FIRST AMENDMENT TO AGREEMENT OF SALE AND ESCROW AGREEMENT

     THIS FIRST AMENDMENT TO AGREEMENT OF SALE AND ESCROW AGREEMENT (this
"Amendment") is made and entered into as of this 31st day of May, 1996, by and
between BALCOR REALTY INVESTORS 86-SERIES I A REAL ESTATE LIMITED PARTNERSHIP,
an Illinois limited partnership ("Seller"), SECURITY CAPITAL PACIFIC TRUST, a
Maryland real estate investment trust ("Purchaser"), and CHARTER TITLE
INSURANCE COMPANY ("Escrow Agent").

                                   RECITALS:

     A.   Seller and Purchaser are parties to that certain Agreement of Sale,
dated May 6, 1996 ("Agreement"), pursuant to which Purchaser has agreed to
purchase and Seller has agreed to sell certain Property (as defined in the
Agreement) legally described and depicted on Exhibit A attached to the
Agreement.

     B.   Seller, Purchaser and Escrow Agent are parties to that certain Escrow
Agreement, dated May 6, 1996 ("Escrow Agreement"), pursuant to which Purchaser
has deposited funds in escrow to be held by Escrow Agent in accordance with the
terms of the Escrow Agreement.

     C.   Seller and Purchaser desire to amend the Agreement and the Escrow
Agreement in accordance with the terms of this Amendment.

                                   AGREEMENT

     NOW, THEREFORE, in consideration of the mutual covenants and agreements
hereinafter set forth and other good and valuable consideration, the receipt
and sufficiency of which is hereby acknowledged, the parties hereby agree as
follows:

1.   All terms not otherwise defined herein shall have the meanings ascribed to
each in the Agreement.

2.   The reference to the date "May 31, 1996" in the first line of Paragraph
7.1 of the Agreement is hereby deleted and the date "June 12, 1996" is
substituted in lieu thereof.

3.   The reference to the date "June 17, 1996" in the first line of Paragraph 8
of the Agreement is hereby deleted and the date "June 19, 1996" is substituted
in lieu thereof.

4.   The reference to the phrase "for a period of thirty (30) days each" in the
first sentence of Paragraph 8 of the Agreement is hereby deleted and the phrase
"for a period of twenty-eight (28) days and thirty (30) days, respectively," is
substituted in lieu thereof.

5.   Each reference to the date "May 31" in the Escrow Agreement is hereby
deleted and the date "June 12" is substituted in lieu thereof.

6.   Each reference to the date "June 10" in the Escrow Agreement is hereby
deleted and the date "June 12" is substituted in lieu thereof.

7.   The reference to the date "June 17, 1996" in the first line of Paragraph 3
of the Escrow Agreement is hereby deleted and the date "June 19, 1996" is
substituted in lieu thereof.

8.   Except as amended hereby, the Agreement shall be and remain unchanged and
in full force and effect in accordance with its terms.

9.   This Amendment may be executed in counterparts each of which shall be
deemed an original, but all of which, when taken together shall constitute one
and the same instrument.

                          [EXECUTION PAGE TO FOLLOW]

     IN WITNESS WHEREOF, the parties have executed this Amendment as of the
date first set forth above.


                         PURCHASER:

                         SECURITY CAPITAL PACIFIC TRUST, a Maryland real 
                         estate investment trust

                         By:  /s/ Anthony R. Arnest
                              -----------------------------------
                         Name:    Anthony R. Arnest 
                              -----------------------------------
                         Its:     Vice President
                              -----------------------------------


                         SELLER:

                         BALCOR REALTY INVESTORS 86-SERIES I A REAL ESTATE
                         LIMITED PARTNERSHIP, an Illinois limited partnership

                         By:  Balcor Partners-XIX, an Illinois general
                              partnership, its general partner

                              By:  The Balcor Company, a Delaware corporation,
                                   a general partner

                                   By:  /s/ Phillip Schechter
                                        ----------------------------------
                                   Name:    Phillip Schechter
                                        ----------------------------------
                                   Its:     Authorized Agent
                                        ----------------------------------


                         ESCROW AGENT:

                         CHARTER TITLE INSURANCE COMPANY

                         By: ___________________________
                         Name: _________________________
                         Its: __________________________