<PAGE>

                UNITED STATES SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                                    FORM 10-K

[X]  ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
     ACT OF 1934

                      FOR THE YEAR ENDED: DECEMBER 31, 1998

                                       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: 0-13329


                          CONAM REALTY INVESTORS 4 L.P.
                          -----------------------------
              EXACT NAME OF REGISTRANT AS SPECIFIED IN ITS CHARTER

<TABLE>
<S>                                                   <C>
         California                                      11-2685746
         ----------                                      ----------
  STATE OR OTHER JURISDICTION                          I.R.S. EMPLOYER
      OF INCORPORATION                                IDENTIFICATION NO.

1764 San Diego Avenue
San Diego, CA  92110 Attn.: Robert J. Svatos             92110-1906
--------------------------------------------             ----------
ADDRESS OF PRINCIPAL EXECUTIVE OFFICES                    ZIP CODE
</TABLE>

Registrant's telephone number, including area code (619) 297-6771 
                                                   --------------

Securities registered pursuant to Section 12(b) of the Act: None

Securities registered pursuant to Section 12(g) of the Act:


                    UNITS OF LIMITED PARTNERSHIP INTEREST
                    -------------------------------------
                               TITLE OF CLASS

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 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     
                               ---

Indicate by check mark if disclosure of delinquent filers pursuant to Item 
405 of Regulation S-K is not contained herein, and will not be contained, to 
the best of the Registrant's knowledge, in definitive proxy or information 
statements incorporated by reference in Part III of this Form 10-K or any 
amendment to this Form 10-K. (X)

Documents Incorporated by Reference:

Portions of Parts I, II, III and IV are incorporated by reference to the 
Partnership's Annual Report to Unitholders for the year ended December 31, 
1998.

<PAGE>

                                   PART I

ITEM 1.  BUSINESS

(a) GENERAL DESCRIPTION OF BUSINESS AND OBJECTIVES

ConAm Realty Investors 4 L.P., formerly known as Hutton/ConAm Realty 
Investors 4 (the "Partnership"), is a California Limited Partnership formed 
on January 13, 1984. ConAm Property Services IV, Ltd. ("CPS IV"), a 
California limited partnership, and RI 3-4 Real Estate Services, Inc. ("RI 
3-4"), a Delaware corporation, were the original co-general partners of the 
Partnership. On October 8, 1997, CPS IV acquired RI 3-4's co-general partner 
interest in the Partnership, effective July 1, 1997, pursuant to a Purchase 
Agreement between CPS IV and RI 3-4 dated August 29, 1997. As a result, CPS 
IV now serves as the sole general partner (the "General Partner") of the 
Partnership. In conjunction with this transaction, the name of the 
Partnership was changed from Hutton/ConAm Realty Investors 4 to ConAm Realty 
Investors 4 L.P.

The Partnership was organized to engage in the business of acquiring, 
operating and holding for investment multifamily residential properties. The 
Partnership originally invested in three residential apartment properties and 
three limited partnerships, each of which owned a specified property. As 
described below, prior to December 31, 1998, four of the properties were sold 
and cash distributions representing substantially all of the net proceeds 
from sale were distributed to the Unitholders. As of January 29, 1999, all of 
the Partnership's remaining investments in the properties were sold, and the 
General Partner anticipates that the final liquidation of the Partnership 
will be completed in mid-1999.

The Partnership's principal investment objectives with respect to its 
interests in real property were:

(1)  capital appreciation;

(2)  distribution of net cash from operations attributable to rental income; 
     and

(3)  preservation and protection of capital.

Distribution of net cash from operations was the Partnership's objective 
during its operational phase, while preservation and appreciation of capital 
were the Partnership's long-term objectives. The attainment of the 
Partnership's investment objectives was dependent on many factors, including 
economic conditions in the United States as a whole and, in particular, in 
the localities in which the Partnership's properties were located, especially 
with regard to achievement of capital appreciation.

The Partnership utilized the proceeds of its public offering to acquire six 
residential apartment complexes either directly or through investments in 
limited partnerships and joint ventures, as follows: (1) Village at the 
Foothills II, a 120-unit apartment complex located in Tucson, Arizona; (2) 
Shadowood Village, a 110-unit apartment complex located in Jacksonville, 
Florida; (3) Pelican Landing, a 204-unit apartment complex located in 
Clearwater, Florida; (4) River Hill, a 192-unit apartment complex located in 
Tulsa, Oklahoma; (5) Cypress Lakes, a 176-unit apartment complex located in 
Deerfield Beach, Florida; and (6) Trails at Meadowlakes, a 189-unit apartment 
complex located in Fort Lauderdale, Florida. On July 19, 1995, the 
Partnership sold Cypress Lakes and Trails at Meadowlakes to an unaffiliated 
buyer for sales prices of $8,825,000 and $8,940,000, respectively. On August 
6, 1997, the Partnership sold River Hill to an unaffiliated buyer for 
$7,275,000. On December 30, 1997, the Partnership sold Pelican Landing to an 
unaffiliated buyer for $13,400,000. For further information on each of the 
properties, see Note 4 to the Consolidated Financial Statements incorporated 
herein by reference to the Partnership's Annual Report to Unitholders for the 
year ended December 31, 1998, which is filed as an exhibit under Item 14.

During its year ended December 31, 1998, following consideration of various 
alternatives available to the Partnership, the General Partner concluded that 
a sale of the Partnership's two remaining properties, Village at the 
Foothills II and Shadowood Village (collectively the "Properties"), would be 
in the best interests of the Partnership and the Unitholders. Throughout much 
of 1998, the General Partner, on behalf of the Partnership, negotiated the 
terms of a sale of the Properties with Lend Lease Real Estate Investments, 
Inc. ("Lend Lease"), on behalf of two pension funds which are unaffiliated 
with the General Partner. Once the terms were negotiated, as required by the 
Partnership's Certificate and Agreement of Limited Partnership ("Agreement of 
Limited Partnership"), the General Partner solicited the consent of a 
majority in interest of the Unitholders to the sale pursuant to a Consent 
Solicitation Statement dated December 16, 1998. The requisite consent was 
obtained on January 15, 1999, and on January 29, 1999, the Partnership 
consummated the sale


                                                                        Page 2
<PAGE>

of the Properties to DOC Investors, L.L.C., a Delaware limited liability 
company (the "Purchaser"), for a sales price of $9,350,000 (before selling 
costs and prorations). The members of the Purchaser are two pension funds 
advised by Lend Lease, which own an aggregate 91% interest in the Purchaser, 
and ConAm DOC Affiliates LLC, an affiliate of the General Partner ("ConAm 
DOC"), which owns a 9% interest in the Purchaser. ConAm DOC has the potential 
to receive up to an additional 18% of the profits of the Purchaser after 
certain priority returns to the members of the Purchaser.

The Partnership received approximately $ 9,318,000 of cash proceeds from the 
sale, net of closing costs of approximately $32,000. All net cash proceeds 
from the sale and previously undistributed cash from operations, less an 
amount the General Partner determined to set aside for contingencies, were 
distributed to the Limited Partners on February 26, 1999.

The Partnership considers itself to have been engaged in only one industry 
segment, real estate investment.

COMPETITION

The Partnership's real property investments were subject to competition from 
similar types of properties in the vicinities in which they were located. 
Such former competition increased during the Partnership's period of 
ownership of the Properties due principally to the addition of newly 
constructed apartment complexes offering increased residential and 
recreational amenities. The Properties were also subject to competition from 
condominiums and single-family properties especially as potential renters 
chose to buy homes especially during periods of low mortgage interest rates. 
The Partnership competed with other real estate owners and developers in the 
rental and leasing of its Properties by offering competitive rental rates 
and, if necessary, leasing incentives. Such competition affected the 
occupancy levels and revenues of the Properties. The occupancy level at the 
Properties reflects some seasonality, which is typical in these markets. In 
some cases, the Properties competed with properties owned by partnerships 
affiliated with the General Partner.

For a discussion of market conditions in the areas where the Properties were 
located, reference is made to the Partnership's Annual Report to Unitholders 
for the year ended December 31, 1998, which is filed as an exhibit under Item 
14.

EMPLOYEES

The Partnership has no employees. Services are provided by CPS IV and ConAm 
Management Corporation ("ConAm Management"), an affiliate of CPS IV. Pursuant 
to property management agreements with the Partnership, ConAm Management 
provided property management services with respect to the Properties. In 
addition, the Partnership retained Brock, Tibbitts & Snell, an Accountancy 
Corporation, an unaffiliated company located in San Diego, California, to 
provide accounting and investor communication functions. During 1998, Service 
Data Corporation, an unaffiliated company, provided transfer agent services 
for the Partnership. In February 1999, pursuant to the terms of a sale of its 
contracts, Service Data Corporation assigned the transfer agent functions of 
the Company to MAVRICC Management Systems, Inc., an unaffiliated company 
located in Troy, Michigan. See Item 13, "Certain Relationships and Related 
Transactions" for a further description of the service and management 
agreements between the Partnership and affiliated entities.

ITEM 2.  PROPERTIES

For a description of the Properties owned and operated by the Partnership 
during 1998 and discussion of market conditions in the areas where the 
Properties are located, reference is made to the Partnership's Annual Report 
to Unitholders for the year ended December 31, 1998, which is filed as an 
exhibit under Item 14. For information on the Partnership's purchase of the 
Properties, reference is made to Note 4 of the Consolidated Financial 
Statements, included herein by reference to the Partnership's Annual Report 
to Unitholders. For information on the sale of the Properties by the 
Partnership in January 1999, reference is made to Item 1 and Note 9 of the 
Consolidated Financial Statements, included herein by reference to the 
Partnership's Annual Report to Unitholders. Average occupancy rates at each 
property are incorporated by reference to Item 7.

                                                                        Page 3
<PAGE>

ITEM 3.  LEGAL PROCEEDINGS

The Partnership is not subject to any material pending legal proceedings.

ITEM 4.  SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS 

On December 16, 1998, pursuant to a Consent Solicitation Statement, the 
Unitholders were asked to approve the sale of the Partnership's remaining 
properties and a related amendment to the Agreement of Limited Partnership. A 
majority in interest of the Unitholders approved the sale and the amendment 
and the sale was completed on January 29,1999. During the fourth quarter of 
the year ended December 31, 1998, no other matters were submitted to a vote 
of Unitholders through the solicitation of proxies or otherwise.

                                   PART II

ITEM 5. MARKET FOR THE PARTNERSHIP'S LIMITED PARTNERSHIP INTERESTS AND 
RELATED SECURITY HOLDER MATTERS

As of December 31, 1998, the number of Unitholders of record was 6,670.

No established public trading market exists for the Units, and it is not 
anticipated that such a market will develop in the future.

Distributions of net cash from operations are determined by the General 
Partner on a quarterly basis, with distributions generally occurring 
approximately 45 days after the end of each quarter. Such distributions to 
the Unitholders have been made from net operating income with respect to the 
Partnership's investment in the Properties and from interest on short-term 
investments. Information on cash distribution paid by the Partnership for the 
past two years is incorporated by reference to the Partnership's Annual 
Report to Unitholders for the year ended December 31, 1998, which is filed as 
an exhibit under Item 14. No distribution was made for the fourth quarter of 
the year ended December 31, 1998 because the General Partner decided to 
suspend distributions pending the outcome of the solicitation of the consent 
of the Unitholders to the sale of the Properties.

Because of the sale of the Partnership's remaining Properties, no further 
quarterly distributions of Net Cash From Operations will be made. The 
Partnership distributed $10,000,267 to the Unitholders ($78.06 per Unit) and 
$91,887 to the General Partner on February 26, 1999, which amounts are equal 
to substantially all of the net proceeds from the sale of the Properties, 
together with other available cash of the Partnership, less an amount for 
costs associated with the sale of the Properties and liquidation of the 
Partnership and other contingencies of approximately $509,000. The final 
liquidation of the Partnership is expected to occur in mid-1999, and the 
remaining funds, if any, will be distributed to the Unitholders at that time.

ITEM 6.  SELECTED FINANCIAL DATA

Incorporated by reference to the Partnership's Annual Report to Unitholders 
for the year ended December 31, 1998, which is filed as an exhibit under Item 
14.

ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND 
RESULTS OF OPERATIONS

LIQUIDITY AND CAPITAL RESOURCES

At December 31, 1998, the Partnership had cash and cash equivalents of 
$1,403,143, which were invested in unaffiliated money market funds, compared 
with $15,150,595, at December 31, 1997. The decrease in cash and cash 
equivalents is primarily the result of distribution in 1998 of the net sales 
proceeds from the 1997 sale of Pelican Landing and cash distributions to 
partners exceeding cash provided by operating activities during the year 
ended December 31, 1998.

                                                                        Page 4
<PAGE>

Other assets increased to $160,534 at December 31, 1998 compared to $3,300 at 
December 31, 1997. Accounts payable and accrued expenses increased to 
$239,393 at December 31, 1998 compared to 144,530 at December 31, 1997. This 
increase in other assets and accounts payable and accrued expenses was 
primarily due to costs that are associated with the sale of the Properties.

Distribution payable decreased to $0 at December 31, 1998 compared to 
$13,729,122 at December 31, 1997. The decrease is primarily attributable to 
the payment in 1998 of the distribution of the net proceeds from the sale of 
Pelican Landing. The distribution for Pelican Landing was declared in 
December 1997.

As a result of the Partnership's sale of the Properties on January 29, 1999, 
all of the Partnership's assets have been converted to cash and cash 
equivalents. Pending distribution to the Unitholders as described in Item 5 
above, the Partnership's funds have been invested in the Pacific Horizon 
Money Market Funds, Prime Fund. The General Partner retained from the initial 
distribution an amount it believes is sufficient to provide for 
contingencies, and to cover the expenses of operating the Partnership until 
final liquidation of the Partnership, including legal and accounting fees.

RESULTS OF OPERATIONS

1998 VERSUS 1997

Partnership operations for the year ended December 31, 1998 resulted in net 
income of $73,292, compared with net income of $6,019,161 for the year ended 
December 31, 1997. The decrease in net income is primarily attributable to 
the $4,907,439 net gain on sale of properties, comprised of a $5,157,383 gain 
from the sale of Pelican Landing, and a $249,944 loss from the sale of River 
Hill in 1997. Excluding the gain, the Partnership generated income from 
operations of $73,292 and $1,111,722 for the years ended December 31, 1998 
and 1997, respectively. Net cash provided by operating activities was 
$430,125 for the year ended December 31, 1998, compared to $1,741,457 in 
1997. The decrease in income from operations and net cash provided by 
operations is primarily due to the sales of River Hill in August 1997 and 
Pelican Landing in December 1997.

Rental income for the year ended December 31, 1998 was $1,623,889, compared 
with $4,272,753 for the year ended December 31, 1997. The decrease in 1998 
reflects the sale of River Hill and Pelican Landing, partially offset by 
increased rental income at Village at the Foothills II and Shadowood Village. 
Interest and other income for the year ended December 31, 1998 was $117,236, 
compared with $212,589 in 1997. The decrease is primarily due to the 
Partnership maintaining higher average cash balances in 1997 following the 
sale of River Hill.

Total expenses for the year ended December 31, 1998 were $1,667,833, compared 
with $3,373,620 in 1997. The decrease reflects decreases in depreciation and 
property operating expenses primarily as a result of the sale of River Hill 
and Pelican Landing in 1997.

General and administrative expenses increased in 1998 due primarily to legal 
fees incurred in the third quarter of 1998 to defend the Partnership in an 
action brought by a firm, which desired to purchase Units from Unitholders. 
The action, which was improperly filed in Kansas City, Missouri, was 
dismissed by the court for lack of jurisdiction and has not been re-filed.

1997 VERSUS 1996

Partnership operations for the year ended December 31, 1997 resulted in net 
income of $6,019,161, compared with net income of $1,022,553 for the year 
ended December 31, 1996. The increase in net income is primarily attributable 
to the $4,907,439 gain on sale of properties, composed of a $5,157,383 gain 
from the sale of Pelican Landing, and a $249,944 loss from the sale of River 
Hill. Excluding the gain, the Partnership generated income from operations of 
$1,111,722 for the year ended December 31, 1997. Net cash provided by 
operating activities was $1,741,457 for the year ended December 31, 1997, 
compared to $2,137,022 in 1996. The decrease is primarily due to the decrease 
in cash flow from property operations resulting from the sale of River Hill 
in August 1997.

Rental income for the year ended December 31, 1997 was $4,272,753, compared 
with $4,778,238 for the year ended December 31, 1996. The decrease in 1997 
reflects the sale of River Hill, partially offset by increased rental income 
at 

                                                                        Page 5
<PAGE>

Pelican Landing and Shadowood Village. Interest and other income for the year 
ended December 31, 1997 was $212,589, compared with $148,102 in 1996. The 
increase is primarily due to the Partnership maintaining higher average cash 
balances in 1997.

Total expenses for the year ended December 31, 1997 were $3,373,620, compared 
with $3,903,787 in 1996. The decrease reflects a decrease in depreciation and 
property operating expenses primarily as a result of the sale of River Hill. 
Property operating expenses for the year ended December 31, 1997 totaled 
$2,465,118, compared to $2,545,471 in 1996. The decrease reflects the sale of 
River Hill, and was partially offset by an increase in repairs and 
maintenance expenses at Pelican Landing, Shadowood Village and Village at the 
Foothills II, primarily due to carpet and appliance replacement at all three 
properties.

Depreciation expense for the year ended December 31, 1997 totaled $695,023, 
compared to $1,184,781 for the year ended December 31, 1996. The decrease is 
due to the reclassification of River Hill as property held for disposition 
effective October 1, 1996 and the reclassification of Pelican Landing as 
property held for disposition effective October 1, 1997.

General and administrative expenses for the year ended December 31, 1997 
totaled $213,479, compared to $173,535 in 1996. The increase is primarily 
attributable to an increase in expenses for Partnership accounting, tax and 
other administrative services. During the 1997 period, certain expenses 
incurred by RI 3-4, its affiliates, and an unaffiliated third party service 
provider in servicing the Partnership, which were voluntarily absorbed by 
affiliates of RI 3-4 in prior periods, were reimbursable to RI 3-4 and its 
affiliates.

The average occupancy levels at each of the Properties owned during the years 
ended December 31, 1998, 1997 and 1996 were as follows:

<TABLE>
<CAPTION>
                                                   TWELVE MONTHS ENDED DECEMBER 31,
PROPERTY                                   1998                   1997                  1996
-----------------------------------------------------------------------------------------------------
<S>                               <C>                     <C>                    <C>
Village at the Foothills II                 94%                    94%                   95%
Shadowood Village                           96%                    93%                   95%
-----------------------------------------------------------------------------------------------------
</TABLE>

YEAR 2000

Due to the consummation of the sale of the Properties in January 1999, the 
Partnership is no longer engaged in the operation of real properties or any 
other business. As a result of the foregoing, and in view of the General 
Partner's plan to complete the full liquidation of the Partnership prior to 
January 1, 2000, the Partnership has no exposure to Year 2000 issues.

ITEM 7A.  QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

Since the Partnership sold its remaining Properties on January 29, 1999 and 
has no interest bearing indebtedness, the Partnership has no exposure to 
interest rate risk. In addition, the Partnership is expected to be liquidated 
during 1999.

ITEM 8.  FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

Incorporated by reference to the Partnership's Annual Report to Unitholders 
for the year ended December 31, 1998, which is filed as an exhibit under Item 
14. Supplementary Data is incorporated by reference to F-1 and F-2 of this 
report.

ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND 
FINANCIAL DISCLOSURE

Effective December 1, 1997, the Partnership advised Coopers & Lybrand L.L.P. 
(now a part of PricewaterhouseCoopers LLP) that it was changing accounting 
firms and engaged KPMG LLP.

Coopers & Lybrand L.L.P.'s report on the consolidated financial statements 
for the year ended December 31, 1996 contained no adverse opinion or 
disclaimer of opinion and was not qualified as to uncertainty, audit scope or 
accounting 

                                                                        Page 6
<PAGE>

principles. There had been no disagreements with Coopers & Lybrand L.L.P. on 
any matters of accounting principles or practices, financial statement 
disclosure, or auditing scope procedure.

The decision to change accountants was approved by CPS IV and RI 3-4, the 
general partners of the Partnership at that time.

                                 PART III

ITEM 10.  DIRECTORS AND EXECUTIVE OFFICERS OF THE PARTNERSHIP

The Partnership has no officers or directors. CPS IV, as the General Partner 
of the Partnership, manages and controls the affairs of the Partnership and 
has general responsibility and authority in all matters affecting its 
business.

CPS IV is a California limited partnership organized on August 30, 1982. The 
sole general partner of CPS IV is Continental American Development, Inc. 
("ConAm Development"). The names and positions held by the directors and 
executive officers of ConAm Development are set forth below. There are no 
family relationships between any officers or directors.

<TABLE>
<CAPTION>
        Name                                 Office
        ----                                 ------
<S>                                          <C>
        Daniel J. Epstein                    President, Director and Principal
                                             Executive Officer
        E. Scott Dupree                      Vice President and Director
        Robert J. Svatos                     Vice President and Director
        Ralph W. Tilley                      Vice President
        J. Bradley Forrester                 Vice President
</TABLE>

DANIEL J. EPSTEIN, 59, has been the President and a Director of ConAm 
Development and a general partner of Continental American Properties, Ltd. 
("ConAm"), an affiliate of CPS IV, since their inception. He is also Chairman 
and Chief Executive Officer of ConAm Management. Prior to organizing ConAm, 
Mr. Epstein was Vice President and a Director of American Housing Guild, 
which he joined in 1969. At American Housing Guild, he was responsible for 
the formation of the Multi-Family Division and directed its development and 
property management activities. Mr. Epstein holds a Bachelor of Science 
degree in Engineering from the University of Southern California.

E. SCOTT DUPREE, 48, is a Senior Vice President and general counsel of ConAm 
Management responsible for negotiation, documentation, review and closing of 
acquisition, sale and financing proposals. Mr. Dupree also acts as principal 
legal advisor on general legal matters ranging from issues and contracts 
involving the management company to supervision of litigation and employment 
issues. Prior to joining ConAm Management in 1985, he was corporate counsel 
to Trusthouse Forte, Inc., and a major international hotel and restaurant 
corporation. Mr. Dupree holds a B.A. from United States International 
University and a Juris Doctorate degree from the University of San Diego.

ROBERT J. SVATOS, 40, is a Senior Vice President and Chief Financial Officer 
of ConAm Management. His responsibilities include the accounting, treasury 
and data processing functions of the organization. Prior to joining ConAm 
Management in 1988, he was the Chief Financial Officer for AmeriStar 
Financial Corporation, a nationwide mortgage banking firm. Mr. Svatos holds 
an M.B.A. in Finance from the University of San Diego and a Bachelor of 
Science degree in Accounting from the University of Illinois. He is a 
Certified Public Accountant.

RALPH W. TILLEY, 44, is a Senior Vice President and Treasurer of ConAm 
Management. He is responsible for the financial aspects of syndications and 
acquisitions, the company's asset management portfolio and risk management 
activities. Prior to joining ConAm Management in 1980, he was a senior 
accountant with KPMG LLP, specializing in real estate. He holds a Bachelor 
of Science degree in Accounting from San Diego State University and is a 
Certified Public Accountant.

J. BRADLEY FORRESTER, 41, is the President of ConAm Management. He is 
currently responsible for overseeing all aspects of the operations of the 
firm. His primary focus is on new business related activities including 
property acquisitions, 

                                                                        Page 7
<PAGE>

property development and rehabilitation, and the acquisition of other 
property management companies. Prior to joining ConAm, Mr. Forrester served 
as Senior Vice President - Commercial Real Estate for First Nationwide Bank 
in San Francisco, where he was responsible for a $2 billion problem asset 
portfolio including bank-owned real estate and non-performing commercial real 
estate loans. His past experience includes significant involvement in real 
estate development and finance, property acquisitions and dispositions and 
owner's representation matters. Prior to entering the real estate profession, 
he worked for KPMG LLP in Dallas, Texas. Mr. Forrester holds a Bachelor of 
Science degree in Accounting from Louisiana State University. He received his 
CPA certification in the State of Texas.

ITEM 11.  EXECUTIVE COMPENSATION

Neither the General Partner nor any of its directors or executive officers 
received any compensation from the Partnership. See Item 13 of this report 
for a description of certain costs of the General Partner and its affiliates 
reimbursed by the Partnership.

ITEM 12.  SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT

As of March, 1999, no person was known by the Partnership to be the 
beneficial owner of more than five percent of the Units of the Partnership. 
Daniel J. Epstein, President and Director of ConAm Services, owned twenty 
Units (approximately .017% of the outstanding Units) as of March 1, 1999. No 
other directors or executive officers of the General Partner owns any Units.

ITEM 13.  CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS

CPS IV received $42,703 as the General Partner's allocable share of 
distributions from Net Cash From Operations with respect to year ended 
December 31, 1998. For the year ended December 31, 1998, $42,703 of the 
Partnership's net income was allocated to CPS IV. For a description of the 
share of Net Cash From Operations and the allocation of income and loss to 
which the General Partner is entitled, reference is made to Note 3 to the 
Consolidated Financial Statements, included in the Partnership's Annual 
Report to Unitholders for the year ended December 31, 1998, which is filed as 
an exhibit under Item 14. Effective July 1, 1997, all General Partner 
allocations were made solely to CPS IV.

The Partnership entered into property management agreements with ConAm 
Management pursuant to which ConAm Management assumed direct responsibility 
for day-to-day management of the Properties. It was the responsibility of 
ConAm Management to select resident managers and monitor their performance. 
ConAm Management's services also included the supervision of leasing, rent 
collection, maintenance, budgeting, employment of personnel, payment of 
operating expenses, strategic asset management and related services. For such 
services, ConAm Management was entitled to receive a management fee equal to 
5% of gross revenues. A summary of property management fees earned by ConAm 
Management during the past three years is incorporated by reference to Note 6 
to the Consolidated Financial Statements, included in the Partnership's 
Annual Report to Unitholders for the year ended December 31, 1998, which is 
filed as an exhibit under Item 14.

Pursuant to Section 12(g) of the Partnership's Agreement of Limited 
Partnership, the General Partner may be reimbursed by the Partnership for 
certain of its costs. A summary of amounts paid to the General Partner or its 
affiliates during the past three years is incorporated by reference to Note 6 
to the Consolidated Financial Statements, included in the Partnership's 
Annual Report to Unitholders for the year ended December 31, 1998, which is 
filed as an exhibit under Item 14.

                                                                        Page 8
<PAGE>

                                    PART IV

ITEM 14.  EXHIBITS, FINANCIAL STATEMENT SCHEDULE AND REPORTS ON FORM 8-K

     (a)(1)   FINANCIAL STATEMENTS:

<TABLE>
<CAPTION>
                                                                                          Page
                                                                                          ----
<S>                                                                                       <C>
              Consolidated Balance Sheets - December 31, 1998 and 1997......................(1)

              Consolidated Statements of Operations - For the years ended
              December 31, 1998, 1997 and 1996..............................................(1)

              Consolidated Statements of Partners' Capital - For the years ended
              December 31, 1998, 1997 and 1996..............................................(1)

              Consolidated Statements of Cash Flows - For the years ended
              December 31, 1998, 1997 and 1996..............................................(1)

              Notes to the Consolidated Financial Statements................................(1)

              Independent Auditors' Report..................................................(1)

              Report of Former Independent Accountants......................................(1)
</TABLE>

     (a)(2)   FINANCIAL STATEMENT SCHEDULE:

<TABLE>
<S>                                                                                       <C>

              Schedule III - Real Estate and Accumulated Depreciation.....................(F-1)

              Independent Auditors' Report................................................(F-2)

              Report of Former Independent Accountants....................................(F-3)
</TABLE>

        (1)   INCORPORATED BY REFERENCE TO THE PARTNERSHIP'S ANNUAL REPORT TO
              UNITHOLDERS FOR THE YEAR ENDED DECEMBER 31, 1998, FILED AS AN
              EXHIBIT UNDER ITEM 14.

     (a)(3)   EXHIBITS:

            (3)     Certificate and Agreement of Limited Partnership (included
                    as, and incorporated herein by reference to, Exhibit A to
                    the Prospectus of Registrant dated January 13, 1984 (the
                    "Prospectus"), contained in Amendment No. 1 to Registration
                    Statement No. 2-84863 of Registrant, filed January 13, 1984
                    (the "1984 Registration Statement")).

            (4)     Subscription Agreement and Signature Page (included as, and 
                    incorporated herein by reference to, Exhibit 3.1 to the 
                    Prospectus).

            (4.1)   Amendment, dated January 18, 1999 to the Partnership's
                    Certificate and Agreement of Limited Partnership (included
                    as, and incorporated herein by reference to, Exhibit 4.1 to
                    the Partnership's Report on Form 8-K filed on February 16,
                    1999).

            (10)(A) Purchase Agreement relating to Pelican Landing (formerly
                    Feather Sound Apartments), between the Registrant and
                    Feather Sound, Inc., and the exhibits thereto (included as,
                    and incorporated herein by reference to, Exhibit (10)(B) to
                    the 1984 Annual Report).


                (B) Purchase Agreement relating to River Hill Apartments 
                    (formerly Oxbow Ridge I), between the Registrant and Tres 
                    Titan Investors, and the exhibits thereto (included as, 
                    and incorporated herein by reference to, Exhibit (10)(D) 
                    to the 1984 Annual Report).

                (C) Purchase Agreement relating to Village at the Foothills 
                    II (formerly Ina Village Apartments), between the 
                    Registrant and Epoch Properties, Inc. and the exhibits 
                    thereto (included as, and incorporated herein by 
                    reference to, Exhibit (10)(E) to the 1984 Annual Report).

                                                                        Page 9
<PAGE>

                (D) Documents relating to Shadowood Village (included as, and 
                    incorporated herein by reference to, Exhibit (10)(A) to 
                    Registrant's Quarterly Report on Form 10-Q for the 
                    quarter ended September 30, 1985 (the "1985 Quarterly 
                    Report" (Commission File No. 0-13329)).

                (E) Settlement Agreement by and among the Managing Joint 
                    Venturers and the Epoch Joint Venturers dated July 1, 
                    1992 (included as, and incorporated herein by reference 
                    to Exhibit 10.1 to the Registrant's Quarterly Report on 
                    Form 10-Q for the quarter ended September 30, 1992 
                    (Commission File No. 0-13329)).

                (F) Amended and Restated Agreement of Limited Partnership of 
                    Village at the Foothills II Joint Venture Limited 
                    Partnership dated as of July 1, 1992 (included as, and 
                    incorporated herein by reference to Exhibit 10.2 to the 
                    Registrant's Quarterly Report on Form 10-Q for the 
                    quarter ended September 30, 1992 (Commission File No. 
                    0-13329)).

                (G) Certificate and Agreement of Limited Partnership of River 
                    Hill Apartments, Ltd. (included as, and incorporated 
                    herein by reference to Exhibit 10(I) to the Registrant's 
                    Annual Report on Form 10-K for the  year ended December 
                    31, 1991 (Commission File No. 0-13329)).

                (H) Amended and Restated Agreement of Limited Partnership of 
                    Shadowood Village, Ltd., dated as of July 1, 1992 
                    (included as, and incorporated herein by reference to 
                    Exhibit 10.2 to the Registrant's Quarterly Report on Form 
                    10-Q for the quarter ended September 30, 1992 (Commission 
                    File No. 0-13329)).

                (I) Property Management Agreement between Hutton/ConAm Realty 
                    Investors 4 and ConAm Management Corporation for the 
                    Pelican Landing property (included as, and incorporated 
                    herein by reference to Exhibit 10-M to the Registrant's 
                    Annual Report on Form 10-K for the year ended December 
                    31, 1993 (Commission File No. 0-13329)).

                (J) Property Management Agreement between Hutton/ConAm Realty 
                    Investors 4 and ConAm Management Corporation for the 
                    River Hill property (included as, and incorporated herein 
                    by reference to Exhibit 10-N to the Registrant's Annual 
                    Report on Form 10-K for the year ended December 31, 1993 
                    (Commission File No. 0-13329)).

                (K) Property Management Agreements between Hutton/ConAm 
                    Realty Investors 4 and ConAm Management Corporation for 
                    the Shadowood Village property (included as, and 
                    incorporated herein by reference to Exhibit 10-O to the 
                    Registrant's Annual Report on Form 10-K for the year 
                    ended December 31, 1993 (Commission File No. 0-13329)).

                (L) Property Management Agreement between Hutton/ConAm Realty
                    Investors 4 and ConAm Management Corporation for the Village
                    at the Foothills II property (included as, and incorporated
                    herein by reference to Exhibit 10-Q to the Registrant's
                    Annual Report on Form 10-K for the year ended December 31,
                    1993 (Commission File No. 0-13329)).

                (M) Agreement for Purchase and Sale and Joint Escrow
                    Instructions between Village at the Foothills (Phase II)
                    Joint Venture Limited Partnership and DOC Investors, L.L.C.,
                    dated January 26, 1999 with respect to Village at the
                    Foothills II & III Apartments (included as, and incorporated
                    herein by reference to, Exhibit 10.1 to the Partnership's
                    Report on Form 8-K filed on February 16, 1999).

                (N) Agreement for Purchase and Sale and Joint Escrow
                    Instructions between Shadowood Village, Ltd. and DOC
                    Investors, L.L.C. dated January 26, 1999 with respect to
                    Shadowood Village Apartments (included as, and incorporated
                    herein by reference to, Exhibit 10.2 to the Partnership's
                    Report on Form 8-K filed on February 16, 1999).

            (13)    Annual Report to Unitholders for the year ended December 
                    31, 1998.

            (21)    List of Subsidiaries, Joint Ventures or Limited Partnerships
                    (included as, and incorporated herein by reference to
                    Exhibit 22 of the Registrant's Annual Report on Form 10-K
                    filed March 27, 1992 (Commission File No. 0-13329)).

            (27)    Financial Data Schedule.

                                                                        Page 10
<PAGE>

            (99)    Portions of the Prospectus of Registrant dated January 13,
                    1984 (included as, and incorporated herein by reference to
                    Exhibit 28 to the Registrant's 1988 Annual Report on Form
                    10-K for the year ended December 31, 1988 (Commission File
                    No. 0-13329)).

      (b)  REPORTS ON FORM 8-K:

           No reports on Form 8-K were filed by the Partnership during the
           fourth quarter of the year ended December 31, 1998.

      (c)  EXHIBITS

           See Item 14(a)(3) above.







                                                                        Page 11
<PAGE>

                                   SIGNATURES

Pursuant to the requirements of Section 13 or 15(d) 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.


Dated:   March 30, 1999


                                  BY:  ConAm Property Services IV, Ltd.
                                       General Partner


                                  BY:  Continental American Development, Inc.
                                       General Partner


                                  BY:  /s/  Daniel J. Epstein
                                  ----------------------------
                                  Name:     Daniel J. Epstein
                                  Title:    President, Director and
                                            Principal Executive Officer






                                                                        Page 12
<PAGE>

Pursuant to the requirements of the Securities Exchange Act of 1934, this 
report has been signed below by the following persons on behalf of the 
Registrant in the capacities and on the dates indicated.


                                  CONAM PROPERTY SERVICES IV, LTD.
                                  A General Partner


                                  By:  Continental American Development, Inc.
                                       General Partner



Date:    March 30, 1999
                                  BY:  /s/  Daniel J. Epstein
                                  ---------------------------
                                       Daniel J. Epstein
                                       Director, President and
                                       Principal Executive Officer




Date:    March 30, 1999
                                  BY:  /s/  E. Scott Dupree
                                  ------------------------
                                       E. Scott Dupree
                                       Vice President and Director





Date:    March 30, 1999
                                  BY:  /s/  Robert J. Svatos
                                  --------------------------
                                       Robert J. Svatos
                                       Vice President and Director





Date:    March 30, 1999
                                  BY:  /s/  Ralph W. Tilley
                                  -------------------------
                                       Ralph W. Tilley
                                       Vice President




Date:    March 30, 1999
                                  BY:  /s/  J. Bradley Forrester
                                  ------------------------------
                                       J. Bradley Forrester
                                       Vice President



                                                                        Page 13