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, 1999
                               -------------
                                      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 (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
                      June 30, 1999 and December 31, 1998
                                  (Unaudited)

                                    ASSETS

                                                 1999           1998
                                             -------------- --------------
Cash and cash equivalents                    $   2,440,386  $   2,477,554
Accrued interest receivable                         11,779          7,096
                                             -------------- --------------
                                             $   2,452,165  $   2,484,650
                                             ============== ==============



                      LIABILITIES AND PARTNERS' CAPITAL

Accounts payable                             $     101,331  $      65,100
Due to affiliates                                   33,294         31,710
                                             -------------- --------------
    Total liabilities                              134,625         96,810
                                             -------------- --------------

Commitments and contingencies

Limited Partners' capital
  (140,000 Interests issued
  and outstanding)                               2,317,540      2,387,840
General Partner's capital                             None           None
                                             -------------- --------------
    Total partners' capital                      2,317,540      2,387,840
                                             -------------- --------------
                                             $   2,452,165  $   2,484,650
                                             ============== ==============

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 six months ended June 30, 1999 and 1998
                                  (Unaudited)

                                                 1999           1998
                                             -------------- --------------
Income:
  Interest on short-term investments         $      61,804  $      79,078
  Other income                                                     10,116
                                             -------------- --------------
    Total income                                    61,804         89,194
                                             -------------- --------------
Expenses:
  Administrative                                   132,104        152,026
                                             -------------- --------------
    Total expenses                                 132,104        152,026
                                             -------------- --------------
Net loss                                     $     (70,300) $     (62,832)
                                             ============== ==============
Net loss allocated to General Partner                 None           None
                                             ============== ==============
Net loss allocated to Limited Partners       $     (70,300) $     (62,832)
                                             ============== ==============
Net loss per Limited Partnership
  Interest (140,000 issued and outstanding)
  - Basic and Diluted                        $       (0.50) $       (0.45)
                                             ============== ==============
Distribution to Limited Partners                      None  $   4,810,779
                                             ============== ==============
Distribution per Limited Partnership
  Interest                                            None  $       34.36
                                             ============== ==============

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 June 30, 1999 and 1998
                                  (Unaudited)


                                                  1999           1998
                                             -------------- --------------
Income:
  Interest on short-term investments         $      29,693  $      33,427
  Other income                                                      3,755
                                             -------------- --------------
    Total income                                    29,693         37,182
                                             -------------- --------------
Expenses:
  Administrative                                    65,715         50,992
                                             -------------- --------------
    Total expenses                                  65,715         50,992
                                             -------------- --------------
Net loss                                     $     (36,022) $     (13,810)
                                             ============== ==============
Net loss allocated to General Partner                 None           None
                                             ============== ==============
Net loss allocated to Limited Partners       $     (36,022) $     (13,810)
                                             ============== ==============
Net loss per Limited Partnership
  Interest (140,000 issued and outstanding)
  - Basic and Diluted                        $       (0.26) $       (0.10)
                                             ============== ==============

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 six months ended June 30, 1999 and 1998
                                  (Unaudited)

                                                  1999           1998
                                             -------------- --------------
Operating activities:
  Net loss                                   $     (70,300) $     (62,832)
  Adjustments to reconcile net loss
    to net cash used in operating
    activities:
        Accounts and accrued interest
          receivable                                (4,683)        38,823
        Accounts payable                            36,231        (61,379)
        Due to affiliates                            1,584         15,858
                                             -------------- --------------
  Net cash used in operating activities            (37,168)       (69,530)
                                             -------------- --------------

Financing activity:
  Distribution to Limited Partners                             (4,810,779)
                                                            --------------
  Cash used in financing activity                              (4,810,779)
                                                            --------------

Net change in cash and cash equivalents            (37,168)    (4,880,309)
Cash and cash equivalents at beginning
  of year                                        2,477,554      7,408,757
                                             -------------- --------------
Cash and cash equivalents at end of period   $   2,440,386  $   2,528,448
                                             ============== ==============

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 six months and quarter
ended June 30, 1999, 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 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 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 all contingencies. There can be no assurances as to the time frame for the
conclusion of these contingencies.

3. Transactions with Affiliates:

Fees and expenses paid and payable by the Partnership to affiliates during the
six months and quarter ended June 30, 1999 are:

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

   Reimbursement of expenses to
     the General Partner, at cost   $ 18,814       $ 9,074    $ 33,294


4. Contingencies:

(a) 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. The defendants
continue to vigorously contest these actions. 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. 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.

(b) In May 1999, a lawsuit was filed against the Partnership, Madison
Partnership Liquidity Investors XX, et al. vs. The Balcor Company, et al.
whereby the Partnership and certain affiliates have been named as defendants.
The plaintiffs are entities that initiated tender offers to purchase and, in
fact, purchased units in eleven affiliated partnerships. The complaint alleges
breach of fiduciary duties and breach of contract under the partnership
agreement and seeks the winding up of the affairs of the Partnership, the
establishment of a liquidating trust, the appointment of an independent trustee
for the trust and the distribution of a portion of the cash reserves to limited
partners. The defendants intend to vigorously contest this action. The
Partnership believes that it has meritorious defenses to contest the claims. It
is not determinable at this time how the outcome of this action will impact the
remaining cash reserves of the Partnership.

                          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 June 30, 1999, 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 1998 for a more complete understanding of
the Partnership's financial position.

Operations
----------

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

The operations of the Partnership in 1999 and 1998 consisted primarily of
administrative expenses which were partially offset by interest income earned
on short-term investments. During 1998, the Partnership recognized other income
primarily from refunds received from vendors relating to certain of the
properties sold in 1997. Primarily as a result of this event and lower interest
income earned on short-term investments in 1999, the Partnership's net loss
increased during the six months ended June 30, 1999 as compared to the same
period in 1998. The Partnership incurred higher administrative expenses during
the quarter ended June 30, 1999 which resulted in an increase in the net loss
for the quarter ended June 30, 1999 as compared to the same period in 1998.
Further discussion of the Partnership's operations is summarized below.

1999 Compared to 1998
---------------------

Unless otherwise noted, discussions of fluctuations between 1999 and 1998 refer
to both the six months and quarters ended June 30, 1999 and 1998.

As a result of lower interest rates in 1999 and higher average cash balances in
1998 prior to a distribution to Limited Partners in January 1998, interest
income on short-term investments decreased during 1999 when compared to 1998.

The Partnership recognized other income during 1998 primarily due to refunds
received from vendors relating to certain of the properties sold in 1997.

Primarily due to a decrease in accounting fees, administrative expenses
decreased during the six months ended June 30, 1999 as compared to the same
period in 1998. This decrease was partially offset by higher legal fees as a

result of the litigation discussed in Note 4 of Notes to Financial Statements,
which caused administrative expenses to increase during the quarter ended June
30, 1999 as compared to the same period in 1998.

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

The cash position of the Partnership decreased by approximately $37,000 as of
June 30, 1999 as compared to December 31, 1998 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 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 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 all contingencies. There can be no assurances as to the time frame for the
conclusion of these 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.

The Partnership sold all of its remaining real property investments and
distributed a majority of the proceeds from these sales to Limited Partners in
1996 and 1997. Since the Partnership no longer has any operating assets, the
number of computer systems and programs necessary to operate the Partnership
has been significantly reduced. The Partnership relies on third party vendors
to perform most of its functions and has implemented a plan to determine the
Year 2000 compliance status of these key vendors. The Partnership is within its
timeline for having these plans completed prior to the year 2000.

The Partnership's plan to determine the Year 2000 compliance status of its key
vendors involves soliciting information from these vendors through the use of
surveys, follow-up discussions and review of data where needed. The Partnership
has received the surveys from these vendors. While the Partnership cannot
guarantee Year 2000 compliance by its key vendors, and in many cases will be
relying on statements from these vendors without independent verification,
these surveys and discussions with the key vendors performing services for
the Partnership indicate that the key vendors are substantially Year 2000

compliant as of June 30, 1999. The Partnership will continue to monitor the
Year 2000 compliance of its key vendors during the third quarter of 1999. In
addition, the Partnership has developed a contingency plan in the event of
non-compliance by these key vendors in the Year 2000 which will be updated by
September 30, 1999 based on the results of further surveys, discussions and
testing of systems, where applicable. The Partnership does not believe that
failure by any of its key vendors to be Year 2000 compliant by the year 2000
would have a material effect on the business, financial position or results
of operations of the Partnership.

                          BALCOR REALTY INVESTORS-84
                       (An Illinois Limited Partnership)

                          PART II - OTHER INFORMATION

Item 1. Legal Proceedings
-------------------------

Bruss et al. vs. Lehman Brothers Inc., et al.
---------------------------------------------

With regard to the Dorothy Bruss litigation, the defendants filed two motions
on May 12, 1999. The first motion was a Motion to Change Venue from Essex
County, New Jersey to Union County, New Jersey, where the predecessor
complaint, the Lenore Klein case, had been filed. The second motion was a
Motion to Dismiss the complaint for failure to state a cause of action. On May
21, 1999, the plaintiffs filed a Motion for Class Certification. On July 16,
1999, the court denied the defendants' Motion to Change Venue. The defendants
anticipate filing an appeal from the court's ruling on this issue.

Madison Partnership Liquidity Investors XX, et al. vs. The Balcor
----------------------------------------------------------------
Company, et al.
---------------

On May 7, 1999, a proposed class action complaint was filed and on May 13, 1999
was served on the defendants, Madison Partnership Liquidity Investors XX, et
al. vs. The Balcor Company, et al. (Circuit Court, Chancery Division, Cook
County, Illinois, Docket No. 99CH08972). The Partnership, twenty-one additional
limited partnerships which were sponsored by The Balcor Company (together with
the Partnership, the "Affiliated Partnerships"), The Balcor Company, other
affiliated entities and one individual are named defendants in this action.
Plaintiffs are entities that initiated tender offers to purchase units and, in
fact, purchased units in eleven of the Affiliated Partnerships. The complaint
alleges breach of fiduciary duties and breach of contract under the partnership
agreements for each of the Affiliated Partnerships. The complaint seeks the
winding up of the affairs of the Affiliated Partnerships, the establishment of
a liquidating trust for each of the Affiliated Partnerships until a
resolution of all contingencies occurs, the appointment of an independent
trustee for each such liquidating trust and the distribution of a portion of
the cash reserves to limited partners. The complaint also seeks compensatory
damages, punitive and exemplary damages, and costs and expenses in pursuing
the litigation. On July 14, 1999, the defendants filed a Motion to Dismiss
the complaint. A briefing schedule on this motion has not yet been set.

The defendants intend to vigorously contest this action. No class has been
certified as of this date. The Partnership believes it has meritorious defenses
to contest the claims. It is not determinable at this time how the outcome of
this action will impact the remaining cash reserves of the Partnership.

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 six months ending June
30, 1999, is attached hereto.

(i) Reports on Form 8-K: No reports were filed on Form 8-K during the quarter
ended June 30, 1999.

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: August 10, 1999
      ---------------