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


                                    FORM 10-Q



[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  0-14258
                            ---------


                        MCNEIL REAL ESTATE FUND XV, LTD.
--------------------------------------------------------------------------------
             (Exact name of registrant as specified in its charter)




         California                                94-2941516
--------------------------------------------------------------------------------
(State or other jurisdiction of                   (I.R.S. Employer
incorporation or organization)                     Identification No.)




              13760 Noel Road, Suite 600, LB70, Dallas, Texas 75240
--------------------------------------------------------------------------------
               (Address of principal executive offices) (Zip code)



Registrant's telephone number, including area code         (972) 448-5800
                                                    ----------------------------




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 and (2) has been  subject to such  filing
requirements for the past 90 days. Yes X No
                                      ---  ---
<PAGE>
                          PART I. FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS
------- --------------------

                        MCNEIL REAL ESTATE FUND XV, LTD.

                                 BALANCE SHEETS
                                   (Unaudited)

<TABLE>
<CAPTION>
                                                                             June 30,           December 31,
                                                                               1999                1998
                                                                           -------------        ------------
ASSETS
------

Real estate investments:
<S>                                                                        <C>                  <C>
   Land ...........................................................        $  6,220,730         $  6,220,730
   Buildings and improvements .....................................          42,251,334           42,086,266
                                                                           ------------         ------------
                                                                             48,472,064           48,306,996
   Less:  Accumulated depreciation ................................         (24,984,903)         (24,021,290)
                                                                           ------------         ------------
                                                                             23,487,161           24,285,706

Asset held for sale ...............................................           3,517,555            3,487,893

Cash and cash equivalents .........................................           1,386,587            1,199,360
Cash segregated for security deposits .............................             167,511              214,190
Accounts receivable ...............................................              45,743               33,736
Prepaid expenses and other assets .................................              48,399               37,105
Escrow deposits ...................................................             380,193              365,199
Deferred borrowing costs (net of accumulated
   amortization of $507,271 and $455,712 at
   June 30, 1999 and December 31, 1998,
   respectively) ..................................................             502,061              553,620
                                                                           ------------         ------------
                                                                           $ 29,535,210         $ 30,176,809
                                                                           ============         ============

LIABILITIES AND PARTNERS' EQUITY (DEFICIT)
------------------------------------------

Mortgage notes payable, net .......................................        $ 22,836,126         $ 23,057,324
Accrued expenses ..................................................             329,002              126,907
Accrued property taxes ............................................             236,301              177,643
Accrued interest ..................................................             158,670              160,388
Payable to affiliates - General Partner ...........................           1,130,572              851,407
Security deposits and deferred rental revenue .....................             222,559              185,874
                                                                           ------------         ------------
                                                                             24,913,230           24,559,543
                                                                           ------------         ------------

Partners' equity (deficit):
   Limited partners - 120,000  limited  partnership units
     authorized;  102,796 limited partnership units issued
     and outstanding at June 30, 1999 and December 31, 1998........           5,884,328            6,672,660
   General Partner ................................................          (1,262,348)          (1,055,394)
                                                                           ------------         ------------
                                                                              4,621,980            5,617,266
                                                                           ------------         ------------
                                                                           $ 29,535,210         $ 30,176,809
                                                                           ============         ============
</TABLE>

The  financial  information  included  herein has been  prepared  by  management
without audit by independent public accountants.

                 See accompanying notes to financial statements.
<PAGE>
                        MCNEIL REAL ESTATE FUND XV, LTD.

                            STATEMENTS OF OPERATIONS
                                   (Unaudited)


<TABLE>
<CAPTION>
                                                       Three Months Ended                      Six Months Ended
                                                           June 30,                                June 30,
                                               --------------------------------        -------------------------------
                                                   1999               1998                 1999                1998
                                               -----------         ------------        -----------         -----------
Revenue:
<S>                                            <C>                 <C>                 <C>                 <C>
   Rental revenue .....................        $ 1,999,948         $ 1,956,884         $ 3,940,516         $ 3,985,101
   Interest ...........................             13,030              17,262              26,304              43,704
                                               -----------         -----------         -----------         -----------
     Total revenue ....................          2,012,978           1,974,146           3,966,820           4,028,805
                                               -----------         -----------         -----------         -----------

Expenses:
   Interest ...........................            519,530             526,514           1,038,467           1,058,638
   Depreciation .......................            482,166             474,110             963,613             948,474
   Property taxes .....................            115,824             115,473             230,381             230,946
   Personnel expenses .................            272,008             233,193             512,082             470,393
   Utilities ..........................             79,925              85,505             191,388             191,509
   Repair and maintenance .............            312,383             257,576             495,943             403,929
   Property management
     fees - affiliates ................            100,956              98,068             199,124             199,520
   Other property operating
     expenses .........................            104,753              86,771             227,319             216,460
   General and administrative .........            315,428             138,965             368,392             224,676
   General and administrative -
     affiliates .......................             47,954              50,908              95,853              96,713
                                               -----------         -----------         -----------         -----------
     Total expenses ...................          2,350,927           2,067,083           4,322,562           4,041,258
                                               -----------         -----------         -----------         -----------

Net loss ..............................        $  (337,949)        $   (92,937)        $  (355,742)        $   (12,453)
                                               ===========         ===========         ===========         ===========

Net loss allocable to limited
   partners ...........................        $  (334,569)        $   (92,008)        $  (388,456)        $   (12,328)
Net income (loss) allocable to
   General Partner ....................             (3,380)               (929)             32,714                (125)
                                               -----------         -----------         -----------         -----------
Net loss ..............................        $  (337,949)        $   (92,937)        $  (355,742)        $   (12,453)
                                               ===========         ===========         ===========         ===========

Net loss per limited
   partnership unit ...................        $     (3.25)        $      (.90)        $     (3.78)        $      (.12)
                                               ===========         ===========         ===========         ===========

Distribution per limited
   partnership unit ...................        $        --         $        --         $      3.89         $      4.86
                                               ===========         ===========         ===========         ===========

</TABLE>



The  financial  information  included  herein has been  prepared  by  management
without audit by independent public accountants.

                 See accompanying notes to financial statements.
<PAGE>
                        MCNEIL REAL ESTATE FUND XV, LTD.

                    STATEMENTS OF PARTNERS' EQUITY (DEFICIT)
                                   (Unaudited)

                 For the Six Months Ended June 30, 1999 and 1998

<TABLE>
<CAPTION>
                                                                                           Total
                                                   General             Limited            Partners'
                                                   Partner             Partners        Equity (Deficit)
                                                 ------------        ------------      ----------------
<S>                                              <C>                 <C>                 <C>
Balance at December 31, 1997 ............        $  (561,038)        $ 7,555,525         $ 6,994,487

Net loss ................................               (125)            (12,328)            (12,453)

Management Incentive Distribution .......           (259,265)                 --            (259,265)

Distributions to limited partners........                 --            (500,004)           (500,004)
                                                 -----------         -----------         -----------

Balance at June 30, 1998 ................        $  (820,428)        $ 7,043,193         $ 6,222,765
                                                 ===========         ===========         ===========


Balance at December 31, 1998 ............        $(1,055,394)        $ 6,672,660         $ 5,617,266

Net income (loss) .......................             32,714            (388,456)           (355,742)

Management Incentive Distribution .......           (239,668)                 --            (239,668)

Distributions to limited partners .......                 --            (399,876)           (399,876)
                                                 -----------         -----------         -----------

Balance at June 30, 1999 ................        $(1,262,348)        $ 5,884,328         $ 4,621,980
                                                 ===========         ===========         ===========
</TABLE>


The  financial  information  included  herein has been  prepared  by  management
without audit by independent public accountants.

                 See accompanying notes to financial statements.
<PAGE>
                        MCNEIL REAL ESTATE FUND XV, LTD.

                            STATEMENTS OF CASH FLOWS
                                   (Unaudited)

                Increase (Decrease) in Cash and Cash Equivalents

<TABLE>
<CAPTION>
                                                                     Six Months Ended
                                                                        June 30,
                                                            --------------------------------
                                                                1999               1998
                                                            ------------        ------------
Cash flows from operating activities:
<S>                                                         <C>                 <C>
   Cash received from tenants ......................        $ 3,997,823         $ 3,876,436
   Cash paid to suppliers ..........................         (1,552,303)         (1,515,748)
   Cash paid to affiliates .........................           (213,130)           (276,800)
   Interest received ...............................             26,304              43,704
   Interest paid ...................................           (958,068)           (977,798)
   Property taxes paid .............................           (224,687)           (231,222)
                                                            -----------         -----------
Net cash provided by operating activities ..........          1,075,939             918,572
                                                            -----------         -----------

Cash used in investing activities:
   Additions to real estate investments and
     asset held for sale ...........................           (194,730)           (125,513)
                                                            -----------         -----------

Cash flows from financing activities:
   Principal payments on mortgage notes
     payable .......................................           (251,756)           (232,025)
   Management Incentive Distribution ...............            (42,350)                 --
   Distributions to limited partners ...............           (399,876)           (500,004)
                                                            -----------         -----------
Net cash used in financing activities ..............           (693,982)           (732,029)
                                                            -----------         -----------

Net increase in cash and cash equivalents ..........            187,227              61,030

Cash and cash equivalents at beginning of
   period ..........................................          1,199,360           1,118,379
                                                            -----------         -----------

Cash and cash equivalents at end of period .........        $ 1,386,587         $ 1,179,409
                                                            ===========         ===========
</TABLE>





The  financial  information  included  herein has been  prepared  by  management
without audit by independent public accountants.

                 See accompanying notes to financial statements.
<PAGE>
                        MCNEIL REAL ESTATE FUND XV, LTD.

                            STATEMENTS OF CASH FLOWS
                                   (Unaudited)

               Reconciliation of Net Loss to Net Cash Provided by
                              Operating Activities


<TABLE>
<CAPTION>
                                                                     Six Months Ended
                                                                         June 30,
                                                             ---------------------------------
                                                                 1999                1998
                                                             ------------        -------------
<S>                                                          <C>                 <C>
Net loss ............................................        $  (355,742)        $   (12,453)
                                                             -----------         -----------

Adjustments to reconcile net loss to net cash
   provided by operating activities:
   Depreciation .....................................            963,613             948,474
   Amortization of discounts on mortgage
     notes payable ..................................             30,558              54,143
   Amortization of deferred borrowing costs .........             51,559              28,280
   Changes in assets and liabilities:
     Cash segregated for security deposits ..........             46,679             (26,218)
     Accounts receivable ............................            (12,007)            (48,458)
     Prepaid expenses and other assets ..............            (11,294)              4,369
     Escrow deposits ................................            (14,994)            (44,252)
     Accrued expenses ...............................            202,095             (28,623)
     Accrued property taxes .........................             58,658              55,205
     Accrued interest ...............................             (1,718)             (1,583)
     Payable to affiliates - General Partner ........             81,847              19,433
     Security deposits and deferred rental
       revenue ......................................             36,685             (29,745)
                                                             -----------         -----------

       Total adjustments ............................          1,431,681             931,025
                                                             -----------         -----------

Net cash provided by operating activities ...........        $ 1,075,939         $   918,572
                                                             ===========         ===========
</TABLE>




The  financial  information  included  herein has been  prepared  by  management
without audit by independent public accountants.

                 See accompanying notes to financial statements.

<PAGE>
                        McNEIL REAL ESTATE FUND XV, LTD.

                          Notes to Financial Statements
                                   (Unaudited)

                                  June 30, 1999

NOTE 1.
-------

McNeil Real Estate Fund XV, Ltd. (the "Partnership") was organized June 26, 1984
as a limited  partnership  organized  under  the  provisions  of the  California
Uniform  Limited  Partnership  Act. The general  partner of the  Partnership  is
McNeil Partners,  L.P. (the "General Partner"),  a Delaware limited partnership,
an affiliate of Robert A. McNeil.  The Partnership is governed by an amended and
restated  limited  partnership  agreement,  dated October 11, 1991 (the "Amended
Partnership Agreement"). The principal place of business for the Partnership and
the General Partner is 13760 Noel Road, Suite 600, LB70, Dallas, Texas 75240.

In the opinion of management,  the financial  statements reflect all adjustments
necessary for a fair  presentation of the Partnership's  financial  position and
results  of  operations.  All  adjustments  were of a normal  recurring  nature.
However,  the results of  operations  for the six months ended June 30, 1999 are
not  necessarily  indicative  of the results to be expected  for the year ending
December 31, 1999.

NOTE 2.
-------

The  financial  statements  should  be read in  conjunction  with the  financial
statements  contained in the  Partnership's  Annual  Report on Form 10-K for the
year  ended  December  31,  1998,  and the  notes  thereto,  as  filed  with the
Securities and Exchange  Commission,  which is available upon request by writing
to McNeil Real Estate Fund XV, Ltd.,  c/o McNeil Real Estate  Management,  Inc.,
Investor Services, 13760 Noel Road, Suite 600, LB70, Dallas, Texas 75240.

NOTE 3.
-------

The  Partnership  pays  property  management  fees  equal to 5% of gross  rental
receipts of the Partnership's properties to McNeil Real Estate Management,  Inc.
("McREMI"),  an  affiliate  of  the  General  Partner,  for  providing  property
management services and leasing services.

The  Partnership  reimburses  McREMI  for  its  costs,  including  overhead,  of
administering the Partnership's affairs.

Under terms of the Amended  Partnership  Agreement,  the Partnership is paying a
Management  Incentive  Distribution  ("MID") to the General Partner. The maximum
MID is calculated as 1% of the tangible asset value of the Partnership. Tangible
asset value is  determined  by using the greater of (i) an amount  calculated by
applying a  capitalization  rate of 9% to the annualized net operating income of
each  property  or (ii) a value of $10,000 per  apartment  unit to arrive at the
property  tangible asset value. The property  tangible asset value is then added
to the book value of all other assets  excluding  intangible  items. The maximum
MID percentage decreases to .75% in 2000, .50% in 2001 and .25% thereafter.



<PAGE>
MID will be paid to the extent of the lesser of the  Partnership's  excess  cash
flow, as defined,  or net operating income,  as defined,  and may be paid (i) in
cash,  unless there is insufficient  cash to pay the distribution in which event
any unpaid  portion not taken in limited  partnership  units  ("Units")  will be
deferred and is payable,  without interest, from the first available cash and/or
(ii) in Units.  A maximum of 50% of the MID may be paid in Units.  The number of
Units  issued in payment  of the MID is based on the  greater of $50 per Unit or
the net tangible asset value, as defined, per Unit.

Any  amount  of the MID that is paid to the  General  Partner  in Units  will be
treated as if cash is distributed to the General Partner and is then contributed
to the Partnership by the General Partner. The MID represents a return of equity
to the General Partner for increasing cash flow, as defined,  and accordingly is
treated as a distribution.

Compensation,  reimbursements  and  distributions  paid  to or  accrued  for the
benefit of the General Partner and its affiliates are as follows:

                                                           Six Months Ended
                                                               June 30,
                                                       -----------------------
                                                         1999          1998
                                                       ---------     ---------

Property management fees - affiliates..........        $ 199,124     $ 199,520
Charged to general and administrative -
   affiliates:
   Partnership administration..................           95,853        96,713
                                                       ---------     ---------
                                                       $ 294,977     $ 296,233
                                                       =========     =========

Charged to General Partner's deficit:
   MID.........................................        $ 239,668     $ 259,265
                                                       =========     =========

NOTE 4.
-------

On June 24, 1999, the Partnership and 18 affiliated partnerships,  collectively,
(the  "Partnerships"),the  General Partner, McNeil Investors,  Inc., McNeil Real
Estate Management, Inc. ("McREMI"), McNeil Summerhill, Inc. and Robert A. McNeil
entered into a definitive  acquisition  agreement (the "Master  Agreement") with
WXI/McN Realty L.L.C.  ("Newco"),  an affiliate of Whitehall  Street Real Estate
Limited Partnership XI, a real estate investment fund managed by Goldman,  Sachs
& Co., whereby Newco and its  subsidiaries  will acquire the  Partnerships.  The
Master Agreement provides that the Partnerships will be merged with subsidiaries
of Newco.  The Master  Agreement also provides for the  acquisition by Newco and
its  subsidiaries of the assets of McREMI.  The aggregate  consideration  in the
transaction,  including the assumption or prepayment of all outstanding mortgage
debt of the Partnerships, is approximately $644,440,000.

Pursuant  to the terms of the Master  Agreement,  the  limited  partners  in the
Partnership  will  receive  cash on the  closing  date of the  transaction  (the
"Closing  Date")  in  exchange  for  their  limited  partnership  interests.  In
addition,  the  Partnership  will declare a special  distribution to its limited
partners  on the Closing  Date equal to its then  positive  net working  capital
balance, if any. The estimated  aggregate  consideration and net working capital
distribution  to be  received  per unit of limited  partnership  interest in the
Partnership is currently estimated as $160.
<PAGE>
On the Closing Date,  the General  Partner of the  Partnership,  will receive an
equity  interest  in  Newco in  exchange  for its  contribution  to Newco of the
general  partnership  interests  in the  Partnerships,  the limited  partnership
interests in Fairfax Associates II L.P. and McNeil Summerhill Associates and the
assets of McREMI.

The  Partnership's  participation  in the transaction is subject to, among other
conditions,  the  approval  by  a  majority  of  the  limited  partners  of  the
Partnership.

In some circumstances,  as defined in the Master Agreement, the Partnerships may
be subject to a break-up fee, up to an aggregate maximum of $18,000,000,  if the
Master Agreement is terminated with respect to one or more of the  Partnerships.
In the case of termination of the Master Agreement in these circumstances,  each
of the  Partnerships  with  respect  to  which  the  Master  Agreement  has been
terminated  will be severally,  but not jointly,  liable for payment to Newco of
its  respective  break-up  fee.  The  break-up  fee ratably  calculated  for the
Partnership is $1,202,148.

All previous costs associated with this transaction had been allocated among the
Partnerships  and McREMI based on the relative  number of  properties  contained
therein.  On June 24, 1999,  a fairness  opinion (the  "Fairness  Opinion")  was
rendered by Robert A. Stanger & Co., Inc., an independent  financial advisor, to
the  effect  that  the  aggregate  consideration  to be  paid  for  the  general
partnership   interests  and  limited  partnership   interests  in  all  of  the
Partnerships  and the assets of McREMI is fair from a financial point of view to
the holders of each class of limited  partnership.  Based on the relative values
as set forth in the Fairness Opinion,  the Partnership recorded an adjustment to
general  and  administrative  expenses  and accrued  expenses  during the second
quarter  of 1999 in the  amount of  $115,756  to  reflect  the  reallocation  of
previously paid transaction costs among the Partnerships and McREMI.

ITEM 2.  MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
-------  ---------------------------------------------------------------
         RESULTS OF OPERATIONS
         ---------------------

FINANCIAL CONDITION
-------------------

The Partnership is engaged in real estate  activities,  including the ownership,
operation and management of residential and other real estate related assets. At
June 30, 1999, the  Partnership  owned four apartment  properties.  Three of the
Partnership's four properties are subject to mortgage notes.

RECENT DEVELOPMENTS
-------------------

On June 24, 1999, McNeil Partners, L.P. (the General Partner of the Partnership)
and WXI/McN Realty L.L.C.,  an affiliate of Whitehall Street Real Estate Limited
Partnership XI ("Whitehall"),  a real estate investment fund managed by Goldman,
Sachs & Co.,  announced  that they have entered  into a  definitive  acquisition
agreement  whereby the Whitehall  affiliate will acquire by merger nineteen real
estate  limited  partnerships  operated by McNeil  Partners,  L.P. and Robert A.
McNeil.  The limited  partnerships  involved are the Partnership and McNeil Real
Estate Funds IX, X, XI, XII,  XIV, XX, XXI,  XXII,  XXIII,  XXIV,  XXV, XXVI and
XXVII,  Hearth Hollow  Associates,  McNeil Midwest  Properties I, L.P.,  Regency
North Associates,  Fairfax Associates and McNeil Summerhill  (collectively,  the

<PAGE>
"Partnerships").  The  Partnerships  (other than Fairfax  Associates  and McNeil
Summerhill  which are wholly-owned by Robert A. McNeil and related parties) will
be merged with  subsidiaries of WXI/McN Realty L.L.C. The acquisition  agreement
also provides for the  acquisition  by WXI/McN  Realty  L.L.C.  of the assets of
McNeil Real Estate Management,  Inc. ("McREMI").  The aggregate consideration in
the transaction, including all outstanding mortgage debt of the Partnerships, is
approximately $644,440,000.

Pursuant to the terms of the acquisition agreement, the limited partners in each
of the  Partnerships  (other than those  wholly-owned  by Robert A. McNeil) will
receive  cash on the  closing  date of the  transaction  in  exchange  for their
limited partnership interests. In addition, each Partnership will make a special
distribution  to its limited  partners on the  closing  date of the  transaction
equal to its then net positive  working capital balance.  McNeil Partners,  L.P.
will receive an equity  interest in WXI/McN  Realty  L.L.C.  in exchange for its
contribution  of its general  partnership  interests  in the  Partnerships,  the
limited partnership interests in its wholly-owned Partnerships and the assets of
McREMI.

The proposed  transaction  follows an extensive  marketing effort by PaineWebber
Incorporated, exclusive financial advisor to the Partnerships.

The  transaction  has been  unanimously  approved by the Board of  Directors  of
McNeil  Investors,  Inc.,  the general  partner of McNeil  Partners,  L.P.,  the
general partner of each of the Partnerships other than Regency North Associates,
Fairfax  Associates and McNeil  Summerhill.  The respective  general partners of
Regency North  Associates,  Fairfax  Associates and McNeil  Summerhill also have
approved the  transaction.  The Board of Directors of McNeil Investors based its
approval upon, among other things,  the recommendation of a Special Committee of
the Board,  appointed at the  beginning  of the  discussions  with  Whitehall to
represent the interests of holders of limited  partnership  interests in each of
the Partnerships.  In addition,  the Special Committee and the Board relied upon
fairness  opinions given by Robert A. Stanger & Co., Inc.  ("Stanger & Co."), an
independent  financial  advisor  to the  Partnerships,  to the  effect  that the
aggregate  consideration  is  fair  to the  holders  of each  class  of  limited
partnership  interests  in each of the  Partnerships.  The  Special  Committee's
recommendation  was also  based upon the  separate  opinions  of Eastdil  Realty
Company ("Eastdil"), the independent financial advisor to the Special Committee.
Stanger & Co. and Eastdil have each also  rendered an opinion that the aggregate
consideration  to be paid for the  general  partnership  interests  and  limited
partnership  interests  in all of the  Partnerships  and the assets of McREMI is
fair from a  financial  point of view to the  holders  of each  class of limited
partnership interests in each of the Partnerships.

Each of the Partnerships'  participation in the transaction is subject to, among
other  conditions,  the  approval by a majority  of the limited  partners of the
respective   Partnerships.   The  approval  of  the  limited   partners  of  the
Partnerships  will be sought at meetings to be held in the coming  months  after
the filing of proxy statements with the Securities and Exchange  Commission with
respect to the publicly traded Partnerships, and the subsequent mailing of proxy
statements to the limited partners. Preliminary proxy statements were filed with
the SEC on August 3, 1999.







<PAGE>
The aggregate  consideration in the transaction has been allocated preliminarily
among the general partnership interests and the limited partnership interests in
each of the Partnerships and McREMI,  based upon an allocation analysis prepared
by Stanger & Co. and confirmed by Eastdil.  Based upon this allocation  analysis
and the fairness  opinions  rendered by Stanger & Co. and  Eastdil,  the Special
Committee,  the Board of Directors of McNeil  Investors,  Inc.,  the  respective
general  partners of Regency North  Associates,  Fairfax  Associates  and McNeil
Summerhill  have each  unanimously  approved  the  allocation  of the  aggregate
consideration.   The  estimated  aggregate  consideration  and  working  capital
distribution  to be  received  per unit of limited  partnership  interest of the
Partnership is currently estimated as $160.

McNeil Partners,  L.P. will contribute its real estate investment and management
company  business to a  subsidiary  of WXI/McN  Realty,  L.L.C.,  along with its
general  partnership  interests in the Partnerships and its limited  partnership
interests in the wholly-owned Partnerships, having an aggregate allocated value,
as  determined  by  Stanger  &  Co.,  of  approximately  $58,640,000,  of  which
approximately  $29,400,000  reflects  balances due to McNeil Partners,  L.P. and
McREMI as reflected on the  Partnerships'  financial  statements as of March 31,
1999.

The above estimates of the Partnership per unit estimated  merger  consideration
and working capital  distribution and the interest of McNeil Partners,  L.P. are
based upon, among other things, the balance sheet of the Partnership as of March
31, 1999,  adjusted for intangible  assets,  non-cash  liabilities,  transaction
expenses  and the McNeil  Partners,  L.P.  interest in the  Partnership.  Actual
amounts,  including the estimate  allocable to McNeil Partners,  L.P., will vary
with the performance of the Partnership and McNeil  Partners,  L.P.  through the
closing date.  The above  estimated  merger  consideration  and special  working
capital  distribution  will be adjusted  at closing to reflect the then  working
capital position of the Partnership.

Whitehall is a $2.26 billion equity fund and is the seventh in a series of funds
sponsored and capitalized by Goldman, Sachs & Co. and its affiliates, along with
public and private investors, to acquire real estate worldwide.

RESULTS OF OPERATIONS
---------------------

Revenue:

Partnership  revenues  decreased  by $61,985 or 2% for the six months ended June
30, 1999 and  increased  $38,832 or 2% for the three months ended June 30, 1999,
as compared to the same periods last year.  Rental revenue  decreased by $44,585
or 1% and interest  income  decreased by $17,400 or 40% for the six months ended
June 30, 1999 as compared to the same period last year.

Rental  revenues  decreased  $44,585  for the six months  ended June 30, 1999 as
compared to the same period last year.  The  decrease in rental  revenues can be
attributed  to  Mountain  Shadows,  which is located  in a market  that has been
affected by the over building of the apartment market.

Expenses:

Partnership  expenses  increased by $281,304 or 7% for the six months ended June
30, 1999 as compared to the same period in 1998.



<PAGE>
Repair and maintenance  expense increased for the six months ended June 30, 1999
by $92,014 or 23% as compared to the same period in 1998. The increase is due to
increases in grounds  maintenance,  make-ready,  painting and supplies and floor
covering.  Most of these increased costs incurred at Mountain  Shadows where the
increased  vacancy rate is forcing the  Partnership to spend more to bring units
to a market ready condition.

General and administrative expenses increased $143,716 or 64% for the six months
ended June 30, 1999 as compared  to the same period last year.  The  increase is
mainly due to increased  costs incurred to explore  alternatives to maximize the
value  of the  Partnership  (see  Recent  Developments)  and  due to a  $115,756
reallocation of previously paid  transaction  costs among the  Partnerships  and
McREMI in the second quarter of 1999 (see Note 4).

LIQUIDITY AND CAPITAL RESOURCES
-------------------------------

The  Partnership's  primary  source of cash flows is from  operating  activities
which  generated  $1,075,939 of cash in the first six months of 1999 as compared
to  $918,572  for the same  period in 1998.  The  increase  in cash  provided by
operating  activities  of $157,367  was mainly the result of an decrease in cash
paid to affiliates and an increase in cash received from tenants.

The Partnership  expended $194,730 and $125,513 for capital  improvements to its
properties in the first six months of 1999 and 1998, respectively.

Total  principal  payments on mortgage  notes  payable were $251,756 for the six
months  ended June 30, 1999 as compared to $232,025 for the same period of 1998.
The Partnership  distributed $399,876 to the limited partners during 1999, while
$500,004 was paid during 1998.  The  Partnership  also paid MID in the amount of
$42,350 during the six months ended June 30, 1999.

Short-term liquidity:

At June 30, 1999, the Partnership  held cash and cash equivalents of $1,386,587,
an increase of $187,227  from the balance at December  31,  1998.  This  balance
provides  a  comfortable   level  of  working  capital  for  the   Partnership's
operations.

During 1999, operations of the Partnership's  properties are expected to provide
positive cash flow from operations.  Management will perform routine repairs and
maintenance on the properties to preserve and enhance their value in the market.
In 1999, the Partnership has budgeted to spend approximately $408,000 on capital
improvements, which are expected to be funded from operations of the properties.

Long-term liquidity:

For the long-term,  property operations will remain the primary source of funds.
While the present outlook for the Partnership's  liquidity is favorable,  market
conditions may change and property  operations can  deteriorate.  In that event,
the Partnership  would require other sources of working  capital.  No such other
sources have been  identified,  and the Partnership has no established  lines of
credit.  Other possible actions to resolve working capital  deficiencies include
refinancing or  renegotiating  terms of existing loans,  deferring major capital
expenditures on Partnership properties except where improvements are expected to
enhance the  competitiveness  or marketability  of the properties,  or arranging
working capital support from affiliates. All or a combination of these steps may
be  inadequate  or  unfeasible  in  resolving  such  potential  working  capital
deficiencies.  No affiliate  support has been required in the past, and there is
no assurance  that support  would be provided in the future,  since  neither the
General  Partner nor any  affiliates  have any  obligation  in this regard.  See
"Recent Developments" above.


<PAGE>
The Partnership  placed Cedar Run Apartments on the market for sale on August 1,
1997.

Income allocations and distributions:

Terms of the Amended  Partnership  Agreement  specify that income  (loss) before
depreciation  is allocated  to the General  Partner to the extent of MID paid in
cash. Depreciation is allocated in the ratio of 99:1 to the limited partners and
the General Partner, respectively.  Therefore, for the six months ended June 30,
1999 and 1998,  $32,714 and $(125),  respectively,  was allocated to the General
Partner.  The limited partners received  allocations of $(388,456) and $(12,328)
for the six months ended June 30, 1999 and 1998, respectively.

During 1999, the limited partners received a cash distribution of $399,876.  The
distribution consisted of funds from operations.  A distribution of $239,668 for
the MID was accrued by the  Partnership  for the six months  ended June 30, 1999
for the General Partner.

Forward-Looking Information:

Within this document,  certain  statements are made as to the expected occupancy
trends,  financial  condition,  results  of  operations,  and cash  flows of the
Partnership  for  periods  after  June 30,  1999.  All of these  statements  are
forward-looking  statements  made pursuant to the safe harbor  provisions of the
Private  Securities  Litigation  Reform Act of 1995.  These  statements  are not
historical  and  involve  risks  and  uncertainties.  The  Partnership's  actual
occupancy trends, financial condition, results of operations, and cash flows for
future  periods may differ  materially  due to several  factors.  These  factors
include,  but are not limited to, the  Partnership's  ability to control  costs,
make necessary  capital  improvements,  negotiate  sales or  refinancings of its
properties, and respond to changing economic and competitive factors.

YEAR 2000 DISCLOSURE
--------------------

State of readiness
------------------

The year 2000 problem is the result of computer programs being written using two
digits rather than four to define the  applicable  year.  Any programs that have
time-sensitive  software may recognize a date using "00" as the year 1900 rather
than  the  year  2000.   This  could   result  in  major   systems   failure  or
miscalculations.

Management has assessed its  information  technology  ("IT")  infrastructure  to
identify  any systems  that could be affected by the year 2000  problem.  The IT
used by the  Partnership  for  financial  reporting and  significant  accounting
functions was made year 2000 compliant  during recent systems  conversions.  The
software  utilized for these  functions  is licensed by third party  vendors who
have warranted that their systems are year 2000 compliant.








<PAGE>
Management  is  in  the  process  of  evaluating  the  mechanical  and  embedded
technological systems at the various properties.  Management has inventoried all
such systems and queried suppliers,  vendors and manufacturers to determine year
2000  compliance.  Based on this review,  management  believes these systems are
substantially compliant. In circumstances of non-compliance management will work
with the vendor to remedy the problem or seek alternative  suppliers who will be
in compliance.  Management believes that the remediation of any outstanding year
2000  conversion  issues  will not have a  material  or  adverse  effect  on the
Partnership's operations.  However, no estimates can be made as to the potential
adverse impact  resulting from the failure of third party service  providers and
vendors to be year 2000 compliant.

Cost
----

The cost of IT and  embedded  technology  systems  testing  and  upgrades is not
expected to be material to the Partnership. Because all the IT systems have been
upgraded  over the last three years,  all such systems were  compliant,  or made
compliant at no additional cost by third party vendors.  Management  anticipates
the costs of assessing,  testing, and if necessary replacing embedded technology
components will be less than $50,000.  Such costs will be funded from operations
of the Partnership.

Risks
-----

Ultimately,  the potential impact of the year 2000 issue will depend not only on
the corrective measures the Partnership undertakes, but also on the way in which
the year 2000 issue is  addressed  by  government  agencies  and  entities  that
provide services or supplies to the  Partnership.  Management has not determined
the most likely worst case scenario to the  Partnership.  As management  studies
the findings of its property  systems  assessment and testing,  management  will
develop  a better  understanding  of what  would  be the  worst  case  scenario.
Management  believes  that  progress  on all  areas is  proceeding  and that the
Partnership  will  experience  no  adverse  effect  as a result of the year 2000
issue. However, there is no assurance that this will be the case.

Contingency plans
-----------------

Management  is  developing  contingency  plans to  address  potential  year 2000
non-compliance of IT and embedded technology  systems.  Management believes that
failure of any IT system could have an adverse  impact on  operations.  However,
management  believes  that  alternative  systems  are  available  that  could be
utilized to minimize  such impact.  Management  believes that any failure in the
embedded  technology  systems  could have an adverse  impact on that  property's
performance. Management has assessed these risks and expects to have contingency
plans in place by December 31, 1999 for any material potential failures.






<PAGE>
                           PART II. OTHER INFORMATION

ITEM 1.  LEGAL PROCEEDINGS
-------  -----------------

1)   James F. Schofield, Gerald C. Gillett, Donna S. Gillett, Jeffrey Homburger,
     Elizabeth Jung,  Robert Lewis,  and Warren Heller et al. v. McNeil Partners
     L.P., McNeil Investors,  Inc., McNeil Real Estate Management,  Inc., Robert
     A. McNeil,  Carole J. McNeil,  McNeil Pacific  Investors  Fund 1972,  Ltd.,
     McNeil Real Estate Fund IX, Ltd.,  McNeil Real Estate Fund X, Ltd.,  McNeil
     Real Estate Fund XI, Ltd.,  McNeil Real Estate Fund XII, Ltd.,  McNeil Real
     Estate Fund XIV, Ltd., McNeil Real Estate Fund XV, Ltd., McNeil Real Estate
     Fund XX, L.P.,  McNeil Real Estate Fund XXI, L.P.,  McNeil Real Estate Fund
     XXII, L.P.,  McNeil Real Estate Fund XXIII,  L.P.,  McNeil Real Estate Fund
     XXIV,  L.P.,  McNeil Real Estate  Fund XXV,  L.P.,  McNeil Real Estate Fund
     XXVI,  L.P.,  and McNeil  Real  Estate  Fund  XXVII,  L.P.,  Hearth  Hollow
     Associates, McNeil Midwest Properties I, L.P. and Regency North Associates,
     L.P.,  - Superior  Court of the State of  California  for the County of Los
     Angeles, Case No. BC133799 (Class and Derivative Action Complaint).

     The action  involves  purported  class and  derivative  actions  brought by
     limited  partners  of each of the limited  partnerships  that were named as
     nominal defendants as listed above (the "Partnerships").  Plaintiffs allege
     that McNeil Investors,  Inc., its affiliate McNeil Real Estate  Management,
     Inc.  ("McREMI")  and  three  of their  senior  officers  and/or  directors
     (collectively,  the  "Defendants")  breached  their  fiduciary  duties  and
     certain  obligations under the respective  Amended  Partnership  Agreement.
     Plaintiffs  allege that Defendants have rendered such Units highly illiquid
     and  artificially  depressed the prices that are available for Units on the
     resale market.  Plaintiffs also allege that Defendants  engaged in a course
     of conduct to prevent  the  acquisition  of Units by an  affiliate  of Carl
     Icahn  by  disseminating   purportedly  false,  misleading  and  inadequate
     information.  Plaintiffs  further allege that  Defendants  acted to advance
     their own  personal  interests at the expense of the  Partnerships'  public
     unit holders by failing to sell Partnership  properties and failing to make
     distributions to unitholders.

     On December 16,  1996,  the  Plaintiffs  filed a  consolidated  and amended
     complaint.  Plaintiffs  are suing for breach of fiduciary  duty,  breach of
     contract  and  an  accounting,  alleging,  among  other  things,  that  the
     management  fees paid to the McNeil  affiliates over the last six years are
     excessive,  that these fees  should be reduced  retroactively  and that the
     respective Amended  Partnership  Agreements  governing the Partnerships are
     invalid.

     Defendants filed a demurrer to the consolidated and amended complaint and a
     motion to strike on February 14, 1997,  seeking to dismiss the consolidated
     and  amended  complaint  in all  respects.  The Court  granted  Defendants'
     demurrer,  dismissing the consolidated and amended  complaint with leave to
     amend. On October 31, 1997, the Plaintiffs filed a second  consolidated and
     amended  complaint.  The case was stayed  pending  settlement  discussions.
     Because the settlement contemplated a transaction which included all of the
     Partnerships  and plaintiffs  claimed that an effort should be made to sell
     all of the  Partnerships,  in or around September 1998,  plaintiffs filed a
     third  consolidated and amended  complaint which included  allegations with
     respect to the  Partnerships  which had not been named in previously  filed
     complaints.


<PAGE>
     On September 15, 1998, the parties signed a Stipulation of Settlement.  For
     purposes of settlement,  the parties stipulated to a class comprised of all
     owners of  limited  partner  units in the  Partnerships  during  the period
     beginning June 21, 1991, the earliest date that proxy materials began to be
     issued in connection with the  restructuring of the  Partnerships,  through
     September 15, 1998. As structured,  the Stipulation of Settlement  provided
     for the payment of over $35 million in distributions  and the commitment to
     market the Partnerships for sale, together with McREMI,  through a fair and
     impartial bidding process overseen by a national  investment  banking firm.
     To ensure the integrity of that  process,  defendants  agreed,  among other
     things, to involve  plaintiffs'  counsel in oversight of that process,  and
     plaintiffs'  counsel  retained  an  independent  advisor to  represent  the
     interests  of  limited  partners  of the  Partnerships  in the  event  of a
     transaction. The transaction described in Item 2 - Recent Developments is a
     result  of  that  process.  The  settlement  was  not  conditioned  on  the
     consummation of this transaction.

     On October 6, 1998, the court gave preliminary  approval to the settlement.
     It granted final  approval to the  settlement on July 8, 1999 and entered a
     Final Order and Judgment dismissing the consolidated action with prejudice.
     As a condition  of final  approval,  the court  requested,  and the parties
     agreed  to, a slight  modification  of the  release in the  Stipulation  of
     Settlement  with respect to future claims.  Plaintiffs'  counsel intends to
     seek an order awarding  attorneys' fees and reimbursing their out-of-pocket
     expenses in an amount which is as yet undetermined. Fees and expenses shall
     be  allocated  amongst the  Partnerships  on a pro rata  basis,  based upon
     tangible  asset  value of each such  partnership,  less total  liabilities,
     calculated in accordance  with the Amended  Partnership  Agreements for the
     quarter most recently ended.

2)   High River Limited Partnership, Unicorn Associates Corporation and Longacre
     Corporation,  et al. v. McNeil Partners,  L.P. ("MPLP"),  McNeil Investors,
     Inc., McNeil Real Estate Management,  Inc. (McREMI"),  Robert A. McNeil and
     Carole J. McNeil,  - Supreme Court of the State of New York,  County of New
     York, - Index No. 99 603526.

     On July 23,  1999,  High  River and two other  affiliates  of Carl C. Icahn
     (Unicorn  Associates  Corporation  and  Longacre   Corporation),   filed  a
     complaint for damages in the Supreme Court of the State of New York, County
     of New York.  Plaintiffs allege that the defendants  improperly  interfered
     with  tender  offers made by High River for  limited  partner  units in the
     Partnership  and other  affiliated  partnerships  in which  MPLP  serves as
     General Partner (the "McNeil Partnerships"), by, among other things, filing
     purportedly  frivolous  litigation  to delay High River's  offers,  issuing
     purportedly  false  and  misleading  statements  opposing  the  offers  and
     purportedly  forcing  High River itself to file  litigation  to enforce its
     rights. High River also alleges that as a result the defendants caused High
     River to incur undue expense and that the defendants  ultimately  prevented
     High River  from  acquiring  a greater  number of  limited  partner  units.
     Plaintiffs also allege that the defendants  improperly  excluded High River
     from  participating  in the  auction  process  for the  sale of the  McNeil
     Partnerships,  and otherwise took steps to prevent its participation in the
     auction.  In  addition,  plaintiffs,  who are limited  partners  in,  among
     others,  McNeil  Funds IX, X, XI, XII,  XIV, XV, XX,  XXIV,  XXV,  XXVI and
     XXVII, have also sued the defendants based on their status as opt-outs from
     the  Schofield  settlement.  Plaintiffs  seek  undisclosed  damages  and an
     accounting.


<PAGE>
     On July 30, 1999,  defendants  filed an answer to the High River Complaint,
     denying  each and every  material  allegation  contained  in the High River
     Complaint and asserting several affirmative defenses.

ITEM 6.  EXHIBITS AND REPORTS ON FORM 8-K
-------  --------------------------------

(a)      Exhibits.

         Exhibit
         Number                     Description
         -------                    -----------

         3.1                        Amended  and  Restated Partnership Agreement
                                    dated October 11, 1991. (1)

         11.                        Statement   regarding   computation  of  net
                                    income per  limited  partnership  unit:  Net
                                    income  per  limited   partnership  unit  is
                                    computed by dividing net income allocated to
                                    the  limited   partners  by  the  number  of
                                    limited  partnership units outstanding.  Per
                                    unit  information has been computed based on
                                    102,796    limited     partnership     units
                                    outstanding in 1999 and 1998, respectively.

         27.                        Financial  Data  Schedule  for  the  quarter
                                    ended June 30, 1999.

         (1)      Incorporated  by reference to the Annual Report of Registrant,
                  on Form 10-K for the period ended  December 31, 1991, as filed
                  on March 30, 1992.

(b)      Reports on Form 8-K. A  Report  on  Form  8-K  dated June 24,  1999 was
         filed on June 29,  1999  regarding  the transaction detailed in Note 4.

<PAGE>
                        McNEIL REAL ESTATE FUND XV, LTD.

                                   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:



                               McNEIL REAL ESTATE FUND XV, Ltd.

                               By:  McNeil Partners, L.P., General Partner

                                    By: McNeil Investors, Inc., General Partner





August 16, 1999                     By: /s/ Ron K. Taylor
---------------                        -----------------------------------------
Date                                    Ron K. Taylor
                                        President and Director of McNeil
                                         Investors, Inc.
                                        (Principal Financial Officer)





August 16, 1999                     By: /s/ Brandon K. Flaming
---------------                        -----------------------------------------
Date                                    Brandon K. Flaming
                                        Vice President of McNeil Investors, Inc.
                                        (Principal Accounting Officer)