Hutton/ConAm Realty Investors 5
                                
                       1996 Annual Report
                                
                           Exhibit 13
                                
                                
                                
                 Hutton/ConAm Realty Investors 5

     
     
     
     
     Hutton/ConAm Realty Investors 5 is a California limited partnership formed
     in 1985 to acquire, operate and hold for investment multifamily housing
     properties.  The Partnership's portfolio currently consists of two
     apartment properties located in North Carolina and Florida.  Provided
     below is a comparison of average occupancy levels at the two remaining
     properties for the years ended November 30, 1996 and 1995.
     
     
     
                                                             Average Occupancy
Property                        Location                       1996      1995
Lakeview Village                Ponte Vedra Beach, Florida      96%       95%
The Hamptons at Quail Hollow    Charlotte, North Carolina       96%       96%
     
     
     
     
     
     
                            Contents
     
                      1   Message to Investors
                      3   Financial Highlights
                      4   Consolidated Financial Statements
                      7   Notes to the Consolidated Financial Statements
                     13   Report of Independent Accountants
                     14   Net Asset Valuation
     
     
     
     
     
     
     
     
     
     
         Administrative Inquiries       Performance Inquiries/Form 10-Ks
         Address Changes/Transfers      First Data Investor Services Group
         Service Data Corporation       P.O. Box 1527
         2424 South 130th Circle        Boston, Massachusetts 02104-1527
         Omaha, Nebraska 68144-2596     Attn:  Financial Communications
         800-223-3464                   800-223-3464



                      Message to Investors

Presented for your review is the 1996 Annual Report for Hutton/ConAm Realty
Investors 5.  In this report, we discuss general market conditions affecting
the Partnership's remaining two properties and provide information on the
Partnership's future operating strategies.

Canterbury Park Sale
The most significant event during 1996 was the sale of Canterbury Park on
December 10, 1996, to an unaffiliated institutional buyer for an adjusted sales
price of $6,387,300.  The transaction resulted in a gain on the sale of
approximately $2,600,000, which will be reflected in the Partnership's
consolidated statements of operations for the three month period ending
February 28, 1997. The General Partners paid a special cash distribution of
$107 per Unit from the sales proceeds on January 24, 1997.

Cash Distributions
The Partnership paid quarterly cash distributions totaling $30 per Unit for the
year ended November 30, 1996, including the fourth quarter distribution of
$7.50 per Unit, which was credited to your brokerage account or sent directly
to you on January 15, 1997.  Since inception, the Partnership has paid
distributions totaling $343.36 per original $500 Unit, including the $107 per
Unit return of capital paid on January 24, 1997.  Commencing with the first
quarter 1997 distribution, which will be paid on or about April 15, 1997, cash
distributions will be reduced to reflect the decline in rental income resulting
from the sale of Canterbury Park.

Existing problems with the roofs at Lakeview Village were aggravated by severe
tropical rain storms late in 1996.  After evaluating the damages, the General
Partners received several competitive bids to repair the roofs, and
subsequently selected a contractor.  The roof repairs are currently underway
and are scheduled to be completed this year.  The anticipated cost of repairing
the roofs is approximately $340,000.

Operations Overview
Multi-family real estate continued to perform well in 1996, with property
values and apartment rents increasing in many areas of the country.  In
particular, Jacksonville and Charlotte were among the strongest multifamily
housing markets in the country in 1996.  The improving conditions prompted a
rise in new construction in the markets where the Partnership owns properties,
causing a slowdown in leasing activity towards the end of the year.  Despite
the increasing competition, both Lakeview Village and The Hamptons at Quail
Hollow maintained average occupancy levels for the year of 96%, and the
Partnership's total rental income from the two properties increased by 5% from
the previous year.  It is expected that the competitive market conditions will
persist in 1997, but continued economic improvement and a slowdown in new
construction should prevent these areas from becoming significantly overbuilt.

As we have reported in prior correspondence, the General Partners have
continually monitored the operations of the Partnership's properties, the
status of the real estate markets, and other factors to determine the optimum
time to sell the Partnership's properties to maximize value.  Those efforts
resulted in the sale of Canterbury Park Apartments in 1996, and a special cash
distribution of $107 per Unit was paid to the limited partners. Given the
improvement in the performance of the Partnership's properties, and the
improvement in the real estate capital markets which has increased demand by
potential buyers, the General Partners have determined that it is in the best
interest of the Partnership to attempt to sell the remaining two properties in
an orderly manner over the next few years. Assuming these efforts are
successful, we would expect to distribute the sales proceeds and subsequently
dissolve the Partnership in 1998 or 1999.  However, meeting this objective will
be dependent upon a variety of factors, many of which are not within the
Partnership's control.  Consequently, there can be no assurance that any
specific property or all the properties can be sold, that particular prices
will be achieved, or that all the properties can be sold within this time
frame.  We will keep you apprised of our sales efforts in future
correspondence.

Property Review

Lakeview Village
Lakeview Village is a 240-unit luxury apartment complex located in an oceanside
residential area of Ponte Vedra Beach, Florida to the southeast of
Jacksonville.  The property reported an average occupancy level of 96% in
fiscal 1996 and an increase in rental income of 4.6% from the prior year.
Property improvements for the year included roof and asphalt repairs, carpet
replacement and other improvements to retain the property's competitive
position.  Favorable market conditions in the Jacksonville area have led to an
increase in new multifamily construction.  Three new apartment complexes were
recently completed in the Ponte Vedra Beach submarket near Lakeview Village
containing approximately 631 units.  Despite the new units becoming available
for rent, it is expected that the market will remain stable in 1997.  This is
partially due to Jacksonville's 1996 ranking as one of the fastest growing
labor markets in the country.

The Hamptons at Quail Hollow
The Hamptons at Quail Hollow, a 232-unit apartment community located in the
southeastern part of Charlotte, posted strong operations during 1996. Occupancy
at the property averaged 96% for 1996, unchanged from the prior year.  Rental
rate increases were also implemented at the property during the year resulting
in a 5.7% increase in the property's rental income.  Given continuing strong
market conditions in Charlotte, several apartment projects are in the planning
or construction phase. The southeast submarket of Charlotte, where The Hamptons
is located, has approximately 1,155 new apartment units under construction with
an additional 980 new units proposed.  These new units could have an adverse
impact on the market's occupancy in the short term; however, it is expected
that Charlotte's healthy market will be able to accommodate the new
construction over the long-term.

General Information
As you are probably aware, several third parties have commenced partial tender
offers to purchase units of the Partnership at grossly inadequate prices which
are substantially below the Partnership's Net Asset Value.  In response, we
recommended that limited partners reject these offers because they do not
reflect the underlying value of the Partnership's assets.  To date, holders of
over 98% of the outstanding units agreed that these offers were inadequate,
rejected these offers and did not tender their units.  Please be assured that
if any additional tender offers are made for your units, we will make every
effort to provide you with our position regarding such offer on a timely basis.

Summary
We are pleased with the completion of the sale of Canterbury Park Apartments.
During 1997, we intend to monitor market conditions in an effort to sell the
Partnership's two remaining properties within the next few years.  In the
interim, we will also seek to maximize the performance of the properties and
further improve their marketability and appeal.  We will keep you apprised of
significant developments affecting your investment in future reports.

Very truly yours,

/s/  Paul L. Abbott                  /s/ Daniel J. Epstein

Paul L. Abbott                        Daniel J. Epstein
President                             President
RI5 Real Estate Services Inc.         Continental American Development, Inc.
                                      General Partner of ConAm Property
                                        Services IV, Ltd.

February 28, 1997


                      Financial Highlights



Selected Financial Data
For the periods ended November 30,     1996     1995     1994     1993     1992

Dollars in thousands, except for per unit data

Total Income                        $ 4,798  $ 4,583  $ 4,337  $ 4,201  $ 3,950
Net Income                            1,017      759      623      382      243
Net Cash Provided by
Operating Activities                  2,023    1,903    1,799    1,316    1,365
Long-term Obligations                 6,299    6,405    6,502    6,593    6,752
Total Assets at Year End             22,053   22,912   23,946   26,007   25,756
Net Income per
Limited Partnership Unit*             17.21    12.77    10.46     6.33     4.12
Distributions per
Limited Partnership Unit*             30.00    30.00    26.00    25.00     5.65
* 57,490 units outstanding

- Total Income increased 4.7% from 1995 to 1996, primarily due
  to higher rental income at all three properties.

- The increase in net income and net cash provided by operating
  activities is primarily attributable to the increase in rental
  income.  This was partially offset by an increase in property
  operating expenses due to higher repair and maintenance
  expenses at Lakeview Village and Canterbury Park and increased
  utilities expense at Canterbury Park.


Cash Distributions
Per Limited Partnership Unit

Through November 30, 1996                 1996               1995

First Quarter                             7.50               7.50
Second Quarter                            7.50               7.50
Third Quarter                             7.50               7.50
Fourth Quarter                            7.50               7.50
Total                                 $  30.00           $  30.00

Please note that on January 24, 1997, the Partnership paid a special cash
distribution totaling $107 per Unit, reflecting a return of capital from the
net proceeds of the December 1996 sale of Canterbury Park.


Consolidated Balance Sheets             At November 30,         At November 30,
                                                  1996                    1995
Assets
Investments in real estate:
Land                                      $  3,780,687            $  4,941,450
Buildings and improvements                  22,125,028              26,463,000
                                            25,905,715              31,404,450
Less accumulated depreciation              (10,055,068)            (11,159,740)
                                            15,850,647              20,244,710
Property held for disposition                3,687,584                      --
Cash and cash equivalents                    2,121,544               2,253,221
Restricted cash                                225,415                 219,436
Other assets, net of accumulated
amortization of $99,528 in 1996
and $67,249 in 1995                            167,504                 194,815
  Total Assets                            $ 22,052,694            $ 22,912,182

Liabilities and Partners' Capital
Liabilities:
 Mortgage payable                         $  6,299,052            $  6,404,612
 Distribution payable                          439,974                 439,974
 Accounts payable and accrued expenses         309,475                 314,538
 Due to general partners and affiliates         19,613                  18,849
 Security deposits                             129,482                 136,245
  Total Liabilities                          7,197,596               7,314,218
Partners' Capital:
 General Partners                              182,637                 190,066
 Limited Partners (57,490 units
 outstanding)                               14,672,461              15,407,898
  Total Partners' Capital                   14,855,098              15,597,964
  Total Liabilities and Partners'
  Capital                                 $ 22,052,694            $ 22,912,182





Consolidated Statements of Partners' Capital
For the years ended November 30, 1996, 1995 and 1994

                                        General        Limited
                                        Partners       Partners          Total
Balance at November 30, 1993           $ 209,093   $ 17,291,750   $ 17,500,843
Net income                                21,482        601,371        622,853
Cash distributions                       (30,504)    (1,494,740)    (1,525,244)
Balance at November 30, 1994             200,071     16,398,381     16,598,452
Net income                                25,193        734,217        759,410
Cash distributions                       (35,198)    (1,724,700)    (1,759,898)
Balance at November 30, 1995             190,066     15,407,898     15,597,964
Net income                                27,769        989,263      1,017,032
Cash distributions                       (35,198)    (1,724,700)    (1,759,898)
Balance at November 30, 1996           $ 182,637   $ 14,672,461   $ 14,855,098



Consolidated Statements of Operations
For the years ended November 30,            1996           1995           1994

Income
Rental                               $ 4,695,358    $ 4,471,922    $ 4,268,124
Interest                                 102,810        111,447         68,380
  Total Income                         4,798,168      4,583,369      4,336,504
Expenses
Property operating                     2,120,789      2,061,086      1,919,655
Depreciation and amortization          1,027,524      1,142,011      1,160,514
Interest                                 492,660        500,508        507,772
General and administrative               140,163        120,354        125,710
  Total Expenses                       3,781,136      3,823,959      3,713,651
  Net Income                         $ 1,017,032    $   759,410    $   622,853
Net Income Allocated:
To the General Partners              $    27,769    $    25,193    $    21,482
To the Limited Partners                  989,263        734,217        601,371
                                     $ 1,017,032    $   759,410    $   622,853
Per limited partnership unit
(57,490 outstanding)                      $17.21         $12.77         $10.46



Consolidated Statements of Cash Flows
For the years ended November 30,            1996           1995           1994

Cash Flows From Operating Activities:
Net Income                           $ 1,017,032    $   759,410    $   622,853
Adjustments to reconcile net income
to net cash provided by operating
activities:
 Depreciation and amortization         1,027,524      1,142,011      1,160,514
 Increase (decrease) in cash arising
 from changes in operating assets
 and liabilities:
  Fundings to restricted cash           (169,425)      (163,568)      (180,298)
  Release of restricted cash             163,446        167,460        166,488
  Other assets                            (4,968)        (8,577)        12,291
  Accounts payable and accrued expenses   (5,063)           197          7,509
  Due to general partners and affiliates     764            762            297
  Security deposits                       (6,763)         5,056          9,243
Net cash provided by operating
activities                             2,022,547      1,902,751      1,798,897
Cash Flows From Investing Activities:
Additions to real estate                (288,766)       (69,977)       (43,530)
Net cash used for investing activities  (288,766)       (69,977)       (43,530)
Cash Flows From Financing Activities:
Distributions                         (1,759,898)    (1,701,235)    (2,610,515)
Receipt of deposit financing                  --             --        278,487
Mortgage fees                                 --             --        (41,131)
Mortgage principal payments             (105,560)       (97,713)       (90,448)
Net cash used for financing
activities                            (1,865,458)    (1,798,948)    (2,463,607)
Net increase (decrease) in cash
and cash equivalents                    (131,677)        33,826       (708,240)
Cash and cash equivalents,
beginning of period                    2,253,221      2,219,395      2,927,635
Cash and cash equivalents,
end of period                        $ 2,121,544    $ 2,253,221    $ 2,219,395

Supplemental Disclosure of Cash Flow Information:
Cash paid during the period
for interest                         $   492,660    $   500,508    $   507,772



Notes to the Consolidated Financial Statements
November 30, 1996, 1995 and 1994

1. Organization
Hutton/ConAm Realty Investors 5 (the "Partnership") was organized as a limited
partnership under the laws of the State of California pursuant to a Certificate
and Agreement of Limited Partnership (the "Partnership Agreement") dated June
28, 1984 and amended and restated August 20, 1985.  The Partnership was formed
for the purpose of acquiring and operating certain types of residential real
estate.  The General Partners of the Partnership are RI 5 Real Estate Services,
Inc., an affiliate of Lehman Brothers Inc. (see below), and ConAm Property
Services IV, Ltd., an affiliate of Continental American Properties, Ltd (the
"General Partners").  The Partnership will continue until December 31, 2010
unless sooner terminated pursuant to the terms of the Partnership Agreement.

On July 31, 1993, Shearson Lehman Brothers Inc. sold certain of its domestic
retail brokerage and asset management businesses to Smith Barney, Harris Upham
& Co. Incorporated ("Smith Barney"). Subsequent to the sale, Shearson Lehman
Brothers Inc. changed its name to Lehman Brothers Inc. ("Lehman Brothers"). The
transaction did not affect the ownership of the General Partners. However, the
assets acquired by Smith Barney included the name "Hutton."  Consequently,
effective October 8, 1993, the Hutton Real Estate Services IX, Inc. General
Partner changed its name to "RI 5 Real Estate Services, Inc.".

On March 15, 1996, based upon, among other things, the advice of legal counsel,
Skadden, Arps, Slate, Meagher & Flom, the General Partners adopted a resolution
that states, among other things, if a Change of Control (as defined below)
occurs, the General Partners may distribute the Partnership's cash balances not
required for its ordinary course day-to-day operations.  "Change of Control"
means any purchase or offer to purchase more than 10% of the Units that is not
approved in advance by the General Partners.  In determining the amount of the
distribution, the General Partners may take into account all material factors.
In addition, the Partnership will not be obligated to make any distribution to
any partner and no partner will be entitled to receive any distribution until
the General Partners have declared the distribution and established a record
date and distribution date for the distribution.

2. Significant Accounting Policies

Financial Statements - The consolidated financial statements include the
accounts of the Partnership and its affiliated ventures.  The effect of
transactions between the Partnership and its ventures have been eliminated in
consolidation.

Real Estate Investments - Real estate investments are recorded at cost less
accumulated depreciation and include the initial purchase price of the
property, legal fees, acquisition and closing costs.

Leases are accounted for under the operating method.  Under this method,
revenue is recognized as rentals are earned and expenses (including
depreciation) are charged to operations when incurred. Leases are generally for
terms of one year or less.

Depreciation is computed using the straight-line method based upon the
estimated useful lives of the properties.  Maintenance and repairs are charged
to operations as incurred.  Significant betterments and improvements are
capitalized and depreciated over their estimated useful lives.

For assets sold or otherwise disposed of, the cost and related accumulated
depreciation are removed from the accounts, and any resulting gain or loss is
reflected in income for the period.

Property Held for Disposition - Effective August 31, 1996, Canterbury Park was
reclassified to "Property held for disposition" at its net book value.
Accordingly, Canterbury Park was no longer depreciated subsequent to that date.

Accounting for Impairment - In March 1995, the Financial Accounting Standards
Board issued Statement of Financial Accounting Standards No. 121 "Accounting
for the Impairment of Long-Lived Assets and for Long-Lived Assets to Be
Disposed Of" ("FAS 121"), which requires impairment losses to be recorded on
long-lived assets used in operations when indicators of impairment are present
and the undiscounted cash flows estimated to be generated by those assets are
less than the assets' carrying amount.  FAS 121 also addresses the accounting
for long- lived assets that are expected to be disposed of. Property held for
disposition is recorded at the lower of carrying value or fair market value
less costs to sell.  The Partnership adopted FAS 121 in the fourth fiscal
quarter of 1995.

Fair Value of Financial Instruments - Statement of Financial Accounting
Standards No. 107, "Disclosures about Fair Value of Financial Instruments"
("FAS 107"), requires that the Partnership disclose the estimated fair values
of its financial instruments. Fair values generally represent estimates of
amounts at which a financial instrument could be exchanged between willing
parties in a current transaction other than in forced liquidation. However, in
many instances current exchange prices are not available for certain of the
Partnership's financial instruments, since no active market generally exists
for such financial instruments.

Fair value estimates are subjective and are dependent on a number of
significant assumptions based on management's judgment regarding future
expected loss experience, current economic conditions, risk characteristics of
various financial instruments, and other factors.  In addition, FAS 107 allows
a wide range of valuation techniques, therefore, comparisons between entities,
however similar, may be difficult.

Other Assets - Included in other assets are deferred mortgage costs incurred in
connection with obtaining financing on one of the Partnership's properties.
Such costs are amortized over the term of the loan.

Offering Costs - Costs relating to the sale of limited partnership units were
deferred during the offering period and charged to the limited partners'
capital accounts upon the consummation of the public offering.

Income Taxes - No provision for income taxes has been made in the financial
statements since income, losses and tax credits are passed through to the
individual partners.

Cash and Cash Equivalents - Cash equivalents consist of short-term highly
liquid investments which have maturities of three months or less from date of
issuance.  Cash and cash equivalents include security deposits of $129,482 and
$136,245 at November 30, 1996 and 1995, respectively, the use of which is
restricted under certain state statutes.

Concentration of Credit Risk - Financial instruments which potentially subject
the Partnership to a concentration of credit risk principally consist of cash
and cash equivalents in excess of the financial institutions' insurance limits.
The Partnership invests available cash with high credit quality financial
institutions.

Restricted Cash - Restricted cash consists of escrows for real estate taxes and
casualty insurance as required by the first mortgage lender on the Lakeview
Village property.

Use of Estimates - The preparation of financial statements in conformity with
generally accepted accounting principles requires management to make estimates
and assumptions that affect the reported amounts of assets and liabilities and
disclosure of contingent assets and liabilities at the date of the financial
statements and the reported amounts of revenues and expenses during the
reporting period.  Actual results could differ from those estimates.

Reclassifications - Certain prior year amounts have been reclassified in order
to conform to the current year's presentation.

3. The Partnership Agreement
The Partnership Agreement provides that net cash from operations, as defined,
will be distributed quarterly, 98% to the limited partners and 2% to the
General Partners until each limited partner has received an amount equal to an
annual 7% return for such year.  Thereafter, net cash from operations will be
distributed 100% to the General Partners until the General Partners have
received distributions for the year (including the 2% distribution described
above) equal to 10% of the aggregate net cash from operations distributed to
the partners for such fiscal year to that point.  Any remaining net cash from
operations will be distributed 90% to the limited partners and 10% to the
General Partners.

Net loss and all depreciation will be allocated 99% to the limited partners and
1% to the General Partners.

Net income will be allocated as follows:

a. To the extent that net income before depreciation does not exceed the amount
   of net cash from operations distributable to the partners with respect to
   such fiscal year, net income before depreciation shall be allocated among
   the partners, pro rata in accordance with the amount of net cash from
   operations distributable to each partner with respect to such fiscal year to
   the extent thereof; and

b. To the extent that net income before depreciation exceeds the amount of net
   cash from operations distributable to the partners with respect to such
   fiscal year, such excess shall be allocated (1) first, 100% to the General
   Partners, pro rata, in an amount equal to the excess, if any, of the General
   Partners' deficits, if any, in their capital accounts, over an amount equal
   to 1% of the aggregate capital contributions to the partnership as reduced
   by the amount of the General Partners' capital contributions, and (2)
   second, 99% to the limited partners and 1% to the General Partners.

For the years ended November 30, 1996, 1995 and 1994, net income before
depreciation exceeded net cash from operations distributable to the partners by
$252,378, $109,243 and $225,354, respectively.  Pursuant to the Partnership
Agreement and as described in (b)(2) above, this excess was allocated 99% to
the limited partners and 1% to the General Partners.

Net proceeds from sales or refinancing will be distributed 100% to the limited
partners until each limited partner has received an amount equal to his
adjusted capital investment (as defined in the Partnership Agreement) and an
annual, cumulative 7% return thereon.  The balance, if any, will be distributed
85% to the limited partners and 15% to the General Partners.  Generally, all
gain from sales will be allocated 99% to the limited partners and 1% to the
General Partners until each limited partner has received an amount equal to his
adjusted capital investment and an annual, cumulative 7% return thereon.
Thereafter, gain will be allocated pro rata to the limited and General
Partners' capital accounts, as reduced by the amount of the net proceeds
distributed from sale or refinancing with respect to such transactions, until
the limited and general partner capital accounts are in a ratio of 85 to 15.
The balance, if any, is to be distributed 85% to the limited partners and 15%
to the General Partners.

4. Real Estate Investments
Since inception, the Partnership acquired three residential apartment complexes
either directly or through investments in joint ventures as follows:

                                                          Date      Purchase
Property Name          Units   Location                 Acquired      Price
Lakeview Village        240    Ponte Vedra Beach, FL    8/22/85    $12,266,187
Canterbury Park Apts.    96    Raleigh, NC             11/21/85      5,467,661
The Hamptons            232    Charlotte, NC            5/30/86     11,694,137

Lakeview Village and The Hamptons were acquired through joint ventures with
unaffiliated developers.  To each venture, the Partnership assigned its rights
to acquire the above properties and contributed cash equal to the purchase
price of the properties.  The developers did not make an initial capital
contribution to these ventures.

The initial joint venture agreement of The Hamptons substantially provides
that:

a.  Net cash from operations of The Hamptons will be distributed 100% to the
    Partnership until it has received an annual, noncumulative return of 8% on
    118% of its adjusted capital contribution. Any remaining balance will be
    distributed 80% to the Partnership and 20% to the co-venturer.

b.  Net income of the joint venture will be allocated to the Partnership and
    the co-venturer basically in accordance with the distribution of net cash
    from operations.  All losses and depreciation will be allocated to the
    Partnership.

c.  Net proceeds from a sale or refinancing of The Hamptons will be distributed
    100% to the Partnership until it has received an amount equal to an annual,
    cumulative 8% return on 118% of its adjusted capital contribution and an
    amount equal to 118% of its adjusted capital contribution. Distributions
    will then be made to the co-venturer until it has received an annual,
    cumulative 8% return on $928,000 as reduced by all prior distributions of
    net cash from operations and an amount equal to $928,000 as reduced by all
    prior distributions of net proceeds from refinancing.  Any remaining net
    proceeds will be distributed 80% to the Partnership and 20% to the
    co-venturer.

The joint venture agreement of Lakeview Village substantially provides that:

a.  Available cash from operations of Lakeview Village will be distributed 100%
    to the Partnership until it has received its annual, noncumulative
    preferred return, of $650,000. Any remaining balance will be distributed
    99% to the Partnership and 1% to the corporate General Partners.

b.  Net income of Lakeview Village will be allocated first, proportionately to
    partners with negative capital accounts, as defined, until such capital
    accounts, as defined, have been increased to zero.  Then, to the
    Partnership up to the amount of any payments made on account of its
    preferred return; thereafter, 99% to the Partnership and 1% to the
    corporate General Partners.  All net losses will be allocated first to the
    partners with positive capital accounts, as defined, until such accounts
    have been reduced to zero, then 99% to the Partnership and 1% to the
    corporate General Partners.

c.  Income from a sale of Lakeview Village will be allocated to the Partnership
    until the Partnership's capital account, as defined, is equal to the fair
    market value of the ventures' assets at the date of the amendment.  Any
    remaining balance will then be allocated 99% to the Partnership and 1% to
    the corporate General Partners.  Net proceeds from a sale or refinancing
    will be distributed first to the partners with a positive capital account
    balance, as defined; thereafter, 99% to the Partnership and 1% to the
    corporate General Partners.

5. Mortgage Payable
On May 30, 1986, the Lakeview Village Venture obtained a first mortgage loan of
$7,000,000 collateralized by a mortgage encumbering Lakeview Village.  The loan
had a term of seven years and bore interest at an annual rate of 9% with
monthly payments of interest only for the first and second years.

On October 27, 1993, the extended maturity date, the Partnership obtained
replacement financing on its Lakeview Village property from The Penn Mutual
Life Insurance Company ("Penn Mutual"), an unaffiliated party.  During 1996,
Penn Mutual transferred the mortgage loan to Midland Loan Services, Inc. under
the existing terms.  Total proceeds of $6,600,000 were received and are
collateralized by a Mortgage and Security Agreement and an Assignment of Rents
and Leases Agreement encumbering the property.  The loan is for a term of seven
years and bears interest at an annual rate of 7.75% requiring monthly
installments of principal and interest based on a 25 year amortization
schedule.  The proceeds of this financing along with Partnership cash reserves
were used to repay the outstanding amounts due Aetna Life Insurance Company on
the Partnership's prior mortgage.  Partnership cash reserves were also used to
pay refinancing expenses of $184,825 and fund escrows of $355,664. The escrowed
funds are applied to the property for real estate taxes and insurance.

Annual maturities of mortgage note principal over the next five years are as
follows:

                 Year                   Amount
                 1997              $   114,038
                 1998                  123,197
                 1999                  133,091
                 2000                  143,780
                 2001                  155,328
                 Thereafter          5,629,618
                                   $ 6,299,052

Based on borrowing rates currently available to the Partnership for mortgage
loans with similar terms and average maturities, the fair value of long-term
debt approximates carrying value.

6. Transactions with Related Parties
The following is a summary of fees earned and reimbursable expenses to the
General Partners and affiliates for the years ended November 30, 1996, 1995 and
1994, and the unpaid portion at November 30, 1996:

                               Unpaid at
                             November 30,                  Earned
                                    1996        1996        1995        1994
RI5 Real Estate Services, Inc.
and affiliates:
 Out-of-pocket expenses          $    --    $  1,462    $  2,319    $    942

ConAm and affiliates:
 Property operating salaries          --     342,575     336,666     330,588
 Property management fees         19,613     234,958     223,720     213,836
  Total                          $19,613    $578,995    $562,705    $545,366

7. Reconciliation of Financial Statement and Tax Information
The following is a reconciliation of the net income for financial statement
purposes to net income for federal income tax purposes for the years ended
November 30, 1996, 1995 and 1994:

                                               1996         1995         1994
Net income per financial statements      $1,017,032   $  759,410   $  622,853
Depreciation deducted for tax purposes
 in excess of depreciation expense per
 financial statements                       (63,543)      (3,589)      (2,189)
Tax basis joint venture net loss in
 excess of GAAP basis joint venture
 net income/(loss)                          (54,848)       8,238       14,208
Other                                         6,434        1,656        1,368
  Taxable net income                     $  905,075   $  765,715   $  636,240

The following is a reconciliation of partners' capital for financial statement
purposes to partners' capital for federal income tax purposes as of November
30, 1996, 1995 and 1994:

                                               1996         1995         1994
Partners' capital per
financial statements                    $14,855,098  $15,597,964  $16,598,452
Adjustment for cumulative difference
 between tax basis net income and net
 income per financial statements           (955,121)    (843,162)    (849,467)
  Partners' capital per tax return      $13,899,977  $14,754,802  $15,748,985

8. Distributions Paid
Cash distributions, per the consolidated statements of partners' capital, are
recorded on the accrual basis, which recognizes specific record dates for
payments within each fiscal year.  The consolidated statements of cash flows
recognize actual cash distributions paid during the fiscal year.  The following
table discloses the annual amounts as presented on the consolidated financial
statements:

             Distributions                                  Distributions
                Payable      Distributions   Distributions      Payable
          Beginning of Year     Declared         Paid        November 30
1996         $   439,974     $ 1,759,898     $ 1,759,898      $ 439,974
1995             381,311       1,759,898       1,701,235        439,974
1994         $ 1,466,582     $ 1,525,244     $ 2,610,515      $ 381,311

9.  Subsequent Event
On December 10, 1996, the Partnership closed on the sale of Canterbury Park.
Canterbury Park sold for $6,387,300 to Burcam Capital I, L.L.C., a North
Carolina limited liability company (the "Buyer"), which is unaffiliated with
the Partnership.  The selling price was determined by arm's length negotiations
between the Partnership and the Buyer.  The transaction resulted in a gain on
sale for Canterbury Park of approximately $2,600,000, which will be reflected
in the Partnership's consolidated statement of operations in the first quarter
of the next fiscal year.  Accordingly, the net book value of the Property was
reclassified on the Partnership's Consolidated Balance Sheet at November 30,
1996 as Property held for disposition.

On January 24, 1997, the General Partners paid a special distribution of
$6,151,430, representing the net proceeds from the sale of Canterbury Park, to
the Limited Partners. Report of Independent Accountants



                       REPORT OF INDEPENDENT ACCOUNTANTS


To the Partners of
Hutton/ConAm Realty Investors 5:

We have audited the consolidated balance sheets of Hutton/ConAm Realty
Investors 5, a California limited partnership, and Consolidated Ventures as of
November 30, 1996 and 1995, and the related consolidated statements of
operations, partners' capital and cash flows for each of the three years in the
period ended November 30, 1996.  These consolidated financial statements are
the responsibility of the Partnership's management.  Our responsibility is to
express an opinion on these consolidated financial statements based on our
audits.

We conducted our audits in accordance with generally accepted auditing
standards.  Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free of
material misstatement.  An audit includes examining, on a test basis, evidence
supporting the amounts and disclosures in the financial statements.  An audit
also includes assessing the accounting principles used and significant
estimates made by management, as well as evaluating the overall financial
statement presentation.  We believe that our audits provide a reasonable basis
for our opinion.

In our opinion, the consolidated financial statements referred to above present
fairly, in all material respects, the consolidated financial position of
Hutton/ConAm Realty Investors 5, a California limited partnership, and
Consolidated Ventures as of November 30, 1996 and 1995, and the consolidated
results of their operations and their cash flows for each of the three years in
the period ended November 30, 1996, in conformity with generally accepted
accounting principles.


COOPERS & LYBRAND L.L.P.

Hartford, Connecticut
February 14, 1997


                              Net Asset Valuation


               Comparison of Acquisition Costs to Appraised Value
               and Determination of Net Asset Value Per $500 Unit
                        at November 30, 1996 (Unaudited)


                                              Acquisition Cost Partnership's
                                               (Purchase Price      Share of
                                                  Plus General  November 30,
                                                     Partners'          1996
                                         Date of   Acquisition     Appraised
Property                             Acquisition         Fees)     Value (1)
Lakeview Village at Ponte Vedra Lakes   08-22-85   $12,805,899   $11,600,000 (1)
Canterbury Park Apartments              11-21-85     5,708,260     6,165,110 (2)
The Hamptons at Quail Hollow            05-30-86    12,208,679    13,800,000 (1)
                                                   $30,722,838    31,565,110

Cash and cash equivalents                                          2,346,959
Other assets                                                          41,076
                                                                  33,953,145
Less:
  Total liabilities                                               (7,197,596)
Partnership Net Asset Value (3)                                  $26,755,549

Net Asset Value Allocated:
  Limited Partners                                               $26,725,759
  General Partners                                                    29,790
                                                                 $26,755,549

Net Asset Value Per Unit
  (57,490 units outstanding)                                        $ 464.88

(1)  This represents the Partnership's share of the November 30, 1996 Appraised
     Values which were determined by an independent property appraisal firm.

(2)  This represents the Partnership's share of the net sales proceeds from the
     December 10, 1996 sale of Canterbury Park Apartments

(3)  The Net Asset Value assumes a hypothetical sale at November 30, 1996 of
     all the Partnership's properties at a price based upon their value as a
     rental property as determined by an independent property appraisal firm,
     and the distribution of the proceeds of such sale, combined with the
     Partnership's cash after liquidation of the Partnership's liabilities, to
     the Partners.

Limited Partners should note that appraisals are only estimates of current
value and actual values realizable upon sale may be significantly different.  A
significant factor in establishing an appraised value is the actual selling
price for properties which the appraiser believes are comparable.  In addition,
the appraised value does not reflect the actual costs which would be incurred
in selling the properties.  As a result of these factors and the illiquid
nature of an investment in Units of the Partnership, the variation between the
appraised value of the Partnership's properties and the price at which Units of
the Partnership could be sold may be significant.  Fiduciaries of Limited
Partners which are subject to ERISA or other provisions of law requiring
valuations of Units should consider all relevant factors, including, but not
limited to Net Asset Value per Unit, in determining the fair market value of
the investment in the Partnership for such purposes.


Schedule III - Real Estate and Accumulated Depreciation
November 30, 1996
                                                 Consolidated Ventures
                                          Lakeview
                      Canterbury Park      Village            The
Residential Property:      Apartments   Apartments       Hamptons       Total

Location                  Raleigh, NC  Ponte Vedra  Charlotte, NC          na
                                         Beach, FL
Construction date           1984-1985    1984-1985      1985-1986          na
Acquisition date             11-21-85     08-22-85       05-30-86          na
Life on which depreciation
in latest income statements
is computed                       (3)          (3)            (3)          na
Encumbrances              $        --  $ 6,299,052   $         --  $ 6,299,052
Initial cost to Partnership:
     Land                 $ 1,160,763  $ 1,543,406   $  2,208,781  $ 4,912,950
     Buildings and
     improvements         $ 4,614,414  $11,321,843   $ 10,085,246  $26,021,503
Costs capitalized
subsequent to acquisition:
     Land, buildings
     and improvements     $    12,323  $   645,527   $    100,913  $   758,763

Gross amount at which
carried at close of period: (1)
     Land                 $ 1,160,763  $ 1,571,906   $  2,208,781  $ 4,941,450
     Buildings and
     improvements           4,626,738   11,938,869     10,186,159   26,751,766
                          $ 5,787,501  $13,510,775   $ 12,394,940  $31,693,216

Accumulated
depreciation (2)          $ 2,099,917  $ 5,488,469   $  4,566,599  $12,154,985

(1)  Represents aggregate cost for both financial reporting and Federal income
tax purposes.

(2)  The amount of accumulated depreciation for Federal income tax purposes is
$16,998,950.

(3)  Buildings and improvements - 25 years; personal property - 10 years.

A reconciliation of the carrying amount of real estate and accumulated
depreciation for the years ended November 30, 1996, 1995, and 1994 follows:

                                           1996         1995         1994
Real estate investments:
Beginning of year                   $31,404,450  $31,334,473  $31,290,943
Additions                               288,766       69,977       43,530
End of year                         $31,693,216  $31,404,450  $31,334,473

Accumulated depreciation:
Beginning of year                   $11,159,740  $10,050,009  $ 8,922,264
Depreciation expense                    995,245    1,109,731    1,127,745
End of year                         $12,154,985  $11,159,740  $10,050,009



                       REPORT OF INDEPENDENT ACCOUNTANTS



Our report on the consolidated financial statements of Hutton/ConAm Realty
Investors 5, a California Limited Partnership, and Consolidated Ventures has
been incorporated by reference in this Form 10-K from the Annual Report to
Unitholders of Hutton/ConAm Realty Investors 5 for the year ended November 30,
1996.  In connection with our audits of such financial statements, we have also
audited the related financial statement schedule listed in the index of this
Form 10-K.

In our opinion, the financial statement schedule referred to above, when
considered in relation to the basic financial statements taken as a whole,
presents fairly, in all material respects, the information required to be
included therein.


COOPERS & LYBRAND L.L.P.

Hartford, Connecticut
February 14, 1997