FORM 10-QSB--QUARTERLY OR TRANSITIONAL REPORT UNDER SECTION 13 OR 15(D) OF
                      THE SECURITIES EXCHANGE ACT OF 1934
                        QUARTERLY OR TRANSITIONAL REPORT

                    U.S. SECURITIES AND EXCHANGE COMMISSION
                            Washington, D.C.  20549

                                  FORM 10-QSB

(Mark One)
[X]  QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
     ACT OF 1934

                 For the quarterly period ended August 31, 1999


[ ]  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 0-11574

                              SHELTER PROPERTIES V
       (Exact name of small business issuer as specified in its charter)



        South Carolina                                       57-0721855
(State or other jurisdiction of                           (I.R.S. Employer
 incorporation or organization)                          Identification No.)

                        55 Beattie Place, P.O. Box 1089
                       Greenville, South Carolina  29602
                    (Address of principal executive offices)

                    Issuer's telephone number (864) 239-1000


Check whether the issuer (1) filed all reports required to be filed by Section
13 or 15(d) of the Exchange Act during the past 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

                         PART I - FINANCIAL INFORMATION

ITEM 1.   FINANCIAL STATEMENTS

a)

                              SHELTER PROPERTIES V

                           CONSOLIDATED BALANCE SHEET
                                  (Unaudited)
                        (in thousands, except unit data)

                                August 31, 1999


Assets
 Cash and cash equivalents                                             $  2,453
 Receivables and deposits                                                 1,002
 Restricted escrows                                                         799
 Other assets                                                               664
 Investment properties:
   Land                                                    $  4,242
   Buildings and related personal property                   73,132
                                                             77,374
   Less accumulated depreciation                            (45,508)     31,866
                                                                       $ 36,784
Liabilities and Partners' Capital (Deficit)
Liabilities
 Accounts payable                                                      $    188
 Tenant security deposit liabilities                                        342
 Accrued property taxes                                                     527
 Other liabilities                                                          463
 Mortgage notes payable                                                  30,778
Partners' Capital (Deficit)
 General partners                                           $   (341)
 Limited partners (52,538 units
   issued and outstanding)                                    4,827       4,486

                                                                       $ 36,784

          See Accompanying Notes to Consolidated Financial Statements


b)

                              SHELTER PROPERTIES V
                     CONSOLIDATED STATEMENTS OF OPERATIONS
                                  (Unaudited)
                        (in thousands, except unit data)



                              Three Months Ended           Nine Months Ended
                                  August 31,                  August 31,
                             1999             1998          1999        1998
Revenues:
 Rental income              $3,364           $3,225       $10,255      $9,793
 Other income                  225              278           643         711
   Total revenues            3,589            3,503        10,898      10,504

Expenses:
 Operating                   1,445            1,421         4,133       4,296
 General and
 administrative                112               87           300         289
 Depreciation                  650              734         2,093       2,184
 Interest                      690              681         2,042       2,050
 Property taxes                206              196           638         616
   Total expenses            3,103            3,119         9,206       9,435

       Net income           $  486           $  384        $1,692      $1,069

Net income allocated to

general partners (1%)       $    5           $    4        $   17      $   11
Net income allocated to
limited partners (99%)         481              380         1,675       1,058
                            $  486           $  384        $1,692      $1,069
Net income per limited
partnership unit            $ 9.16           $ 7.23        $31.88      $20.14

Distributions per
  limited partnership
  unit                      $12.62           $   --        $48.42      $10.56

          See Accompanying Notes to Consolidated Financial Statements


c)

                              SHELTER PROPERTIES V
        CONSOLIDATED STATEMENT OF CHANGES IN PARTNERS' CAPITAL (DEFICIT)
                                   (Unaudited)
                        (in thousands, except unit data)

                                    Limited
                                  Partnership  General   Limited
                                     Units    Partners  Partners    Total

Original capital contributions       52,538    $     2   $52,538   $52,540

Partners' (deficit) capital
  at November 30, 1998               52,538    $  (327)  $ 5,696   $ 5,369

Net income for the nine months
  ended August 31, 1999                  --         17     1,675     1,692

Partners' distributions paid             --        (31)   (2,544)   (2,575)

Partners' (deficit) capital
  at August 31, 1999                 52,538    $  (341)  $ 4,827   $ 4,486

          See Accompanying Notes to Consolidated Financial Statements


d)

                              SHELTER PROPERTIES V
                     CONSOLIDATED STATEMENTS OF CASH FLOWS
                                  (Unaudited)
                                 (in thousands)


                                                         Nine Months Ended
                                                            August 31,
                                                          1999       1998
Cash flows from operating activities:
  Net income                                            $ 1,692    $ 1,069
  Adjustments to reconcile net income to net
     cash provided by operating activities:
  Depreciation                                            2,093      2,184
  Amortization of discounts and loan costs                  156        136
  Change in accounts:
     Receivables and deposits                               (24)      (281)
     Other assets                                          (124)        71
     Accounts payable                                       (15)        49
     Tenant security deposit liabilities                    (18)         5
     Accrued property taxes                                 125        257
     Other liabilities                                       18        (15)

         Net cash provided by operating activities        3,903      3,475

Cash flows from investing activities:
  Property improvements and replacements                 (1,035)      (711)
  Net withdrawals from restricted escrows                   314        132

         Net cash used in investing activities             (721)      (579)

Cash flows from financing activities:
  Payments on mortgage notes payable                       (382)      (352)
  Loan costs paid                                           (29)       --
  Partners' distributions                                (3,693)    (1,305)

Net cash used in financing activities                    (4,104)    (1,657)

Net (decrease) increase in cash and cash equivalents       (922)     1,239

Cash and cash equivalents at beginning of period          3,375      3,347

Cash and cash equivalents at end of period              $ 2,453    $ 4,586

Supplemental disclosure of cash flow information:
  Cash paid for interest                                $ 1,887    $ 1,916

          See Accompanying Notes to Consolidated Financial Statements

e)

                              SHELTER PROPERTIES V
                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                                  (Unaudited)


NOTE A - BASIS OF PRESENTATION

The accompanying unaudited consolidated financial statements of Shelter
Properties V (the "Partnership" or "Registrant") have been prepared in
accordance with generally accepted accounting principles for interim financial
information and with the instructions to Form 10-QSB and Item 310(b) of
Regulation S-B.  Accordingly, they do not include all of the information and
footnotes required by generally accepted accounting principles for complete
financial statements.  In the opinion of Shelter Realty V Corporation (the
"Corporate General Partner"), all adjustments (consisting of normal recurring
accruals) considered necessary for a fair presentation have been included.
Operating results for the three and nine month periods ended August 31, 1999,
are not necessarily indicative of the results that may be expected for the
fiscal year ending November 30, 1999.  For further information, refer to the
consolidated financial statements and footnotes thereto included in the
Partnership's Annual Report on Form 10-KSB for the year ended November 30, 1998.

Principles of Consolidation:

The financial statements include all the accounts of the Partnership and its two
99.99% owned partnerships.  The general partner of the consolidated partnership
is Shelter Realty V Corporation.  Shelter Realty V Corporation may be removed by
the Registrant; therefore, the consolidated partnership is controlled and
consolidated by the Registrant.  All significant interpartnership balances have
been eliminated.

NOTE B - TRANSFER OF CONTROL

Pursuant to a series of transactions which closed on October 1, 1998 and
February 26, 1999, Insignia Financial Group, Inc. and Insignia Properties Trust
merged into Apartment Investment and Management Company ("AIMCO"), a publicly
traded real estate investment trust, with AIMCO being the surviving corporation
(the "Insignia Merger").  As a result, AIMCO acquired 100% ownership interest in
the Corporate General Partner.

NOTE C - RECONCILIATION OF CASH FLOWS

The following is a reconciliation of the subtotal on the accompanying statements
of cash flows captioned "net cash provided by operating activities" to "net cash
used in operations", as defined in the Partnership Agreement.  However, "net
cash from operations" should not be considered an alternative to net income as
an indicator of the Partnership's operating performance or to cash flows as a
measure of liquidity.

                                                     Nine Months Ended
                                                         August 31,
                                                    1999             1998
                                                       (in thousands)

Net cash provided by operating activities         $ 3,903           $ 3,475
Payments on mortgage notes payable                   (382)             (352)
Property improvements and replacements             (1,035)             (711)
Change in restricted escrows, net                     314               132
Changes in reserves for net operating
 liabilities                                           38               (86)
Additional operating reserves                      (2,338)           (2,458)
Net cash used in operations                       $   500           $    --

The Corporate General Partner reserved an additional $2,338,000 and $2,458,000
at August 31, 1999 and 1998, respectively, to fund capital improvements and
repairs at the Partnership's seven investment properties.

NOTE D - TRANSACTIONS WITH AFFILIATED PARTIES

The Partnership has no employees and is dependent on the Corporate General
Partner and its affiliates for the management and administration of all
partnership activities.  The Partnership Agreement provides for certain payments
to affiliates for services and as reimbursement of certain expenses incurred by
affiliates on behalf of the Partnership.  The following payments were paid or
accrued to the Corporate General Partner and affiliates during the nine months
ended August 31, 1999 and 1998:
                                                           1999      1998
                                                           (in thousands)
Property management fees (included in
  operating expenses)                                     $ 548      $ 526
Reimbursement for services of affiliates
  (included in general and administrative expenses
   and investment properties)                               186        181

During the nine months ended August 31, 1999 and 1998, affiliates of the
Corporate General Partner were entitled to receive 5% of gross receipts from all
of the Registrant's properties for providing property management services. The
Registrant paid to such affiliates approximately $548,000 and $526,000 for the
nine months ended August 31, 1999 and 1998, respectively.

An affiliate of the Corporate General Partner received reimbursement of
accountable administrative expenses amounting to approximately $186,000 and
$181,000 for the nine months ended August 31, 1999 and 1998, respectively.
Included in these expenses for the nine months ended August 31, 1999 and 1998,
is approximately $3,000 and $5,000, respectively, in reimbursements for
construction oversight costs.

On July 21, 1998, an affiliate of the Corporate General Partner (the
"Purchaser") commenced a tender offer for limited partnership interests in the
Partnership.  The Purchaser offered to purchase up to 19,500 of the outstanding
units of limited partnership interest in the Partnership at $520 per Unit, net
to the seller in cash. The Purchaser acquired 2,725 units pursuant to this
tender offer.

On June 9, 1999, AIMCO Properties, L.P., an affiliate of the Corporate General
Partner commenced a tender offer to purchase up to 1,150 (2.2% of the total
outstanding units) units of limited partnership interest in the Partnership for
a purchase price of $544.00 per unit.  The offer expired on July 14, 1999.
Pursuant to the offer, AIMCO Properties, L.P. acquired 514 units.  As a result,
AIMCO and its affiliates currently own 24,204 units of limited partnership
interest in the Partnership representing 46.1% of the total outstanding units.
It is possible that AIMCO or its affiliate will make one or more additional
offers to acquire additional limited partnership interests in the Partnership
for cash or in exchange for units in the operating partnership of AIMCO.

NOTE E - SEGMENT REPORTING

Description of the types of products and services from which the reportable
segment derives its revenues:

The Partnership has one reportable segment:  residential properties.  The
Partnership's residential property segment consists of seven apartment complexes
located in Florida (2), South Carolina (1), Virginia (1), Georgia(1), and North
Carolina (2). The Partnership rents apartment units to tenants for terms that
are typically twelve months or less.

Measurement of segment profit or loss:

The Partnership evaluates performance based on net income.  The accounting
policies of the reportable segment are the same as those of the Partnership as
described in the Partnership's Annual Report on Form 10-KSB for the year ended
November 30, 1998.

Factors management used to identify the enterprises reportable segment:

The Partnership's reportable segment consists of investment properties that
offer similar products and services.  Although each of the investment properties
is managed separately, they have been aggregated into one segment as they
provide services with similar types of products and customers.

Segment information for the nine months ended August 31, 1999 and 1998 is shown
in the tables below.  The "Other" column includes partnership administration
related items and income and expense not allocated to the reportable segment.

                1999                  Residential      Other       Totals
                                                 (in thousands)
Rental income                           $10,255     $    --       $10,255
Other income                                610          33           643
Interest expense                          2,042          --         2,042
Depreciation                              2,093          --         2,093
General and administrative expense           --         300           300
Segment profit (loss)                     1,959        (267)        1,692
Total assets                             36,493         291        36,784
Capital expenditures for
  investment properties                   1,035          --         1,035


                1998                  Residential      Other       Totals
                                                 (in thousands)
Rental income                           $ 9,793       $    --     $ 9,793
Other income                                617            94         711
Interest expense                          2,050            --       2,050
Depreciation                              2,184            --       2,184
General and administrative expense           --           289         289
Segment profit (loss)                     1,264          (195)      1,069
Total assets                             36,684         3,981      40,665
Capital expenditures for
  investment properties                    711             --         711

NOTE F - LEGAL PROCEEDINGS

In March 1998, several putative unit holders of limited partnership units of the
Partnership commenced an action entitled ROSALIE NUANES, ET AL. V. INSIGNIA
FINANCIAL GROUP, INC., ET AL.  in the Superior Court of the State of California
for the County of San Mateo.  The plaintiffs named as defendants, among others,
the Partnership, the Corporate General Partner and several of their affiliated
partnerships and corporate entities.  The complaint purports to assert claims on
behalf of a class of limited partners and derivatively on behalf of a number of
limited partnerships (including the Partnership) which are named as nominal
defendants, challenging the acquisition by Insignia Financial Group, Inc.
("Insignia") and entities which were, at one time, affiliates of Insignia
("Insignia  Affiliates") of interests in certain general partner entities, past
tender offers by Insignia Affiliates to acquire limited partnership units, the
management of partnerships by Insignia Affiliates as well as a recently
announced agreement between Insignia and Apartment Investment and Management
Company.  The complaint seeks monetary damages and equitable relief, including
judicial dissolution of the Partnership.  On June 25, 1998, the Corporate
General Partner filed a motion seeking dismissal of the action.  In lieu of
responding to the motion, the plaintiffs have filed an amended complaint.  The
Corporate General Partner has filed demurrers to the amended complaint which
were heard during February 1999.  No ruling on such demurrers has been received.
The Corporate General Partner does not anticipate that costs associated with
this case, if any, will be material to the Partnership's overall operations.

The Partnership is unaware of any other pending or outstanding litigation that
is not of a routine nature arising in the ordinary course of business.

NOTE G - SUBSEQUENT EVENT

During September 1999, one of the Partnership's investment properties, Tar River
Estates, was affected by the severe flooding which has affected certain areas of
North Carolina.  The property has incurred extensive damage as a result of this
flooding.  The property is covered by insurance and it is anticipated that costs
incurred to restore the property will be covered by this insurance.

ITEM 2.   MANAGEMENT'S DISCUSSION AND ANALYSIS OR PLAN OF OPERATION

The matters discussed in this Form 10-QSB contain certain forward-looking
statements and involve risks and uncertainties (including changing market
conditions, competitive and regulatory matters, etc.) detailed in the
disclosures contained in this Form 10-QSB and the other filings with the
Securities and Exchange Commission made by the Registrant from time to time.
The discussions of the Registrant's business and results of operations,
including forward-looking statements pertaining to such matters, does not take
into account the effects of any changes to the Registrant's business and results
of operations.  Accordingly, 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.

The Partnership's investment properties consist of seven apartment complexes.
The following table sets forth the average occupancy of the properties for the
nine months ended August 31, 1999 and 1998:

                                        Average Occupancy
Property                                1999        1998

Foxfire Apartments
   Atlanta, Georgia                      94%         93%

Old Salem Apartments
   Charlottesville, Virginia             95%         93%

Woodland Village Apartments
   Columbia, South Carolina              94%         92%

Lake Johnson Mews
   Raleigh, North Carolina               95%         94%

The Lexington Green Apartments
   Sarasota, Florida                     98%         95%

Millhopper Village Apartments
   Gainesville, Florida                  95%         96%

Tar River Estates
   Greenville, North Carolina            94%         95%

The Corporate General Partner attributes the increase in occupancy at The
Lexington Green Apartments to management's intensified marketing efforts as well
as capital improvements to enhance the exterior of the property.

Results of Operations

The Registrant's net income for the three and nine months ended August 31, 1999
was approximately $486,000 and $1,692,000 as compared to approximately $384,000
and $1,069,000 for the three and nine months ended August 31, 1998.  The
increase in net income is due to an increase in total revenue and a decrease in
total expenses.  Total revenue increased due to an increase in rental income.
The increase in rental income is due primarily to the increase in average annual
rental rates at all seven of the Registrant's investment properties and the
increase in average occupancy at all properties except Millhopper Village and
Tar River Estates.  The increase in rental income is partially offset by a
decrease in other income, which is due primarily to lower interest income as a
result of a decrease in interest bearing cash balances as a result of
distributions paid during 1999.

Total expenses remained relatively constant for the three months ended August
31, 1999 as increases in operating, general and administrative, interest and
property tax expense were substantially offset by a decrease in depreciation
expense.  Total expenses for the nine months ended August 31, 1999 decreased
primarily due to reductions in operating expense and to a lesser extent a
reduction in depreciation expense.  Operating expense decreased due to decreases
in insurance and maintenance expenses.  Insurance expense decreased at all of
the investment properties due to a change in insurance carriers during the
current fiscal year.  Maintenance expense decreased as a result of expenses
incurred in the first nine months of 1998 for major landscaping and interior
building improvements, which did not recur in the first nine months of 1999.
The decrease in depreciation expense is a result of assets becoming fully
depreciated.

General and administrative expenses increased slightly for both comparable
periods as a result of an increase in legal costs, which include the
Partnership's portion of settlement costs paid in March 1999 as disclosed in the
Partnership's Annual Report on Form 10-KSB for the fiscal year ended November
30, 1998.  Also included in general and administrative expense at both August
31, 1999 and 1998 are management reimbursements to the Corporate General Partner
allowed under the Partnership Agreement.  In addition costs associated with the
quarterly and annual communications with investors and regulatory agencies and
the annual audits and appraisals required by the Partnership Agreement are also
included.

As part of the ongoing business plan of the Partnership, the Corporate General
Partner monitors the rental market environments of each of its investment
properties to assess the feasibility of increasing rents, maintaining or
increasing occupancy levels and protecting the Partnership from increases in
expenses.  As part of this plan, the Corporate General Partner attempts to
protect the Partnership from the burden of inflation-related increases in
expenses by increasing rents and maintaining a high overall occupancy level.
However, due to changing market conditions, which can result in the use of
rental concessions and rental reductions to offset softening market conditions,
there is no guarantee that the Corporate General Partner will be able to sustain
such a plan.

Liquidity and Capital Resources

The Registrant had cash and cash equivalents of approximately $2,453,000 at
August 31, 1999, compared to approximately $4,586,000 at August 31, 1998.  The
decrease in cash and cash equivalents of approximately $922,000 for the nine
months ended August 31, 1999 from the Registrant's fiscal year end is primarily
due to approximately $4,104,000 of cash used in financing activities and
approximately $721,000 of cash used in investing activities which was partially
offset by approximately $3,903,000 of cash provided by operating activities.
Cash used in financing activities consisted primarily of partner distributions
and, to a lesser extent, payments of principal made on the mortgages encumbering
the Registrant's properties along with loan costs incurred to extend the due
date of the debt on Foxfire Apartments while new financing can be arranged.
Cash used in investing activities consisted of property improvements and
replacements which was offset by net withdrawals from escrow accounts maintained
by the mortgage lender.  The Registrant invests its working capital reserves in
money market accounts.

The sufficiency of existing liquid assets to meet future liquidity and capital
expenditure requirements is directly related to the level of capital
expenditures required at the various properties to adequately maintain the
physical assets and other operating needs of the Partnership and to comply with
Federal, state, and local legal and regulatory requirements.  Capital
improvements planned for each of the Registrant's properties are detailed below.

Millhopper Village

Based on a report received from an independent third party consultant analyzing
necessary exterior improvements and estimates made by the Corporate General
Partner on interior improvements, it is estimated that Millhopper Village
requires approximately $482,000 of capital improvements over the next few years.
The Partnership has budgeted, but is not limited to, capital improvements of
approximately $245,000 for 1999 which include certain of the required
improvements and consist primarily of floor and cabinet replacements, structural
and recreational facility improvements.  During the nine months ended August 31,
1999, the Partnership spent approximately $134,000 on capital improvements
consisting primarily of structural improvements and floor covering replacement.
The structural improvements are substantially complete as of August 31, 1999.

Foxfire Apartments

Based on a report received from an independent third party consultant analyzing
necessary exterior improvements and estimates made by the Corporate General
Partner on interior improvements, it is estimated that Foxfire Apartments
requires approximately $281,000 of capital improvements over the next few years.
The Partnership has budgeted, but is not limited to, capital improvements of
approximately $340,000 for 1999 which include certain of the required
improvements and consist primarily of interior and exterior improvements.
During the nine months ended August 31, 1999, the Partnership spent
approximately $175,000 on capital improvements consisting primarily of roof
additions and floor covering replacement.  The roof repairs are complete as of
August 31, 1999.

Lake Johnson Mews

Based on a report received from an independent third party consultant analyzing
necessary exterior improvements and estimates made by the Corporate General
Partner on interior improvements, it is estimated that Lake Johnson Mews
requires approximately $483,000 of capital improvements over the next few years.
The Partnership has budgeted, but is not limited to, capital improvements of
approximately $226,000 for 1999 which include certain of the required
improvements and consist primarily of interior and exterior improvements. During
the nine months ended August 31, 1999, the Partnership spent approximately
$75,000 on capital improvements consisting primarily of floor covering
replacement.

Woodland Village

Based on a report received from an independent third party consultant analyzing
necessary exterior improvements and estimates made by the Corporate General
Partner on interior improvements, it is estimated that Woodland Village requires
approximately $482,000 of capital improvements over the next few years.  The
Partnership has budgeted, but is not limited to, capital improvements of
approximately $480,000 for 1999 which include certain of the required
improvements and consist primarily of swimming pool improvements, a roofing
project, heating upgrades, landscaping, parking lot improvements, and flooring
replacements.  During the nine months ended August 31, 1999, the Partnership
spent approximately $252,000 on capital improvements which include certain of
the required improvements and consist primarily of floor covering replacements,
swimming pool improvements, and parking lot upgrades, and roof upgrades.  The
swimming pool repairs are complete as of August 31, 1999.

The Lexington Green Apartments

Based on a report received from an independent third party consultant analyzing
necessary exterior improvements and estimates made by the Corporate General
Partner on interior improvements, it is estimated that The Lexington Green
Apartments requires approximately $603,000 of capital improvements over the next
few years.  The Partnership has budgeted, but is not limited to, capital
improvements of approximately $717,000 for 1999 which include certain of the
required improvements and consist primarily of landscaping, sewer and swimming
pool projects, parking lot improvements and floor covering replacements.  During
the nine months ended August 31, 1999, the Partnership spent approximately
$156,000 on capital improvements consisting primarily of sewer improvements, and
floor covering replacement.

Tar River Estates

Based on a report received from an independent third party consultant analyzing
necessary exterior improvements and estimates made by the Corporate General
Partner on interior improvements, it is estimated that Tar River Estates
requires approximately $603,000 of capital improvements over the next few years.

The Partnership has budgeted, but is not limited to, capital improvements of
approximately $540,000 for 1999 which include certain of the required
improvements and consist primarily of interior and exterior improvements.
During the nine months ended August 31, 1999, the Partnership spent
approximately $115,000 on capital improvements consisting primarily of floor
covering replacement.  During September 1999, Tar River Estates was affected by
the severe flooding which has affected certain areas of North Carolina.  The
property has incurred extensive damage as a result of the flooding.  The
property is covered by insurance and it is anticipated that costs incurred to
restore the property will be caused by this insurance.

Old Salem Apartments

Based on a report received from an independent third party consultant analyzing
necessary exterior improvements and estimates made by the Corporate General
Partner on interior improvements, it is estimated that Old Salem Apartments
requires approximately $482,000 of capital improvements over the next few years.
The Partnership has budgeted, but is not limited to, capital improvements of
approximately $900,000 for 1999 which include certain of the required
improvements and consist primarily of air conditioning upgrades, floor covering
replacement, roofing and parking lot projects and other interior and exterior
building improvements.  During the nine months ended August 31, 1999, the
Partnership spent approximately $128,000 on capital improvements consisting
primarily of floor covering replacement, HVAC replacement and structural
improvements.

The additional capital expenditures will be incurred only if cash is available
from operations or from Partnership reserves.  To the extent that such budgeted
capital improvements are completed, the Registrant's distributable cash flow, if
any, may be adversely affected at least in the short term.

The Registrant's current assets are thought to be sufficient for any near-term
needs (exclusive of capital improvements) of the Registrant.  The mortgage
indebtedness of approximately $30,778,000 net of discount, is amortized over
varying periods with required balloon payments ranging from November 15, 2002 to
November 1, 2003.  The Corporate General Partner will attempt to refinance such
indebtedness and/or sell the properties prior to such maturity dates.  The
mortgage on Foxfire Apartments which was originally scheduled to mature on
February 1, 1999 has been extended while the Corporate General Partner
negotiates replacement financing.  Negotiations to refinance the loan
encumbering Foxfire and Old Salem are continuing at this time.  There is no
assurance that these loans can be consummated.  If the properties cannot be
refinanced or sold for a sufficient amount, the Registrant will risk losing such
properties through foreclosure.

Cash distributions of approximately $3,693,000 were paid during the nine months
ended August 31, 1999, $1,118,000 of which related to a payable at November 30,
1998.  The remaining $2,575,000 ($2,544,000 of which was paid to the limited
partners, $48.42 per limited partnership unit) was paid from operations.  A cash
distribution of approximately $1,305,000 was made during the nine months ended
August 31, 1998, $750,000 of which related to a payable at November 30, 1997.
The remaining $555,000 ($10.56 per limited partnership unit) was from
refinancing proceeds and accordingly was distributed entirely to the limited
partners.  Subsequent to August 31, 1999 the Corporate General Partner approved
a distribution of $500,000 from operations ($495,000 of which is to be paid to
limited partners, $9.42 per limited partnership unit).  Future cash
distributions will depend on the levels of net cash generated from operations,
the availability of cash reserves, and the timing of debt maturities,
refinancings and/or property sales.  There can be no assurance, however, that
the Registrant will generate sufficient funds from operations after planned
capital improvement expenditures to permit any additional distributions to its
partners in 1999 or subsequent periods.

On July 21, 1998, an affiliate of the Corporate General Partner (the
"Purchaser") commenced a tender offer for limited partnership interests in the
Partnership.  The Purchaser offered to purchase up to 19,500 of the outstanding
units of limited partnership interest in the Partnership at $520 per Unit, net
to the seller in cash. The Purchaser acquired 2,722 units pursuant to this
tender offer.

On June 9, 1999, AIMCO Properties, L.P., an affiliate of the Corporate General
Partner commenced a tender offer to purchase up to 1,150 (2.2% of the total
outstanding units) units of limited partnership interest in the Partnership for
a purchase price of $544.00 per unit.  The offer expired on July 14, 1999.
Pursuant to the offer, AIMCO Properties, L.P. acquired 514 units.  As a result,
AIMCO and its affiliates currently own 24,204 units of limited partnership
interest in the Partnership representing 46.1% of the total outstanding units.
It is possible that AIMCO or its affiliate will make one or more additional
offers to acquire additional limited partnership interests in the Partnership
for cash or in exchange for units in the operating partnership of AIMCO.

During September 1999, one of the Partnership's investment properties, Tar River
Estates, was affected by the severe flooding which has affected certain areas of
North Carolina.  The property has incurred extensive damage as a result of this
flooding.  The property is covered by insurance and it is anticipated that costs
incurred to restore the property will be covered by this insurance.

Year 2000 Compliance

General Description of the Year 2000 Issue and the Nature and Effects of the
Year 2000 on Information Technology (IT) and Non-IT Systems

The Year 2000 issue is the result of computer programs being written using two
digits rather than four digits to define the applicable year.  The Partnership
is dependent upon the Corporate General Partner and its affiliates for
management and administrative services ("Managing Agent").  Any of the computer
programs or hardware that have date-sensitive software or embedded chips may
recognize a date using "00" as the year 1900 rather than the year 2000.  This
could result in a system failure or miscalculations causing disruptions of
operations, including, among other things, a temporary inability to process
transactions, send invoices, or engage in similar normal business activities.

Over the past two years, the Managing Agent has determined that it will be
required to modify or replace significant portions of its software and certain
hardware so that those systems will properly utilize dates beyond December 31,
1999.  The Managing Agent presently believes that with modifications or
replacements of existing software and certain hardware, the Year 2000 issue can
be mitigated.  However, if such modifications and replacements are not made, or
not completed in time, the Year 2000 issue could have a material impact on the
operations of the Partnership.

The Managing Agent's plan to resolve Year 2000 issues involves four phases:
assessment, remediation, testing, and implementation.  To date, the Managing
Agent has fully completed its assessment of all the information systems that
could be significantly affected by the Year 2000, and has begun the remediation,
testing and implementation phases on both hardware and software systems.
Assessments are continuing in regards to embedded systems.  The status of each
is detailed below.

Status of Progress in Becoming Year 2000 Compliant, Including Timetable for
Completion of Each Remaining Phase

Computer Hardware:

During 1997 and 1998, the Managing Agent identified all of the computer systems
at risk and formulated a plan to repair or replace each of the affected systems.
In August 1998, the main computer system used by the Managing Agent became fully
functional.  In addition to the main computer system, PC-based network servers,
routers and desktop PCs were analyzed for compliance.  The Managing Agent has
begun to replace each of the non-compliant network connections and desktop PCs
and, as of August 31, 1999, had completed approximately 90% of this effort.

The total cost to the Managing Agent to replace the PC-based network servers,
routers and desktop PCs is expected to be approximately $1.5 million of which
$1.3 million has been incurred to date.  The remaining network connections and
desktop PCs are expected to be upgraded to Year 2000 compliant systems by
September 30, 1999.  The completion of this process is scheduled to coincide
with the release of a compliant version of the Managing Agent's operating
system.

Computer Software:

The Managing Agent utilizes a combination of off-the-shelf, commercially
available software programs as well as custom-written programs that are designed
to fit specific needs.  Both of these types of programs were studied, and
implementation plans written and executed with the intent of repairing or
replacing any non-compliant software programs.

In April, 1999 the Managing Agent embarked on a data center consolidation
project that unifies its core financial systems under its Year 2000 compliant
system.  The estimated completion date for this project is October, 1999.

During 1998, the Managing agent began converting the existing property
management and rent collection systems to its management properties Year 2000
compliant systems.  The estimated additional costs to convert such systems at
all properties, is $200,000, and the implementation and testing process was
completed in June, 1999.

The final software area is the office software and server operating systems.
The Managing Agent has upgraded all non-compliant office software systems on
each PC and has upgraded 90% of the server operating systems.  The remaining
server operating systems are planned to be upgraded to be Year 2000 compliant by
September 30, 1999.  The completion of this process is scheduled to coincide
with the release of a compliant version of the Managing Agent's operating
system.

Operating Equipment:

The Managing Agent has operating equipment, primarily at the property sites,
which needed to be evaluated for Year 2000 compliance.  In September 1997, the
Managing Agent began taking a census and inventory of embedded systems
(including those devices that use time to control systems and machines at
specific properties, for example elevators, heating, ventilating, and air
conditioning systems, security and alarm systems, etc.).

The Managing Agent has chosen to focus its attention mainly upon security
systems, elevators, heating, ventilating and air conditioning systems, telephone
systems and switches, and sprinkler systems.  While this area is the most
difficult to fully research adequately, management has not yet found any major
non-compliance issues that put the Managing Agent at risk financially or
operationally.

A pre-assessment of the properties by the Managing Agent has indicated no Year
2000 issues.  A complete, formal assessment of all the properties by the
Managing Agent is in process and will be completed by September 30, 1999.  Any
operating equipment that is found non-compliant will be repaired or replaced.

The total cost incurred for all properties managed by the Managing Agent as of
August 31, 1999 to replace or repair the operating equipment was approximately
$75,000. The Managing Agent estimates the cost to replace or repair any
remaining operating equipment is approximately $125,000.

The Managing Agent continues to have "awareness campaigns" throughout the
organization designed to raise awareness and report any possible compliance
issues regarding operating equipment within its enterprise.

Nature and Level of Importance of Third Parties and Their Exposure to the Year
2000

The Managing Agent continues to conduct surveys of its banking and other vendor
relationships to assess risks regarding their Year 2000 readiness.  The Managing
Agent has banking relationships with three major financial institutions, all of
which have indicated their compliance efforts will be complete before July,
1999.  The Managing Agent has updated data transmission standards with all of
the financial institutions.  The Managing Agent's contingency plan was to move
accounts from any institution that could not be certified Year 2000 compliant by
September 1, 1999.  All financial institutions have communicated that they are
Year 2000 compliant and accordingly no accounts were required to be moved from
the existing financial institutions.

The Partnership does not rely heavily on any single vendor for goods and
services, and does not have significant suppliers and subcontractors who share
information systems (external agent).  To date, the Partnership is not aware of
any external agent with a Year 2000 compliance issue that would materially
impact the Partnership's results of operations, liquidity, or capital resources.
However, the Partnership has no means of ensuring that external agents will be
Year 2000 compliant.

The Managing Agent does not believe that the inability of external agents to
complete their Year 2000 remediation process in a timely manner will have a
material impact on the financial position or results of operations of the
Partnership.  However, the effect of non-compliance by external agents is not
readily determinable.

Costs to Address Year 2000

The total cost of the Year 2000 project to the Managing Agent is estimated at
$3.5 million and is being funded from operating cash flows.  To date, the
Managing Agent has incurred approximately $2.9 million ($0.7 million expenses
and $2.2 million capitalized for new systems and equipment) related to all
phases of the Year 2000 project.  Of the total remaining project costs,
approximately $0.5 million is attributable to the purchase of new software and
operating equipment, which will be capitalized.  The remaining $0.2 million
relates to repair of hardware and software and will be expensed as incurred.
The Partnership's portion of these costs are not material.

Risks Associated with the Year 2000

The Managing Agent believes it has an effective program in place to resolve the
Year 2000 issue in a timely manner.  As noted above, the Managing Agent has not
yet completed all necessary phases of the Year 2000 program.  In the event that
the Managing Agent does not complete any additional phases, certain worst case
scenarios could occur.  The worst case scenarios could include elevators,
security and heating, ventilating and air conditioning systems that read
incorrect dates and operate with incorrect schedules (e.g., elevators will
operate on Monday as if it were Sunday). Although such a change would be
annoying to residents, it is not business critical.

In addition, disruptions in the economy generally resulting from Year 2000
issues could also adversely affect the Partnership.  The Partnership could be
subject to litigation for, among other things, computer system failures,
equipment shutdowns or failure to properly date business records.  The amount of
potential liability and lost revenue cannot be reasonably estimated at this
time.

Contingency Plans Associated with the Year 2000

The Managing Agent has contingency plans for certain critical applications and
is working on such plans for others.  These contingency plans involve, among
other actions, manual workarounds and selecting new relationships for such
activities as banking relationships and elevator operating systems.

                          PART II - OTHER INFORMATION

ITEM 1.   LEGAL PROCEDINGS

In March 1998, several putative unit holders of limited partnership units of the
Partnership commenced an action entitled ROSALIE NUANES, ET AL. V. INSIGNIA
FINANCIAL GROUP INC., ET AL. in the Superior Court of the State of California
for the County of San Mateo.  The plaintiffs named as defendants, among others,
the Partnership, the Corporate General Partner and several of their affiliated
partnerships and corporate entities.  The complaint purports to assert claims on
behalf of a class of limited partners and derivatively on behalf of a number of
limited partnerships (including the Partnership) which are named as nominal
defendants, challenging the acquisition by Insignia Financial Group, Inc.
("Insignia") and entities which were, at one time, affiliates of Insignia
("Insignia Affiliates") of interests in certain general partner entities, past
tender offers by Insignia Affiliates to acquire limited partnership units, the
management of partnerships by Insignia Affiliates as well as a recently
announced agreement between Insignia and Apartment Investment and Management
Company.  The complaint seeks monetary damages and equitable relief, including
judicial dissolution of the Partnership.  On June 25, 1998, the Corporate
General Partner filed a motion seeking dismissal of the action.  In lieu of
responding to the motion, the plaintiffs have filed an amended complaint.  The
Corporate General Partner has filed demurrers to the amended complaint which
were heard during February 1999.  No ruling on such demurrers has been received.
The Corporate General Partner does not anticipate that costs associated with
this case, if any, will be material to the Partnership's overall operations.

ITEM 6.   EXHIBITS AND REPORTS ON FORM 8-K

          a)   Exhibits:

               Exhibit 27, Financial Data Schedule, is filed as an exhibit to
               this report.

               b)   Reports on Form 8-K:

                    None filed during the quarter ended August 31, 1999.

                                   SIGNATURES

In accordance with the requirements of the Exchange Act, the registrant caused
this report to be signed on its behalf by the undersigned, thereunto duly
authorized.

                                 SHELTER PROPERTIES V

                                 By:     Shelter Realty V Corporation
                                         Corporate General Partner

                                 By:     /s/Patrick J. Foye
                                         Patrick J. Foye
                                         Executive Vice President and Director

                                 By:     /s/Martha L. Long
                                         Martha L. Long
                                         Senior Vice President and
                                         Controller

                                 Date:   October 13, 1999