UNITED STATES
               SECURITIES AND EXCHANGE COMMISSION
                     Washington, D.C. 20549
                                     

                            FORM 10-K

(Mark One)

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

          For the fiscal year ended       December 31, 1998       
         

                               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.)

One Beacon Street, Boston, Massachusetts                     02108 

(Address of principal executive offices)    (Zip Code)

(Registrant's telephone number, including area code) (617) 523-7722


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.

Documents incorporated by reference:  Part IV,
Item 14.

The exhibit index is located on pages 10-13.

The total number of pages in this document is
31.<PAGE>
                              PART I

This Form 10-K contains forward-looking
statements within the meaning of Section 27A
of the Securities Act of 1933 and Section 21E
of the Securities Exchange Act of 1934. 
Actual results could differ materially from
those projected in the forward-looking
statements as a result of a number of factors,
including those identified herein.

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 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 Item 8 (Appendix A) of 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) and a joint venture in
Lakeview Tower Apartments (the "Joint
Venture") 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 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").  

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 the Joint Venture in
1992.

The Partnership's real estate investments are
subject to some 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
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, 1998, the Partnership did
not employ any personnel.

ITEM 2.   PROPERTIES

As of December 31, 1998, the Partnership had
leveraged investments in two apartment
complexes having an aggregate of 1,369 units. 
One of the complexes has an additional 18,417
square feet of leasable commercial space.

A summary of the Partnership's real estate
investments is presented below.  Schedule III
included in Item 8 (Appendix A) of this report
contains additional detailed information with
respect to individual properties.
<TABLE>
<CAPTION>
                             Total Units/        Average Occupancy
                                Current         For the Year Ended

                     Year of    Leasable           December 31,       

<S>                                             <C>  <C>  <C>  <C> <C>
DescriptionAcquisition       Square Footage     1998 1997 1996 19951994
Century II Apts. 
Cockeysville, Maryland 1984   468 Units         100% 100%  96%  92% 92%

Park Place Tower Apts.        901 Units          99%  99%  96%  94% 94%
Chicago, Illinois    1984    18,417 Sq. Ft.      64%  64%  76%  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 Tower Apartments and Marine
Terrace Apartments.  The central issue of the
complaint is 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 of the month.  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 and reasonable
attorneys' fees.  To be eligible for such
damages plaintiffs must prove that the
defendants deliberately used a provision
prohibited by the ordinance. 

During 1994, the Court ruled in favor of the
defendants, and accepted the Partnership's
Motion to Dismiss the Plaintiff's Third
Amended Complaint.  The plaintiffs filed an
appeal with the Appellate Court of Illinois,
First District.  During 1996, the decision was
reversed on appeal and the case remanded to
trial court for further proceedings.  The
defendants intend to vigorously defend this
case.  

Continued discussions with Plaintiffs' counsel
have resulted in a tentative settlement which
was presented to the court in December, 1998. 
Although the settlement has not been
finalized, the Partnership recorded provisions
totaling $1,015,000 in the 1998 and 1997
consolidated financial statements of $733,000
and $282,000, respectively. 




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

  None.

                             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, 1998 was approximately 2,100.

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 commenced in
the first quarter of 1996, are paid at an
annual rate of $20.00 per Unit.  The General
Partners believed there was sufficient Cash
Flow and working capital reserves to increase
the annual distribution rate in 1997 to the
current rate of $40.00 per Unit.

The Partnership made the following
distributions to its Partners during the years
ended December 31, 1998 and 1997:
<TABLE>
<CAPTION>
         
                                           
                                 Year Ended December 31,       
                                 1998                 1997       
                           Amount    Per Unit     Amount  Per Unit
Limited Partners:

  Investor Limited Partners         
      (35,200 Units
      <S>                <C>         <C>        <C>       <C>
      outstanding)       $1,408,000  $  40.00   $1,408,000$  40.00

Original Limited Partner   90,839             90,839    

General Partners           15,140             15,140   

                         $1,513,979          $1,513,979
</TABLE>
<page<
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>
              1998       1997       1996       1995      1994   

<S>          <C>         <C>        <C>        <C>        <C>
Total revenue$15,100,395 $14,523,598$13,660,261$13,839,760$13,652,413

Income (loss) before 
  gain from capital 
  transactions    692,911 (304,383)(119,075) (795,377) (1,450,214)

Gain on sale of 
  property           -        -      -       3,265,789      -

Income (loss) before
  extraordinary loss692,911 (304,383)(119,075) 2,470,412 (1,450,214)

Extraordinary loss   -   (288,156)    -    (93,215)       -

Net income (loss) 692,911(592,539)(119,075)2,377,197    (1,450,214)

Net income (loss)
  allocated to:      

  Investor Limited
   Partners       644,407   (586,614)   (117,884)      2,353,425 (1,435,712)
   Per Unit      18.31      (16.67)      (3.35)          66.86     (40.79)
     
  Original Limited
     Partner        41,575        -               -           -          -
        
 General Partners   6,929     (5,925)      (1,191)         23,772    (14,502)

Total assets at 
  December 31,  34,721,709 35,457,032    37,162,269     38,555,732 42,604,180

Long-term obligations
  at December 31,     41,235,548 41,848,811 41,700,453 42,273,669  46,805,538

Distributions:

  Investor Limited 
     Partners          1,408,000  1,408,000   704,000         -          -
       Per Unit            40.00      40.00     20.00         -          -
  
  Original
     Limited Partner      90,839     90,839    45,419         -          -

  General Partners        15,140     15,140     7,570         -          -
</TABLE>
  
The Selected Financial Data results for the
periods presented are not comparable due to
the sale of Marine Terrace on July 19, 1995.

The per Unit distributions for the years ended
December 31, 1998, 1997, 1996, 1995 and 1994
were $40.00, $40.00, $20.00, $0 and $0,
respectively, none of which represented a
return of capital.

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

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

  This Management's Discussion and Analysis of Financial Condition and
Results of Operations contains forward-looking statements including those
concerning Management's expectations regarding the future financial
performance and future events.  These forward-looking statements involve
significant risk and uncertainties, including those described herein. 
Actual results may differ materially from those anticipated by such
forward-looking statements.

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, capital improvements, debt
service and other expenses.  Cash 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 semiannual distributions commenced in the
first quarter of 1996 at an annual rate of $20.00 per Unit.  Beginning with
the distribution paid in February 1997, the annual distribution rate was
increased from $20.00 per Unit, to the current rate of $40.00 per Unit,
based on sufficient Cash Flow and working capital reserves.

On December 10, 1997, the Partnership completed the refinancing of the
Century II Apartments ("Century") mortgage note.  The property was
refinanced with a $11,000,000 non-recourse mortgage note payable at the
rate of 6.75% per annum with monthly principal and interest payments of
$71,346.  The Partnership used the majority of the proceeds from the
refinancing to repay the existing mortgage note on the property of
$10,309,332, pay closing costs of $236,763, to pay a prepayment premium of
$210,825 and to establish various escrows.

The Partnership's properties, Century and Park Place, have spent
approximately $1,490,000 in 1998 and are expected to spend approximately
$2,036,000 for capital improvements in 1999 in order to remain competitive
in their respective markets.  These improvements include floor covering,
pavement upgrades and appliance replacements, as well as interior
improvements at the Partnership's properties.  The Partnership expects to
fund these improvements from established reserves and cash generated from
property operations.

Financial Accounting Standards Board Statement
No. 131 ("FAS 131") "Disclosures about
Segments of an Enterprise and Related
Information' establishes standards for
disclosing measures for profit or loss and
total assets for each reportable segment.  FAS
131 is effective for fiscal years beginning
after December 15, 1997.   Financial
Accounting Standards Board Statement No. 133
("FAS 133") "Accounting for Derivatives" is
effective for fiscal years beginning after
June 15, 1999.  FAS 133 establishes standards
related to the accounting and disclosure
requirements of derivative financial
instruments.  Emerging Issues Task Force
ruling 97-11 ("EITF 97-11") entitled
"Accounting For Real Estate Property
Acquisitions", is effective March 19, 1998. 
EITF 97-11 provides that real estate companies
must expense, as incurred, the internal costs
of identifying and acquiring operating
property.  The General Partners believe that
the implementation of FAS 131 and EITF 97-11
do not have a material impact on the
Partnership's financial statements, nor will
the implementation of FAS 133.

The General Partners of the Partnership have
conducted an assessment of the Partnership's
core internal and external computer
information systems and have taken the further
necessary steps to understand the nature and
extent of the work required to make its
systems Year 2000 ready in those situations in
which it is required to do so.  The Year 2000
readiness issue concerns the inability of
computerized information systems to accurately
calculate, store or use a date after 1999. 
This could result in a system failure or
miscalculations causing disruptions of
operations.  The Year 2000 issue affects
virtually all companies and all organizations.

In this regard, the General Partners of the
Partnership, along with certain affiliates,
began a computer systems project in 1997 to
significantly upgrade its existing hardware
and software.  The General Partners completed
the testing and conversion of the financial
accounting operating systems in February 1998. 
As a result, the General Partners have
generated operating efficiencies and believe
their financial accounting operating systems
are Year 2000 ready.  Costs incurred by the
Partnership are not significant to date. 
There are no other systems or software that
the Partnership is using at the present time.

The General Partners of the Partnership are
currently in the process of identifying,
evaluating and remedying the Partnership's
Year 2000 compliance issues with respect to
its non-financial systems, such as computer
controlled elevators, boilers, chillers or
other miscellaneous systems.  The General
Partners are in the process of completing the
Partnership's Year 2000 compliance initiatives
at its properties.  Based on their
identification and assessment efforts to date,
the General Partners believe that certain of
the computer equipment and software the
Partnership currently uses will require
modification or replacement.  However, the
General Partners do not believe that the
future efforts to achieve the Partnership's
Year 2000 compliance initiatives will result
in material cost to the Partnership or
significantly interrupt services or
operations.

The General Partners of the Partnership are in
the process of evaluating the potential
adverse impact that could result from the
failure of material third-party service
providers (including but not limited to its
banks and telecommunications providers) and
significant vendors to be Year 2000 ready.  No
estimate can be made at this time as to the
impact of the readiness of such third parties. 
However, if any of the third party service
providers cease to conduct business due to
Year 2000 related problems, the General
Partners expect to be able to contract with
alternate providers without experiencing any
material adverse effects on the Partnership's
financial condition and results of operations. 
The Partnership is in the process of
coordinating their contingency plan with the
property manager, in charge of operations.

Operations

The following discussion relates to the
operations of the Partnership and its
properties (Park Place Tower and Century II
Apartments) for the years ended December 31,
1998, 1997 and 1996.

1998 compared to 1997

Net income increased in 1998 as compared to
1997, as rental revenue increased and expenses
decreased.

In comparing 1998 to 1997, the increase in
rental revenue is attributable to residential
rental rate increases implemented at Park
Place and Century.  

Total expenses decreased when comparing 1998
to 1997, primarily due to decreases in
operating, maintenance, real estate taxes and
interest expenses, partially offset by an
increase in general and administrative and
depreciation expenses.  The decrease in
operating expense is mainly a result of
decreases in utilities and insurance expenses. 
Lower gas expenditures are attributable to a
more energy efficient system at Park Place. 
The decrease in insurance expense is due to a
reduction in liability and workers
compensation expense at the Partnership's
properties, due to lower claims experience. 
Maintenance expense decreased primarily due to
payment of an insurance deductible in 1997 for
flood damage at Park Place.  Real estate taxes
decreased due to actual 1997 tax bills for Park Place
lower than estimated. Interest
expense decreased as a result of the
refinancing of Century's mortgage note in
December, 1997.  The increase in general and
administrative expense is due to an increase
in legal expense related to the litigation
discussed in Note F to Consolidated Financial
Statements included in Item 8 (Appendix A) of
this report.  Depreciation expense increased
in conjunction with capital improvement
expenditures.

1997 compared to 1996

Net loss, before extraordinary loss, increased
in 1997 when compared to 1996 as the increase
in total expenses more than offset the
increase in revenue.

Total revenue increased in 1997 when compared
to 1996, primarily due to increases in average
occupancy at both Park Place and Century, as
well as increased rental rates at Park Place. 
Average occupancy rates at Century increased
from 96% to 100% in 1996 and 1997,
respectively.  Average residential occupancy
rates at Park Place rose from 96% to 99% in
1996 and 1997, respectively.  The
Partnership's properties enjoy strong
occupancy as capital improvements, including
an appliance replacement program at Century
and a new fitness center at Park Place, have
strengthened leasing efforts at the
properties.  Interest income decreased as
investments in commercial paper declined as a
direct result of the 100% increase in the
semiannual distributions paid in 1997.

Total expenses increased in 1997 when compared
to 1996 as a result of increases in
maintenance, real estate tax and depreciation
expenses.  Maintenance expense increased due
to payment of the insurance deductible for
flood damage at Park Place, repairs to the
heating and air conditioning system at Park
Place and other preventive maintenance at both
of the Partnership's properties, including
interior painting and drainage upgrades.  The
increase in real estate tax expense was due to
refunds of prior years' real estate taxes
received in 1996 for Park Place toward the
1986, 1987, 1988 and 1990 tax years totaling
approximately $325,000.  Additionally, 1997
real estate tax expense increased due to an
increase in the assessed value of Park Place. 
Depreciation expense increased in conjunction
with capital improvement expenditures.

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 The
Krupp Company Limited Partnership-II, the
other General Partner of KRLP-V, is as
follows:

                               Position with
       Name and Age        The Krupp Corporation

       Douglas Krupp (52)  President and Co-Chairman of the Board

       George Krupp (54)   Co-Chairman of the Board

       Wayne H. Zarozny (40)Treasurer 

  Douglas Krupp co-founded and serves as Co-
Chairman and Chief Executive Officer of The
Berkshire Group, an integrated real estate
financial services firm engaged in real estate
acquisition, mortgage banking, investment
sponsorship, venture capital investing  and
financial management.   Mr. Krupp has held the
position of Co-Chairman since The Berkshire
Group was established as The Krupp Companies
in 1969 and he has served as the Chief
Executive Officer since 1992.  Mr. Krupp
serves as Chairman of the Board and Director
of Berkshire Realty Company, Inc. (NYSE-BRI)
and he is also a member of the Board of
Trustees at Brigham & Women's Hospital.  He is
a graduate of Bryant College where he received
an honorary Doctor of Science in Business
Administration in 1989 and was elected trustee
in 1990.

  George Krupp is the Co-Founder and Co-
Chairman of The Berkshire Group, an integrated
real estate financial services firm engaged in
real estate acquisition, mortgage banking,
investment sponsorship, venture capital
investing  and financial management.   Mr.
Krupp has held the position of Co-Chairman
since The Berkshire Group was established as
The Krupp Companies in 1969.  Mr. Krupp has
been an instructor of history at the New
Jewish High School in Waltham, Massachusetts
since September of 1997.  Mr. Krupp attended
the University of Pennsylvania and Harvard
University and holds a Master's Degree in
History from Brown University.

  Wayne H. Zarozny is Vice President of the
Berkshire Group.  Mr. Zarozny has held several
positions within The Berkshire Group since
joining the company in 1986 and is currently
responsible for asset management, accounting,
financial reporting and treasury activities. 
Prior to joining The Berkshire Group, he was
an audit supervisor for Panell Kerr Forster
International and on the audit staff of
Deloitte, Haskins and Sells, in Boston.  He
received a B.S. degree from Bryant College, a
Master's degree in Business Administration
from Clark University 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, 1998, beneficial owners of record owning more than 5%
of the Partnership's 35,200 outstanding Units were as follows:
<TABLE>
<CAPTION>
   Title     Name and Address            Amount and Nature  Percent
    of              of                           of           of
   Class     Beneficial Owner           Beneficial Ownership Class 
  
   Investor       Equity Resource Fund XIX L.P.             
   Limited 14 Story Street
  Partner  Cambridge, MA 02138     
  <S>                                           <C>            <C>
  Units                                         225.00 Units   .64%

  InvestorEquity Resource General Fund L.P.                        
  Limited  14 Story Street
  Partner  Cambridge, MA 02138          
  Units                                          20.00 Units   .06%

  InvestorEquity Resource Fund XVII L.P.                     
  Limited  14 Story Street
  Partner  Cambridge, MA 02138                  1,599.50 Units  4.54%
  Units

  Investor Equity Resource Boston Fund       
  Limited 14 Story Street
  Partner Cambridge, MA 02138                    205.00 Units   .58%     
  Units                      

  Investor Equity Resource Cambridge Fund           
  Limited  14 Story Street
  Partner Cambridge, MA 02138
  Units                                          125.00 Units   .36%

  Investor     Equity Resource Fund XXI L.P.                 
  Limited  14 Story Street
  Partner  Cambridge, MA 02138          
  Units                                         887.00 Units  2.52%

           Total                              3,061.50 Units  8.70%
</TABLE>
  On that date, the General Partners or their
affiliates owned 106 Units (.30% of the total
outstanding) of the Partnership in addition to
their General and Original Limited Partner
Interests.

ITEM 13. CERTAIN RELATIONSHIPS AND RELATED
TRANSACTIONS

  The Partnership does not have any directors,
executive officers or nominees for election as
director. 

                                 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 Schedule included
         under Item 8 (Appendix A), on page
         F-2 of this Report. 
  

     2.  Consolidated Financial Statement
         Schedule - see Index to Consolidated 
         Financial Statements and Schedule
         included under Item 8 (Appendix A),
         on page F-2 of 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 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) Property Management Agreement, dated May 4, 1984 between
                 Krupp Realty Limited Partnership-V, as Owner, and BRI OP
                 Limited Partnership, formerly known as Berkshire Property
                 Management, a subsidiary of Berkshire Realty Company,
                 Inc.  [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 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)  Property Management Agreement, dated October 11, 1984
                   between Krupp Realty Limited Partnership-V, as Owner,
                   and BRI OP Limited Partnership, formerly known as
                   Berkshire Property Management, an affiliate of
                   Berkshire Realty Company, Inc.  [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 Associates 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)].*

          (10.19)  Multifamily Note dated December 10, 1997 between
                   Century III Associates Limited Partnership and Reilly
                   Mortgage Group, Inc.* 

          (10.20)  Multifamily Deed of Trust, Assignment of Rents, and
                   Security Agreement dated December 8, 1997 between
                   Century III Associates Limited Partnership and Trust
                   Company of Chicago and Reilly Mortgage Group, Inc.*

     * Incorporated by reference.
          
(c)  Reports on Form 8-K

     During the last quarter of the fiscal year ended December 31, 1998,
     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 3Oth day of March, 1999.

                            KRUPP REALTY LIMITED PARTNERSHIP-V

                            By:
                            The Krupp Corporation, a General Partner


                            By:/s/ Douglas Krupp                    
                                Douglas Krupp, President, 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 30th day of March, 1999.

Signatures        Titles


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


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


/s/ Wayne H. Zarozny            Treasurer of The Krupp Corporation, a
General Wayne H. Zarozny    Partner.
    
<PAGE>

                             APPENDIX A

        KRUPP REALTY LIMITED PARTNERSHIP-V AND SUBSIDIARY
                                     

         CONSOLIDATED FINANCIAL STATEMENTS AND SCHEDULE
                       ITEM 8 OF FORM 10-K

     ANNUAL REPORT TO THE SECURITIES AND EXCHANGE COMMISSION
              For the Year Ended December 31, 1998
<PAGE>
        KRUPP REALTY LIMITED PARTNERSHIP-V AND SUBSIDIARY

INDEX TO CONSOLIDATED FINANCIAL STATEMENTS AND SCHEDULE
                                     






Report of Independent Accountants         F-3


Consolidated Balance Sheets at December 31,
1998 and 
December 31, 1997                         F-4


Consolidated Statements of Operations for the
years ended December 31, 1998, 1997 and 1996F-5


Consolidated Statements of Changes in
Partners' Deficit 
for the years ended December 31, 1998, 1997
and 1996                                  F-6


Consolidated Statements of Cash Flows for the
years ended December 31, 1998, 1997 and 1996F-7


Notes to Consolidated Financial StatementsF-8 - F-15


Schedule III - Real Estate and Accumulated
Depreciation                      F-16 - F-17

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:


In our opinion, the consolidated financial
statements and the financial statement
schedule listed in the index on page F-2
present fairly, in all material respects, the
financial position of Krupp Realty Limited
Partnership-V and  Subsidiary (the
"Partnership") at December 31, 1998 and
December 31, 1997, and the results of their
operations and their cash flows for each of
the three years in the period ended December
31, 1998, in conformity with generally
accepted accounting principles. 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
of these statements in accordance with
generally accepted auditing standards, which
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,
assessing the accounting principles used and
significant estimates made by management, and
evaluating the overall financial statement
presentation.  We believe that our audits
provide a reasonable basis for the opinion
expressed above.
                              



Boston, Massachusetts                   /s/ PricewaterhouseCoopers
LLP
February 10, 1999
<PAGE>
        KRUPP REALTY LIMITED PARTNERSHIP-V AND SUBSIDIARY

                   CONSOLIDATED BALANCE SHEETS
                   December 31, 1998 and 1997 
                                      
<TABLE>
<CAPTION>
                             ASSETS

                                              1998        1997    
  
Multi-family apartment complexes, net of
  accumulated depreciation of $45,292,687
  <S>                                     <C>         <C>
  and $41,602,481, respectively (Note D)  $ 28,589,655$ 30,790,070
Cash and cash equivalents (Note C)           2,101,415     802,726
Cash restricted for tenant security deposits   311,432      294,572
Replacement reserve escrows (Note D)           664,186     399,771
Prepaid expenses and other assets (Note E)   2,572,492    2,662,138
Deferred expenses, net of accumulated
  amortization of $82,843 and $48,332, 
  respectively (Note E)                        482,529     507,755
  
     Total assets                         $ 34,721,709$ 35,457,032
  



                 LIABILITIES AND PARTNERS' DEFICIT

Liabilities:
  Mortgage notes payable (Note D)         $ 41,836,237$ 42,400,979
  Accrued real estate taxes                  2,008,500   1,950,000
  Accrued expenses and other liabilities     1,841,074   1,249,087
  
     Total liabilities                      45,685,811  45,600,066

Contingency (Note F)

Partners' deficit (Note G):                
  Investor Limited Partners 
     (35,200 Units outstanding)            (10,130,376)  (9,366,783)
  Original Limited Partner                    (420,061)    (370,797)
  General Partners                            (413,665)    (405,454)

     Total Partners' deficit               (10,964,102) (10,143,034)
  
  Total liabilities and Partners' deficit $ 34,721,709$ 35,457,032
  
</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, 1998, 1997 and 1996
<TABLE>
<CAPTION>
                                        

                                   1998        1997         1996   
Revenue:
  <S>                            <C>        <C>        <C>
  Rental (Note H)                $14,987,931$14,395,306$13,489,627
  Interest income                    112,464    128,292    170,634

     Total revenue                15,100,395 14,523,598 13,660,261

Expenses:
  Operating (Note E)               3,205,429  3,629,513  3,635,470
  Maintenance                        961,085  1,136,671    927,736 
  General and administrative
     (Notes E and F)                 891,841   324,660      323,652
  Real estate taxes (Note I)       2,117,434  2,280,910   1,621,545
  Management fees (Note E)           506,198    475,569    442,295
  Depreciation and amortization    3,724,717  3,600,639  3,387,658
  Interest (Note D)                3,000,780  3,380,019  3,440,980

     Total expenses               14,407,484 14,827,981 13,779,336

     Income (loss) before
       extraordinary loss            692,911  (304,383)  (119,075)

Extraordinary loss (Note D)            -       (288,156)     -   

Net income (loss) (Note J)       $   692,911$  (592,539)$  (119,075)
  
Allocation of net income (loss)(Note G):

  Investor Limited Partners
     (35,200 Units outstanding):             
       Income (loss) before 
          extraordinary loss     $   644,407$ (301,339)$  (117,884)
       Extraordinary loss              -      (285,275)        -   
       Net income (loss)         $   644,407$  (586,614)$  (117,884)

  Investor Limited Partners Per Unit:
       Income (loss) before 
          extraordinary loss     $  18.31 $ (8.56)      $     (3.35)
       Extraordinary loss             -       (8.11)           -   
       Net income (loss)         $  18.31    $(16.67)   $     (3.35) 

  Original Limited Partner:
       Income (loss) before 
          extraordinary loss     $41,575     $      -   $      -    
       Extraordinary loss           -               -          -    
       Net income (loss)         $    41,575$      -   $      -   
  
  General Partners:
       Income (loss) before 
          extraordinary loss     $ 6,929     $ (3,044)  $    (1,191)
       Extraordinary loss            -         (2,881)         -   
       Net income (loss)         $6,929      $    (5,925)$    (1,191)
  
</TABLE>


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

     CONSOLIDATED STATEMENTS OF CHANGES IN PARTNERS' DEFICIT
      For the Years Ended December 31, 1998, 1997 and 1996
                                        
<TABLE>
<CAPTION>

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

Balance at 
<S>              <C>          <C>         <C>        <C>
December 31, 1995$ (6,550,285)$(234,539)  $(375,628) $(7,160,452)
                                
Distributions        (704,000)  (45,419)     (7,570)    (756,989)

Net loss             (117,884)       -       (1,191)    (119,075)

Balance at 
  December 31, 1996 (7,372,169)  (279,958) (384,389)  (8,036,516)

Distributions         (1,408,000) (90,839)  (15,140)  (1,513,979)

Early extinguishment
  of debt               (285,275)     -      (2,881)    (288,156)

Loss before
  extraordinary loss  (301,339)      -       (3,044)    (304,383)

Balance at
  December 31, 1997  (9,366,783) (370,797) (405,454) (10,143,034)

Net income (Note G)      644,407   41,575     6,929      692,911

Distributions (Note G)  (1,408,000)(90,839)  (15,140)  (1,513,979)

Balance at 
  December 31, 1998$(10,130,376)$(420,061)$(413,665)$(10,964,102)
</TABLE>

The per Unit distributions for the years ended
December 31, 1998, 1997 and 1996 were $40.00,
$40.00 and $20.00, respectively, none of which
represents a return of capital for tax
purposes.







             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, 1998, 1997 and 1996 
<TABLE>
<CAPTION>
                                     

                          1998         1997                   1996   
  
Cash flows from operating activities:
  <S>               <C>          <C>                    <C>
  Net income (loss) $   692,911  $  (592,539)           $  (119,075)
  Adjustments to reconcile 
   net income (loss) to net
   cash provided by operating 
   activities:
     Interest earned on replacement
       reserve escrows    (14,933)               (17,068)    (27,713)
     Depreciation and amortization 3,724,717   3,600,639  3,387,658
     Extraordinary loss from early
       extinguishment of debt           -        288,156       -
     Changes in assets and liabilities:
       Decrease (increase) in cash 
          restricted for tenant 
          security deposits         (16,860)     13,336    130,341
       Decrease (increase) in prepaid
          expenses and other assets  89,646   (1,284,748)     (6,508)
       Increase in accrued real estate 
          taxes                       58,500    290,000       -
       Increase in accrued expenses 
          and other liabilities      591,492      7,037     21,147
       Decrease in due to affiliates   -         (26,480)     (7,847)

          Net cash provided by 
            operating activities   5,125,473  2,278,333  3,378,003

Cash flow from investing activities:
  Deposits to replacement reserve
     escrows                        (306,512)  (212,912)   (212,912)
  Withdrawals from replacement   
     reserve escrows                  57,030    519,865    280,477
  Additions to fixed assets       (1,489,791) (1,728,096) (2,413,114)
  Increase in accrued expenses and
     other liabilities related to
     fixed asset additions               495     -             -   

          Net cash used in investing 
            activities            (1,738,778) (1,421,143) (2,345,549)

Cash flow from financing activities:
  Proceeds from mortgage note payable   -     11,000,000       -     
  Repayment of mortgage notes payable   -    (10,309,332)      -
  Payment of prepayment premium         -       (210,825)      -
  Principal payments on mortgage 
    notes payable                   (564,742)  (559,944)   (530,699)
  Increase in deferred expenses       (9,285)   (227,478)       -
  Distributions                   (1,513,979) (1,513,979)   (756,989)

          Net cash used in
            financing activities  (2,088,006)(1,821,558) (1,287,688)

Net increase (decrease) in
  cash and cash equivalents        1,298,689  (964,368)   (255,234) 
Cash and cash equivalents,
  beginning of year                  802,726  1,767,094  2,022,328  
Cash and cash equivalents,
  end of year                    $ 2,101,415$ 802,726   $ 1,767,094    
</TABLE>
 The accompanying notes are an integral
part of the consolidated financial statements.
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 The Krupp Corporation ("Krupp
Corp.") (a Massachusetts corporation) and The
Krupp Company Limited Partnership-II ("KCLP-
II") (a Massachusetts limited partnership), in
exchange for capital contributions aggregating
$1,000.  Except under certain limited
circumstances upon termination of KRLP-V, the
General Partners are not required to make any
additional capital contributions. KRLP-V also
issued all of the Original Limited Partner
Interests to KCLP-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 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.  

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,
contingent assets and liabilities and revenues
and expenses during the reporting period. 
Actual results could differ from those
estimates. 


                         Continued<PAGE>
        KRUPP REALTY LIMITED PARTNERSHIP-V AND SUBSIDIARY

      NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, Continued
                                     

B.Significant Accounting Policies, Continued
         
Cash and Cash Equivalents

The Partnership includes all short-term
investments with maturities of three months or
less from 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.  
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 improvements5 to 25 years
Appliances, carpeting and equipment         3 to  8 years

Impairment of Long-Lived Assets

Real estate assets and equipment are stated at
depreciated cost.  Pursuant to Statement of
Financial Accounting Standards Opinion No.
121, "Accounting for the Impairment of Long-
Lived Assets and for Long-Lived Assets to be
Disposed of", impairment losses are recorded
on long-lived assets used in operations on a
property by property basis, when events and
circumstances indicate that the assets might
be impaired and the estimated undiscounted
cash flows to be generated by those assets are
less than the carrying amount of those assets. 
Upon determination that an impairment has
occurred, those assets shall be reduced to
fair value.

Deferred Expenses

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

                         Continued<PAGE>
        KRUPP REALTY LIMITED PARTNERSHIP-V AND SUBSIDIARY

      NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, Continued
                                     

B.       Significant Accounting Policies,
Continued

         Descriptive Information About
         Reportable Segments

         During the fourth quarter of 1998,
         the Partnership adopted the
         Financial Accounting Standards
         Board's Statement of Financial
         Accounting Standards No. 131,
         "Disclosures About Segments of an
         Enterprise and Related Information
         ("Statement No. 131").  Statement
         No. 131 superseded FASB Statement
         No. 14, "Financial Reporting for
         Segments of a Business Enterprise". 
         Statement No. 131 establishes
         standards for the way that public
         business enterprises report
         information regarding reportable
         operating segments.  The adoption of
         Statement No. 131 did not affect the
         results of operations or financial
         position of the Partnership.

         The Partnership operates and
         develops apartment communities which
         generate rental and other income
         through the leasing of apartment
         units.  The General Partners
         separately evaluate the performance
         of each of the Partnership's
         apartment communities.  However,
         because each of the apartment
         communities have similar economic
         characteristics, facilities,
         services and tenants, the apartment
         communities have been aggregated
         into a single dominant apartment
         communities segment.

         All revenues are from external
         customers and no revenues are
         generated from transactions with
         other segments.  There are no
         tenants which contributed 10% or
         more of the Partnership's total
         revenue during 1998, 1997 or 1996.

         Reclassifications

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

C.       Cash and Cash Equivalents

  Cash and cash equivalents consisted of the following:
<TABLE>
<CAPTION>
                                      December 31,     
                                   1998       1997   

     <S>                           <C>      <C>
     Cash and money market accounts$ 405,431$   802,726  
     Treasury bills             1,695,984       -        
                                          
                               $ 2,101,415$   802,726    
</TABLE>
D.  Mortgage Notes Payable

  The properties owned by the Partnership are pledged as
  collateral for the non-recourse mortgage notes outstanding at
  December 31, 1998 and 1997.  Mortgage notes payable consisted
  of the following:
<TABLE>
<CAPTION>
                                             Annual
                           Principal           Interest
      Property          1998                  1997          Rate    
Maturity Date

  Century II
     <S>            <C>                   <C>                <C>
     Apartments     $10,882,768           $11,000,000        6.75%
January 1, 2008
  Park Place
Tower Apartments 30,953,469     31,400,979        6.75% May 1, 2024

Total $41,836,237   $42,400,979           

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

      NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, Continued
                                     
  
D.   Mortgage Notes Payable, Continued

       Century II Apartments

On December 10, 1997, the Partnership
completed the refinancing of the Century II
Apartments mortgage note.  The property was
refinanced with a $11,000,000 non-recourse
mortgage note payable at the rate of 6.75% per
annum with monthly principal and interest
payments of $71,346.  The mortgage note, which
is collateralized by the property, matures on
January 1, 2008 at which time the remaining
principal (approximately $9,401,537) and
accrued interest are due.  The note may be
prepaid, subject to a prepayment penalty, at
any time with 30 days notice.  The Partnership
used the majority of the proceeds from the
refinancing to repay the existing mortgage
note on the property of $10,309,332, pay
closing costs of $236,763, to pay a prepayment
premium of $210,825 and to establish various
escrows.  The prepayment premium as well as
unamortized deferred mortgage costs of
$77,331, are reported in the Statement of
Operations as an extraordinary loss from early
extinguishment of debt for the year ended
December 31, 1997.

At December 31, 1996, the property was subject
to a non-recourse first mortgage note of
$11,000,000, which was payable in equal
monthly installments of principal and interest
of $104,844, based on a 25-year amortization
schedule. 

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
$10,898,000 and $10,470,000 for the years
ended December 31, 1998 and 1997,
respectively.

Park Place Tower Apartments

The property is subject to a non-recourse
mortgage note in the original amount 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 are due.  The note may be
prepaid subject to a prepayment premium.  In
the event prepayment of principal occurs, 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
$31,766,000 at December 31, 1998.  At December
31, 1997, the fair market value could not be
determined since the mortgage note could not
be prepaid until 1998.

Due to restrictions on transfers and
prepayment, the Partnership may be unable to
refinance certain mortgage notes payable at
such calculated fair value.      
          

Continued
         KRUPP REALTY LIMITED PARTNERSHIP-V AND SUBSIDIARY

       NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, Continued
                                      
    
D.Mortgage Notes Payable, Continued

The aggregate scheduled principal amounts of
long-term borrowings due during the five years
ending December 31, 2003 are $600,689,
$642,513, $687,250, $735,102 and $786,286.

During the years ended December 31, 1998, 1997
and 1996, the Partnership paid $2,844,807,
$3,221,886 and $3,280,828 of interest on its
mortgage notes, respectively.

E.Related Party Transactions

The Partnership pays property management fees
to an affiliate of the General Partners for
management services.  Pursuant to the
management agreements, management fees are
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
administrative expenses.

  Amounts accrued or paid to the General Partners' affiliates
during the years ended December 31, 1998, 1997 and 1996 were as
follows:
<TABLE>
<CAPTION>
                                1998      1997      1996  

     <S>                      <C>       <C>       <C>
     Property management fees $506,198  $475,569  $442,295  
  
     Expense reimbursements    307,468   317,432   288,226  

Charged to operations         $813,666  $793,001  $730,521  
</TABLE>
  Expense reimbursements due from affiliates
  of $1,456 were included in prepaid expenses
  and other assets for the year ended
  December 31, 1998.

  In addition to the amounts above,
  refinancing costs of $110,000 were paid to
  the General Partners' affiliates during the
  year ended December 31, 1997.         

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 Apartments
  ("Park Place") and Marine Terrace
  Apartments, a previously owned property. 
  The central issue of the complaint is
  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 of the month.  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 and
  reasonable attorneys' fees.  To be eligible
  for such damages plaintiffs must prove that
  the defendants deliberately used a
  provision prohibited by the ordinance. 

Continued
   KRUPP REALTY LIMITED PARTNERSHIP-V AND
SUBSIDIARY

 NOTES TO CONSOLIDATED FINANCIAL STATEMENTS,
Continued
                           

F.        Legal Proceeding, Continued

          During 1994, the Court ruled in
          favor of the defendants, and
          accepted the Partnership's Motion
          to Dismiss the Plaintiff's Third
          Amended Complaint.  The plaintiffs
          filed an appeal with the Appellate
          Court of Illinois, First District. 
          During 1996, the decision was
          reversed on appeal and the case
          remanded to trial court for
          further proceedings.  The
          defendants intend to vigorously
          defend this case.  

          Continued discussions with
          Plaintiffs' counsel have resulted
          in a tentative settlement which
          was presented to the court in
          December, 1998.  Although the
          settlement has not been finalized,
          the Partnership recorded
          provisions totaling $1,015,000 in
          the 1998 and 1997 consolidated
          financial statements of $733,000
          and $282,000, respectively. 

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 from Capital Transactions are
allocated first, to the Investor Limited
Partners until they have received a return of
their total invested capital.  Thereafter,
profits from Capital Transactions are
allocated in accordance with the Partnership
Agreement.  Losses from Capital Transactions
are allocated 99% to the Investor Limited
Partners and 1% to the General Partners. 
Notwithstanding anything above, the General
Partners shall be allocated at least 1% of all
profits and losses from Capital Transactions.

Under the Partnership Agreement, cash
distributions are 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.


                            Continued
KRUPP REALTY LIMITED PARTNERSHIP-V AND SUBSIDIARY

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, Continued
          

G.  Partners' Deficit, Continued

    As of December 31, 1998, 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>
    Capital contributions$ 35,200,000$4,000  $1,000    $ 35,205,000

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

    Distributions        (7,619,303)(478,576) (79,762)   (8,177,641)

    Net income (loss)
       before capital
       transactions     (39,885,037)  54,515  (402,327) (40,232,849)

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

    Balance at
       December 31, 1998$(10,130,376)$(420,061)$(413,665)$(10,964,102)
</TABLE>
H.   Future Base Rents Due Under Commercial Operating Leases

  Future base rent receivable under commercial operating leases
  for the years 1999 through 2003 and thereafter is as follows:
<TABLE>
<CAPTION>
                     <C>                <C>
                     1999               $149,330
                     2000                 93,989
                     2001                 81,653
                     2002                 82,361
                     2003                 71,177
                     Thereafter          155,981
</TABLE>
I.         Real Estate Taxes
           
During the third quarter of 1996, the
Partnership successfully petitioned for the
reassessment of prior years' real estate taxes
on Park Place Tower Apartments.  The
Partnership received tax refunds toward the
1986, 1987, 1988 and 1990 real estate taxes
totaling approximately $325,000, which was
reflected as a reduction in the 1996 real
estate tax expense.       

J.         Federal Income Taxes

           For federal income tax purposes,
           the Partnership is depreciating
           property using the Accelerated
           Cost Recovery System ("ACRS") and
           the Modified Accelerated Cost
           Recovery System ("MACRS")
           depending on which is applicable. 
           

                            Continued
        KRUPP REALTY LIMITED PARTNERSHIP-V AND SUBSIDIARY

      NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, Continued
                                     

J.Federal Income Taxes, Continued

The reconciliation of the net 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, 1998, 1997 and 1996 is as follows:
<TABLE>
<CAPTION>
                       
                         1998  1997     1996 
 
 
Net income (loss) per Consolidated
<S>                           <C>      <C>              <C>
Statement of Operations       $ 692,911$  (592,539)     $  (119,075)
 
      Difference between book and tax
          depreciation and 
          amortization          414,641   317,863           (30,155)
                                 
      Difference between book and tax
          legal adjustment       733,000      113,526       168,474
 
    Net income (loss) for federal
      income tax purposes        $ 1,840,552$(161,150)  $    19,244
</TABLE>
 
  The allocation of the net income for federal income tax purposes
  for 1998 is as follows:
<TABLE>
<CAPTION>
                            Portfolio     Passive
                              Income      Income      Total   

    <S>                      <C>        <C>        <C>
    Investor Limited Partners$ 101,864  $1,609,849 $ 1,711,713
  
    Original Limited Partner     6,572     103,861     110,433

    General Partners             1,096      17,310      18,406
                            $  109,532  $1,731,020 $ 1,840,552
</TABLE>
During the years ended December 31, 1998, 1997
and 1996 the per Unit net income (loss) to the
Investor Limited Partners for federal income
tax purposes were $48.63, $(4.58) and $.54,
respectively.

The basis of the Partnership's assets for
financial reporting purposes exceeded its tax
basis by approximately $7,651,000 and
$8,063,500 at December 31, 1998 and 1997,
respectively.  The basis of the Partnership's
liabilities for financial reporting purposes
exceeded its tax basis by approximately
$1,015,000 and $282,000 at December 31, 1998
and 1997, respectively.<PAGE>
KRUPP REALTY LIMITED PARTNERSHIP-V AND SUBSIDIARY

SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION

December 31, 1998
<TABLE>
<CAPTION>
          
                                                        Costs 
                                                     Capitalized
                                                    Subsequent to
                  Initial Cost to Partnership              Acquisition 
                  Buildings &  Buildings &                Depreciable
  Description     Encumbrances     Land    Improvements   Improvements  Life    
                                           
Century II
Apartments
Cockeysville,
<S>          <C>           <C>        <C>            <C>          <C>
Maryland     $ 10,882,768  $1,049,868 $ 13,948,246   $ 5,333,8393 to 25 Yrs.

Park Place Tower 
Apartments
Chicago, Illinois  30,953,469    2,877,561   38,230,448 12,442,3803 to 25 Yrs.

   Total          $ 41,836,237  $3,927,429 $ 52,178,694   $17,776,219

   
                         Gross Amounts Carried at
                             End of Year              
    Buildings                                                    Year
       and      Accumulated    Construction       Year
Description     Land Improvements TotalDepreciation Completed   Acquired
   
Century II
Apartments 
Cockeysville,
Maryland  $1,049,868 $19,282,085 $20,331,953 $12,758,634 1971   1984

Park Place Tower
Apartments
Chicago, Illinois 2,877,561 50,672,828  53,550,389  32,534,053  1973 1984

Total           $3,927,429  $ 69,954,913$73,882,342$ 45,292,687

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

    SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION,
Continued
                                
                        December 31, 1998
                                     

Reconciliation of Real Estate and Accumulated Depreciation for
each of the three years in the period ended December 31, 1998:
<TABLE>
<CAPTION>
                             1998        1997         1996   
  
  Real Estate

  Balance at beginning of
     <S>                 <C>         <C>          <C>
     year                $72,392,551 $70,664,455  $68,251,341
  Acquisitions and        
     improvements          1,489,791   1,728,096    2,413,114

  Balance at end of year$73,882,342  $72,392,551  $70,664,455


                             1998        1997         1996   

  Accumulated Depreciation

  Balance at beginning of 
     year                $41,602,481 $38,066,263  $34,745,814
  Depreciation expense     3,690,206   3,536,218    3,320,449
  
  Balance at end of year$45,292,687  $41,602,481  $38,066,263
</TABLE>

Note:The Partnership uses the cost basis for
property valuation for both income tax and
financial statement purposes.  The aggregate
cost of the Partnership's real estate for
federal income tax purposes was $73,894,392
and the aggregate accumulated depreciation for
federal income tax purposes was $52,945,211,
at December 31, 1998.      
<PAGE>