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 [NO FEE REQUIRED]

      For the fiscal year ended       December 31, 1996                 

                                    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.

Documents incorporated by reference:  Part IV, Item 14.

The exhibit index is located on pages 10-12.

The total number of pages in this document is 29.
<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, 1996, there were 41 full and part-time on-site
personnel employed by the Partnership.

ITEM 2.  PROPERTIES

   As of December 31, 1996, the Partnership has 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,    
Description           Acquisition  Square Footage  1996 1995 1994 1993 1992

<S>                      <C>          <C>           <C>  <C>  <C> <C>  <C>
Century II Apts. 
Cockeysville, Maryland   1984         468 Units     96%  92%  92% 91%  93%

Park Place Tower Apts.                901 Units     96%  94%  94% 94%  92%
Chicago, Illinois        1984      18,417 Sq. Ft.   76%  83%  83% 80%  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 and Marine Terrace.  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 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. However, management
believes that it is probable that an unfavorable outcome related to the
discounts allowed and late fees collected will result.  Accordingly, the
Partnership has recorded a provision of $168,474, representing  its share
of the discounts and late fees, in the 1996 consolidated financial
statements.  The ultimate outcome of the potential punitive damages award
related to this litigation, including an estimate of potential loss,
cannot presently be determined.

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, 1996 was
approximately 2,300.

   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
now believe there to be sufficient Cash Flow and working capital reserves
to increase the annual distribution rate to $40.00 per Unit in 1997.

   The Partnership made the following distributions to its Partners during
the years ended December 31, 1996 and 1995:
   
<TABLE>
<CAPTION>
                                   
                                       Year Ended December 31,          
                                   1996                      1995       
                               Amount   Per Unit       Amount   Per Unit
      Limited Partners:

      <S>                     <C>       <C>           <C>          <C> 
      Investor Limited Partners           
         (35,200 Units
         outstanding)         $704,000  $20.00        $   -        $   - 
      Original Limited
          Partner               45,419                    -        

      General Partners           7,570                    -        

                              $756,989                $   -   
</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>
                    1996        1995         1994       1993           1992 

<S>            <C>         <C>          <C>          <C>          <C>
Total revenue  $13,660,261 $13,839,760  $13,652,413  $13,684,206  $14,117,452

 Loss before 
 gain (loss)
 from capital
 transactions      (119,075)   (795,377)    (1,450,214) (3,921,897) (2,786,658)

 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 extra-
 ordinary loss   (119,075)   2,470,412      (1,450,214) (3,921,897) 689,941

 Extraordinary
 loss                    -         (93,215)          -            -           -

 Net income
  (loss)           (119,075)     2,377,197     (1,450,214)  (3,921,897)  689,941

  Net income (loss)
  allocated to:     

Investor Limited
  Partners       (117,884)     2,353,425     (1,435,712) (3,882,678)     683,042

  Per Unit          (3.35)         66.86         (40.79)    (110.30)       19.41

  Original Limited
   Partner               -           -              -            -           -
  
General Partners     (1,191)       23,772        (14,502)    (39,219)     6,899

Total assets at 
December 31,     37,162,269   38,555,732     42,604,180   45,011,823  48,787,088

Long-term obligations
at December 31,  41,700,453  42,273,669     46,805,538   47,392,245  47,225,125

Distributions to:
 
Investor Limited 
partners              704,000      -                -          25,936        -

Per Unit - Investor  
Limited Partners        20.00      -                -             .74        -
  
Original
Limited Partner        45,419       -               -           1,673        -
  
General Partners        7,570       -               -             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 Tower, 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

   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.  The General
Partners now believe there to be sufficient Cash Flow and working capital
reserves to increase the annual distribution rate to $40.00 per Unit in
1997, beginning with the distribution payable in February, 1997.

   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 Apartments' ("Park Place") 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.  The Partnership's properties, Century II
Apartments ("Century") and Park Place, are expected to spend approximately
$2,060,000 for capital improvements in 1997 in order to remain competitive
in their respective markets.  These improvements include catwalk and
pavement upgrades at Century, replacement of fitness equipment,
refurbishment of the elevator and interior improvements at Park Place as
well as new appliances at both properties.  The Partnership expects to
fund these improvements from established reserves and cash generated from
property  operations.

Cash Flow

   Shown below, as required by the Partnership Agreement, is the
calculation of Cash Flow of the Partnership for the year ended December
31, 1996.  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 should not be considered by the reader as a substitute
to net income (loss), 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                      $         19,000
            Items not requiring or (requiring) 
               the use of operating funds:
               Tax basis depreciation and amortization               3,419,000
               Principal payments on mortgage notes payable           (531,000) 
               Expenditures for capital improvements                (2,413,000)
               Accrued legal expenses                                 (168,000)
               Amounts released from working capital
                   reserves                                            431,000

            Cash Flow                                         $        757,000
</TABLE>
Operations

   The following discussion relates to the operations of the Partnership
and its properties (Park Place and Century) for the years ended December
31, 1996, 1995 and 1994, or portions thereof.  The sale of Marine Terrace
in July, 1995, significantly impacts the comparability of the
Partnership's operations among the three years.

   1996 compared to 1995

      Cash Flow, before amounts released from working capital reserves and
   after giving effect to the sale of Marine Terrace, decreased in 1996 as
   compared to 1995, as the increase in expenditures for capital
   improvements more than offset the increase in the Partnership's net
   income.  The Partnership began two significant capital improvement
   projects in 1996, which included replacing  the catwalk at Century and
   expanding the parking garage at Park Place.  When completed, these
   improvements will further enhance the appearances of the properties and
   will help them remain competitive in their respective markets.  The
   increase in net income is attributed to an increase in rental revenues
   which more than offset the increase in total expenses, after giving
   effect to the sale of Marine Terrace.

      Average residential occupancy at Century and Park Place increased 4%
   and 2%, respectively from 1995 to 1996.  This, as well as increased
   rental rates at both properties, have contributed to the rise in rental
   income, excluding Marine Terrace's revenues.  Interest income for the
   Partnership increased in 1996, primarily from increased average cash
   and cash equivalent balances during 1996 which resulted from the sale
   of Marine Terrace in the third quarter of 1995.

      Total expenses, after giving effect to the sale of Marine Terrace,
   increased, as the rise in operating and maintenance expenses more than
   offset the decrease in real estate taxes experienced in 1996.  The
   increase in operating expense is due to prior years' insurance refunds
   received in 1995 combined with an increase in advertising and leasing
   at both Century and Park Place.  These additional advertising and
   leasing costs, along with the property enhancements discussed above,
   have increased occupancy rates at both properties and allowed
   management to maintain these high occupancies throughout 1996. 
   Maintenance expense increased as flowers were replanted at Park Place
   and the interiors of the buildings at both Century and Park Place were
   painted in 1996.  The decrease in real estate taxes is attributed to
   the successful petition for the reassessment of prior years' real
   estate taxes on Park Place in 1996.  The Partnership received real
   estate tax refunds related to the 1986, 1987, 1988 and 1990 tax years
   totaling approximately $325,000 in 1996.  The refunds are reflected as
   reductions in the 1996 real estate tax expense.  The increase in
   depreciation expense is directly related to the extensive capital
   improvement project at Park Place which was completed in 1995.

   1995 compared to 1994

      Cash Flow was impacted favorably due to decreased expenditures for
   capital improvements resulting from the completion of the Park Place
   capital improvement project in 1995.  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
   during the second half of 1994.  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, excluding Marine
   Terrace, remained stable as compared to 1994, 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 also increased as a result of the extensive
   improvements at Park Place.

General

   In accordance with Financial Accounting Standard 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
material 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 material 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 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 (50)      Co-Chairman of the Board

         George Krupp (52)       Co-Chairman of the Board

         Laurence Gerber (40)    President

         Robert A. Barrows (39)  Treasurer 
  
  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 both Berkshire Realty Company, Inc. (NYSE-BRI) and
Harborside Healthcare (NYSE-HBR).  George Krupp is Douglas 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 Director of Berkshire Realty
Company, Inc. (NYSE-BRI) and Harborside Healthcare Corporation (NYSE-HBR)
as well as 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 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, 1996, beneficial owners of record owning more than
5% of the Partnerships 35,200 outstanding Units are as follows:

   Title            Name and Address       Amount and Nature      Percent
    of                     of                      of               of
   Class            Beneficial Owner      Beneficial Ownership    Class
  
   Investor         Mark S. Thompson          1,929.5 Units        5.48%
   Limited        c/o Equity Resources
   Partner             Group, Inc.
    Units           14 Story Street
                  Cambridge, MA 02138

   On that date, the General Partners or their affiliates owned 53 Units
(.15% 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.  Additionally, as of December 31, 1996
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 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)   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 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)].*

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

      During the last quarter of the fiscal year ended December 31, 1996,
      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 
28th day of March, 1997.

                      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 28th day of March,
1997.

Signatures            Titles

/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  Treasurer of The Krupp Corporation,
Robert A. Barrows     a General 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, 1996
<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, 1996 and 
December 31, 1995                                                      F-4


Consolidated Statements of Operations for the years ended 
December 31, 1996, 1995 and 1994                                       F-5


Consolidated Statements of Changes in Partners' Deficit 
for the years ended December 31, 1996, 1995 and 1994                   F-6


Consolidated Statements of Cash Flows for the years ended
December 31, 1996, 1995 and 1994                                       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 the 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 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 consolidated
financial statements.  An audit also includes assessing the accounting
principles used and significant estimates made by management, as well as
evaluating the overall consolidated 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, 1996
and 1995 and the consolidated results of its operations and its cash flows
for each of the three years in the period ended December 31, 1996 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               
February 25, 1997
<PAGE>
<TABLE>
<CAPTION>
             KRUPP REALTY LIMITED PARTNERSHIP-V AND SUBSIDIARY

                        CONSOLIDATED BALANCE SHEETS
                        December 31, 1996 and 1995 
                                           

                                  ASSETS

                                                       1996         1995   

<S>                                                <C>          <C>
Multi-family apartment complexes, net of
   accumulated depreciation of $38,066,263
   and $34,745,814, respectively (Notes C and D)   $32,598,192  $33,505,527
Cash and cash equivalents                            1,767,094    2,022,328
Cash restricted for tenant security deposits           307,908      438,249
Replacement reserve escrow (Note D)                    689,656      729,508
Prepaid expenses and other assets                    1,377,390    1,370,882
Deferred expenses, net of accumulated
   amortization of $469,134 and $401,925,
   respectively (Note E)                               422,029      489,238

      Total assets                                 $37,162,269  $38,555,732


                       LIABILITIES AND PARTNERS' DEFICIT

Liabilities:
   Mortgage notes payable (Notes C and D)          $42,270,255  $42,800,954
   Accounts payable                                         83       37,435
   Accrued real estate taxes                         1,660,000    1,660,000
   Accrued expenses and other liabilities            1,241,967    1,183,468
   Due to affiliates (Note E)                           26,480       34,327

      Total liabilities                             45,198,785   45,716,184
Commitments and contingencies (Note F)

Partners' deficit (Note G):                         
   Investor Limited Partners 
      (35,200 Units outstanding)                    (7,372,169) (6,550,285)
                                                                 
   Original Limited Partner                           (279,958)   (234,539)

   General Partners                                   (384,389)  (375,628)

      Total Partners' deficit                       (8,036,516) (7,160,452)

      Total liabilities and Partners' deficit      $37,162,269 $38,555,732
</TABLE>


                  The accompanying notes are an integral
              part of the consolidated financial statements.
<PAGE>

<TABLE>
<CAPTION>
             KRUPP REALTY LIMITED PARTNERSHIP-V AND SUBSIDIARY

                   CONSOLIDATED STATEMENTS OF OPERATIONS
           For the Years Ended December 31, 1996, 1995 and 1994
                                             


                                         1996          1995         1994   
<S>                                  <C>           <C>          <C>
Revenue:
   Rental (Note H)                   $13,489,627   $13,695,050  $13,577,822
   Interest income                       170,634       144,710       74,591
      Total revenue                   13,660,261    13,839,760   13,652,413
Expenses:
   Operating (Note E)                  3,635,470     3,732,763    4,103,984
   Maintenance                           927,736       895,329      941,189
   General and administrative
      (Notes E and F)                    323,652       170,943      141,403
   Real estate taxes (Note I)          1,621,545     2,201,309    2,101,222
   Management fees (Note E)              442,295       512,462      438,049
   Depreciation and amortization       3,387,658     3,405,153    3,421,941
   Interest (Note D)                   3,440,980     3,717,178    3,954,839
      Total expenses                  13,779,336    14,635,137   15,102,627
   Income (loss) before gain on sale     
      Of property and extraordinary
      loss                              (119,075)     (795,377)  (1,450,214)
Gain on sale of property (Note C)           -        3,265,789         -   
      Income (loss) before
         extraordinary loss             (119,075)    2,470,412   (1,450,214)
Extraordinary loss (Note D)                 -          (93,215)        -   
Net income (loss) (Note J)           $  (119,075)  $ 2,377,197  $(1,450,214) 

Allocation of net income (loss)(Note G):
   Investor Limited Partners
      (35,200 Units outstanding)     $  (117,884)  $ 2,353,425  $(1,435,712)
   Per Unit of Investor
      Limited Partner Interest:
         Income (loss) before gain on
            sale of property and
            extraordinary loss       $     (3.35)  $    (22.37) $    (40.79)
         Gain on sale of property           -            91.85         -   
         Extraordinary loss                 -            (2.62)        -   
         Net income (loss)           $     (3.35)  $     66.86  $    (40.79)
   Original Limited Partner:
         Income before gain on sale
            of property and extra-
            ordinary loss            $      -      $      -     $      -    
         Gain on sale of property           -             -            -   
         Extraordinary loss                 -             -            -   
         Net income                  $      -      $      -     $      -   
   General Partners:
         Loss before gain on sale
            of property and extra-
            ordinary loss            $    (1,191)  $    (7,954) $   (14,502)
         Gain on sale of property           -           32,658         -   
         Extraordinary loss                 -             (932)        -   
         Net income (loss)           $    (1,191)  $    23,772  $   (14,502)

</TABLE>
                 The accompanying notes are an integral
             part of the consolidated financial statements.
<PAGE>

<TABLE>
<CAPTION>
            KRUPP REALTY LIMITED PARTNERSHIP-V AND SUBSIDIARY

         CONSOLIDATED STATEMENTS OF CHANGES IN PARTNERS' DEFICIT
          For the Years Ended December 31, 1996, 1995 and 1994
                              _____________



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

<S>                     <C>          <C>           <C>          <C>
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)

Gain on sale of
   property, net          3,233,131       -           32,658      3,265,789

Early extinguishment
   of debt                  (92,283)      -             (932)       (93,215)

Net loss                   (787,423)      -           (7,954)      (795,377)
                                                                
Balance at 
   December 31, 1995     (6,550,285)  (234,539)     (375,628)    (7,160,452)
                                     
Distributions (Note G)     (704,000)   (45,419)       (7,570)      (756,989)

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

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

</TABLE>
The per Unit distribution for 1996 is $20.00.

                 The accompanying notes are an integral
             part of the consolidated financial statements.
<PAGE>

<TABLE>
<CAPTION>
            KRUPP REALTY LIMITED PARTNERSHIP-V AND SUBSIDIARY
                 CONSOLIDATED STATEMENTS OF CASH FLOWS  
          For the Years Ended December 31, 1996, 1995 and 1994 
                                         

                                         1996          1995         1994    
<S>                                  <C>           <C>          <C>
Operating activities:
   Net income (loss)                 $  (119,075)  $ 2,377,197  $(1,450,214)
   Adjustments to reconcile 
    net income (loss) to net
    cash provided by operating 
    activities:
      Depreciation and amortization    3,387,658     3,405,153    3,421,941
      Gain on sale of property              -       (3,265,789)        -
      Extraordinary loss from early
         extinguishment of debt             -           93,215         -
      Decrease in cash restricted for 
         tenant security deposits        130,341        78,078       50,299
      Decrease (increase)in prepaid
         expenses and other assets        (6,508)      197,690       42,165
      Decrease in accounts payable       (37,352)     (143,652)    (412,993)
      Decrease in accrued real
         estate taxes                       -         (235,473)     (30,880)
      Increase (decrease) in accrued
         expenses and other
         liabilities                      58,499       (36,033)      70,505
      Decrease in due to affiliates       (7,847)   (1,231,933)    (119,068)

         Net cash provided by 
            operating activities       3,405,716     1,238,453    1,571,755 
Investing activities:
   Additions to fixed assets          (2,413,114)   (1,539,727)  (3,016,777)
   Decrease in replacement reserve
      escrow                              39,852       189,539    1,361,295
   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
         Net cash provided by (used 
            in) investing activities  (2,373,262)    4,853,145   (1,577,636)
Financing activities:
   Repayment of mortgage notes               
      payable                               -       (4,050,721)        -
   Payment of prepayment premium            -          (78,179)        -
   Principal payments on 
      mortgage notes payable            (530,699)     (538,813)    (542,839)
   Increase in deferred expenses            -             -         (12,138)
   Distributions                        (756,989)         -            -   
         Net cash used in
            financing activities      (1,287,688)   (4,667,713)    (554,977)

Net increase (decrease) in
   cash and cash equivalents            (255,234)    1,423,885     (560,858)
Cash and cash equivalents,
   beginning of year                   2,022,328       598,443    1,159,301
Cash and cash equivalents,
   end of year                       $ 1,767,094   $ 2,022,328  $   598,443
</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 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. 

      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 improvements                     5 to 25 years
         Appliances, carpeting and equipment            3 to 5 years

      Impairment of Long-Lived Assets

      In accordance with Financial Accounting Standard 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
      material 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 materially impaired.

      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.

      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.

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

   The properties owned by the Partnership are pledged as collateral for
   the non-recourse mortgage notes outstanding at December 31, 1996 and
   1995.  Mortgage notes payable consist of the following:
<TABLE>
<CAPTION>
                                                 Annual
                              Principal          Interest 
          Property       1996         1995        Rate      Maturity Date

   <S>             <C>           <C>            <C>         <C> 
   Century II
      Apartments   $10,450,896   $10,590,450    10.625%     May 1, 1999

   Park Place
    Tower
    Apartments      31,819,359    32,210,504     6.75%      May 1, 2024
   
      Total        $42,270,255   $42,800,954
</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 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 $11,430,000 and
      $12,000,000 for the years ended December 31, 1996 and 1995,
      respectively.

      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 for the year ended December 31,
      1995.

      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.

   Since the mortgage note cannot be prepaid prior to October 1, 1998,
   the fair market value cannot be determined.

   The aggregate scheduled principal amounts of long-term borrowings due
   during the five years ending December 31, 2001 are $569,802, $615,927,
   $10,614,413, $509,135 and $544,585.

   During the years ended December 31, 1996, 1995 and 1994, the
   Partnership paid $3,280,828, $3,555,694 and $3,792,109 of interest on
   its mortgage notes, respectively.

E. Related Party Transactions

   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, 1996, 1995 and 1994 are as
   follows:

                                      1996        1995        1994  

      Property management fees      $442,295    $512,462    $438,049
   
      Expense reimbursements         288,226     267,147     435,467

          Charged to operations     $730,521    $779,609    $873,516


   Due to affiliates consists of the following as of December 31, 1996
and 1995:

                              1996          1995   
                                                                          
       
   Expense reimbursements  $   26,480     $   34,327
   
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 and Marine Terrace.  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 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. However,
   management believes that it is probable that an unfavorable outcome
   related to the discounts allowed and late fees collected will result. 
   Accordingly, the Partnership has recorded a provision of $168,474,
   representing  its share of the discounts and late fees, in the 1996
   consolidated financial statements.  The ultimate outcome of the
   potential punitive damages award related to this litigation, including
   an estimate of potential loss, cannot presently be determined.

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 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, 1996 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)

   Distributions           (4,803,303)   (296,898)    (49,482)    (5,149,683)

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

   Net income (loss)
      before capital
      transactions        (39,942,830)     12,940    (403,331)   (40,333,221)

   Balance at
      December 31, 1996  $ (7,372,169)  $(279,958)  $(384,389)  $ (8,036,516)
</TABLE>
H. Future Base Rents Due Under Commercial Operating Leases

   Future base rent receivable under commercial operating leases for the
   years 1997 through 2001 is as follows:

              1997                  $  120,388
              1998                      97,216
              1999                      93,784
              2000                      79,071
              2001                      66,885
              Thereafter                57,912

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 Apartments.  The Partnership received tax refunds toward
   the 1986, 1987, 1988 and 1990 real estate taxes totaling approximately
   $325,000, which is 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.  

   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, 1996, 1995 and 1994 is as follows:

<TABLE>
<CAPTION>
                                    1996           1995         1994   
      <S>                        <C>            <C>         <C>
      Net income (loss) per
         Consolidated Statement
         of Operations           $ (119,075)    $2,377,197  $(1,450,214)

         Difference between book
           and taxdepreciation      (30,155)           540        5,917

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

         Difference between book
           and tax legal
           adjustment               168,474           -            -   

         Net income (loss) for
           federal income tax
           purposes              $   19,244     $3,340,191  $(1,444,297)
</TABLE>
   The allocation of the net loss for federal income tax purposes for
   1996 is as follows:

<TABLE>
<CAPTION>
                                 Portfolio        Passive
                                   Income          Loss        Total  

      <S>                        <C>            <C>         <C>
      General Partners           $   1,682      $   (1,489) $      193
   
      Original Limited Partner        -               -           -       
      
      Investor Limited Partners    166,508        (147,457)     19,051
                                 $ 168,190      $ (148,946) $   19,244
</TABLE>
   During the years ended December 31, 1996, 1995 and 1994 the per Unit
   net income (loss) to the Investor Limited Partners for federal income
   tax purposes were  $.54, $93.94 and ($40.62), respectively.

   The basis of the Partnership's assets for financial reporting purposes
   exceeded its tax basis by approximately $8,400,000 and $8,300,000 at
   December 31, 1996 and 1995, respectively.  The basis of the
   Partnership's liabilities for financial reporting purposes exceeded
   its tax basis by approximately $168,000 and $0 at December 31, 1996
   and 1995, respectively.

<PAGE>

<TABLE>
<CAPTION>
      KRUPP REALTY LIMITED PARTNERSHIP-V AND SUBSIDIARY

         SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION
                            December 31, 1996
                                         
                                                   Costs 
                                                 Capitalized
                                Initial         Subsequent to
                          Cost to Partnership    Acquisition
              Encumb-               Buildings &  Buildings &   Depreciable
Description   rances       Land     Improvements Improvement      Life       

<C>       <C>           <C>         <C>          <C>           <C>  <C>
Century II
Apartments
Cockeysville,
Maryland  $10,450,896   $1,049,868  $13,948,246  $ 3,584,743   3 to 25 Yrs.

Park Place 
Apartments
Chicago,
 Illinois  31,819,359    2,877,561   38,230,448   10,973,589   3 to 25 Yrs.

          Total     $42,270,255   $3,927,429  $52,178,694  $14,558,332   
</TABLE>

          
<TABLE>
<CAPTION>
                   Gross Amounts Carried at
                      End of Year              
                                  
                                                                 Year
                                                                 Constr-
                        Buildings                                uction Year
                            and                    Accumulated   Comp-  Acq-
Description   Land      Improvements     Total     Depreication   lete  ired
            
<C>       <C>           <C>          <C>           <C>           <C>    <C>
Century II
Apartments 
Cockeysville,
Maryland  $1,049,868    $17,532,989  $18,582,857   $ 10,701,257  1971   1984

Park Place
Apartments
Chicago, 
 Illinois  2,877,561     49,204,037   52,081,598     27,365,006  1973   1984

Total     $3,927,429   $66,737,026   $70,664,455  $ 38,066,263

</TABLE>

Reconciliation of Real Estate and Accumulated Depreciation for each of
the three years in the period ended December 31, 1996:
<TABLE>
<CAPTION>
                                 1996              1995            1994   
   
   Real Estate

   <S>                        <C>              <C>             <C>
   Balance at 
       beginning of year      $68,251,341      $73,325,592     $70,308,815

   Acquisitions and            
       improvements             2,413,114        1,539,727       3,016,777

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

   Balance at 
       end of year            $70,664,455      $68,251,341     $73,325,592

</TABLE>
<TABLE>
<CAPTION>
   
                                  1996             1995            1994   

   <S>                        <C>              <C>             <C>
   Accumulated Depreciation

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

   Depreciation expense         3,320,449        3,327,419       3,336,689

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

   Balance at end of year     $38,066,263      $34,745,814     $34,905,809
</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 $70,668,276 and the aggregate
            accumulated depreciation for federal income tax purposes was
            $(46,448,760), at December 31, 1996.