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




                                    FORM 8-K


                                 CURRENT REPORT


                     Pursuant to Section 13 or 15(d) of the
                         Securities Exchange Act of 1934

      Date of Report (Date of earliest event reported) December 1, 2005

                       MULTI-BENEFIT REALTY FUND '87-1
            (Exact name of Registrant as specified in its charter)


            California                0-16684                94-3026785
      (State or other jurisdiction  (Commission            (I.R.S. Employer
         of incorporation)          File Number)        Identification Number)

                                55 Beattie Place
                              Post Office Box 1089
                        Greenville, South Carolina 29602
                    (Address of principal executive offices)


                                 (864) 239-1000
                           (Issuer's telephone number)

Check  the  appropriate  box  below  if the  Form  8-K  filing  is  intended  to
simultaneously satisfy the filing obligations of the registrant under any of the
following provisions:

[ ]   Written  communications  pursuant to Rule 425 under the  Securities  Act
      (17 CFR 230.425)

[ ]   Soliciting  material  pursuant to Rule 14a-12 under the Exchange Act (17
      CFR 240.14a-12)

[ ]   Pre-commencement  communications  pursuant  to Rule  14d-2(b)  under the
      Exchange Act (17 CFR 240.14d-2(b))

[ ]   Pre-commencement  communications  pursuant  to Rule  13e-4(c)  under the
      Exchange Act (17 CFR 240.13e-4(c))









Item 2.01   Completion of Acquisition or Disposition of Assets.

Multi-Benefit  Realty  Fund  '87-1  (the  "Registrant"),  a  California  limited
partnership,   owns  a  99%  interest  in  Hunt  Club  Associates,   Ltd.,  (the
"Partnership")  its  sole  remaining  investment.   On  December  1,  2005,  the
Partnership sold its sole investment property, Hunt Club Apartments,  a 200-unit
apartment  complex  located in  Indianapolis,  Indiana  ("Hunt Club") to a third
party,  Prime Quest  Management,  LLC (the  "Purchaser"),  an  Illinois  limited
liability company.  In addition to Hunt Club, the Purchaser purchased four other
apartment  complexes,  each of which was owned in whole or in part by affiliates
of AIMCO  Properties,  L.P.,  an  affiliate  of both the general  partner of the
Partnership and the Registrant. The total sales price for Hunt Club and the four
other properties was approximately $38,501,000 of which approximately $4,552,000
was  allocated  to Hunt  Club.  The  Purchaser  also  purchased  two  additional
apartment  complexes  from  affiliates  of the general  partner  pursuant to two
separate purchase and sale agreements.







                                    SIGNATURE


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 hereunto duly authorized.



                                MULTI-BENEFIT REALTY FUND '87-1


                                By: ConCap Equities, Inc.
                                    General Partner


                                By: /s/Martha L. Long
                                    Martha L. Long
                                    Senior Vice President


                             Date: December 7, 2005