UNITED STATES
                       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) May 25, 2005

                       MULTI-BEBEFIT REALTY FUND '87-1
            (Exact name of Registrant as specified in its charter)


            California                0-16684                 94-3026785
      (State or other jurisdiction  (Commission            (I.R.S. Employer
           of incorporation)        File Number)        Identification Number)

                                55 Beattie Place
                              Post Office Box 1089
                        Greenville, South Carolina 29602
                    (Address of principal executive offices)


                                 (864) 239-1000
                           (Issuer's telephone number)

Check  the  appropriate  box  below  if the  Form  8-K  filing  is  intended  to
simultaneously satisfy the filing obligations of the registrant under any of the
following provisions:

[ ]   Written  communications  pursuant to Rule 425 under the  Securities  Act
      (17 CFR 230.425)

[ ]   Soliciting  material  pursuant to Rule 14a-12 under the Exchange Act (17
      CFR 240.14a-12)

[ ]   Pre-commencement  communications  pursuant  to Rule  14d-2(b)  under the
      Exchange Act (17 CFR 240.14d-2(b))

[ ]   Pre-commencement  communications  pursuant  to Rule  13e-4(c)  under the
      Exchange Act (17 CFR 240.13e-4(c))









Item 5.02   Departures  of  Directors  or  Principal  Officers;   Election  of
            Directors; Appointment of Principal Officers.

(b)-(c) On May 27, 2005,  Apartment  Investment and Management Company ("Aimco")
announced  that  Paul J.  McAuliffe,  49,  has  elected  to step  down as  chief
financial  officer in first quarter 2006 to assume a senior  advisory role as an
executive vice president supporting Aimco in various capital markets activities.
At the same time, Mr. McAuliffe will step down as the chief financial officer of
the Partnership's  general partner (the "General Partner").  Mr. McAuliffe plans
to return  with his family to his native New Jersey.  Since  October  1999,  Mr.
McAuliffe has served as the chief financial  officer of Aimco.  Aimco will begin
an orderly  transition with Thomas M. Herzog, 42, currently the chief accounting
officer of Aimco and the  General  Partner  succeeding  Mr.  McAuliffe  as chief
financial  officer.  Since  January  2004,  Mr. Herzog has served as senior vice
president  and  chief  accounting  officer  of Aimco  and the  General  Partner.
Effective  July 1, 2005,  Mr. Herzog will become  executive  vice  president and
chief  accounting  officer of Aimco and the General  Partner and will assume the
chief financial  officer title when Mr. McAuliffe  assumes his new role in early
2006. Prior to joining Aimco and the General Partner,  Mr. Herzog was at GE Real
Estate,  serving as chief  accounting  officer and global  controller from April
2002 to January  2004 and as chief  technical  advisor  from March 2000 to April
2002.  Prior to joining GE Real Estate,  Mr. Herzog was at Deloitte & Touche LLP
from 1990 to 2000.  The successor to Mr. Herzog in the role of chief  accounting
officer has not yet been determined.







                                    SIGNATURE


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.



                                MULTI-BENEFIT REALTY FUND '87-1


                                By: CONCAP EQUITIES, INC.
                                    General Partner

                                By: /s/Martha L. Long
                                    Martha L. Long
                                    Senior Vice President


                               Date: June 1, 2005