnership has retained a portion of the
cash from the property sales to satisfy obligations of the Partnership as well
as establish a reserve for contingencies. The timing of the termination of the
Partnership and final distribution of cash will depend upon the nature and
extent of liabilities and contingencies which exist or may arise. Such
contingencies may include legal and other fees stemming from litigation
involving the Partnership including, but not limited to, the lawsuits discussed
below in Note 8 of Notes to Financial Statements. In the absence of any such
contingency, the reserves will be paid within twelve months of the last
property being sold. In the event a contingency exists, reserves may be held by
the Partnership for a longer period of time.

3. Interest Expense:

During the six months ended June 30, 1997 and 1996, the Partnership incurred
interest expense on mortgage notes payable of $771,770 and $2,058,810 and paid
interest expense of $738,380 and $2,386,493, respectively.

4. Transactions with Affiliates:

Fees and expenses paid and payable by the Partnership to affiliates during the
<PAGE>
six months and quarter ended June 30, 1997 were:

                                           Paid
                                    ----------------------
                                     Six Months    Quarter      Payable
                                    ------------  ---------    ----------

   Reimbursement of expenses to
     the General Partner, at cost   $ 100,821      $87,310     $ 82,111


During the six months ended June 30, 1996, the Partnership repaid the General
Partner loan, primarily with proceeds from the sales of the Seabrook, La
Contenta and Meadow Creek apartment complexes. During the six months ended June
30, 1996, the Partnership incurred interest expense of $189,838 and paid
interest expense of $277,324 on these loans. Interest expense was computed at
the American Express Company cost of funds rate plus a spread to cover
administrative expenses. The interest rate was 5.911% at the date of the loan
repayment.

5. Property Sales:

(a) In June 1997, the Partnership sold the Spring Creek Apartments in an all
cash sale for $10,225,000.  From the proceeds of the sale, the Partnership paid
$7,297,746 to the third party mortgage holder in full satisfaction of the first
mortgage loan, $244,437 in selling costs and $218,932 in prepayment penalties.
The basis of the property was $5,093,533, which is net of accumulated
depreciation of $3,509,545.  For financial statement purposes, the Partnership
recognized a gain of $4,887,030 from the sale of this property.

(b) In June 1997, the Partnership sold the Park Colony Apartments in an all
cash sale for $14,500,000.  From the proceeds of the sale, the Partnership paid
$9,888,309 to the third party mortgage holder in full satisfaction of the first
mortgage loan, $315,075 in selling costs and $533,886 in prepayment penalties.
In addition, the Partnership paid a state withholding tax of $359,486 on behalf
of the Limited Partners relating to the gain on the sale of the property, which
has been recorded as a deemed distribution for financial statement purposes.
The basis of the property was $6,721,662 which is net of accumulated
depreciation of $5,028,394.  For financial statement purposes, the Partnership
recognized a gain of $7,463,263 from the sale of this property.

6. Extraordinary Item:

In connection with the sales of the Spring Creek and Park Colony apartment
complexes in June 1997, the Partnership paid $752,818 in prepayment penalties
and wrote off the remaining unamortized deferred expenses of $169,108. These
amounts were recognized as an extraordinary item and classified as debt
extinguishment expense.

7. Other Expense:

In connection with the 1996 sale of Meadow Creek Apartments, the Partnership
paid $176,685 in April 1997 for a state income tax liability related to the
<PAGE>
gain on sale, which has been recorded as other expense for financial statement
purposes.

8. Contingencies:

The Partnership is currently involved in two lawsuits whereby the Partnership
and certain affiliates have been named as defendants alleging substantially
similar claims involving certain federal securities law violations with regard
to the adequacy and accuracy of disclosures of information concerning, as well
as marketing efforts related to, the offering of the Limited Partnership
Interests of the Partnership. The defendants continue to vigorously contest
these actions. A plaintiff class has not been certified in either action and,
no determinations of the merits have been made. It is not determinable at this
time whether or not an unfavorable decision in either action would have a
material adverse impact on the financial position, operations and liquidity of
the Partnership. The Partnership believes it has meritorious defenses to
contest the claims.

9. Subsequent Event:

In July 1997, the Partnership made a distribution of $1,305,555 ($15.00 per
Interest) to the holders of Limited Partnership Interests representing a
special distribution of available Net Cash Proceeds from the sale of Spring
Creek Apartments.
<PAGE>
                     BALCOR REALTY INVESTORS 84-SERIES II,
                       A REAL ESTATE LIMITED PARTNERSHIP
                       (A Maryland Limited Partnership)

                     MANAGEMENT'S DISCUSSION AND ANALYSIS

Balcor Realty Investors 84-Series II, A Real Estate Limited Partnership (the
"Partnership") is a limited partnership formed in 1983 to invest in and operate
income-producing real property. The Partnership raised $87,037,000 through the
sale of Limited Partnership Interests and utilized these proceeds to acquire
fourteen real property investments. Prior to 1996, the Partnership disposed of
six of these properties. The Partnership sold six properties during 1996 and
the remaining two properties in 1997.

Inasmuch as the management's discussion and analysis below relates primarily to
the time period since the end of the last fiscal year, investors are encouraged
to review the financial statements and the management's discussion and analysis
contained in the annual report for 1996 for a more complete understanding of
the Partnership's financial position.

Operations
----------

Summary of Operations
---------------------

The Partnership recognized substantially larger gains in connection with the
sales of five of its properties in 1996 as compared to the gains recognized
during 1997 related to the sale of two of its properties.  This was the primary
reason net income decreased during the six months and quarter ended June 30,
1997 as compared to the same periods in 1996.  Further discussion of the
Partnership's operations is summarized below.

1997 Compared to 1996
---------------------

Unless otherwise noted, discussions of fluctuations between 1997 and 1996 refer
to both the six months and quarters ended June 30, 1997 and 1996.

In June 1997 the Partnership sold the Spring Creek and Park Colony apartment
complexes and recognized gains in connection with these sales of $12,350,293.
During the six months ended June 30, 1996, the Partnership sold the La
Contenta, Meadow Creek, Ridgetree - Phase II, Rosehill Pointe and Seabrook
apartment complexes and recognized gains in connection with these sales of
$24,331,787. The sales of these properties and Westwood Village Apartments in
November 1996 resulted in decreases in rental and service income, interest
expense on mortgage notes payable, depreciation, amortization, property
operating expenses, real estate taxes and property management fees during 1997
as compared to 1996. 

Due to higher average cash balances resulting from the investment of net
proceeds received in connection with the 1996 sales of Meadow Creek, Ridgetree
- Phase II and Rosehill Pointe apartment complexes prior to distribution to
<PAGE>
Limited Partners in July 1996, interest income on short-term investments
decreased during 1997 as compared to 1996.

Due to the repayment in full of the short-term loan from an affiliate during 
June 1996 with proceeds from the sales of the Seabrook, La Contenta and Meadow
Creek apartment complexes, interest expense on short-term loans from an
affiliate ceased during 1996. 

In connection with the 1996 sale of Meadow Creek Apartments, the Partnership
paid $176,685 in April 1997 for a state income tax liability related to the
gain on sale, which has been recorded as other expense for financial statement
purposes.

The Partnership incurred higher professional fees during 1996 in connection
with the valuation of the Partnership's assets. In addition, legal and
portfolio management fees decreased during 1997 due to the sale of the
Partnership's properties. As a result, administrative expenses decreased during
1997 as compared to 1996.  

Due to the sales of the Rosehill Pointe and Seabrook apartment complexes in
1996, affiliates' participation in income from joint ventures, which included
the affiliates' share of the gains on the sales of these properties, ceased
during 1996. 

In connection with the sales of the Spring Creek and Park Colony apartment
complexes in 1997, the Partnership paid $752,818 in prepayment penalties and
wrote off the remaining unamortized deferred expenses of $169,108. In addition,
in connection with the sales of the LaContenta, Meadow Creek, Ridgetree - Phase
II and Rosehill Pointe apartment complexes in 1996, the Partnership paid
$171,661 in prepayment penalties and wrote off the remaining unamortized
deferred expenses of $188,412, the total of which includes $20,945 representing
the Rosehill Pointe Apartments affiliate's share. These amounts were recorded
as extraordinary items and classified as debt extinguishment expense for
financial statement purposes.

Liquidity and Capital Resources
-------------------------------

The cash position of the Partnership increased by approximately $4,634,000 as
of June 30, 1997 when compared to December 31, 1996 primarily due to the net  
proceeds received from the sale of the Partnership's remaining two properties.
The Partnership used cash of approximately $990,000 to fund its operating
activities. The payment of administrative expenses, prepayment penalties
relating to the two property sales, an expense for a state income tax liability
related to a gain on a 1996 property sale and expenditures relating to the fire
damage incurred at the Spring Creek Apartments was partially offset by the cash
flow generated by the Partnership's properties, interest income earned on
short-term investments and the collection of certain escrow deposits related to
sold properties. The Partnership expects to be reimbursed by its insurance
carrier for the cost of the fire damage to the Spring Creek Apartments, less
the deductible. The Partnership received cash of approximately $24,065,000 from
its investing activities consisting of net proceeds received in connection with
the sales of the Partnership's remaining two properties. Financing activities
<PAGE>
consisted of a distribution of sale proceeds of approximately $870,000 to
Limited Partners, a deemed distribution to Limited Partners of approximately
$359,000 representing a state withholding tax related to the sale of Park
Colony Apartments, principal payments on mortgage notes payable of
approximately $26,000 and the repayment of mortgage notes payable of
approximately $17,186,000. In addition, in July 1997, the Partnership made a
special distribution of $1,305,555 to Limited Partners, as discussed below. 

During 1996, the Partnership sold six properties. During June 1997, the
Partnership sold its remaining two properties, the Spring Creek and Park Colony
apartment complexes. The Partnership has retained a portion of the cash from
the property sales to satisfy obligations of the Partnership as well as
establish a reserve for contingencies. The timing of the termination of the
Partnership and final distribution of cash will depend upon the nature and
extent of liabilities and contingencies which exist or may arise. Such
contingencies may include legal and other fees stemming from litigation
involving the Partnership including, but not limited to, the lawsuits discussed
in Note 8 of Notes to Financial Statements. In the absence of any such
contingency, the reserves will be paid within twelve months of the last
property being sold. In the event a contingency exists, reserves may be held by
the Partnership for a longer period of time.

In June 1997, the Partnership sold the Spring Creek Apartments in an all cash
sale for $10,225,000. From the proceeds of the sale, the Partnership paid
$7,297,746 to the third party mortgage holder in full satisfaction of the first
mortgage loan, $244,437 in selling costs and $218,932 in prepayment penalties.
Pursuant to the terms of the sale, $250,000 of the proceeds will be retained by
the Partnership until October 1997. The remainder of the available proceeds
were distributed to Limited Partners in July 1997. See Note 5 of Notes to
Financial Statements for additional information.

In June 1997, the Partnership sold the Park Colony Apartments in an all cash
sale for $14,500,000. From the proceeds of the sale, the Partnership paid
$9,888,309 to the third party mortgage holder in full satisfaction of the first
mortgage loan, $315,075 in selling costs and $533,886 in prepayment penalties.
In addition, the Partnership paid a state withholding tax of $359,486 on behalf
of the Limited Partners relating to the gain on sale of the property. Pursuant
to the terms of the sale, $100,000 of the sale proceeds was placed in escrow
and was not to be disbursed until the later of the settlement of any claims by
the purchaser or August 1, 1997. Of the escrow amount approximately $92,600 is
expected to be disbursed to the Partnership in August 1997. The balance of
approximately $7,400 will remain in the escrow account pending the resolution
of additional claims which have been presented by the purchaser. The available
proceeds will be distributed to Limited Partners in October 1997. See Note 5 of
Notes to Financial Statements for additional information.

In July 1997, the Partnership made a distribution of $1,305,555 ($15.00 per
Interest) to the holders of Limited Partnership Interests representing a
special distribution of available Net Cash Proceeds from the sale of Spring
Creek Apartments. Including the July 1997 distribution, Limited Partners have
received distributions of Net Cash Proceeds totaling $83 per $1,000 Interest,
as well as certain tax benefits. The Partnership expects to make a distribution
from available proceeds from the Park Colony Apartments sale and the release of
the Spring Creek Apartments holdback in October 1997. Investors will not
recover a substantial portion of their original investment.
<PAGE>
                     BALCOR REALTY INVESTORS 84-SERIES II,
                       A REAL ESTATE LIMITED PARTNERSHIP
                       (A Maryland Limited Partnership)

                          PART II - OTHER INFORMATION

Item 5.  Other Information
--------------------------

Park Colony Apartments
----------------------

As previously reported, on April 30, 1997, the Partnership contracted to sell
Park Colony Apartments, Gwinnett County, Georgia, to an unaffiliated party,
Ambassador VIII, L.P., a Delaware limited partnership, for a sale price of
$14,500,000. The sale closed on June 27, 1997. From the proceeds of the sale,
the Partnership repaid the outstanding balance of the first mortgage loan of
$9,888,309 and paid $533,886 in prepayment penalties, $290,000 as a brokerage
commission to an affiliate of the third party providing property management
services for the property, $359,486 on behalf of the Limited Partners for a
state withholding tax relating to the gain on the sale of the property and
$25,075 in closing costs. In addition, $100,000 was placed in escrow and was
not to be disbursed until the later of the settlement of any claims by the
purchaser or August 1, 1997. Of the escrow amount, approximately $92,600 is
expected to be disbursed to the Partnership in August 1997. The balance of
approximately $7,400 will remain in the escrow account pending the resolution
of additional claims which have been presented by the purchaser. The
Partnership received sale proceeds of approximately $3,403,000.

Item 6.  Exhibits and Reports on Form 8-K
-----------------------------------------

(a) Exhibits:

(4) Form of Subscription Agreement set forth as Exhibit 4.1 to Amendment No. 2
of the Registrant's Registration Statement on Form S-11 dated May 16, 1984
(Registration No. 2-89319), and Form of Confirmation regarding Interests in the
Registrant set forth as Exhibit 4.2 to the Registrant's Report on Form 10-Q for
the quarter ended June 30, 1992 (Commission File No. 0-13334) is incorporated
herein by reference.

(10) Material Contracts:

(a)(i) Agreement of Sale and attachment thereto relating to the sale of
Ridgetree Apartments, Phase II, previously filed as Exhibit 2(a) to the
Registrant's Current Report on Form 8-K dated April 23, 1996, is incorporated
herein by reference.

(ii) Master Amendment and Agreement dated May 22, 1996 relating to the sale of
Ridgetree Apartments, Phase II and Rosehill Pointe Apartments, previously filed
as Exhibit 2(a)(i) to the Registrant's Current Report on Form 8-K dated May 31,
1996, is incorporated herein by reference.
<PAGE>
(iii) Master Amendment and Agreement #2 dated May 22, 1996 relating to the sale
of Ridgetree Apartments, Phase II and Rosehill Pointe Apartments, previously
filed as Exhibit 2(a)(ii) to the Registrant's Current Report on Form 8-K dated
May 31, 1996, is incorporated herein by reference.

(b) Agreement of Sale and attachment thereto relating to the sale of Rosehill
Pointe Apartments, previously filed as Exhibit 2(b) to the Registrant's Current
Report on Form 8-K dated April 23, 1996, is incorporated herein by reference.

(c)(i) Agreement of Sale and attachment thereto relating to the sale of
Westwood Village Apartments, previously filed as Exhibit (2) to the
Registrant's Current Report on Form 8-K dated September 4, 1996, is
incorporated herein by reference.

(ii) Modification Agreement relating to the sale of Westwood Village
Apartments, previously filed as Exhibit (10)(c)(ii) to the Registrant's Report
on Form 10-Q for the quarter ended September 30, 1996, is incorporated herein
by reference.

(iii) Letter Agreement relating to the sale of Westwood Village Apartments,
previously filed as Exhibit (10)(c)(iii) to the Registrant's Report on Form
10-Q for the quarter ended September 30, 1996, is incorporated herein by
reference.

(d)(i) Agreement of Sale and attachment thereto relating to the sale of Park
Colony Apartments, previously filed as Exhibit (10)(d)(i) to the Registrant's
Report on Form 10-Q for the quarter ended March 31, 1997 is incorporated herein
by reference.

(ii) First Amendment to Agreement of Sale relating to the sale of Park Colony
Apartments, previously filed as Exhibit (10)(d)(ii) to the Registrant's Report
on Form 10-Q for the quarter ended March 31, 1997 is incorporated herein by
reference.

(iii) Second Amendment to Agreement of Sale relating to the sale of Park Colony
Apartments, Gwinnett County, Georgia, is attached hereto.

(iv) Third Amendment to Agreement of Sale relating to the sale of Park Colony
Apartments, previously filed as Exhibit (99) to the Registrant's Report on Form
8-K dated May 30, 1997 is incorporated herein by reference.

(e) Agreement of Sale and attachment thereto relating to the sale of Spring
Creek Apartments previously filed as Exhibit (2) to the Registrant's Report on
Form 8-K dated May 30, 1997 is incorporated herein by reference.

(27) Financial Data Schedule of the Registrant for the six months ended June
30, 1997 is attached hereto.

(b) Reports on Form 8-K:  A Current Report on Form 8-K dated May 30, 1997 was
filed reporting the contract to sell the Spring Creek Apartments in Columbus,
Ohio and the extension of the sale of Park Colony Apartments in Gwinnett
County, Georgia.
<PAGE>
SIGNATURES

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, thereunto duly authorized.

                            BALCOR REALTY INVESTORS 84-SERIES II,
                            A REAL ESTATE LIMITED PARTNERSHIP

                            By: /s/Thomas E. Meador                            
                                --------------------------------
                                Thomas E. Meador
                                President and Chief Executive Officer and 
                                Director (Principal Executive Officer) of 
                                Balcor Partners-84 II, Inc., the General 
                                Partner

                            By: /s/Jayne A. Kosik                              
                                ---------------------------------
                                Jayne A. Kosik
                                Managing Director and Chief
                                Financial Officer (Principal Accounting        
                                Officer) of Balcor Partners-84 II, Inc., the 
                                General Partner


Date: August 14, 1997                       
      ---------------------------
<PAGE>