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 September 30, 1995
                               ------------------ 
                                      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 0-13349
                       -------

                         BALCOR REALTY INVESTORS-84         
          ------------------------------------------------------
          (Exact name of registrant as specified in its charter)

          Illinois                                      36-3215399    
-------------------------------                     -------------------
(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 (708) 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
                       (An Illinois Limited Partnership)

                                BALANCE SHEETS
                   September 30, 1995 and December 31, 1994
                                  (Unaudited)

                                    ASSETS

                                                 1995             1994
                                           --------------   --------------
Cash and cash equivalents                  $     368,115    $   1,311,019
Certificate of deposit - restricted                               700,000
Escrow deposits                                2,000,595        2,501,015
Accounts and accrued interest receivable         568,848          880,932
Prepaid expenses                                 522,510           33,795
Deferred expenses, net of accumulated 
  amortization of $1,104,682 in 1995
  and $952,643 in 1994                         1,133,340        1,353,111
                                           --------------   --------------
                                               4,593,408        6,779,872
                                           --------------   --------------
Investment in real estate:
  Land                                        17,612,218       18,397,507
  Buildings and improvements                 118,352,136      130,982,523
                                           --------------   --------------
                                             135,964,354      149,380,030
  Less accumulated depreciation               54,972,562       57,774,549
                                           --------------   --------------
Investment in real estate, net
  of accumulated depreciation                 80,991,792       91,605,481
                                           --------------   --------------
                                           $  85,585,200    $  98,385,353
                                           ==============   ==============

                       LIABILITIES AND PARTNERS' DEFICIT

Loans payable - affiliate                  $   6,943,202    $  12,153,202
Accounts payable                                 272,954          328,647
Due to affiliates                                 89,933          197,822
Accrued liabilities, principally 
  real estate taxes                            1,390,062        1,201,714
Security deposits                                559,636          582,347
Mortgage notes payable                       101,803,125      112,812,222
Mortgage notes payable - affiliate             1,852,611        1,967,211
                                           --------------   --------------
    Total liabilities                        112,911,523      129,243,165

Affiliate's participation in joint venture                       (309,997)
Partners' deficit (140,000 Limited 
  Partnership Interests issued
  and outstanding)                           (27,326,323)     (30,547,815)
                                           --------------   --------------
                                           $  85,585,200    $  98,385,353
                                           ==============   ==============

The accompanying notes are an integral part of the financial statements.
<PAGE>
                          BALCOR REALTY INVESTORS-84
                       (An Illinois Limited Partnership)

                       STATEMENTS OF INCOME AND EXPENSES
             for the nine months ended September 30, 1995 and 1994
                                  (Unaudited)

                                                1995             1994
                                           --------------   --------------
Income:
  Rental and service                       $  21,110,659    $  23,157,422
  Interest on short-term investments             112,715           46,977
                                           --------------   --------------
      Total income                            21,223,374       23,204,399
                                           --------------   --------------
Expenses:
  Interest on mortgage notes payable           6,707,588        8,404,099
  Interest on short-term loans                   460,690          442,178
  Depreciation                                 2,914,461        3,426,885
  Amortization of deferred expenses              219,772          379,405
  Property operating                           7,740,107        9,308,900
  Real estate taxes                            1,594,960        2,045,093
  Property management fees                     1,053,668        1,155,384
  Administrative                                 726,001          687,576
                                           --------------   --------------
      Total expenses                          21,417,247       25,849,520
                                           --------------   --------------

Loss before gains on sales of properties,  
  affiliate's participation in joint venture
  and extraordinary item                        (193,873)      (2,645,121)
Gains on sales of properties                   4,080,592        5,596,294
Affiliate's participation in (income)  
  loss from joint venture                       (755,586)         197,778
                                           --------------   --------------
Income before extraordinary item               3,131,133        3,148,951
                                              
Extraordinary item:
  Gains on forgiveness of debt                    90,359        2,791,215
                                           --------------   --------------
Net income                                 $   3,221,492    $   5,940,166
                                           ==============   ==============
Income before extraordinary item
  allocated to General Partner             $      31,311    $      31,490
                                           ==============   ==============
Income before extraordinary item
  allocated to Limited Partners            $   3,099,822    $   3,117,461
                                           ==============   ==============
Income before extraordinary item
  per Limited Partnership Interest
  (140,000 issued and outstanding)         $       22.14    $       22.27
                                           ==============   ==============



The accompanying notes are an integral part of the financial statements.
<PAGE>
                          BALCOR REALTY INVESTORS-84
                       (An Illinois Limited Partnership)
                                                
                       STATEMENTS OF INCOME AND EXPENSES
             for the nine months ended September 30, 1995 and 1994
                                  (Unaudited)
                                  (Continued)


                                                1995             1994
                                           --------------   --------------
Extraordinary item allocated to            
  General Partner                          $         904    $      27,912
                                           ==============   ==============
Extraordinary item allocated to 
  Limited Partners                         $      89,455    $   2,763,303
                                           ==============   ==============
Extraordinary item per Limited Partnership
  Interest (140,000 issued and outstanding)$        0.64    $       19.74
                                           ==============   ==============
Net income allocated to General Partner    $      32,215    $      59,402
                                           ==============   ==============
Net income allocated to Limited Partners   $   3,189,277    $   5,880,764
                                           ==============   ==============
Net income per Limited Partnership
  Interest (140,000 issued and outstanding)$       22.78    $       42.01
                                           ==============   ==============




























The accompanying notes are an integral part of the financial statements.
<PAGE>
                          BALCOR REALTY INVESTORS-84
                       (An Illinois Limited Partnership)

                       STATEMENTS OF INCOME AND EXPENSES
              for the quarters ended September 30, 1995 and 1994
                                  (Unaudited)


                                                1995             1994
                                           --------------   --------------
Income:
  Rental and service                       $   7,004,719    $   7,667,887
  Interest on short-term investments              28,705           19,700
                                           --------------   --------------
      Total income                             7,033,424        7,687,587
                                           --------------   --------------

Expenses:
  Interest on mortgage notes payable           2,184,870        2,706,620
  Interest on short-term loans                   128,946          174,823
  Depreciation                                   949,472        1,117,075
  Amortization of deferred expenses               64,831           96,509
  Property operating                           2,910,236        3,383,010
  Real estate taxes                              555,169          615,105
  Property management fees                       357,900          383,099
  Administrative                                 224,130          162,759
                                           --------------   --------------
      Total expenses                           7,375,554        8,639,000
                                           --------------   --------------

Loss before gains on sales of properties,
  affiliate's participation in joint
  venture and extraordinary item                (342,130)        (951,413)
Gains on sales of properties                   2,265,622        5,596,294
Affiliate's participation in loss
  from joint venture                                               88,833
                                           --------------   --------------
Income before extraordinary item               1,923,492        4,733,714

Extraordinary item:
  Gains on forgiveness of debt                                  2,791,215
                                           --------------   --------------
Net income                                 $   1,923,492    $   7,524,929
                                           ==============   ==============
Income before extraordinary item
  allocated to General Partner             $      19,235    $      47,338
                                           ==============   ==============
Income before extraordinary item
  allocated to Limited Partners            $   1,904,257    $   4,686,376
                                           ==============   ==============
Income before extraordinary item
  per Limited Partnership Interest
  (140,000 issued and outstanding)         $       13.60    $       33.48
                                           ==============   ==============

The accompanying notes are an integral part of the financial statements.
<PAGE>
                          BALCOR REALTY INVESTORS-84
                       (An Illinois Limited Partnership)

                       STATEMENTS OF INCOME AND EXPENSES
              for the quarters ended September 30, 1995 and 1994
                                  (Unaudited)
                                  (Continued)


                                             1995             1994
                                           --------------   --------------
Extraordinary item allocated to 
  General Partner                                   None    $      27,912
                                           ==============   ==============
Extraordinary item allocated to 
  Limited Partners                                  None    $   2,763,303
                                           ==============   ==============
Extraordinary item per Limited Partnership
  Interest (140,000 issued and outstanding)         None    $       19.74
                                           ==============   ==============
Net income allocated to General Partner    $      19,235    $      75,250
                                           ==============   ==============
Net income allocated to Limited Partners   $   1,904,257    $   7,449,679
                                           ==============   ==============
Net income per Limited Partnership 
  Interest (140,000 issued and outstanding)$       13.60    $       53.22
                                           ==============   ==============



























The accompanying notes are an integral part of the financial statements.
<PAGE>
                          BALCOR REALTY INVESTORS-84
                       (An Illinois Limited Partnership)

                           STATEMENTS OF CASH FLOWS
                for the nine months September 30, 1995 and 1994
                                  (Unaudited)
                 

                                                1995             1994
                                           --------------   --------------
Operating activities:
  Net income                               $   3,221,492    $   5,940,166
  Adjustments to reconcile net income to net
    cash provided by operating activities:
      Extraordinary item:
        Gains on forgiveness of debt             (90,359)      (2,791,215)
      Gains on sales of properties            (4,080,592)      (5,596,294)
      Affiliate's participation in income 
        (loss) from joint venture                755,586         (197,778)
      Depreciation of properties               2,914,461        3,426,885
      Amortization of deferred expenses          219,771          379,405
      Deferred interest on note receivable                       (131,475)
      Net change in:
        Escrow deposits                           83,472          122,728
        Accounts and accrued interest 
          receivable                             312,084          (50,532)
        Prepaid expenses                        (488,715)
        Accounts payable                         (55,693)        (799,009)
        Due to affiliates                       (107,889)         108,200
        Accrued liabilities                      188,348          178,623
        Security deposits                        (22,711)         (18,025)
                                           --------------   --------------
  Net cash provided by operating activities    2,849,255          571,679
                                           --------------   --------------
Investing activities:
  Redemption of certficate                  
    of deposit - restricted                      700,000
  Proceeds from sales of properties           12,390,000       18,659,285
  Payment of selling costs                      (610,180)        (250,816)
                                           --------------   --------------
  Net cash provided by investing activities   12,479,820       18,408,469
                                           --------------   --------------













The accompanying notes are an integral part of the financial statements.
<PAGE>
                          BALCOR REALTY INVESTORS-84
                       (An Illinois Limited Partnership)

                           STATEMENTS OF CASH FLOWS
                for the nine months September 30, 1995 and 1994
                                  (Unaudited)
                                  (Continued)


                                                1995             1994
                                           --------------   --------------
Financing activities:
  Capital contribution by joint venture
    partner - affiliate                                     $       4,953
  Distributions to joint venture 
    partner - affiliate                    $    (445,589)          (9,370)
  Proceeds from loan payable - affiliate                          764,128
  Repayment of loan payable - affiliate       (5,210,000)
  Proceeds from issuance of mortgage notes 
    payable                                                     8,828,700
  Repayment of mortgage notes payable         (9,833,903)     (20,626,168)
  Repayment of mortgage notes payable 
    - affiliate                                                (5,668,638)
  Principal payments on 
    mortgage notes payable                    (1,084,835)      (1,328,867)
  Principal payments on mortgage notes
    payable - affiliate                         (114,600)         (85,436)
  Payment of deferred expenses                                   (198,136)
  Payment of financing escrows                                   (113,250)
  Release of financing escrows                   416,948
                                           --------------   --------------
  Net cash used in financing activities      (16,271,979)     (18,432,084)
                                           --------------   --------------

Net change in cash and cash equivalents         (942,904)         548,064
Cash and cash equivalents at beginning of 
  period                                       1,311,019          736,429
                                           --------------   --------------
Cash and cash equivalents at end of period $     368,115    $   1,284,493
                                           ==============   ==============














The accompanying notes are an integral part of the financial statements.
<PAGE>
                          BALCOR REALTY INVESTORS-84
                       (An Illinois Limited Partnership)

                         NOTES TO FINANCIAL STATEMENTS
1. Accounting Policy:

A reclassification has been made to the previously reported 1994 statements in
order to provide comparability with the 1995 statements.  This reclassification
has not changed the 1994 results.  In the opinion of management, all
adjustments necessary for a fair presentation have been made to the
accompanying statements for the nine months and quarter ended September 30,
1995, and all such adjustments are of a normal and recurring nature.

2. Interest Expense:

During the nine months ended September 30, 1995 and 1994, the Partnership
incurred interest expense on mortgage notes payable to non-affiliates of  
$6,567,196 and $7,815,542 and paid interest expense of $6,567,196 and
$7,852,322, respectively.

3. Transactions with Affiliates:

Fees and expenses paid and payable by the Partnership to affiliates during the
nine months and quarter ended September 30, 1995 are:

                                        Paid          
                                    -----------------------
                                    Nine Months   Quarter    Payable
                                    ------------  ---------  ---------     
   Reimbursement of expenses to
     the General Partner, at cost:      $319,419    $42,994    $51,628  
     



During the nine months ended September 30, 1995, the Partnership repaid
$5,210,000 of the General Partner loan. As of September 30, 1995, the
Partnership had loans totaling $6,943,202 from the General Partner with accrued
interest payable on these loans totaling $38,305.  During the nine months ended
September 30, 1995 and 1994, the Partnership incurred interest expense of
$460,690 and $442,178 and paid interest expense of $490,948 and $423,231 on
these loans, respectively. Interest expense is computed at the American Express
Company cost of funds rate plus a spread to cover administrative costs. As of
September 30, 1995, this rate was 6.307%.

As of September 30, 1995, the Partnership had junior loans outstanding from
BREHI relating to the Chestnut Ridge Phase II and Woodland Hills apartment
complexes in the aggregate amount of $1,852,611 with accrued interest payable
on these loans totaling $14,461. During 1994, the Partnership also had mortgage
loans outstanding from BREHI relating to the Ridgepoint Hill and Ridgepoint
View apartment complexes. These loans were repaid when the properties were sold
in August 1994. During the nine months ended September 30, 1995 and 1994, the
Partnership incurred interest expense on these affiliate loans of $140,392 and
$588,557 and paid interest expense of $155,554 and $870,701 respectively.
<PAGE>

4. Property Sales:

During 1995, Pinebrook Apartments, which was owned by a joint venture
consisting of the Partnership and an affiliate, and the Drayton Quarter
Apartments were sold in separate all cash sales totalling $12,390,000. From the
proceeds of the sales, $9,833,903 was paid to the third party mortgage holders
in full satisfaction of the underlying loans, as well as brokerage commissions
and other closing costs. The bases of the properties totaled $7,699,228, which
is net of accumulated depreciation of $5,716,448. For financial statement
purposes, the Partnership recognized gains totalling $4,080,592 from the sale
of these properties, of which $780,279 was the affiliate minority joint venture
partner's share relating to Pinebrook Apartments. 
<PAGE>
                          BALCOR REALTY INVESTORS-84
                       (An Illinois Limited Partnership)

                     MANAGEMENT'S DISCUSSION AND ANALYSIS


Balcor Realty Investors-84 (the "Partnership") was formed in 1982 to invest in
and operate income-producing real property. The Partnership raised $140,000,000
from sales of Limited Partnership Interests and utilized these proceeds to
acquire twenty-three real property investments and a minority joint venture
interest in one additional property. To date, six properties have been sold,
and titles to five properties, including the property in which the Partnership
held a minority joint venture interest, have been relinquished through
foreclosure. The Partnership continues to operate the thirteen remaining
properties.

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 1994 for a more complete understanding of
the Partnership's financial position.

Operations
----------

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

The Partnership sold two properties in August 1994 and repaid certain of the
related loans at a discount.  The Partnership also sold two additional
properties in 1995. The combined effects of these events caused a decrease in
net income during the nine months and quarter ended September 30, 1995 as
compared to the same periods in 1994.  This decrease was partially offset by
improved property operations at several of the Partnership's remaining
properties.  Further discussion of the Partnership's operations is summarized
below.

1995 Compared to 1994
---------------------

Unless otherwise noted, discussions of fluctuations between 1995 and 1994 refer
to both the nine months and quarters ended September 30, 1995 and 1994.

In August 1994, the Partnership sold the Ridgepoint Hill and Ridgepoint View
apartment complexes and repaid the first mortgage loans held by a third party.
In addition, sales proceeds were used to repay the second mortgage loans and
unsecured third mortgage loan from an affiliate of the General Partner at a
discount.  The Partnership also sold the Pinebrook and Drayton Quarter
apartment complexes in February and July 1995, respectively. As a result, the
Partnership recognized gains of $4,080,592 and $5,596,294 on the sales of the
properties during 1995 and 1994, respectively and extraordinary gains on
forgiveness of debt of $2,791,215 during 1994.  These sales also resulted in
decreases in rental and service income, interest expense on mortgage notes
payable, depreciation, property operating expenses, real estate taxes and
property management fees during 1995 as compared to 1994. 
<PAGE>

All thirteen of the Partnership's remaining properties experienced improved
occupancy and/or higher rental rates in 1995 which resulted in increased rental
and service income and property management fees and partially offset the
decreases from the four property sales.

Due to higher average cash balances and higher average interest rates on
short-term interest bearing instruments, interest income on short-term
investments increased during 1995 as compared to 1994.

Due to increases in interest rates during 1995, interest expense on short-term
loans payable to an affiliate increased during the nine months ended September
30, 1995 as compared to the same period in 1994.  However, due to decreases in
the short-term loan balance interest expense on short-term loans decreased
during the quarter ended September 30, 1995 as compared to the same period in
1994.

The March 1994 refinancing of the Chestnut Ridge Phase II mortgage loan and the
August 1994 sale of the Ridgepoint Hill and Ridgepoint View apartment complexes
resulted in the full amortization during 1994 of deferred expenses related to
the prior loans. This resulted in a decrease in amortization expense during
1995 as compared to 1994. 

The gain recognized in connection with the sale of the Pinebrook Apartments
resulted in affiliate's participation in income from joint venture during the
nine months ended September 30, 1995 as compared to a loss during the same
period in 1994.

An increase in legal fees resulted in increased administrative expenses during
1995 as compared to 1994.

During 1995, the Partnership recognized an extraordinary gain on forgiveness of
debt of $90,359 in connection with the settlement reached with the seller of
certain of the Partnership's properties.

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

The cash position of the Partnership decreased as of September 30, 1995 as
compared to December 31, 1994. The Partnership received cash from the
operations of its properties, the redemption of a restricted certificate of
deposit and the sales of the Pinebrook and Drayton Quarter apartment complexes.
These amounts, along with cash reserves were used to repay a portion of the
loan from the General Partner. 
  
The Partnership owes approximately $6,982,000 to the General Partner at
September 30, 1995 in connection with the funding of operating deficits and
borrowings needed for loan refinancings. These loans are expected to be repaid
from available cash flow from future property operations, and from proceeds
received from the disposition or refinancing of the Partnership's real estate
investments, prior to any distributions to Limited Partners. 

Although an affiliate of the General Partner has, in certain circumstances,
provided mortgage loans for certain properties to the Partnership, there can be
no assurance that loans of this type will be available from either an affiliate
or the General Partner in the future. The General Partner may continue to
provide additional short-term loans to the Partnership or to fund working
capital needs or property operating deficits, although there is no assurance
<PAGE>

that such loans will be available. Should such short-term loans not be
available, the General Partner will seek alternative third party sources of
financing working capital. However, the current economic environment and its
impact on the real estate industry make it unlikely that the Partnership would
be able to secure financing from third parties to fund working capital needs or
operating deficits. Should additional borrowings be needed and not be available
either through the General Partner or third parties, the Partnership may be
required to dispose of some of its properties to satisfy these obligations.

The Partnership classifies the cash flow performance of its properties as
either positive, a marginal deficit or a significant deficit, each after
consideration of debt service payments unless otherwise indicated. A deficit is
considered to be significant if it exceeds $250,000 annually or 20% of the
property's rental and service income. The Partnership defines cash flow
generated from its properties as an amount equal to the property's revenue
receipts less property related expenditures, which include debt service
payments.  During 1995, twelve of the thirteen remaining properties owned by
the Partnership generated positive cash flow and one generated a marginal cash
flow deficit. During 1994, of these thirteen properties, eleven generated
positive cash flow and two generated marginal cash flow deficits.  The
Courtyards of Kendall Apartments improved from a marginal deficit during 1994
to positive cash flow during 1995 due to increased rental and service income
resulting primarily from higher rental rates.  In addition, during 1995, the
Pinebrook and Drayton Quarter complexes, which were sold in February and July
1995, respectively, generated marginal deficits prior to their sales in 1995.
During 1994, the Pinebrook and Drayton Quarter apartment complexes generated a
marginal deficit and positive cash flow, respectively. 

While the cash flow of certain of the Partnership's properties has improved,
the General Partner continues to pursue a number of actions aimed at improving
the cash flow of the Partnership's properties including the refinancing of
mortgage loans, improving property operating performance, and seeking rent
increases where market conditions allow. As of September 30, 1995, the
occupancy rates of the Partnership's properties ranged from 91% to 98%. Despite
improvements during 1994 and 1995 in the local economies and rental markets
where certain of the Partnership's properties are located, the General Partner
believes that continued ownership of many of the properties is in the best
interests of the Partnership in order to maximize potential returns to Limited
Partners. As a result, the Partnership will continue to own these properties
for longer than the holding period for the assets originally described in the
prospectus.

Each of the Partnership's properties is owned through the use of third-party
mortgage loan financing and, therefore, the Partnership is subject to the
financial obligations required by such loans.  As a result of the General
Partner's efforts to obtain loan refinancings, as well as the repayment of
certain loans with proceeds from property sales and cash reserves, the
Partnership has no third party financing which matures prior to 1997.

The Pinebrook Apartments was owned by Pinebrook Investors, a joint venture
consisting of the Partnership and an affiliate. In February 1995, Pinebrook
Investors sold the property in a cash sale for $6,140,000. From the proceeds,
Pinebrook Investors paid $5,058,226 to the third party mortgage holders in full
satisfaction of the first, second and fourth mortgage loans. Additionally,
Pinebrook Investors paid $716,729 in full satisfaction of the third mortgage
note payable to Pinebrook Limited Partnership, a separate joint venture
consisting of the Partnership and the affiliate. Total proceeds received from
<PAGE>

this transaction were $871,599, of which $449,484 was the Partnership's share.
See Note 4 of Notes to Financial Statements for additional information.

In July 1995, the Partnership sold the Drayton Quarter Apartments in a cash
sale for $6,250,000.  From the sale proceeds, the Partnership paid $4,775,677
to the third party mortgage holder in full satisfaction of the first mortgage
loan, as well as other closing costs.  The Partnership received $1,074,318 of
net sale proceeds. See Note 4 of Notes to Financial Statements for additional
information.

A certificate of deposit of $700,000 had been pledged as additional collateral
for the mortgage loan relating to the Canyon Sands Apartments. In March 1995,
the certificate was released to the Partnership.

Inflation has several types of potentially conflicting impacts on real estate
investments. Short-term inflation can increase real estate operating costs
which may or may not be recovered through increased rents depending on general
or local economic conditions. In the long-term, inflation will increase
operating costs and replacement costs and may lead to increased rental revenues
and real estate values.
<PAGE>
                          BALCOR REALTY INVESTORS-84
                       (An Illinois Limited Partnership)

                          PART II - OTHER INFORMATION



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

(a) Exhibits:

(4) Form of Subscription Agreement, previously filed as Exhibit 4.1 to
Amendment No. 1 to the Registrant's Registration Statement on Form S-11 dated
December 16, 1983 (Registration No. 2-86317) 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. 0-13349)
are incorporated herein by reference.

(27) Financial Data Schedule of the Registrant for the nine month period ending
September 30, 1995 is attached hereto.

(b) Reports on Form 8-K: No reports were filed on Form 8-K during the quarter
ended September 30, 1995.
<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



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



                              By: /s/Brian D. Parker
                                  -----------------------------
                                  Brian D. Parker
                                  Senior Vice President, and Chief Financial
                                  Officer (Principal Accounting and Financial
                                  Officer) of Balcor Partners-XV, the General
                                  Partner



Date: November 14, 1995                     
      ----------------------------
<PAGE>