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, 1997
                                
                                
                         CONAM REALTY INVESTORS 4 L.P.
                               formerly known as
                        HUTTON/CONAM REALTY INVESTORS 4
             (Exact name of registrant as specified in its charter)
                                


     California                    0-13329                  11-2685746
State or other jurisdiction       Commission               IRS Employer
of incorporation                  File Number            Identification No.



1764 San Diego Avenue
San Diego, CA  92110 Attn.: Robert J. Svatos                92110-1906
Address of principal executive offices                       Zip Code



Registrant's telephone number, including area code (619) 297-6771







Item 4.  Changes in Registrant's Certifying Accountants

Effective December 1, 1997, the Registrant advised Coopers &
Lybrand that it was changing accounting firms and engaged KPMG
Peat Marwick.

Coopers and Lybrand report on the financial statements for the
years ended December 31, 1995 and December 31, 1996 contained no
adverse opinion or disclaimer of opinion and was not qualified as
to uncertainty, audit scope or accounting principles.  There have
been no disagreements with Coopers and Lybrand on any matters of
accounting principles or practices, financial statement
disclosure, or auditing scope procedure.

The Registrant has requested Coopers & Lybrand to provide a
letter addressed to the Commission stating whether it agrees with
the information disclosed above.  Such letter will be filed
subsequently by amendment pursuant to paragraph (a)(3) of Item
304 in Regulation S-K.

The decision to change accountants was approved by ConAm Property
Services IV, Ltd, the General Partner of the Registrant.







                           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.


                         CONAM PROPERTY SERVICES IV, LTD
                         General Partner of ConAm Realty
                         Investors 4 L.P.

                         BY:  CONTINENTAL AMERICAN DEVELOPMENT, INC.
                              General Partner


Date:  December 15, 1997      BY:  /s/Daniel J. Epstein
                              Director, President, and Principal
                              Executive Officer


Date:  December 15, 1997      BY:  /s/Robert J. Svatos
                              Chief Financial Officer