UNITED STATES
                        SECURITIES AND EXCHANGE COMMISSION
                              Washington, D.C. 20549
                                   FORM 10-K

   ANNUAL REPORT  PURSUANT TO SECTION 13  OR 15(d) OF  THE SECURITIES EXCHANGE
   ACT OF 1934 [FEE REQUIRED]

   for the fiscal year ended       December 31, 1995                 

                          OR

   TRANSITION  REPORT  PURSUANT TO  SECTION  13  OR  15(d)  OF THE  SECURITIES
   EXCHANGE ACT OF 1934 [NO FEE REQUIRED]

         For the transition period from                  to                  

         Commission file number              0-11985                        

                         Krupp Realty Limited Partnership-V                   
    
              (Exact name of registrant as specified in its charter)

                Massachusetts                                04-2796207       
    (State or other jurisdiction of                  (IRS Employer
   incorporation or organization)                       Identification No.)

   470 Atlantic Avenue, Boston, Massachusetts                02210           
   (Address of principal executive offices)                  (Zip Code)

   (Registrant's telephone number, including area code)  (617) 423-2233 

   Securities registered pursuant to Section 12(b) of the Act:  None

   Securities  registered pursuant  to  Section 12(g)  of the  Act:   Units of
   Investor  Limited Partner  Interest

   Indicate by check  mark whether the  registrant (1) has  filed all  reports
   required to be filed  by Section 13 or 15(d) of the Securities Exchange Act
   of 1934  during the  preceding 12 months (or  for such shorter  period that
   the registrant  was  required  to  file such  reports),  and (2)  has  been
   subject to such filing requirements for  the past 90 days.  Yes   X    No  
     

   Indicate  by check mark if disclosure of delinquent filers pursuant to Item
   405 of  Regulation S-K is not  contained herein, and will not be contained,
   to the best of registrant's knowledge,  in definitive proxy or  information
   statements incorporated by reference in Part  III of this Form  10-K or any
   amendment to this Form 10-K. [ ].

   Aggregate market  value of voting securities  held by  non-affiliates:  Not
   applicable, as securities are non-voting.

   Documents incorporated by reference:  See  Part IV, Item 14(b)  on pages 9-
   11 of this report.

   The exhibit index is located on pages 8 - 11.
   <PAGE>

                                      PART I

   ITEM 1.     BUSINESS

      Krupp  Realty Limited  Partnership-V ("KRLP-V") was  formed on  June 16,
   1983 by filing a Certificate of Limited Partnership in  The Commonwealth of
   Massachusetts.   The Krupp  Corporation (a  Massachusetts corporation)  and
   The  Krupp   Company  Limited  Partnership-II   (a  Massachusetts   limited
   partnership) are the  General Partners of  KRLP-V.   KRLP-V has issued  all
   of the  Original Limited  Partner Interests  to The  Krupp Company  Limited
   Partnership-II.  On September  6, 1983, KRLP-V, pursuant  to a sales  agent
   agreement, commenced  the marketing and sale  of units  of Investor Limited
   Partner  Interest ("Units") for $1,000 per unit, 35,200 of which were sold.
   For further  details,  see  Note  A to  Consolidated  Financial  Statements
   included in Appendix A to this report.  

      KRLP-V considers itself to  be engaged only in  the industry segment  of
   investment  in real  estate.   KRLP-V invested  the net  proceeds from  the
   offering in  leveraged real  estate.   KRLP-V originally  invested in  four
   multi-family apartment  complexes (Century II,  Marine Terrace,  Fieldcrest
   Apartments and  Park  Place Tower  Apartments  "Park  Place") and  a  joint
   venture in  Lakeview Towers  with Krupp  Realty Limited Partnership-IV,  an
   affiliated limited  partnership.    The  aggregate purchase  price  of  the
   properties was  approximately  $67  million  and KRLP-V  originally  funded
   approximately $2.3 million to the joint venture.

      On March 20, 1989 the  General Partners formed Krupp Realty  Park Place-
   Chicago  Limited  Partnership  ("Realty-V")   as  a  prerequisite  for  the
   refinancing  of  Park  Place.   At  the  same  time  the  General  Partners
   transferred ownership  of Park Place  to Realty-V.  The  General Partner of
   Realty-V is The Krupp  Corporation ("Krupp Corp.").  The Limited Partner of
   Realty-V is  KRLP-V.   Krupp  Corp. has beneficially  assigned its interest
   in Realty-V  to KRLP-V.   KRLP-V  and Realty-V  are  collectively known  as
   Krupp Realty  Limited Partnership-V and  Subsidiary (collectively  referred
   to herein as the "Partnership").  

      The  Partnership  sold  two  of  its  apartment  complexes,   Fieldcrest
   Apartments  and  Marine Terrace,  in  1992  and  1995,  respectively.   The
   Partnership  also received  a distribution  of  proceeds  from the  sale of
   Lakeview Towers in 1992.

      The Partnership's real estate  investments are subject to some  material
   seasonal fluctuations  resulting from  changes in  utility consumption  and
   seasonal  maintenance expenditures.  However, the future performance of the
   Partnership  will depend  upon factors  which  cannot  be predicted.   Such
   factors include  general economic and  real estate  market conditions, both
   on a national basis  and in those areas where the Partnership's real estate
   investments are located, real estate tax rates, operating expenses,  energy
   costs, government regulations and federal and state  income tax laws.   The
   requirements  for compliance with  federal, state  and local regulations to
   date have not  had an adverse effect  on the Partnership's operations,  and
   no adverse effect therefrom is anticipated in the future.

      The  Partnership's investments in real  estate are also  subject to such
   risks as (i) competition  from existing and future  projects held by  other
   owners  in   the   locations   of   the  Partnership's   properties,   (ii)
   fluctuations <PAGE>
   in rental  income  due  to changes  in occupancy  levels,   (iii)  possible
   adverse changes in mortgage interest rates,  (iv)  possible adverse changes
   in  general   economic   and   local   conditions,  such   as   competitive
   over-building,  increases  in  unemployment,  or  adverse  changes in  real
   estate zoning  laws,  (v) the  possible  future  adoption of  rent  control
   legislation which  would not permit  the full amount of  increased costs to
   be  passed on  to tenants  in the  form of  rent increases, and  (vi) other
   circumstances over which the Partnership may have little or no control.

      As  of December  31,  1995, there  were 40  full  and part-time  on-site
   personnel employed by the Partnership.

   ITEM 2.     PROPERTIES

      As  of December 31, 1995,  the Partnership has  leveraged investments in
   two apartment  complexes having an  aggregate of 1,369  units.   One of the
   complexes  has an  additional  20,000 square  feet  of  leasable commercial
   space.

      A summary  of the  Partnership's  real estate  investments is  presented
   below.    Schedule  III  included in  Appendix  A to  this  report contains
   additional detailed information with respect to individual properties.

<TABLE>
<CAPTION>
                                                Total Units/
                                                   Current             Average Occupancy
                                     Year of       Leasable              December 31,       
            Description            Acquisition  Square Footage   1995  1994  1993  1992 1991

            Century II Apts. 
            <S>                       <C>          <C>           <C>  <C>   <C>   <C>   <C>
            Cockeysville, Maryland    1984         468 Units      92%  92%   91%   93%   93%

            Park Place Tower Apts.                 901 Units      94%  94%   94%   92%   91%
            Chicago, Illinois         1984      20,000 Sq. Ft.    83%  83%   80%   83%   83% 
</TABLE>
   ITEM 3.   LEGAL PROCEEDINGS

      The  Partnership is a  defendant in a  class action suit  related to the
   practice of giving discounts  for the early  or timely payments of rent  at
   Park Place.  The  central issue of the complaint was whether the  operative
   lease violated a Chicago municipal ordinance  relating to late fee  charges
   because  it allowed tenants  a discount  if rent was paid  on or before the
   first  day of  the  month.   The ordinance  in  question limited  late  fee
   charges to  $10 per month  if the  rent was  more than  5 days  late.   The
   allegation was  that, notwithstanding the  stated rental  rate and  printed
   discount, the practice represented an unlawful  means of exacting late  fee
   charges.   In addition  to seeking  damages for  any "forfeited" discounts,
   Plaintiffs seek  statutory damages of two  months rent  per lease violation
   plus reasonable  attorneys' fees.  To be eligible for such punitive damages
   Plaintiffs  must prove  that the  Defendant deliberately  used a  provision
   prohibited by the ordinance. During  1994, the Court ruled  in favor of the
   Defendant,  and   accepted  the   Partnership's  Motion   to  Dismiss   the
   Plaintiffs' Third Amended Complaint.  The  Plaintiffs have filed an  appeal
   with the Appellate Court of Illinois, First District, which is pending. 

   ITEM 4.   SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS

      None.
   <PAGE>
                                     PART II

   ITEM 5.   MARKET FOR THE REGISTRANT'S COMMON EQUITY AND RELATED STOCKHOLDER
             MATTERS

      The transfer of Units is subject to certain limitations contained in the
   Partnership Agreement.  There is no public  market for the Units and  it is
   not anticipated that any such public market will develop.

      The number  of Investor  Limited Partners  as of  December 31, 1995  was
   approximately 2,500.

      One of the objectives of  the Partnership is to generate cash  available
   for distribution.   The General Partners discontinued distributions  during
   1990 due  to insufficient operating cash  flow.  However,  during 1993, the
   Partnership  distributed  $27,888 which  was  equivalent  to  the  required
   withholding tax  for the  state of  Maryland which  arose from the  sale of
   Fieldcrest Apartments.  This  amount was paid to the state of Maryland  for
   the benefit of all Partners.

      In 1995 the General  Partners determined that there was  sufficient Cash
   Flow, as  calculated under  section 8.2  (a) of  the Partnership  Agreement
   ("Cash Flow"),  and working  capital reserves  to reinstate  distributions.
   These semiannual  distributions, which will commence  in the first  quarter
   of 1996, are  to be  paid semiannually at a  semiannual rate of $10.00  per
   unit.

   ITEM 6. SELECTED FINANCIAL DATA

      The following table sets  forth selected financial information regarding
   the Partnership's consolidated  financial position  and operating  results.
   This  information   should  be  used   in  conjunction  with   Management's
   Discussion and  Analysis of Financial Condition  and Results of  Operations
   and the  Consolidated Financial  Statements and  Supplementary Data,  which
   are included in Items 7 and 8 of this report, respectively.

<TABLE>
<CAPTION>
                                  1995          1994         1993         1992           1991     

       <S>                    <C>           <C>          <C>           <C>           <C>
       Total revenue          $13,839,760   $13,652,413  $13,684,206   $14,117,452   $14,517,166

       Loss before
         gain (loss) from 
         capital transactions    (795,377)   (1,450,214)  (3,921,897)   (2,786,658)   (3,869,880)

       Partnership's share of
         gain on sale of Joint 
         Venture                     -             -            -        3,875,915          -
             
       Gain (loss) on sale  
         of property            3,265,789          -            -         (399,316)         -

       Income (loss) before
         extraordinary loss     2,470,412    (1,450,214)  (3,921,897)      689,941    (3,869,880)

       Extraordinary loss         (93,215)         -            -             -             -

       Net income (loss)        2,377,197    (1,450,214)  (3,921,897)      689,941    (3,869,880)
       <PAGE>

       Allocation of net
         income (loss):

         Investor Limited
            Partners ("ILP")    2,353,425    (1,435,712)  (3,882,678)      683,042    (3,831,181)

         Per Unit - ILP             66.86        (40.79)     (110.30)        19.41       (108.84)

         Original Limited
            Partner                  -             -            -             -             -

         General Partners          23,772       (14,502)     (39,219)        6,899       (38,699)

       Total assets at 
         December 31,          38,555,732    42,604,180   45,011,823    48,787,088    53,123,075

       Long-term obligations
         at December 31,       42,273,669    46,805,538   47,392,245    47,225,125    47,509,912

       Distributions to
         Partners:
        
            Investor Limited 
               Partners              -             -          25,936          -             -

            Per Unit - Investor  
               Limited Partners      -             -             .74          -             -

            Original
               Limited Partner       -             -           1,673          -             -

            General Partners         -             -             279          -             -


</TABLE>
      The Selected  Financial Data  results for the  periods presented  is not
   comparable due to the following events:

   (a)   Marine Terrace was sold on July 19, 1995.
   (b)   Lakeview  Towers,  a  property  owned  in a  Joint  Venture  with  an
         affiliate, was sold on August 28, 1992.
   (c)   Fieldcrest Apartments was sold on August 5, 1992.

   Prior  performance of  the  Partnership  is not  necessarily indicative  of
   future operations.

   ITEM 7.     MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
               RESULTS OF OPERATIONS

   Liquidity and Capital Resources

      The Partnership's ability to generate cash adequate to meet its needs is
   dependent  primarily upon  the  operating  performance of  its real  estate
   investments.    Such  ability   would  also  be  impacted  by  the   future
   availability  of bank  borrowing sources  as  current debt  matures.  These
   sources  of liquidity  will  be used  by  the  Partnership  for payment  of
   expenses   related  to  real   estate  operations,  debt  service,  capital
   improvements and expenses.  Cash <PAGE>
   flow,  if  any, as  calculated  under  Section 8.2(a)  of  the  Partnership
   Agreement, will  then be available  for distribution  to the Partners.   In
   1995, the General Partners  determined that there was sufficient Cash  Flow
   and   working  capital   reserves  to   reinstate  distributions.     These
   distributions  will commence in  the first quarter  of 1996  and are  to be
   paid semiannually thereafter.

      On  July 19, 1995, the Partnership sold Marine Terrace Apartments, a 187
   unit apartment complex located in Chicago, Illinois, for cash proceeds  and
   other   considerations which totaled  $6,436,505.  Proceeds  from the  sale
   were  used to pay closing costs of $44,152, to  repay the existing mortgage
   note  on  the property  of  $4,050,721  and to  satisfy  other  Partnership
   liabilities.  For financial  reporting purposes the  Partnership realized a
   gain of $3,265,789 on the sale.  The gain was calculated as the  difference
   between net consideration received less net book value of the property.

      The Partnership's major capital improvement project,  the repair of Park
   Place's building facade, was  completed in the fourth quarter of 1995.  The
   external  improvements, along  with extensive  interior improvements,  were
   funded from  established reserves and cash  generated by the property.  The
   completion of  these improvements has  greatly enhanced  the appearance  of
   the property and has resulted in both increased rents and occupancy.

   Cash Flow

      Shown  below,  as   required  by  the  Partnership   Agreement,  is  the
   calculation  of Cash  Flow  for  the year  ended  December 31,  1995.   The
   General  Partners  provide   certain  of  the  information  below  to  meet
   requirements of the Partnership Agreement and  because they believe that it
   is an appropriate supplemental measure of operating  performance.  However,
   Cash Flow  and Net  Cash Proceeds From  Capital Transactions should  not be
   considered by the  reader as a substitute to net income, as an indicator of
   the Partnership's  operating performance or to  cash flows as  a measure of
   liquidity. 
<TABLE>
<CAPTION>
                                                                       Rounded to $1,000 
                                                                                         
               <S>                                                    <C>
               Net income for tax purposes                            $ 3,340,000 
               Items not requiring (requiring) 
                  the use of operating funds:
                  Tax basis depreciation and amortization               3,420,000
                  Tax gain on sale of Marine Terrace                   (4,228,000)
                  Principal payments on mortgage notes payable           (539,000)   
                  Expenditures for capital improvements                (1,540,000)
                  Working capital reserves                                (75,000)

                  Cash Flow                                           $   378,000

</TABLE>
   Operations

      The following discussion  relates to the  operations of the  Partnership
   and  its properties  (Park Place,  Marine Terrace and  Century II)  for the
   years ended December  31, 1995, 1994  and 1993,  or portion  thereof.   The
   results  of operations  of the  Partnership are  not comparable  due to the
   sale of Marine Terrace on July 19, 1995.
   <PAGE>
   1995 compared to 1994

      Cash  Flow has been impacted favorably due to decreased expenditures for
   capital  improvements  resulting from  the  completion  of the  Park  Place
   capital  improvement project.  The increase in rental  revenue is even more
   significant after  giving effect  to the  sale of   Marine  Terrace and  is
   primarily due to rental  rate increases at Park Place and Century II during
   the second  half of  1994.   Rental revenue also  increased as a  result of
   higher  occupancy  at  Park  Place  in  1995.    Interest  income  for  the
   Partnership increased in 1995  due to a  rise in short term interest  rates
   coupled with an increase  in investments in cash and cash equivalents as  a
   result of the sale of Marine Terrace.

      Total expenses  of the Partnership for 1995,  after giving effect to the
   disposition of Marine Terrace, have remained  stable with the exception  of
   operating  expense  and real  estate  taxes.    The  decrease in  operating
   expense is  primarily due  to management s efforts  to reduce  reimbursable
   operating costs.   The increase in real estate taxes is primarily due to an
   increase  in  assessed property  value  at  Park  Place  which is  directly
   related   to  the   capital   improvement  project   completed   in   1995.
   Depreciation expense  has  also increased  as  a  result of  the  extensive
   improvements at Park Place.

   1994 compared to 1993

      Cash  flow deficits decreased from 1993 to 1994 as a result of a decline
   in operating  expenses and  interest expense.   The decline  in expense  is
   somewhat offset by a increase in capital expenditures.

      The slight increase  in rental revenue  in 1994 is  primarily due to  an
   increase in rental rates  at Park Place and  Marine Terrace, and  increased
   occupancy at Century II, offset by  decreased occupancy at Marine  Terrace.
   Interest  income decreased due  to funds  previously invested in short-term
   investments being used for the refinancing  of Park Place's mortgage during
   the third quarter  of 1993 and  a decrease  in interest  earned on  capital
   improvement escrows.

      Operating  expenses in 1994 decreased  due to savings  in parking garage
   expenses  as  a  result of  management  subcontracting  the  parking garage
   operations  at  Park Place.    Additionally,  a  portion  of this  decrease
   resulted from  a rate  reduction in  electric  costs by  the local  utility
   company.    These  savings  were  partially   offset  by  an  increase   in
   maintenance expense, primarily for the painting  of the interior units  and
   the  installation of  window dressings  at Park Place.   Real  estate taxes
   decreased at  Park Place  due to  a prior  year revaluation  by the  taxing
   authority.   However, real estate  taxes are expected  to increase upon the
   completion of the building facade repair.

      As a  result of the refinancing  of Park Place's first  mortgage from an
   interest rate of  10.75% to 6.75%  per annum  during the  third quarter  of
   1993, interest expense decreased by $1,454,000  for the year ended December
   31,  1994, as  compared to  the  same  period in  1993.    The  decrease in
   depreciation and amortization is primarily due  to a mortgage premium  paid
   and  fully  amortizing deferred  mortgage  costs  in  1993  related to  the
   mortgage loan held prior to Park Place's refinanced mortgage.

   General
   <pag>
      In accordance  with Financial Accounting Standards  No. 121, "Accounting
   for the  Impairment of Long-Lived  Assets and for  Long-Lived Assets to  Be
   Disposed Of", which is effective for  fiscal years beginning after December
   15,  1995, the  Partnership  has  implemented policies  and  practices  for
   assessing impairment of its real estate assets.

      The Partnership's  investments in  properties are carried  at cost  less
   accumulated depreciation, unless the  General Partners believe  there is  a
   significant impairment in  value, in which  case a provision to  write down
   investments  in properties to  fair value  will be  charged against income.
   At  this time, the  General Partners do not believe  that any assets of the
   Partnership are significantly impaired.

   ITEM 8.     FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

      See Appendix A to this report.

   ITEM 9.     CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND
               FINANCIAL DISCLOSURE

      None.
                                     PART III


   ITEM 10.    DIRECTORS AND EXECUTIVE OFFICERS OF THE REGISTRANT

      The  Partnership has no directors or executive officers.  Information as
   to the directors and executive officers of The Krupp Corporation, which  is
   a  General Partner  of  KRLP-V and  is the  General  Partner of  The  Krupp
   Company  Limited  Partnership-II, which  is  the  other General  Partner of
   KRLP-V, is as follows:

                                    Position with
             Name and Age           The Krupp Corporation

             Douglas Krupp (49)     Co-Chairman of the Board

             George Krupp (51)      Co-Chairman of the Board

             Laurence Gerber (39)   President

             Robert A. Barrows (38) Senior Vice President and Corporate
                                    Controller 

      Douglas  Krupp is  Co-Chairman and  Co-Founder of  The Berkshire  Group.
   Established  in 1969 as  the Krupp  Companies, this  real estate-based firm
   expanded over the years within its  areas of expertise including investment
   program  sponsorship,  property and  asset  management,  mortgage  banking,
   healthcare facility  ownership and the management  of the  Company.  Today,
   The Berkshire Group is an integrated  real estate, mortgage and  healthcare
   company which  is headquartered in  Boston with regional offices throughout
   the country.  A  staff of approximately 3,400  are responsible for the more
   than $4 billion under management for  institutional and individual clients.
   Mr.  Krupp is  a  graduate of  Bryant  College.   In  1989 he  received  an
   honorary  Doctor   of  Science   in  Business   Administration  from   this
   institution and was elected  trustee in 1990. Mr. Krupp is Chairman of  the
   Board and a  Director of Berkshire Realty Company, Inc. (NYSE-BRI).  George
   Krupp is Douglas
    <PAGE>
   Krupp's brother.

      George Krupp is the Co-Chairman and  Co-Founder of The Berkshire  Group.
   Established  in 1969 as  the Krupp  Companies, this  real estate-based firm
   expanded over the years within its  areas of expertise including investment
   program sponsorship,  property and asset  management, mortgage banking  and
   healthcare  facility  ownership.    Today,   The  Berkshire  Group   is  an
   integrated  real   estate,  mortgage  and   healthcare  company  which   is
   headquartered in  Boston with regional offices  throughout the  country.  A
   staff  of approximately  3,400 are  responsible  for  more than  $4 billion
   under  management for  institutional  and  individual clients.   Mr.  Krupp
   attended the University of Pennsylvania and  Harvard University.  Mr. Krupp
   also  serves as  Chairman of  the  Board and  Trustee of  Krupp  Government
   Income Trust and as  Chairman of the Board  and Trustee of Krupp Government
   Income Trust II. 

      Laurence Gerber  is the  President and  Chief Executive  Officer of  The
   Berkshire Group.  Prior to becoming  President and Chief Executive  Officer
   in  1991, Mr. Gerber held  various positions with The Berkshire Group which
   included overall responsibility at  various times for:   strategic planning
   and  product  development,  real  estate acquisitions,  corporate  finance,
   mortgage banking, syndication and marketing.  Before joining The  Berkshire
   Group  in 1984,  he  was  a management  consultant with  Bain &  Company, a
   national consulting firm headquartered  in Boston.  Prior to that, he was a
   senior  tax  accountant  with  Arthur  Andersen  &  Co.,  an  international
   accounting and consulting firm.  Mr. Gerber has  a B.S. degree in Economics
   from the  University of Pennsylvania, Wharton  School and  an M.B.A. degree
   with high  distinction from  Harvard Business  School.  He  is a  Certified
   Public  Accountant.  Mr.  Gerber also  serves as President  and Director of
   Berkshire  Realty Company, Inc.  (NYSE-BRI) and   President  and Trustee of
   Krupp  Government  Income   Trust  and  President  and  Trustee  of   Krupp
   Government Income Trust II.

      Robert A. Barrows is Senior Vice  President and Chief Financial  Officer
   of Berkshire  Mortgage Finance  and Corporate Controller  of The  Berkshire
   Group.  Mr. Barrows has held several  positions within The Berkshire  Group
   since  joining  the  company  in  1983  and  is  currently  responsible for
   accounting  and financial  reporting,  treasury, tax,  payroll  and  office
   administrative activities.   Prior to joining  The Berkshire  Group, he was
   an audit supervisor for Coopers  & Lybrand  L.L.P. in Boston.  He  received
   a B.S. degree from Boston College and is a Certified Public Accountant.

   ITEM 11. EXECUTIVE COMPENSATION

      The Partnership has no directors or executive officers.

   ITEM 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT

      As of December 31, 1995, no person  of record owned or was known  by the
   General Partners  to own  beneficially more  than 5%  of the  Partnership's
   35,200 outstanding  Units.   On that  date, the  General Partners or  their
   affiliates  owned  116  Units  (.33%  of  the  total  outstanding)  of  the
   Partnership  in addition  to their  General  and Original  Limited  Partner
   Interests.

   ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS

   <PAGE>
      The  Partnership  does  not have  any  directors, executive  officers or
   nominees for election as  director.  Additionally, as of December 31,  1995
   no person  of record  owned or  was known by  the General  Partners to  own
   beneficially more than 5% of the Partnership s outstanding Units. 

                                     PART IV

   ITEM 14. EXHIBITS, FINANCIAL STATEMENT SCHEDULES AND REPORTS ON FORM 8-K

   (a)         1.    Consolidated   Financial  Statements   -  see   Index  to
                     Consolidated    Financial  Statements   and  Consolidated
                     Financial  Statement  Schedule  included  under  Item  8,
                     Appendix A, on page F-2 to this Report.

               2.    Consolidated Financial Statement Schedule  - see Index to
                     Consolidated    Financial  Statements   and  Consolidated
                     Financial  Statement  Schedule  included  under  Item  8,
                     Appendix  A, on  page  F-2 to  this  Report.   All  other
                     schedules  are omitted  as they  are not  applicable, not
                     required   or  the   information  is   provided   in  the
                     Consolidated Financial Statements or the notes thereto.
   (b)         Exhibits:

               Number and Description
               Under Regulation S-K

               The following reflects  all applicable Exhibits  required under
   Item           601 of Regulation S-K.

               (4)   Instruments  defining  the  rights  of  security  holders
                     including indentures:

                     (4.1) Amended Agreement of  Limited Partnership dated  as
                           of July 27, 1983  [Exhibit A to Prospectus included
                           in Registrant's Registration Statement on Form S-11
                           (File 2-84645)].*

                     (4.2) Amended  Certificate  of Limited  Partnership filed
                           with   the  Massachusetts  Secretary  of  State  on
                           December  16,  1983  [Exhibit 4.2  to  Registrant's
                           Report on Form 10-K for 1983 (File 2-84645)].*

               (10)  Material Contracts:

                     Park Place Apartments

                     (10.1)   Purchase and Sale Agreement dated April 24, 1984
                              between  Douglas Krupp  and Sheldon  J. Mandell,
                              Howard J. Mandell, Jerome W.  Mandell and Norman
                              Mandell [Exhibit  1  to Registrant's  Report  on
                              Form 8-K dated May 4, 1984 (File No. 2-84645)].*

                     (10.2)   Assignment of Beneficial Interest in  Land Trust
                              dated May 1, 1984  by Sheldon J. Mandell, Howard
                              J. Mandell, Jerome W. Mandell and Norman Mandell
                              to Krupp Realty Limited  Partnership-V. [Exhibit
                              <PAGE>
                              10.9 to Registrant's Report on Form 10-K for the
                              year  ended   November  30,  1984     (File  No.
                              0-11985)].*

                     (10.3)   Addendum to Management  Agreement between  Krupp
                              Realty  Park Place - Chicago Limited Partnership
                              and Krupp Asset Management Company, now known as
                              Berkshire  Property  Management  [Exhibit  2  to
                              Registrant's Report on Form  8-K dated April 27,
                              1989 (File No. 0-11985)].*

                     (10.4)   Agreement of Limited Partnership of Krupp Realty
                              Park  Place  -Chicago Limited  Partnership dated
                              March 15, 1989 [Exhibit 5 to Registrant's Report
                              on Form 8-K  dated April 27,  1989 (File No.  0-
                              11985)].*

                     (10.5)   Assignment  of  General  Partners  interests  in
                              Krupp  Realty  Park   Place  -  Chicago  Limited
                              Partnership  by The  Krupp Corporation  to Krupp
                              Realty  Limited  Partnership-V  dated March  15,
                              1989  [Exhibit 6  to Registrant's Report on Form
                              8-K dated April 27, 1989 (File No. 0-11985)].*

                     (10.6)   Written   Consent  of  Directors  of  The  Krupp
                              Corporation  dated  April  18,   1989  assigning
                              beneficial interest in Park Place  Apartments to
                              Krupp   Realty  Park  Place  -  Chicago  Limited
                              Partnership   [Exhibit 7 to  Registrant's Report
                              on  Form 8-K dated  April 27, 1989  (File No. 0-
                              11985)].*

                     (10.7)   Management  Agreement dated May  4, 1984 between
                              Krupp  Realty  Limited Partnership-V,  as Owner,
                              and Krupp Asset Management Company, now known as
                              Berkshire Property Management [Exhibit  10.18 to
                              Registrant's Report  on Form  10-K for the  year
                              ended November 30, 1984 (File No. 0-11985)].*

                     (10.8)   Loan  Modification/Cancellation  Agreement dated
                              September 14,  1993 between South  Chicago Bank,
                              as  Trustee,  and  Krupp  Realty  Park  Place  -
                              Chicago Limited Partnership (File No. 0-11985).*

                     (10.9)   Modification  to  mortgage note  dated September
                              14, 1993 between South Chicago Bank, as Trustee,
                              and  Government  National  Mortgage  Association
                              (File No. 0-11985).*
                  (10.10)     Modification of  mortgage dated September  14,
                              1993  between South  Chicago
                              Bank, as  Trustee, and Government National
                              Mortgage Association (File  No.
                               0-11985).*

                     (10.11)  Regulatory  Agreement  for  Multifamily  Housing
                              Projects dated September 14, 1993, between South
                              <PAGE>
                              Chicago  Bank, as Trustee, and Krupp Realty Park
                              Place - Chicago Limited Partnership (File No. 0-
                              11985).*

                     Century II Apartments

                     (10.12)  Agreement  of  Sale,  dated September  18,  1984
                              between  the Partners of  Century III Associates
                              and Douglas Krupp and related exhibits including
                              Mortgage Notes and  Related Mortgages [Exhibit 1
                              to Registrant's Report on Form 8-K dated October
                              11, 1984 (File No. 0-11985)].*

                     (10.13)  Assignment  of  Partnership Interest  in Century
                              III Associates  dated October  10,  1984 by  the
                              Partners of Century III Associates  to The Krupp
                              Company   Limited   Partnership-II,  The   Krupp
                              Corporation    and    Krupp    Realty    Limited
                              Partnership-V [Exhibit 2 to  Registrant's Report
                              on  Form 8-K  dated October  11, 1984  (File No.
                              0-11985)].*

                     (10.14)  Fifth,  Sixth and  Seventh Amended  and Restated
                              Limited  Partnership  Agreement  of Century  III
                              Associates  Limited  Partnership  [Exhibit 3  to
                              Registrant's  Report on  Form 8-K  dated October
                              11, 1984 (File No. 0-11985)].*

                     (10.15)  Assignment of Beneficial Interest in Century III
                              Associates  from  The   Krupp  Company   Limited
                              Partnership-II  and  The  Krupp  Corporation  to
                              Krupp  Realty  Limited  Partnership-V.  [Exhibit
                              10.32 to Registrant's  Report on  Form 10-K  for
                              the  year ended  November  30,  1984  (File  No.
                              0-11985)].*

                     (10.16)  Management  Agreement  dated  October  11,  1984
                              between Krupp Realty  Limited Partnership-V,  as
                              Owner, and  Krupp Asset Management  Company, now
                              known as Berkshire Property  Management [Exhibit
                              10.33 to  Registrant's Report  on Form 10-K  for
                              the  year  ended  November  30,  1984 (File  No.
                              0-11985)].*

                     (10.17)  Third Amended and Restated Promissory Note dated
                              April  27, 1989  between Century  III Associates
                              Limited  Partnership  and  Bankers  United  Life
                              Assurance Company.   [Exhibit 8  to Registrant's
                              Report on  Form 8-K  dated April 27,  1989 (File
                              No. 0-11985)].*

                     (10.18)  Third Amended  and Restated Deed of  Trust dated
                              April  27, 1989  between Century  III Associated
                              Limited  Partnership  and  Bankers  United  Life
                              Assurance  Company.  [Exhibit  9 to Registrant's
                              Report on  Form 8-K  dated April 27,  1989 (File
                              No. 0-11985)].*
   <PAGE>
               *Incorporated by reference

   (c)         Reports on Form 8-K

               During the last quarter  of the fiscal year ended  December 31,
               1995, the Partnership did not file any reports on Form 8-K.
   <PAGE>

                                    SIGNATURES



   Pursuant  to  the requirements  of Section  13 or  15(d) of  the Securities
   Exchange Act  of 1934,  the registrant has  duly caused this  report to  be
   signed on its behalf by  the undersigned, thereunto duly authorized, on the
   21st day of March, 1996.

                      KRUPP REALTY LIMITED PARTNERSHIP-V

                                    By:  The  Krupp   Corporation,  a   General
                                         Partner



                                    By:  /s/Douglas Krupp                     
                                         Douglas Krupp, Co-Chairman
                                         (Principal Executive Officer)
                                         and Director of The Krupp Corporation

   Pursuant to  the requirements of the Securities Exchange Act  of 1934, this
   report has  been signed  below by  the following  persons on behalf  of the
   registrant and  in  the capacities  indicated, on  the 21st  day of  March,
   1996.

   Signatures                       Title(s)



   /s/Douglas Krupp                 Co-Chairman (Principal Executive Officer)
   Douglas Krupp                    and Director of  The Krupp Corporation,  a
                                    General Partner.



   /s/George Krupp                  Co-Chairman (Principal Executive Officer)
   George Krupp                     and Director of  The Krupp Corporation,  a
                                    General Partner.



   /s/Laurence Gerber               President of The Krupp Corporation, a
   Laurence Gerber                  General Partner.


   /s/Robert A. Barrows             Senior Vice President and Corporate 
   Robert A. Barrows                Controller  of  the  Krupp Corporation  (a
                                    General Partner of the Registrant). 
   <PAGE>


                                    APPENDIX A

                KRUPP REALTY LIMITED PARTNERSHIP-V AND SUBSIDIARY
                                              



                        CONSOLIDATED FINANCIAL STATEMENTS
                               ITEM 8 OF FORM 10-K

             ANNUAL REPORT TO THE SECURITIES AND EXCHANGE COMMISSION
                       For the Year Ended December 31, 1995
   <PAGE>

                KRUPP REALTY LIMITED PARTNERSHIP-V AND SUBSIDIARY

                  INDEX TO CONSOLIDATED FINANCIAL STATEMENTS AND
                    CONSOLIDATED FINANCIAL STATEMENT SCHEDULE
                                              




   Report of Independent Accountants                                       F-3


   Consolidated Balance Sheets at December 31, 1995 and 1994               F-4


   Consolidated Statements of Operations for the years ended 
   December 31, 1995, 1994 and 1993                                        F-5


   Consolidated Statements of Changes in Partners' Deficit for the years
   ended December 31, 1995, 1994 and 1993                                  F-6


   Consolidated Statements of Cash Flows for the years ended
   December 31, 1995, 1994 and 1993                                        F-7


   Notes to Consolidated Financial Statements                       F-8 - F-14


   Schedule III - Real Estate and Accumulated Depreciation         F-15 - F-16



   All other schedules are omitted  as they are not  applicable, not required,
   or the information is provided in  the consolidated financial statements or
   the notes thereto.

   <PAGE>
                        REPORT OF INDEPENDENT ACCOUNTANTS




   To the Partners of
   Krupp Realty Limited Partnership-V and Subsidiary:

               We  have  audited  the consolidated  financial  statements  and
   consolidated   financial  statement   schedule  of   Krupp  Realty  Limited
   Partnership-V  and Subsidiary (the  "Partnership") listed  in the  index on
   page F-2 of  this Form 10-K.   These   financial  statements and  financial
   statement schedule are the responsibility of the Partnership's  management.
   Our responsibility is to express an  opinion on these financial  statements
   and financial statement schedule 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  financial statements  referred to  above
   present  fairly,  in all  material  respects,  the  consolidated  financial
   position  of  Krupp  Realty Limited  Partnership-V  and  Subsidiary  as  of
   December 31,  1995 and 1994 and the consolidated results  of its operations
   and  its cash  flows  for each  of  the three  years  in  the period  ended
   December  31,  1995  in  conformity  with  generally  accepted   accounting
   principles.  In addition, 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.



   Boston, Massachusetts             COOPERS & LYBRAND L.L.P.
   February 6, 1996

            <PAGE>
                           KRUPP REALTY LIMITED PARTNERSHIP-V AND SUBSIDIARY

                                      CONSOLIDATED BALANCE SHEETS
                                      December 31, 1995 and 1994 
                                                         

<TABLE>
<CAPTION>
                                                ASSETS

                                                                     1995          1994    

            <S>                                                 <C>           <C>
            Multi-family apartment complexes, net of
               accumulated depreciation of $34,745,814
               and $34,905,809, respectively (Note D)            $33,505,527   $38,419,783
            Cash and cash equivalents                              2,022,328       598,443
            Cash restricted for tenant security deposits             438,249       516,327
            Cash restricted for capital improvements (Note D)        729,508       919,047
            Prepaid expenses and other assets                      1,370,882     1,568,572
            Deferred expenses, net of accumulated
              amortization of $401,925 and $463,623,
              respectively (Note E)                                  489,238       582,008

                  Total assets                                   $38,555,732   $42,604,180



                                    LIABILITIES AND PARTNERS' DEFICIT

            Mortgage notes payable (Notes C and D)               $42,800,954   $47,390,488
            Accounts payable                                          37,435       370,107
            Accrued real estate taxes                              1,660,000     1,895,473
            Accrued expenses and other liabilities                 1,183,468     1,219,501
            Due to affiliates (Note E)                                34,327     1,266,260

                  Total liabilities                               45,716,184    52,141,829

            Commitments and contingencies (Note F)

            Partners' deficit (Note G):

               Investor Limited Partners 
                  (35,200 Units outstanding)                      (6,550,285)   (8,903,710)

               Original Limited Partner                             (234,539)     (234,539)

               General Partners                                     (375,628)     (399,400)
            
                  Total Partners  deficit                         (7,160,452)   (9,537,649)

                  Total liabilities and Partners' deficit        $38,555,732   $42,604,180
</TABLE>
                                 The accompanying notes are an integral 
                             part of the consolidated financial statements.
            <PAGE>
                           KRUPP REALTY LIMITED PARTNERSHIP-V AND SUBSIDIARY

                                 CONSOLIDATED STATEMENTS OF OPERATIONS
                         For the Years Ended December 31, 1995, 1994 and 1993
                                                           
<TABLE>
<CAPTION>
                                                        1995         1994           1993   
            Revenue:
               <S>    <C>   <S>                     <C>          <C>            <C>
               Rental (Note I)                      $13,695,050  $13,577,822    $13,524,281
               Interest income                          144,710       74,591        159,925

                  Total revenue                      13,839,760   13,652,413     13,684,206

            Expenses:
               Operating (Note E)                     3,732,763    4,103,984      4,469,090
               Maintenance                              895,329      941,189        871,079
               General and administrative (Note E)      170,943      141,403        120,758
               Real estate taxes                      2,201,309    2,101,222      2,169,575
               Management fees to an affiliate 
                  (Note E)                              512,462      438,049        440,403
               Depreciation and amortization          3,405,153    3,421,941      4,125,915
               Interest (Note D)                      3,717,178    3,954,839      5,409,283

                  Total expenses                     14,635,137   15,102,627     17,606,103

               Loss before gain on sale of
                  property and extraordinary loss      (795,377)  (1,450,214)    (3,921,897)

            Gain on sale of property (Note C)         3,265,789         -              -   

                  Income (loss) before
                     extraordinary loss               2,470,412   (1,450,214)    (3,921,897)

            Extraordinary loss from early
                  extinguishment of debt (Note D)       (93,215)        -              -   

               Net income (loss) (Note J)           $ 2,377,197  $(1,450,214)   $(3,921,897)
             
            Allocation of net income (loss) (Note G):

               Investor Limited Partners
                  (35,200 Units outstanding)        $ 2,353,425  $(1,435,712)   $(3,882,678)

               Per Unit - Investor
                  Limited Partners:
                     Loss before gain on sale of
                        property and extraordinary
                        loss                        $    (22.37) $    (40.79)   $   (110.30)
                     Gain on sale of property             91.85         -              -   
                     Extraordinary loss                   (2.62)        -              -      
                     Net income                     $     66.86  $    (40.79)   $   (110.30)

               Original Limited Partner:
                     Loss before gain on sale of
                        property and extraordinary
                        loss                        $      -     $      -       $      -    
                     Gain on sale of property              -            -              -   
                     Extraordinary loss                    -            -              -      
                     Net income                     $      -     $      -       $      -    

               General Partners:
                     Loss before gain on sale of
                        property and extraordinary 
                        loss                        $    (7,954) $   (14,502)   $   (39,219)
                     Gain on sale of property            32,658         -              -
                     Extraordinary loss                    (932)        -              -   
                     Net income                     $    23,772  $   (14,502)   $   (39,219)
</TABLE>

                                The accompanying notes are an integral
                            part of the consolidated financial statements.
            <PAGE>
                          KRUPP REALTY LIMITED PARTNERSHIP-V AND SUBSIDIARY

                       CONSOLIDATED STATEMENTS OF CHANGES IN PARTNERS' DEFICIT
                         For the Years Ended December 31, 1995, 1994 and 1993
                                            _____________
<TABLE>
<CAPTION>


                                   Investor      Original                       Total
                                   Limited       Limited       General         Partners'
                                   Partners      Partner       Partners         Deficit  

            Balance at 
            <S>                  <C>            <C>           <C>            <C>
            December 31, 1992    $(3,559,384)   $(232,866)    $(345,400)     $(4,137,650)

            Distributions 
            (Note H)                 (25,936)      (1,673)         (279)         (27,888)

            Net loss              (3,882,678)        -          (39,219)      (3,921,897)

            Balance at 
            December 31, 1993     (7,467,998)    (234,539)     (384,898)      (8,087,435)

            Net loss              (1,435,712)        -          (14,502)      (1,450,214)

            Balance at 
            December 31, 1994     (8,903,710)    (234,539)     (399,400)      (9,537,649)

            Net income             2,353,425         -           23,772        2,377,197 

            Balance at 
            December 31, 1995    $(6,550,285)   $(234,539)    $(375,628)     $(7,160,452)


</TABLE>
                                The accompanying notes are an integral
                            part of the consolidated financial statements.
            <PAGE>
                          KRUPP REALTY LIMITED PARTNERSHIP-V AND SUBSIDIARY
                               CONSOLIDATED STATEMENTS OF CASH FLOWS  
                        For the Years Ended December 31, 1995, 1994 and 1993 
<TABLE>
<CAPTION>
                                                        
                                                    1995          1994           1993   
            Operating activities:

               <S>                              <C>           <C>            <C>
               Net income (loss)                $ 2,377,197   $(1,450,214)   $(3,921,897)
               Adjustments to reconcile 
                 net income (loss) to net
                 cash provided by operating 
                 activities:
                  Depreciation and amortization     3,405,153    3,421,941      4,125,915
                  Gain on sale of property         (3,265,789)        -              -
                  Extraordinary loss from early
                     extinguishment of debt            93,215         -              -
                  Amortization of mortgage
                     premium                             -            -           326,164
                  Decrease (increase) in cash 
                     restricted for tenant
                     security deposits                 78,078       50,299        (44,789)
                  Decrease in prepaid expenses 
                     and other assets                 197,690       42,165            425
                  Increase (decrease) in accounts
                      payable                        (143,652)    (412,993)       419,671
                  Increase (decrease) in accrued 
                     real estate taxes               (235,473)     (30,880)        53,511
                  Increase (decrease) in accrued
                     expenses and other
                     liabilities                      (36,033)      70,505     (1,188,156)
                  Increase (decrease) in 
                     due to affiliates             (1,231,933)    (119,068)       382,922

                     Net cash provided by 
                        operating activities        1,238,453    1,571,755        153,766
            Investing activities:
               Additions to fixed assets           (1,539,727)  (3,016,777)    (1,619,113)
               Decrease (increase) in cash 
                  restricted for capital 
                  improvements                        189,539    1,361,295     (1,329,701)
               Net consideration received from  
                  the sale of property              6,392,353         -              -
               Increase (decrease) in accounts
                  payable related to fixed
                  asset additions                    (189,020)      77,846        111,174
                     Net cash provided by (used 
                        in) investing activities    4,853,145   (1,577,636)    (2,837,640)

            Financing activities:
               Proceeds from mortgage note 
                 payable                                 -            -        33,000,000
               Repayment of mortgage notes
                 payable                           (4,050,721)        -       (32,626,898)
               Payment of prepayment premium          (78,179)        -              -
               Principal payments on 
                 mortgage notes payable              (538,813)    (542,839)      (303,868)
               Increase in deferred expenses             -         (12,138)      (316,471)
               Distributions                             -            -           (27,888)
                     Net cash used in 
                        financing activities       (4,667,713)    (554,977)      (275,125)
            Net increase (decrease) in 
               cash and cash equivalents            1,423,885     (560,858)    (2,958,999)
            Cash and cash equivalents,
               beginning of year                      598,443    1,159,301      4,118,300
            Cash and cash equivalents,
               end of year                        $ 2,022,328  $   598,443   $  1,159,301
                                                                                         
</TABLE>
                                 The accompanying notes are an integral
                             part of the consolidated financial statements.
            <PAGE>


                KRUPP REALTY LIMITED PARTNERSHIP-V AND SUBSIDIARY

                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                                             


   A.   Organization

        Krupp  Realty Limited Partnership-V ("KRLP-V")  was formed on June 16,
        1983  by  filing  a   Certificate  of   Limited  Partnership  in   The
        Commonwealth  of Massachusetts.   KRLP-V  terminates  on December  31,
        2020, unless  earlier terminated upon the sale of the last of KRLP-V's
        properties or the occurrence of certain  other events as set forth  in
        the Partnership Agreement.  KRLP-V  issued all of the  General Partner
        Interests   to  two   General  Partners   in   exchange  for   capital
        contributions   aggregating  $1,000.      The  Krupp   Corporation  (a
        Massachusetts   corporation)    and   The   Krupp   Company    Limited
        Partnership-II (a Massachusetts  limited partnership) are  the General
        Partners of KRLP-V.   Except under certain  limited circumstances upon
        termination of KRLP-V, the General  Partners are not required  to make
        any additional  capital contributions. KRLP-V  has also issued all  of
        the  Original Limited  Partner Interests to  The Krupp Company Limited
        Partnership-II in exchange for a capital contribution of $4,000.

        On September  6, 1983,   KRLP-V commenced  the marketing  and sale  of
        units of  Investor Limited Partner  Interest ("Units") for $1,000  per
        unit.   The public  offering was closed on  December 2,  1983 at which
        time a total of 35,200 Units had been sold for $35,200,000.  

        On March  20,  1989 the  General  Partners  formed Krupp  Realty  Park
        Place-Chicago Limited  Partnership ("Realty-V") as a  prerequisite for
        the refinancing of  Park Place Tower  Apartments ("Park  Place").   At
        the same  time the  General  Partners  transferred ownership  of  Park
        Place  to Realty-V.   The  General  Partner of  Realty-V is  The Krupp
        Corporation  ("Krupp Corp.").    The Limited  Partner of  Realty-V  is
        KRLP-V.    Krupp  Corp.  has  beneficially assigned  its  interest  in
        Realty-V to KRLP-V.   KRLP-V and  Realty-V are  collectively known  as
        Krupp  Realty  Limited  Partnership-V   and  Subsidiary  (collectively
        referred to herein as the "Partnership").  

   B.   Significant Accounting Policies

        The Partnership uses  the following accounting policies  for financial
        reporting purposes,  which may differ  in certain respects from  those
        used for federal income tax purposes (see Note J).

         Basis of Presentation

         The  consolidated  financial  statements  present  the  consolidated
         assets,  liabilities  and  operations  of   the  Partnership.    All
         intercompany balances and transactions have been eliminated.  
   <PAGE>
         Risks and Uncertainties

         The  Partnership invests its  cash primarily  in deposits  and money
         market  funds with  commercial  banks.    The  Partnership  has  not
         experienced any losses to date on its invested cash.

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

         Cash Equivalents

         The  Partnership includes all short-term investments with maturities
         of three months or less at the  date of acquisition in cash and cash
         equivalents.    The cash  investments  are recorded  at  cost, which
         approximates current market values.

         Rental Revenues

         Leases  require the payment of base rent monthly in advance.  Rental
         revenues  are recorded  on  the  accrual  basis.   Leases  generally
         contain provisions  for additional  rent based  on  a percentage  of
         tenant sales and  other provisions  which are also  recorded on  the
         accrual  basis, but are billed in  arrears.   Minimum rental revenue
         for long term  commercial leases  is recognized  on a  straight-line
         basis over the life of the related lease.

         Depreciation

         Depreciation is provided for by the  use of the straight-line method
         over estimated useful lives of the related assets as follows:

               Buildings and improvements                        5-25 years
               Appliances, carpeting and equipment               3-5 years

         Impairment of Long-Lived Assets

        In   accordance  with   Financial  Accounting   Standards  No.   121,
        "Accounting for  the Impairment  of Long-Lived Assets  and for  Long-
        Lived Assets to  Be Disposed Of", which is effective for fiscal years
        beginning after December  15, 1995,  the Partnership  has implemented
        policies and practices for  assessing impairment of  its real  estate
        assets.

        The investments  in properties are  carried at  cost less accumulated
        depreciation  unless  the   General  Partners  believe  there   is  a
        significant  impairment in value, in  which case a provision to write
        down investments in properties  to fair value will be charged against
        income.  At this  time, the General Partners do  not believe that any
        assets of the Partnership are impaired.

        Deferred Expenses
   <PAGE>

        Costs of  obtaining and  recording mortgages  on  the properties  are
        amortized  over the  term  of the  related mortgage  notes  using the
        straight-line method.

        Income Taxes

        The Partnership is  not liable for federal  or state income  taxes as
        Partnership  income or loss  is allocated to the  partners for income
        tax purposes.   In the event that  the Partnership's tax returns  are
        examined by the  Internal Revenue Service  or state  taxing authority
        and the examination results in a change in the Partnership's  taxable
        income or loss, such change will be reported to the partners.

        Reclassification

        Certain prior  year balances have been  reclassified to conform  with
        the current year consolidated financial statement presentation.

   C.   Disposition of Real Estate Investment

        On July  19, 1995, the Partnership  sold Marine  Terrace Apartments, a
        187  unit apartment  complex located  in Chicago,  Illinois,  for cash
        proceeds   and  other   considerations   which  totalled   $6,436,505.
        Proceeds from the sale were used to  pay closing costs of $44,152,  to
        repay the existing mortgage note  on the property of $4,050,721 and to
        satisfy  other  Partnership  liabilities.    For  financial  reporting
        purposes the  Partnership realized a gain  of $3,265,789  on the sale.
        The  gain was  calculated as the  difference between net consideration
        received less net book value of the property.

   D.   Mortgage Notes Payable

        Substantially  all  of the  properties  owned  by the  Partnership  is
        pledged  as collateral for the  mortgage notes outstanding at December
        31, 1995 and 1994 which consisted of the following:

<TABLE>
<CAPTION>
                                                                  Annual
                                              Principal          Interest 
                   Property              1995          1994        Rate    Maturity Date

               Century II
               <S>                   <C>           <C>            <C>      <C> <C>
               Apartments            $10,590,450   $10,715,999    10.625%  May 1, 1999

               Marine Terrace
               Apartments                   -        4,098,302    10.5%         -

               Park Place
               Tower Apartments       32,210,504    32,576,187     6.75%   May 1, 2024

                  Total              $42,800,954   $47,390,488
</TABLE>
        Century II Apartments

        The property  is subject  to a  non-recourse first  mortgage note  of
        $11,000,000,  which  is  payable in  equal  monthly  installments  of
        principal <PAGE>
        and  interest of $104,844, based on a 25-year amortization schedule. 
        The note matures on May 1, 1999, at which point  all unpaid principal
        (approximately $10,077,000)  and any  accrued interest  is due.   The
        note may be  prepaid, in whole,  beginning May 1, 1994, subject  to a
        prepayment  premium  equal   to  10%  of  the   outstanding  balance.
        Beginning June 1, 1994 the  prepayment premium shall equal 10% of the
        outstanding principal balance, less 0.185% of the outstanding balance
        per  each calendar month expired after June 1,  1994.  There shall be
        no  prepayment premium for  any prepayment made during  the six month
        period prior to the maturity date of the note.

        Based on the  borrowing rates currently available  to the Partnership
        for  bank loans with  similar terms and average  maturities, the fair
        value of long term debt is approximately $13,300,000.

        Marine Terrace Apartments

        In  conjunction with the sale of  the property on July  19, 1995, the
        Partnership   prepaid  the   non-recourse  first  mortgage   note  of
        $4,050,721.   As a result of the retirement  of debt, the Partnership
        incurred a prepayment premium of $78,179.  The prepayment premium, as
        well as unamortized deferred mortgage costs of  $15,036, are reported
        in  the Statement of  Operations as an extraordinary  loss from early
        extinguishment of debt.

        Park Place Tower Apartments

        The  property  is   subject  to  a  non-recourse  mortgage   note  of
        $33,000,000, dated September 15, 1993, held by the U.S. Department of
        Housing and Urban Development ("HUD").  The note  is payable in equal
        monthly installments of principal and interest of $212,783,  based on
        a  31-year   amortization.     At  maturity,   all  unpaid  principal
        (approximately $1,457,000)   and any  accrued interest is  due.   The
        note  may not be  prepaid   prior to October 1,  1998.   In the event
        prepayment of principal occurs any time after this date, a prepayment
        premium shall be due, based  on a declining premium rate of  5% to 0%
        of   the outstanding  principal  balance  over  a  period of 5 years.
        As
        stipulated  in the  regulatory  agreement with  HUD,  the Partnership
        makes  monthly  deposits of  $17,743 in  an  established  reserve for
        replacements  to be used for  improvements.   Under the terms  of the
        loan, HUD  restricts the distribution  of funds to  Surplus Cash,  as
        defined by HUD in the regulatory agreement.

        Based  on the borrowing rates currently  available to the Partnership
        for  bank loans with  similar terms and average  maturities, the fair
        value of long-term debt is approximately $28,600,000.

        The aggregate scheduled principal amounts of long-term borrowings due
        during  the  five  years  ending  December  31,  2000  are  $527,285,
        $569,802, $615,927, $10,614,413 and $509,135.

        During  the years  ended  December  31,  1995,  1994  and  1993,  the
        Partnership paid $3,555,694, $3,792,109 and $6,124,243 of interest on
        its mortgage notes, respectively.

   E.   Related Party Transactions
   <PAGE>

        Commencing  with  the  date   of  acquisition  of  the  Partnership's
        properties, the  Partnership  entered  into  agreements  under  which
        property  management fees  are paid  to an  affiliate of  the General
        Partners for  services as management agent.   Such agreements provide
        for management  fees payable  monthly at  a rate of  5% of  the gross
        receipts from the properties under  management.  The Partnership also
        reimburses affiliates  of the  General Partners for  certain expenses
        incurred  in connection with the operation of the Partnership and its
        properties including  accounting, computer, insurance,  travel, legal
        and  payroll; and  with the  preparation and  mailing of  reports and
        other communications to the limited partners.

        Amounts accrued or paid  to the General Partners or  their affiliates
        during the  years ended  December 31,  1995,  1994 and  1993 were  as
        follows:
<TABLE>
<CAPTION>
                                        1995        1994          1993  

            <S>                      <C>         <C>           <C>
            Property management
                fees                  $512,462    $438,049      $440,403

            Expense
               reimbursements          267,147     435,467       443,303

            Charged to
               operations             $779,609    $873,516      $883,706

</TABLE>
        Due to  affiliates consists of the following  as of December 31, 1995
        and 1994:
<TABLE>
<CAPTION>
                                                      1995            1994   
                 <S>                               <C>            <C>
                 Property management fees          $     -         $  739,200
                 Expense reimbursements                34,327         527,060
                                                   $   34,327      $1,266,260
</TABLE>

        In  addition to  the amounts  above,  during 1994  and  1993 costs  of
        $14,083 and $27,658  respectively, were accrued or paid to the General
        Partners or their  affiliates.  These costs related to refinancing the
        debt on the Partnership's properties. 

   F.   Legal Proceeding

        The Partnership is a  defendant in a class action suit related  to the
        practice  of giving discounts for the early or timely payments of rent
        at Park Place.   The central  issue of the  complaint was whether  the
        operative lease  violated a  Chicago municipal  ordinance relating  to
        late fee  charges because it  allowed tenants a  discount if rent  was
        paid  on or  before the  first day  of the  month.   The ordinance  in
        question limited  late fee charges  to $10 per  month if the rent  was
        more than 5 days  late.  The allegation was  that, notwithstanding the
        stated rental rate  and printed discount, the  practice represented an
        unlawful means  of exacting late fee charges.   In addition to seeking
        damages for  any  "forfeited"  discounts,  Plaintiffs  seek  statutory
        damages of two months rent per <PAGE>
        lease violation plus reasonable attorneys'  fees.  To be  eligible for
        such  punitive  damages  Plaintiffs  must  prove  that  the  Defendant
        deliberately used a provision prohibited by the ordinance. 

        During  1994, the  Court ruled in favor of the Defendant, and accepted
        the  Partnership's Motion  to Dismiss  the  Plaintiffs' Third  Amended
        Complaint.  The  Plaintiffs have filed  an appeal  with the  Appellate
        Court  of  Illinois,  First  District,  which   is  pending.  Although
        management believes  that the defendant will  prevail on  the issue of
        statutory damages, the ultimate outcome of  this litigation, including
        an estimate of  any potential loss, cannot be presently determined and
        accordingly no  provision for loss has  been made  in the accompanying
        consolidated financial statements.

   G.   Partners' Deficit

        Under the terms  of the Partnership Agreement, losses  from operations
        are  allocated 99%  to the  Investor Limited  Partners and  1% to  the
        General Partners and  profits from operations are allocated 93% to the
        Investor Limited Partners, 6% to  the Original Limited Partner  and 1%
        to the  General Partners  until such  time that  the Investor  Limited
        Partners have received a return  of their total invested  capital plus
        a 9% per annum  cumulative return thereon and  thereafter, 65% to  the
        Investor Limited Partners,  28% to the Original Limited Partner and 7%
        to the General  Partners.  Profits or losses from capital transactions
        are allocated in accordance with the Partnership Agreement.

        Under  the  Partnership Agreement,  cash  distributions are  generally
        made on the same basis as the allocations  of profits described above.
        Pursuant  to   the  Partnership   Agreement,  proceeds   from  Capital
        Transactions shall  first be applied  to the payment of  all debts and
        liabilities  of  the  Partnership  and  second  to fund  reserves  for
        contingent  liabilities.  The remaining  net cash  proceeds shall then
        be distributed in accordance with the Partnership Agreement.

        As   of  December   31,   1995   the  following   cumulative   partner
        contributions and allocations have  been made  since inception of  the
        Partnership:
<TABLE>
<CAPTION>
                                  Investor      Original
                                  Limited       Limited     General
                                 Partners      Partner     Partners      Total   
             
        <S>                     <C>            <C>        <C>         <C>
        Capital contributions   $ 35,200,000   $   4,000   $   1,000   $35,205,000

         Syndication costs         (4,501,000)       -           -      (4,501,000)

        Cash distributions        (4,099,303)   (251,479)    (41,912)    (4,392,694)

         Net gains on capital
            transactions             6,674,964        -         67,424   6,742,388

         Net income (loss)
           before capital
           transactions           (39,824,946)     12,940    (402,140)   (40,214,146)

         Balance at
            <PAGE>
           December 31, 1995       $ (6,550,285)  $(234,539)  $(375,628)  $(7,160,452)
</TABLE>
   H.   Distributions

        During 1993, the Partnership distributed $27,888  which was equivalent
        to the required withholding tax for the state  of Maryland which arose
        from the sale of  Fieldcrest Apartments.  This amount was paid  to the
        state of Maryland for the benefit of all Partners.

   I.   Future Base Rents Due Under Commercial Operating Leases

        Future  base rent receivable under commercial operating leases for the
        years 1996 through 2000 are as follows:
<TABLE>
<CAPTION>
                                      <S>                   <C>
                                      1996                  $124,251
                                      1997                  $ 97,254
                                      1998                  $ 69,228
                                      1999                  $ 69,639
                                      2000                  $ 70,902
                                      Thereafter            $347,187

   J.   Federal Income Taxes

        The reconciliations of the income (loss) reported  in the accompanying
        Consolidated  Statement  of  Operations with  the  net  income  (loss)
        reported in the  Partnership's federal income tax return for the years
        ended December 31, 1995, 1994 and 1993 are as follows:

</TABLE>
<TABLE>
<CAPTION>
                                                1995           1994         1993 

          <S>                                 <C>           <C>           <C>
          Net income (loss) per Consolidated
             Statement of Operations          $2,377,197    $(1,450,214)  $(3,921,897)

           Difference between book and tax
              depreciation                            540          5,917   (6,885)

           Difference between book and tax  
               gain on sale of property            962,454           -           - 


            Net income (loss) for federal
               income tax purposes              $3,340,191    $(1,444,297) $(3,928,782)

</TABLE>
   The allocation of  the net loss for  federal income tax purposes  for 1995
   is as follows:
<TABLE>
<CAPTION>
                                               Portfolio      Passive
                                                 Income       Income          Total   

                 <S>                           <C>          <C>            <C>
                 General Partners              $  1,447     $   31,955     $   33,402    
                       
                 Original Limited Partner          -              -              -       
                     
                 Investor Limited Partners      143,263      3,163,526      3,306,789 
            <PAGE>
                                               $144,710     $3,195,481     $3,340,191
</TABLE>


      During the  years ended December 31,  1995, 1994 and 1993  the per Unit
      net income (loss)  to the Investor Limited Partners for  federal income
      tax purposes was  $93.94, ($40.62) and $(111.61), respectively.
<PAGE>


                         KRUPP REALTY LIMITED PARTNERSHIP-V AND SUBSIDIARY

                      SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION
<TABLE>
<CAPTION>
                                         December 31, 1995
                                                       
                                                                           Costs 
                                                                        Capitalized
                                                                        Subsequent to
                                         Initial cost to Partnership    Acquisition 
                                                       Buildings &      Buildings &   Depreciable
     Description        Encumbrances         Land      Improvements     Improvements      Life    

   <S>                  <C>              <C>           <C>              <C>           <C> 
   Century II Apts
   Cockeysville,
   Maryland             $10,590,450      $1,049,868    $13,948,246      $ 2,979,165   3 to 25 Yrs.

   Park Place Apts
   Chicago, Illinois     32,210,504       2,877,561     38,230,448        9,166,053   3 to 25 Yrs.

       TOTAL            $42,800,954      $3,927,429    $52,178,694      $12,145,218
</TABLE>

<TABLE>
<CAPTION>
                                Gross Amounts Carried at
                                    End of Year              
                                     Buildings                                 Year
                                        and                    Accumulated   Construction   Year
     Description          Land      Improvements      Total    Depreciation   Completed   Acquired
    
   <S>                 <C>          <C>            <C>           <C>            <C>         <C>
   Century II Apts
   Cockeysville,
   Maryland            $1,049,868   $16,927,411    $17,977,279   $ 9,817,661    1971        1984

   Park Place Apts
   Chicago,
   Illinois             2,877,561    47,396,501     50,274,062    24,928,153    1973        1984

      TOTAL            $3,927,429   $64,323,912    $68,251,341   $34,745,814

</TABLE>
            <PAGE>        KRUPP REALTY LIMITED PARTNERSHIP-V AND SUBSIDIARY

                       SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION
                                             (Continued)

                                          December 31, 1995
                                                        


 Reconciliation  of Real Estate  and Accumulated Depreciation for  each of the
   three years in the period ended December 31, 1995:


<TABLE>
<CAPTION>
                                             1995              1994           1993   
               <S>                        <C>              <C>             <C>
               Real Estate
               Balance at 
               beginning of year          $73,325,592      $70,308,815     $68,689,702

               Acquisitions and 
               improvements                 1,539,727        3,016,777       1,619,113

               Sale of property            (6,613,978)          -               -     

               Balance at 
               end of year                $68,251,341      $73,325,592     $70,308,815



               Accumulated Depreciation

               Balance at 
               beginning of year          $34,905,809      $31,569,120     $28,403,204

               Depreciation expense         3,327,419        3,336,689       3,165,916

               Sale of property            (3,487,414)          -               -     

               Balance at end of year     $34,745,814      $34,905,809     $31,569,120

</TABLE>

    Note:  The  aggregate cost  of the  Partnership's  real estate  for federal
           income tax purposes  was $68,255,163, and the aggregate  accumulated
           depreciation for  federal income  tax purposes  was $43,097,392,  at
           December 31, 1995.