HUTTON CONAM REALTY PENSION INVESTORS
8-K, 1997-03-25
REAL ESTATE
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               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) March 17, 1997
                                

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

      New York                      0-13330               11-2673854
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 5. Other Events

The Partnership had signed a contract, dated January 24, 1997, to
sell Chaparosa Apartments.  On March 17, 1997, the prospective
buyer executed its right to terminate the purchase agreement
during the due diligence period.  The General Partners have since
resumed marketing Chaparosa Apartments for sale.

                           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 PENSION INVESTORS

                    By:  RPI REAL ESTATE SERVICES, INC.
                         General Partner


Date:  March 25, 1997              By: /s/ Paul L. Abbott
                                           Director, President,
                                           Chief Executive Officer
                                           and Chief Financial Officer



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