FOR IMMMEDIATE RELEASE                            Contact:  Susan D. Miller
                                                       (212) 640-4953



                       BALCOR RECEIVES NOTICE OF OFFERS

                             FOR PARTNERSHIP UNITS


Bannockburn, Ill. - November 16, 1995 - The Balcor Company, in its capacity as
a partner of the general partners of Balcor Realty Investors Ltd.-82; Balcor
Realty Investors-83; Balcor Realty Investors-84; Balcor Realty Investors
85-Series I, A Real Estate Limited Partnership; Balcor Realty Investors
85-Series III, A Real Estate Limited Partnership; Balcor Realty Investors
86-Series I, A Real Estate Limited Partnership; Balcor Equity Properties
Ltd.-VIII; and Balcor Equity Properties-XII; and in its capacity as the
controlling shareholder of the general partner of IDS/Balcor Income Partners, A
Real Estate Limited Partnership; announced today that it has received notice of
offers from Walton Street Capital Acquisition Co., L.L.C. to acquire up to 45
percent of the outstanding units of each of these limited partnerships.

Each of the general partners of these partnerships is considering the offers
and expects to respond to its limited partners on or before November 30, 1995.

The Balcor Company is a wholly owned subsidiary of American Express Company.