Exhibit 10 (iii) (i)

                                                       Loan No. 734079842
                                                       Woodland Village

                                MULTIFAMILY NOTE
US $4,950,000.00
                                                            New York, New York
                                                       As of  November 1, 1996

     FOR VALUE RECEIVED, the undersigned promise to pay LEHMAN BROTHERS HOLDINGS
INC. d/b/a Lehman Capital, A Division of Lehman Brothers Holdings Inc., 3 World
Financial Center, New York, New York 10285, or order, the principal sum of Four
Million Nine Hundred Fifty Thousand and 00/100 Dollars, with interest on the
unpaid principal balance from the date of this Note, until paid, at the rate of
7.33 percent per annum. Interest only shall be payable at 3 World Financial
Center, New York, New York 10285, or such other place as the holder hereof may
designate in writing, in consecutive monthly installments of Thirty Thousand Two
Hundred Thirty-Six and 25/100 Dollars (US $30,236.25) on the first of each month
beginning December 1, 1996, until the entire indebtedness evidenced hereby is
fully paid, except that any remaining indebtedness, if not sooner paid, shall be
due and payable on November 1, 2003.

     If any installment under this Note is not paid when due, the entire
principal amount outstanding hereunder and accrued interest thereon shall at
once become due and payable, at the option of the holder hereof.  The holder
hereof may exercise this option to accelerate during any default by the
undersigned regardless of any prior forbearance.  In the event of any 
default in the payment of this Noteand if the same is referred to an attorney at
law for collection or any action at law or in equity is brought with respect
hereto, the undersigned shall pay the holder hereof all expenses and costs,
including, but not limited to, attorney's fees.

     Prepayments shall be applied against the outstanding principal balance of
this Note and shall not extend or postpone the due date of any subsequent
monthly installments or change the amount of such installments, unless the
holder hereof shall agree otherwise in writing.  The holder hereof may require
that any partial prepayments be made on the date monthly installments are due
and be in the amount of that part of one or more monthly installments which
would be applicable to principal.

     From time to time, without affecting the obligation of the undersigned or
the successors or assigns of the undersigned to pay the outstanding principal
balance of this Note and observe the covenants of the undersigned contained
herein, without affecting the guaranty of any person, corporation, partnership
or other entity for payment of the outstanding principal balance of this Note,
without giving notice to or obtaining the consent of the undersigned, the
successors or assigns of the undersigned or guarantors, and without liability on
the part of the holder hereof, the holder hereof may, at the option of the
holder hereof, extend the time for payment of said outstanding principal balance
or any part thereof, reduce the payments thereon, release anyone liable on any
of said outstanding principal balance, accept a renewal of this Note, modify the
terms and time of payment of said outstanding principal balance, join in any
extension or subordination agreement, release any security given herefor, take
or release other or additional security, and agree in writing with the
undersigned to modify the rate of interest or period of amortization of day this
Note or change the amount of the monthly installments payable hereunder.

     Presentment, notice of dishonor, and protest are hereby waived by all
makers, sureties, guarantors and endorsers hereof.  This Note shall be the joint
and several obligation of all makers, sureties, guarantors and endorsers, and
shall be binding upon them and their successors and assigns.

     The indebtedness evidenced by this Note is secured by a Mortgage or Deed of
Trust dated as of the date hereof, and reference is made thereto for rights as
to acceleration of the indebtedness evidenced by this Note.  This Note shall be
governed by the law of the jurisdiction in which the Property subject to the
Mortgage or Deed of Trust is located.

     The undersigned shall pay any installment of interest due hereunder within
ten (10) calendar days after such installment of interest is due.  The
undersigned shall pay any other installment due hereunder or due in accordance
with the terms of the Mortgage or Deed of Trust securing this Note, within
thirty (30) calendar days of the date such installment is due.

     IN WITNESS WHEREOF, Borrower has executed this Note or has caused the same
to be executed by its representatives thereunto duly authorized.


                         SHELTER PROPERTIES V LIMITED PARTNERSHIP,
                         a South Carolina limited partnership

                         By:  Shelter Realty V Corporation, a South Carolina
                              corporation, its general partner


                              By:  /s/ Kelley M. Buechler
                                   Name:  Kelley M. Buechler
                                   Title: Vice President


                         PAY TO THE ORDER OF FEDERAL HOME LOAN
                         MORTGAGE CORPORATION WITHOUT RECOURSE.
                         This   1st   day of November, 1996.

                         LEHMAN BROTHERS HOLDINGS INC. d/b/a
                         Lehman Capital, A Division of Lehman Brothers
                         Holdings Inc., a Delaware corporation

                         By:  /s/ Pat Hughson
                              Name:  Pat Hughson
                              Title: Authorized Signatory