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) November 27, 1996



                HUTTON/CONAM REALTY INVESTORS 81
     (Exact name of registrant as specified in its charter)



       California                   0-10223               13-3069026
State or other jurisdiction        Commission            IRS Employer
    of incorporation               File Number         Identification No.



3 World Financial Center, 29th Floor
New York, NY Attn.: Andre Anderson                  10285
Address of principal executive offices            Zip Code



Registrant's telephone number, including area code (212) 526-3237

Item 2. Disposition of Assets:

On  November  27, 1996, Hutton/ConAm Realty Investors  81  (the
"Partnership") closed on the sale of Ridge Park (the "Property").
Ridge Park sold for $3,385,000 to Ridge Park Limited Partnership,
an   Oklahoma  limited  partnership  (the  "Buyer"),   which   is
unaffiliated  with  the  Partnership.   The  selling  price   was
determined  by arm's length negotiations between the  Partnership
and  the  Buyer.  The transaction resulted in a gain on sale  for
Ridge  Park of approximately $1,400,000, which will be  reflected
in the Partnership's consolidated statement of operations for the
period  ending December 31, 1996.  The General Partners  will  be
declaring a special distribution from the sales proceeds.


Item 7. Financial Statements and Exhibits:

          (a)  Financial statement of businesses acquired.

               Not applicable

          (b)  Pro forma financial information.

               The Partnership is currently unable to provide
               complete proforma financial information required
               as a result of the above transaction.  This
               financial information will be included in the
               Partnership's Form 10-K which will be filed as
               soon as practicable.
               
                           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 hereunto duly authorized.


                         HUTTON/CONAM REALTY INVESTORS 81
                         Registrant

                    By:  RI 81 REAL ESTATE SERVICES, INC.
                         General Partner


Date:  December 12, 1996 By:   /s/ Paul L. Abbott
                                   Director, President, Chief Executive
                                   Officer and Chief Financial Officer