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

                  FORM 10-Q

(Mark One)

     QUARTERLY REPORT PURSUANT TO SECTION 13
     OR 15(d) OF THE SECURITIES EXCHANGE ACT
     OF 1934

For the quarterly period ended September30,1998

                     OR

     TRANSITION REPORT PURSUANT TO SECTION 13
     OR 15(d) OF THE SECURITIES EXCHANGE ACT
     OF 1934

For the transition period from                
        to                         



Commission file number          0-11985      
 


     Krupp Realty Limited Partnership-V


          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)


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


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      

The total number of pages in this document is
11.<PAGE>
       PART I.  FINANCIAL INFORMATION

Item 1.  CONSOLIDATED FINANCIAL STATEMENTS

This Form 10-Q 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.

         KRUPP REALTY LIMITED PARTNERSHIP-V AND SUBSIDIARY

                    CONSOLIDATED BALANCE SHEETS
                                       

                              ASSETS

<TABLE>
<CAPTION>
                                          (Unaudited)
                                          September 30,December 31,
                                              1998        1997   

Multi-family apartment complexes, net of
  accumulated depreciation of $44,328,488
  <S>                                     <C>         <C>
  and $41,602,481, respectively           $ 29,066,410$30,790,070
Cash and cash equivalents (Note 2)           1,361,109    802,726
Cash restricted for tenant security deposits   312,954    294,572
Replacement reserve escrow                     582,146    399,771
Prepaid expenses and other assets (Note 6)   3,263,942   2,662,138
Deferred expenses, net of accumulated amortization
  of $74,234 and $48,332, respectively (Note 3)491,138    507,755
   
     Total assets                         $ 35,077,699$35,457,032


                 LIABILITIES AND PARTNERS' DEFICIT

Liabilities:
  Mortgage notes payable (Note 3)         $ 41,981,006$42,400,979
  Accrued real estate taxes                  2,610,095  1,950,000
  Accrued expenses and other liabilities     1,131,380  1,249,087
  
     Total liabilities                      45,722,481 45,600,066

Commitments and contingencies (Note 4)

Partners' deficit (Note 5):               
  Investor Limited Partners 
     (35,200 Units outstanding)             (9,833,408) (9,366,783)
  Original Limited Partner                    (400,902)   (370,797)
  General Partners                            (410,472)   (405,454)

  Total Partners' deficit                  (10,644,782)(10,143,034)

  Total liabilities and Partners' deficit $ 35,077,699$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
                                       
(Unaudited)

<TABLE>
<CAPTION>
                                For the Three Months    For the Nine Months
                                 Ended September 30,     Ended September 30, 

                                  1998       1997         1998       1997  

Revenue:
  <S>                           <C>         <C>       <C>        <C>
  Rental                        $3,807,018  $3,595,694$11,193,425$10,785,997
  Interest income                   28,705      29,744     84,026   100,679
  
   Total revenue                 3,835,723   3,625,438 11,277,451 10,886,676

Expenses:
  Operating (Note 6)               652,721     939,133  2,351,381  2,879,276
  Maintenance                      291,869     340,723    658,108    748,721
  General and administrative (Note 6)43,876    41,169     125,223    174,790
  Real estate taxes                572,843     522,760  1,728,890  1,496,052
  Management fees (Note 6)         140,224     119,550    395,309    360,962
  Depreciation and amortization    967,685     917,833  2,751,909  2,644,959
  Interest (Note 3)                748,796     847,458  2,254,400  2,551,538

   Total expenses                3,418,014   3,728,626 10,265,220 10,856,298
        
Net income (loss)               $  417,709  $ (103,188)$ 1,012,231$   30,378 


Allocation of net income (loss) 
  (Note 5):

  Investor Limited Partners
   (35,200 Units outstanding)   $  388,469  $ (102,156)$   941,375$    28,251 

  Investor Limited Partner, Per Unit$11.03  $   (2.90)$    26.74 $       .80 

  Original Limited Partner      $   25,063  $    -    $    60,734 $     1,823 

  General Partners              $    4,177  $ (1,032) $    10,122$       304 

</TABLE>

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

             CONSOLIDATED STATEMENTS OF CASH FLOWS  
                                            
(Unaudited)
<TABLE>
<CAPTION>
                                            For the Nine Months
                                              Ended September 30, 

                                               1998      1997    

Operating activities:
  <S>                                       <C>       <C>
  Net income                                $1,012,231$    30,378 
  Adjustments to reconcile net income to net
   cash provided by operating activities:
Interest earned on replacement reserve escrow  (9,521)     (13,307)
     Depreciation and amortization           2,751,909  2,644,959
     Changes in assets and liabilities:
       Increase in cash restricted for tenant
          security deposits                    (18,382)     (3,263)
       Decrease (increase) in prepaid expenses 
          and other assets                    (601,804)     82,874
       Increase (decrease) in accrued real estate
          taxes                                660,095   (415,000)
       Increase (decrease) in accrued expenses 
          and other liabilities               (121,056)     59,750 
       Decrease in due to affiliates              -        (6,168)

          Net cash provided by operating
             activities                      3,673,472  2,380,223

Investing activities:
  Deposits to replacement reserve escrow      (229,884)   (159,684)
  Withdrawals from replacement reserve escrow   57,030    303,730
  Additions to fixed assets                 (1,002,347)   (971,935)
  Increase in accrued expenses and other 
 liabilities related to fixed asset additions   3,349        2,792

 Net cash used in investing activities      (1,171,852)   (825,097)

Financing activities:
  Principal payments on mortgage notes payable(419,973)   (425,924)
  Increase in deferred expenses                 (9,285)       -
  Distributions                             (1,513,979) (1,513,979)

 Net cash used in financing activities      (1,943,237) (1,939,903)

Net increase (decrease) in cash and 
cash equivalents                               558,383    (384,777)

Cash and cash equivalents, beginning of period 802,726   1,767,094

Cash and cash equivalents, end of period    $1,361,109$ 1,382,317

</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
                                     


(1)Accounting Policies

Certain information and footnote disclosures
normally included in financial statements
prepared in accordance with generally accepted
accounting principles have been condensed or
omitted in this report on Form 10-Q pursuant
to the Rules and Regulations of the Securities
and Exchange Commission.  In the opinion of
the General Partners of Krupp Realty Limited
Partnership-V and Subsidiary (the
"Partnership") the disclosures contained in
this report are adequate to make the
information presented not misleading.  See
Notes to Consolidated Financial Statements
included in the  Partnership's Annual Report
on Form 10-K for the year ended December 31,
1997 for additional information relevant to
significant accounting policies followed by
the Partnership.

In the opinion of the General Partners of the
Partnership, the accompanying unaudited
consolidated financial statements reflect all
adjustments necessary to present fairly the
Partnership's consolidated financial position
as of September 30, 1998, its results of
operations for the three and nine months ended
September 30, 1998 and 1997 and its cash flows
for the nine months ended September 30, 1998
and 1997. 

The results of operations for the three and
nine months ended September 30, 1998 are not
necessarily indicative of the results which
may be expected for the full year.  See
Management's Discussion and Analysis of
Financial Condition and Results of Operations
included in this report.

(2)   Cash and Cash Equivalents

   Cash and cash equivalents consisted of the following:

<TABLE>
<CAPTION>
                                      September 30, December 31, 
                                          1998          1997     

      <S>                             <C>           <C>
      Cash and money market accounts  $    511,754  $   802,726
      Treasury bills                       849,355         -   
   
                                      $  1,361,109  $   802,726
</TABLE>
(3)Mortgage Note Payable

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, were reported in the Statement of
Operations as an extraordinary loss from early
extinguishment of debt for the year ended
December 31, 1997.
                            


Continued
        KRUPP REALTY LIMITED PARTNERSHIP-V AND SUBSIDIARY

      NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, Continued
                                     

(4)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 Tower Apartments ("Park
Place") and Marine Terrace Apartments, a
previously owned property.  The central issue
of the complaint was whether the operative
lease violated a Chicago municipal ordinance
relating to late fee charges because it
allowed tenants a discount if rent was paid on
or before the first 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.  However, the Partnership has recorded a
provision of $282,000, representing its share
of the discounts and late fees, plus estimated
legal costs, in the consolidated financial
statements as of September 30, 1998.  The
ultimate outcome of the potential punitive
damages award related to this litigation,
including an estimate of potential loss,
cannot presently be determined. 

(5)Changes in Partners' Deficit

A summary of changes in Partners' deficit for
the nine months ended September 30, 1998 is as
follows:
<TABLE>
<CAPTION>
                     Investor    Original              Total
                     Limited     Limited   General   Partners'
                     Partners    Partner   Partners   Deficit   

   Balance at
    <S>               <C>         <C>       <C>       <C>
    December 31, 1997 $(9,366,783)$(370,797)$(405,454)$(10,143,034)

   Net income           941,375   60,734     10,122    1,012,231

   Distributions     (1,408,000) (90,839)  (15,140)  (1,513,979)
   
   Balance at
 September 30, 1998$(9,833,408)$(400,902)$(410,472) $(10,644,782) 

</TABLE>










Continued

         KRUPP REALTY LIMITED PARTNERSHIP-V AND SUBSIDIARY

       NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, Continued
                                      

(6)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 were as follows:

<TABLE>
<CAPTION>
                         For the Three Months     For the Nine Months
                          Ended September 30,     Ended September 30,
                           1998         1997       1998     1997  


<S>                     <C>      <C>       <C>         <C>
Property management fees$140,224 $119,550  $395,309    $360,962
   
Expense reimbursements    79,283   76,698   201,456     239,883

Charged to operations$219,507 $196,248  $596,765  $600,845

</TABLE>
       
   Expense reimbursements due from affiliates of $32,103 were
   included in prepaid expenses and other assets at September 30,
   1998.<PAGE>
        KRUPP REALTY LIMITED PARTNERSHIP-V AND SUBSIDIARY
                                     

Item 2.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. Beginning
with the distribution paid in February, 1997,
the annual distribution rate was increased
from $20.00 per Unit, to $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 a 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 prepayment
premium of $210,825 and to establish various
escrows.

The Partnership's properties, Century and Park
Place, have spent approximately $1,002,000 to
date and are anticipated to spend
approximately $2,134,000 for capital
improvements in 1998 to remain competitive in
their respective markets.  These improvements
include floor covering, pavement upgrades and
appliance replacements, as well as interior
improvements and refurbishment of the elevator
and convenience store at Park Place.  The
Partnership expects to fund these improvements
from established reserves and cash generated
from property operations.

Financial Accounting Standards Board Statement
No. 130 ("FAS 130") "Reporting Comprehensive
Income" is effective for fiscal years
beginning after December 31, 1997, although
earlier application is permitted.  FAS 130
establishes standards for reporting and
display of comprehensive income and its
components in financial statements.  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.  The General Partners do not believe
that the implementation of FAS 130 or FAS 131
will have a material impact on the
Partnership's financial statements.

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.

Continued
KRUPP REALTY LIMITED PARTNERSHIP-V AND SUBSIDIARY
                                      

Liquidity and Capital Resources, Continued

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.  The Partnership incurred
hardware costs as well as consulting and other
expenses related to the infrastructure and
facilities enhancements necessary to complete
the upgrade and prepare for the Year 2000. 
There are no other systems or software that
the Partnership is using at the present time.

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.
                      
Operations

The following discussion relates to the
operations of the Partnership and its
properties (Park Place and Century) for the
three and nine months ended September 30, 1998
and 1997. 

Net income increased for the three and nine
months ended September 30, 1998 as compared to
the same periods in 1997, as rental revenue
increased and expenses decreased.

In comparing the three and nine months ended
September 30, 1998 to the same periods in
1997, the increases in rental revenue are
attributable to residential rental rate
increases implemented at Park Place and
Century.  Interest income decreased as average
cash and cash equivalent balances decreased
between the periods.

Total expenses decreased when comparing the
three months ended September 30, 1998 to the
three months ended September 30, 1997,
primarily due to decreases in operating,
maintenance and interest expenses, partially
offset by an increase in real estate tax
expense.  The decrease in operating expense is
mainly the 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
contingent insurance premiums at the
Partnership's properties, due to a favorable
claim history.  Maintenance expense decreased
primarily due to payment of an insurance
deductible in the third quarter of 1997 for
flood damage at Park Place.  Interest expense
decreased as a result of the refinancing of
Century's mortgage note in December, 1997. 
Park Place was assessed at a higher value at
the end of 1997, resulting in an increase in
real estate tax expense. 

For the reasons discussed above, total
expenses decreased when comparing the nine
months ended September 30, 1998 to the nine
months ended September 30, 1997.  In addition,
general and administrative expense also
decreased during these periods as a result of
legal costs incurred in 1997 which related to
the unsolicited tender offers to purchase
Partnership Units.







   KRUPP REALTY LIMITED PARTNERSHIP-V AND
SUBSIDIARY

         PART II - OTHER INFORMATION
                            


Item 1.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 Tower  Apartments ("Park
Place") and Marine Terrace Apartments, a
previously owned property.  The central issue
of the complaint was whether the operative
lease violated a Chicago municipal ordinance
relating to late fee charges because it
allowed tenants a discount if rent was paid on
or before the first 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.  However, the Partnership has recorded a
provision of $282,000, representing its share
of the discounts and late fees, in the
consolidated financial statements as of
September 30, 1998.  The ultimate outcome of
the potential punitive damages award related
to this litigation, including an estimate of
potential loss, cannot presently be
determined. 

                                      
Item 2.Changes in Securities
                                           
Response:  None

Item 3.Defaults upon Senior Securities
                                           
Response:  None

Item 4.Submission of Matters to a Vote of
Security Holders
Response:  None

Item 5. Other Information

Response:  None

Item 6. Exhibits and Reports on Form 8-K

Response:  None
<PAGE>
                  SIGNATURE


Pursuant to the requirements 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.



                                           
Krupp Realty Limited Partnership-V
                                            
(Registrant)



                                      
BY:/s/Wayne H. Zarozny                    
                                           
Wayne H. Zarozny
                                           
                    Treasurer and Chief
                    Accounting Officer of The
                    Krupp Corporation, a
                    General Partner.



DATE: December 22, 1998