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
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     EXCHANGE ACT OF 1934.

For the quarterly period ended March 31, 2000
                               -------------
                                      OR
     TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
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     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.)

2333 Waukegan Road, Suite 100
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
    -----     -----

                           BALCOR REALTY INVESTORS-84
                       (An Illinois Limited Partnership)

                                 BALANCE SHEETS
                      March 31, 2000 and December 31, 1999
                                  (Unaudited)

                                     ASSETS

                                             2000             1999
                                         ------------     ------------
Cash and cash equivalents                $  2,399,461     $  2,446,852
Accounts and accrued interest receivable       11,507           11,136
Prepaid expenses                                5,019
                                         ------------     ------------
                                         $  2,415,987     $  2,457,988
                                         ============     ============


                       LIABILITIES AND PARTNERS' CAPITAL

Accounts payable                         $    157,893     $    147,550
Due to affiliates                              11,018           41,881
                                         ------------     ------------
    Total liabilities                         168,911          189,431
                                         ------------     ------------
Commitments and contingencies

Limited Partners' capital (140,000
  Interests issued and outstanding)         2,247,076        2,268,557
General Partner's deficit                        None             None
                                         ------------     ------------
    Total partners' capital                 2,247,076        2,268,557
                                         ------------     ------------
                                         $  2,415,987     $  2,457,988
                                         ============     ============

The accompanying notes are an integral part of the financial statements.

                        BALCOR REALTY INVESTORS-84
                    (An Illinois Limited Partnership)

                    STATEMENTS OF INCOME AND EXPENSES
              for the quarters ended March 31, 2000 and 1999
                               (Unaudited)


                                                2000            1999
                                            ------------    ------------
Income:
  Interest on short-term investments        $     35,736    $     32,111
                                            ------------    ------------
    Total income                                  35,736          32,111
                                            ------------    ------------
Expenses:
  Administrative                                  57,217          66,389
                                            ------------    ------------
    Total expenses                                57,217          66,389
                                            ------------    ------------
Net loss                                    $    (21,481)   $    (34,278)
                                            ============    ============
Net loss allocated to General Partner               None            None
                                            ============    ============
Net loss allocated to Limited Partners      $    (21,481)   $    (34,278)
                                            ============    ============
Net loss per Limited Partnership Interest
  (140,000 issued and oustanding) -
  Basic and Diluted                         $      (0.15)   $      (0.24)
                                            ============    ============

The accompanying notes are an integral part of the financial statements.

                        BALCOR REALTY INVESTORS-84
                    (An Illinois Limited Partnership)

                         STATEMENTS OF CASH FLOWS
              for the quarters ended March 31, 2000 and 1999
                               (Unaudited)

                                                 2000           1999
                                             ------------   ------------
Operating activities:
  Net loss                                   $    (21,481)  $    (34,278)
  Adjustments to reconcile net loss to net
    cash used in operating activities:
      Net change in:
        Accounts and accrued interest
          receivable                                 (371)        (2,100)
        Prepaid expenses                           (5,019)        (1,896)
        Accounts payable                           10,343         14,806
        Due to affiliates                         (30,863)         3,344
                                             ------------   ------------
  Net cash used in operating activities           (47,391)       (20,124)
                                             ------------   ------------
Net change in cash and cash equivalents           (47,391)       (20,124)

Cash and cash equivalents at beginning
  of year                                       2,446,852      2,477,554
                                             ------------   ------------
Cash and cash equivalents at end of period   $  2,399,461   $  2,457,430
                                             ============   ============

The accompanying notes are an integral part of the financial statements.

                          BALCOR REALTY INVESTORS-84
                       (An Illinois Limited Partnership)

                         NOTES TO FINANCIAL STATEMENTS

1. Accounting Policy:

In the opinion of management, all adjustments necessary for a fair presentation
have been made to the accompanying statements for the quarter ended March 31,
2000, and all such adjustments are of a normal and recurring nature.

2. Partnership Termination:

The Partnership Agreement provides for the dissolution of the Partnership upon
the occurrence of certain events, including the disposition of all of its
interests in real estate. The Partnership sold its final real estate investment
in November 1997. The Partnership has retained a portion of the cash from the
property sales to satisfy obligations of the Partnership as well as to
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 and costs stemming from
litigation involving the Partnership including, but not limited to, the Bruss
and Masri lawsuits discussed in Note 4 of Notes to Financial Statements. Due to
this litigation, the Partnership will not be dissolved and reserves will be
held by the Partnership until the conclusion of such contingencies. There can
be no assurances as to the time frame for the conclusion of all contingencies.

3. Transactions with Affiliates:

Fees and expenses paid and payable by the Partnership to affiliates during the
quarter ended March 31, 2000 are:

                                        Paid        Payable
                                      ---------    ---------

   Reimbursement of expenses to
     the General Partner, at cost     $ 39,090     $ 11,018

4. Contingencies:

The Partnership is currently involved in two related lawsuits, Masri vs. Lehman
Brothers, Inc., et al. and Bruss, et al. vs. Lehman Brothers, Inc., et al.,
whereby the Partnership and certain affiliates have been named as defendants
alleging substantially similar claims involving certain state securities and
common law violations with regard to the property acquisition process of the
Partnership, and 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. A plaintiff class has not

been certified in either action. With respect to the Masri case, no
determinations upon any significant issues have been made. The Bruss complaint
was filed on January 25, 1999. On September 24, 1999, the court granted the
defendants' motion to dismiss the complaint for failure to state a cause of
action. The Plaintiffs filed an amended complaint on November 30, 1999. The
defendants have filed a motion to dismiss the complaint for failure to state a
cause of action. The defendants continue to vigorously contest these actions.
It is not determinable at this time how the outcome of either action will
impact the remaining cash reserves of the Partnership. The Partnership believes
it has meritorious defenses to contest the claims.

                          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. As of March 31, 2000, the Partnership has
no properties remaining in its portfolio.

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 1999 for a more complete understanding of
the Partnership's financial position.

Operations
----------

2000 Compared to 1999
---------------------

The operations of the Partnership in 2000 and 1999 consisted of administrative
expenses which were partially offset by interest income earned on short-term
investments.

As a result of higher interest rates in 2000, interest income on short-term
investments increased during the quarter ended March 31, 2000 as compared to
the same period in 1999.

Primarily due to a decrease in accrued legal fees, administrative expenses
decreased during the quarter ended March 31, 2000 as compared to the same
period in 1999.

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

The cash position of the Partnership decreased by approximately $47,000 as of
March 31, 2000 as compared to December 31, 1999 due to cash used in operating
activities for the payment of administrative expenses, which was partially
offset by interest income earned on short-term investments.

The Partnership Agreement provides for the dissolution of the Partnership upon
the occurrence of certain events, including the disposition of all of its
interests in real estate. The Partnership sold its final real estate investment
in November 1997. The Partnership has retained a portion of the cash from the

property sales to satisfy obligations of the Partnership as well as to
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 and costs stemming from
litigation involving the Partnership including, but not limited to, the Bruss
and Masri lawsuits discussed in Note 4 of Notes to the Financial Statements.
Due to this litigation, the Partnership will not be dissolved and reserves will
be held by the Partnership until the conclusion of such contingencies. There
can be no assurances as to the time frame for the conclusion of all
contingencies.

Limited Partners have received distributions totaling $319.36 per $1,000
Interest, as well as certain tax benefits. Of this amount, $4.00 represents Net
Cash Receipts from operations and $315.36 represents Net Cash Proceeds. No
additional distributions are anticipated to be made prior to the termination of
the Partnership. However, after paying final partnership expenses, any
remaining cash reserves will be distributed. Limited Partners will not recover
a substantial portion of their original investment.

                          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 quarter ending March 31,
2000, is attached hereto.

(i) Reports on Form 8-K: No reports were filed on Form 8-K during the quarter
ended March 31, 2000.

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/Jayne A. Kosik
                                  -----------------
                                  Jayne A. Kosik
                                  Senior Managing Director and Chief Financial
                                  Officer (Principal Accounting and Financial
                                  Officer) of Balcor Partners-XV, the General
                                  Partner



Date: May 9, 2000
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