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, 2000

                               ------------------
                                      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.)


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

                    September 30, 2000 and December 31, 1999
                                  (Unaudited)

                                     ASSETS

                                            2000                1999
                                         -----------         -----------
Cash and cash equivalents                $2,381,879          $2,446,852
Accounts and accrued interest receivable     12,866              11,136
                                         -----------         -----------
                                         $2,394,745          $2,457,988
                                         ===========         ===========

                       LIABILITIES AND PARTNERS' CAPITAL

Accounts payable                         $  159,892          $  147,550
Due to affiliates                             7,232              41,881
                                         -----------         -----------
    Total liabilities                       167,124             189,431
                                         -----------         -----------
Commitments and contingencies

Limited Partners' capital (140,000
  Interests issued and outstanding)       2,227,621           2,268,557
General Partner's deficit                      None                None
                                         -----------         -----------
    Total partners' capital               2,227,621           2,268,557
                                         -----------         -----------
                                         $2,394,745          $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 nine months ended September 30, 2000 and 1999

                                 (Unaudited)

                                                 2000            1999
                                              -----------     -----------
Income:
  Interest on short-term investments          $  109,527      $   91,465
  Other income                                     2,578
                                              -----------     -----------
    Total income                                 112,105          91,465
                                              -----------     -----------
Expenses:
  Administrative                                 140,541         191,440
  Other expense                                   12,500
                                              -----------     -----------
    Total expenses                               153,041         191,440
                                              -----------     -----------
Net loss                                      $  (40,936)     $  (99,975)
                                              ===========     ===========
Net loss allocated to General Partner                None            None
                                              ===========     ===========
Net loss allocated to Limited Partners        $  (40,936)     $  (99,975)
                                              ===========     ===========
Net loss per Limited Partnership Interest
  (140,000 issued and oustanding) -
  Basic and Diluted                           $    (0.29)     $    (0.71)
                                              ===========     ===========

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 September 30, 2000 and 1999

                                 (Unaudited)

                                                   2000           1999
                                                -----------    -----------
Income:
  Interest on short-term investments            $   38,815     $   29,661
                                                -----------    -----------
    Total income                                    38,815         29,661
                                                -----------    -----------
Expenses:
  Administrative                                    36,244         59,336
                                                -----------    -----------
    Total expenses                                  36,244         59,336
                                                -----------    -----------
Net income (loss)                               $    2,571     $  (29,675)
                                                ===========    ===========
Net income (loss) allocated to
  General Partner                                     None           None
                                                ===========    ===========
Net income (loss) allocated to
  Limited Partners                              $    2,571     $  (29,675)
                                                ===========    ===========
Net income (loss) per Limited Partnership
  Interest (140,000 issued and oustanding)
  - Basic and Diluted                           $     0.02     $    (0.21)
                                                ===========    ===========

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 nine months ended September 30, 2000 and 1999

                                 (Unaudited)

                                                   2000           1999
                                                -----------    -----------
Operating activities:
  Net loss                                      $  (40,936)    $  (99,975)

  Adjustments to reconcile net loss to net
    cash used in operating activities:
      Net change in:

        Accounts and accrued interest
          receivable                                (1,730)        (2,502)
        Accounts payable                            12,342         58,644
        Due to affiliates                          (34,649)         5,873
                                                -----------    -----------
  Net cash used in operating activities            (64,973)       (37,960)
                                                -----------    -----------
Net change in cash and cash equivalents            (64,973)       (37,960)

Cash and cash equivalents at beginning
  of year                                        2,446,852      2,477,554
                                                -----------    -----------
Cash and cash equivalents at end of period      $2,381,879     $2,439,594
                                                ===========    ===========

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 nine months and  quarter
ended September  30,  2000,  and all  such  adjustments  are of  a  normal  and
recurring nature.

2. Partnership Termination:

As previously reported, class  action litigation involving the Partnership  was
originally filed in  February 1996. This litigation  has existed over the  past
four and 1/2 years in three separate but related  cases and continues to  exist
today. Since inception of this litigation, the general partner has stated  that
the Partnership would not be dissolved until the conclusion of this  litigation
and that the general partner has  a contingent right to seek recovery from  the
Partnership of the legal fees it expends in defending against this  litigation.
The general partner believed that this litigation would have been completed and
resolved before now.  Despite the fact that  the general partner has  prevailed
twice on motions  to dismiss  the litigation for  failure to  state a cause  of
action, the  plaintiffs have  continued to  re-file the  litigation and  assert
claims and, in  so doing,  have protracted the  litigation. There is  presently
pending the general partner's and remaining defendants' third motion to dismiss
the litigation for failure to state a cause of action, on which the court heard
argument in April 2000. Defendants believe this motion to be meritorious. Given
the actions of plaintiffs' counsel to  date, at this point in time the  general
partner does not  believe that  the litigation will  be concluded  in the  near
future. As a result, the general partner has decided that it will  dissolve the
Partnership in December 2000 and distribute all remaining cash reserves to  the
limited partners.

The Partnership has accrued on its financial statements the legal fees expended
to date  by  the general  partner  in defending  against this  litigation.  The
general partner would be entitled to  place such amounts, along with an  amount
representing anticipated future legal fees, in a trust account to be held until
the conclusion of this litigation. Because the general partner believes such an
action would  not be  in the  best interests of  the limited  partners, it  has
decided not  to do  so and  will distribute  to limited  partners such  amounts
accrued for legal fees. The general partner does not in any way waive its claim
for indemnification  under  the  partnership agreement;  however,  the  general
partner will  not  seek  to  recover  from the  limited  partners  any  amounts
distributed  to   them  in  attempting   to  satisfy   the  general   partner's
indemnification rights.

3. Transactions with Affiliates:

Fees and expenses  paid and payable  by the Partnership  to affiliates for  the
nine months and quarter ended September 30, 2000 are:

                                              Paid
                                   -------------------------
                                     Nine Months    Quarter    Payable
                                    ------------   --------- ----------


   Reimbursement of expenses to
     the General Partner, at cost   $ 57,194       $ 7,643    $ 7,232

4. Other Income:

During the quarter  ended June 30, 2000,  the Partnership recognized $2,578  of
other income in  connection with  amounts received from  former tenants at  the
Somerset Pointe Apartments.

5. Other Expense:

During the  quarter  ended  June 30,  2000,  the  Partnership paid  $12,500  in
connection with  the  settlement of  litigation  with a  former tenant  at  the
Courtyards of  Kendall Apartments.  This amount  has been  recognized as  other
expense for financial statement purposes.

                          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. The Partnership sold its final real estate
investment in November 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 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 primarily  of
administrative expenses  which, generally,  were partially  offset by  interest
income earned on short-term investments. During the quarter ended September 30,
2000, however, interest  income was higher  than administrative expenses  which
resulted in the Partnership generating net income as compared to a loss  during
the quarter ended September 30, 1999.

As a result of higher interest rates, interest income on short-term investments
increased during  the  nine months  and  quarter ended  September 30,  2000  as
compared to the same periods in 1999.

During the quarter  ended June 30, 2000,  the Partnership recognized $2,578  of
other income in  connection with  amounts received from  former tenants at  the
Somerset Pointe Apartments.

During the  quarter  ended  June 30,  2000,  the  Partnership paid  $12,500  in
connection with  the  settlement of  litigation  with a  former tenant  at  the
Courtyards of  Kendall Apartments.  This amount  has been  recognized as  other
expense for financial statement purposes.

Primarily due  to a  decrease in  accrued legal  fees, administrative  expenses
decreased during  the  nine months  and  quarter ended  September 30,  2000  as
compared to the same periods in 1999.

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

The cash position of the  Partnership decreased by approximately $65,000 as  of
September 30,  2000  as compared  to December  31,  1999 due  to cash  used  in
operating activities  for  the  payment  of  administrative  expenses  and  the
settlement of  litigation with  a former tenant  at the  Courtyards of  Kendall
Apartments, which was partially offset by interest income earned on  short-term
investments and amounts  received from  former tenants at  the Somerset  Pointe
Apartments.

As previously reported, class  action litigation involving the Partnership  was
originally filed in  February 1996. This litigation  has existed over the  past
four and 1/2 years in three separate but related  cases and continues to  exist
today. Since inception of this litigation, the general partner has stated  that
the Partnership would not be dissolved until the conclusion of this  litigation
and that the general partner has  a contingent right to seek recovery from  the
Partnership of the legal fees it expends in defending against this  litigation.
The general partner believed that this litigation would have been completed and
resolved before now.  Despite the fact that  the general partner has  prevailed
twice on motions  to dismiss  the litigation for  failure to  state a cause  of
action, the  plaintiffs have  continued to  re-file the  litigation and  assert
claims and, in  so doing,  have protracted the  litigation. There is  presently
pending the general partner's and remaining defendants' third motion to dismiss
the litigation for failure to state a cause of action, on which the court heard
argument in April 2000. Defendants believe this motion to be meritorious. Given
the actions of plaintiffs' counsel to  date, at this point in time the  general
partner does not  believe that  the litigation will  be concluded  in the  near
future. As a result, the general partner has decided that it will  dissolve the
Partnership in December 2000 and distribute all remaining cash reserves to  the
limited partners.

The Partnership has accrued on its financial statements the legal fees expended
to date  by  the general  partner  in defending  against this  litigation.  The
general partner would be entitled to  place such amounts, along with an  amount
representing anticipated future legal fees, in a trust account to be held until
the conclusion of this litigation. Because the general partner believes such an
action would  not be  in the  best interests of  the limited  partners, it  has
decided not  to do  so and  will distribute  to limited  partners such  amounts
accrued for legal fees. The general partner does not in any way waive its claim
for indemnification  under  the  partnership agreement;  however,  the  general
partner will  not  seek  to  recover  from the  limited  partners  any  amounts
distributed  to   them  in  attempting   to  satisfy   the  general   partner's
indemnification rights.

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  nine months  ending
September 30, 2000, is attached hereto.

(i) Reports on Form 8-K: No  reports were filed on Form 8-K during the  quarter
ended September 30, 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: November 13, 2000
      ------------------