SECURITIES AND EXCHANGE COMMISSION
                            Washington, D.C. 20549

                                  FORM 10-K

(Mark One)

x  Annual report pursuant to Section 13 or 15(d) of the Securities Exchange 
   Act of 1934 for the fiscal year ended December 31, 1995 or



   Transition report pursuant to Section 13 or 15(d) of the Securities 
   Exchange Act of 1934 for the transition period from                    
   to                   

    
Commission file number    0-7239 



                  MULTIVEST REAL ESTATE FUND, LTD. SERIES V
            (Exact name of registrant as specified in its charter)


            Michigan                            38-6258639     
(State or other jurisdiction of               (IRS Employer
incorporation or organization)             Identification No.)


6100 Glades Road, Suite 205
Boca Raton, Florida                               33434         
(Address of principal executive offices)       (Zip Code)

                                                                               

                                   (407) 487-6700                   
             (Registrant's telephone number, including area code)


                                                                                
(Former name, former address and former fiscal year, if changed since last
 report)

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 report), and (2) has been subject to such filing
requirements for the past 90 days.


                                           Yes   X    No      




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                  MULTIVEST REAL ESTATE FUND, LTD., SERIES V
                                  FORM 10-K

                                    INDEX
PART I                                                                  Page

Item 1     Business. . . . . . . . . . . . . . . . . . . . . . . . . . .  3
Item 2     Properties. . . . . . . . . . . . . . . . . . . . . . . . . .  6
Item 3     Legal Proceedings . . . . . . . . . . . . . . . . . . . . . .  7
Item 4     Submission of Matters To a Vote of Security Holders . . . . .  7

PART II

Item 5     Market for Registrant's Partnership Units
             and Related Security Holder Matters . . . . . . . . . . . .  7
Item 6     Selected Financial Data . . . . . . . . . . . . . . . . . . .  8
Item 7     Management's Discussion and Analysis of Financial
             Condition and Results of Operations . . . . . . . . . . . .  9
Item 8     Financial Statements and Supplementary Data . . . . . . . . . 11
           (a)   Independent Auditors' Report. . . . . . . . . . . . . . 12
           (b)   Statements of Financial Condition, as of
                 December 31, 1995 and 1994. . . . . . . . . . . . . . . 13
           (c)   Statements of Operations, for each of the years 
                 in the three year period ended December 31, 1995 . . .  14
           (d)   Statements of Changes in Partners' Capital, for each
                 of the years in the three year period ended 
                 December 31, 1995 . . . . . . . . . . . . . . . . . . . 15
           (e)   Statements of Cash Flows, for each of the years
                 in the three year period ended December 31, 1995. . . . 16
           (f)   Notes to Financial Statements . . . . . . . . . . . . . 17
Item 9     Changes in and Disagreements with Accountants on Accounting
              and Financial Disclosure . . . . . . . . . . . . . . . . . 30

PART III

Item 10    Directors and Executive Officers of the Registrant. . . . . . 30
Item 11    Executive Compensation. . . . . . . . . . . . . . . . . . . . 30
Item 12    Security Ownership of Certain
              Beneficial Owners and Management . . . . . . . . . . . . . 31
Item 13    Certain Relationships and Related Transactions. . . . . . . . 32

PART IV

Item 14    Exhibits, Financial Statement Schedules, and Reports
              on Form 8-K. . . . . . . . . . . . . . . . . . . . . . . . 34

           Financial information of properties securing mortgage loans
           is not included because the registrant has no contractual
           right to the information and cannot otherwise practicably
           obtain the information.







<PAGE>
                  MULTIVEST REAL ESTATE FUND, LTD., SERIES V
                                  FORM 10-K


                                    PART I


ITEM 1  BUSINESS

Formation of the Partnership

The registrant, MultiVest Real Estate Fund, Ltd., Series V ("Partnership"), is a
Michigan limited partnership which was formed in 1973 primarily for the purpose
of investing in, operating and disposing of improved real estate.  The
Partnership is operated by its (corporate) general partner, MultiVest Real
Estate, Inc., a Delaware corporation ("General Partner").

The Partnership invested its funds in apartment complexes, which the General
Partner considered to have a potential for profit either through income or gain
on resale.  The Partnership also attempted to provide tax shelter benefits for
participants when feasible within the primary investment objective.

Dissolution of the Partnership

In 1981, the Limited Partners of the Partnership voted for the orderly
termination and dissolution of the Partnership.  The General Partner is
proceeding with such dissolution pursuant to the Partnership's Agreement of
Limited Partnership ("Partnership Agreement").  The three properties (Manitoba
Apartments, Greenhaven Village Apartments and Rock Island Apartments) owned and
operated by the Partnership are presently on the market for sale.

Summary of Business Operations for the Year Ended December 31, 1995

The operations of the Partnership consist of the ownership and management of
three apartment complexes.  The Partnership owns Greenhaven Village Apartments
(Addison, Texas), Manitoba Apartments (Fort Worth, Texas) and Rock Island
Apartments (Irving, Texas).  
        



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                  MULTIVEST REAL ESTATE FUND, LTD., SERIES V


Summary of Business Operations for the Year Ended December 31, 1995, continued

The wrap-around mortgage held by the Partnership on Royal Oak Apartments was
repaid on August 31, 1995 in the net amount of $1,571,039.  As the result of the
mortgage repayment, the Partnership made a cash distribution to the Partners
totaling $2,037,813.00 or $64.50 per Partnership unit for the quarter ended
September 30, 1995.  That cash distribution also included a significant portion
of the cash reserves held by the Partnership.  For further information
concerning the 1995 repayment of the mortgage note on Royal Oak Apartments,
see Note 4 of Notes to Financial Statements.

The sources of operating income for the Partnership consist of interest earned
on funds held in reserve pursuant to the Partnership Agreement and income from
the operations and/or sales of the Partnership's apartment complexes.  At
December 31, 1995, the Partnership had 24 employees.

For further information regarding the 1995 operations of the Partnership, see
Item 7 - "Management's Discussion and Analysis of Financial Condition and
Results of Operations".

Future Business Operations of the Partnership

The General Partner anticipates continuation of the dissolution and winding up
of the Partnership and that the cash flow (if any) for any future distributions
to the Partners will be produced from (1) the operations of the Partnership's
remaining apartment complexes; and/or (2) proceeds received from the sale of the
Partnership's remaining properties.

Conflicts of Interest

The Partnership is subject to various conflicts of interest arising out of its
relationship with the General Partner and its affiliates.  These conflicts
involve:

1.  Competition by the Partnership with Other Partnerships for Management
    Services: The  General Partner serves as a general partner in three other
    limited partnerships, all of which were formed to engage in similar
    businesses as the Partnership two of which are presently being wound up and
    liquidated.  The General Partner may have conflicts of interest in
    allocating management time, services and functions among the various
    Partnerships and any future Partnerships and other entities which may be
    organized. However, the General Partner believes that it has sufficient
    staff to be fully capable of discharging its responsibilities to each
    partnership and other entity.




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                  MULTIVEST REAL ESTATE FUND, LTD., SERIES V
    

Conflicts of Interest, continued

2.  Liability of General Partner to Other Partnerships:  The General Partner is
    generally liable for the Partnership's recourse obligations, to the extent
    not paid by the Partnership. Because the General Partner is a general
    partner in other limited partnerships, creditors of any of the partnerships
    could seek to realize on the assets of the General Partner if that
    partnership's assets were insufficient to satisfy its debts.  Should the
    General Partner at any time have insufficient assets to meet such
    obligations, the General Partner could face conflicts of interest with
    regard to the manner in which its assets are distributed to meet the
    obligations.

3.  Real Estate Commissions and Other Commissions Earned by Affiliates:  To the
    extent the Partnership sells any properties, modifies or refinances any
    indebtedness or requires a construction manager, the Partnership may pay
    real estate and loan brokerage commissions thereon to brokers or
    construction management fees to the construction manager, including an
    affiliate of the General Partner, subject to such restrictions and upon such
    terms as are provided under the Partnership Agreement.

4.  Provision for Property Management and Mortgage Servicing Services for the
    Partnership by an Affiliate:  An affiliate of the General Partner performs
    property management and mortgage servicing services for the Partnership.  In
    the opinion of the General Partner, such affiliate is engaged in accordance
    with the Partnership Agreement on terms which are fair and reasonable and no
    less favorable than could reasonably be obtained by the Partnership from
    unaffiliated persons.

5.  Provision for Legal Services:  The firm of Honigman Miller Schwartz and Cohn
    is counsel to the Partnership.  It also is counsel to the General Partner
    and its corporate affiliates.  As such, it provides legal services to the
    Partnership in connection with its operations, real property investments and
    related matters at its usual rate for such services.

6.  General Partner Notes:  The general partners of the Partnership delivered
    non- recourse notes to the Partnership in connection with their original
    purchase of partnership units from the Partnership (see Item 13, "Certain
    Relationships and Related Transactions"). Because the notes are
    non-recourse, payment demand will only be made when cash distributions
    are made to the general partner.

Competition

The three rental properties currently owned by the Partnership are subject to
competition from similar properties in their respective vicinities.




<PAGE>
                  MULTIVEST REAL ESTATE FUND, LTD., SERIES V


ITEM 2        PROPERTIES

The following is a brief description of location and character of the properties
owned by the Partnership at December 31, 1995:


                                                Year           Percentage of
                           Number of        Construction       Occupancy at
                           Apt. Units         Completed      December 29, 1995



Manitoba Apartments         265 Units            1971             77.7% 
Fort Worth, TX           Apartment Complex 

Rock Island            
Apartments                  154 Units            1973             96.1% 
Addison, TX              Apartment Complex 

Greenhaven Village
Apartments                  382 Units            1973             98.7% 
Addison, TX              Apartment Complex 



Manitoba Apartments competes with properties which are of similar age and
construction, as well as with properties with more modern construction and
amenities.  

On May 5, 1995, Manitoba Apartments sustained significant damage as a result of
a hailstorm which hit the Fort Worth, Texas area.  Due to the damage, occupancy
at the property declined approximately 20%.  Repairs to the property are
anticipated to be completed by the end of March, 1996, and Management is
currently in the process of re-marketing and leasing the vacant units.  The
Partnership is presently in negotiations with the insurance carrier to reach
a settlement with regard to the property damages and rental loss.

Rock Island Apartments is located midway between Dallas and Fort Worth.  Rock
Island competes against properties in the immediate area that are of similar
construction and age.  Occupancy is relatively stable and, although minimal,
rent concessions are a commonly utilized marketing tool.

Greenhaven Apartments is located in a suburb of Dallas.  Occupancy in this
market is relatively stable.  Rental concessions, although minimal, are often
necessary to maintain acceptable occupancy.

For additional information with respect to the encumbrances relating to the
properties of the Partnership, cash investment of the Partnership, gross amount
at which properties are carried and accumulated depreciation, see Note 2 of
Notes to Financial Statements.  The above described property is encumbered by a
mortgage loan.  For information with respect to that mortgage loan, see Note 5
of Notes to Financial Statements.






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                  MULTIVEST REAL ESTATE FUND, LTD., SERIES V


ITEM 3  LEGAL PROCEEDINGS         


The Partnership is a defendant, from time to time, in various actions brought by
tenants, contractors, materialmen and others in connection with the
Partnership's property, many of which are covered by the liability insurance
maintained by the Partnership.  The Partnership believes that the effect, if
any, of these suits on the financial condition of the Partnership will not be
material.

ITEM 4  SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS

None.



                                   PART II


ITEM 5  MARKET FOR REGISTRANT'S PARTNERSHIP UNITS AND RELATED SECURITY HOLDER
        MATTERS.

To the best knowledge of the General Partner, there is no public trading market
for the Partnership Units.  Since such a market does not exist for the resale of
the Units, market prices cannot be ascertained.  There are approximately 1,748
holders of the Units as of December 31, 1995.

Cash Distributions to Partners

The following cash distributions were declared by the Partnership during the
past two years:

                                         Distributions      Per Unit
             For the Quarter Ended          Declared         Amount 

             March 31, 1994             $ 2,022,016.00     $  64.00 
             June 30, 1994                1,295,354.00        41.00 
             September 31, 1994           5,213,010.00       165.00 
             December 31, 1994              189,564.00         6.00 
             September 30, 1995           2,037,813.00        64.50 
             December 31, 1995              379,128.00        12.00 

                                        $11,136,885.00     $ 352.50 

Distributions are generally paid to the Partners in the quarter subsequent to
their declaration.





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                    MULTIVEST REAL ESTATE FUND, LTD., SERIES V


ITEM 6  SELECTED FINANCIAL DATA

OPERATIONAL SUMMARY
                         1995        1994        1993        1992       1991    
                                 
Total revenues      $ 4,798,888 $ 5,091,207 $ 4,240,089 $ 3,998,645 $ 4,071,062 

Total expenses        4,316,229   4,600,286   4,656,015   4,456,122   4,299,521 
 Income (loss) from
  existing assets       482,659     490,921    (415,926)  (457,477)    (228,459)

  Operations of
  disposed properties   193,626     501,199   1,004,716  1,162,081    1,200,967 

  Gain on sale of
  properties and
  note payoffs          884,737   4,182,969       -          -            -     

  Gain on
  replacements
  from storm damage     455,823       -           -          -            -     

  Real estate
  transactions            -           -        (355,000)     -          (65,000)

  Net income        $ 2,016,845 $ 5,175,089 $   233,790 $  704,604  $   907,508 

Allocated to:
  Limited Partners  $ 2,014,562 $ 5,169,231 $   233,525 $  703,806  $   906,481 
  General Partners        2,283       5,858         265        798        1,027 

                    $ 2,016,845 $ 5,175,089 $   233,790 $   704,604 $   907,508 
Net income per
 Partnership unit
 based on 30,034
 average Partnership
 units outstanding  $     67.15 $    172.31 $      7.78 $     23.46 $     30.22 

Cash distributions
 to Partners        $ 2,227,377 $ 8,530,380 $     -     $     -     $   576,591 

Cash distributions
 per Partnership Unit
 based on 31,594
 average units       
 outstanding        $     70.50 $    270.00 $     -     $     -     $     18.25 

 
FINANCIAL CONDITION SUMMARY


Net investment
 in real estate     $ 6,301,935 $ 6,215,152 $10,908,546 $10,445,574 $ 7,297,646 
Wrap-around
 mortgage notes
 receivable, net          -         899,767   3,736,749   4,844,828   7,500,579 
Other assets          2,582,115   3,570,985   3,108,744   3,210,271   4,150,953 

 Total assets       $ 8,884,050 $10,685,904 $17,754,039 $18,500,673 $18,949,178 

Mortgage notes
 payable            $ 3,774,776 $ 4,743,039 $ 8,949,785 $10,043,250 $11,065,964 
Other liabilities       409,784   1,032,843     538,941     425,900     556,295 

 Other liabilities    4,184,560   5,775,882   9,488,726  10,469,150  11,622,259 

Partners' capital     4,699,490   4,910,022   8,265,313   8,031,523   7,326,919 

 Total liabilities
 and Partners'
 capital            $ 8,884,050 $10,685,904 $17,754,039 $18,500,673 $18,949,178 

 Note: The above information and Item 7 - "Management's Discussion and Analysis
       of Financial Condition and Results of Operations" should be read in
       conjunction with the financial information contained in Item 8 and
       elsewhere herein.





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                  MULTIVEST REAL ESTATE FUND, LTD., SERIES V


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

The current operations of the Partnership are centered around the Partnership's
three residential apartment complexes.  

The Partnership's total revenues decreased $292,319 or 6% in 1995 as compared to
1994, as a result of a $331,181 or 33% decrease in other income.  This was due
primarily to the recognition, during 1994, of interest income on General Partner
notes.  

Total revenues increased $851,118 or 20% in 1994 as compared to 1993.  There was
a $250,222 or 7% increase in rents and other tenant charges due primarily to
increased rental revenue at Greenhaven Village Apartments and also to increased
occupancy at the Partnership's Manitoba Apartments.  Other income increased
$600,896 or 148% due primarily to the recognition of interest income on General
Partner notes.

Total expenses decreased $284,057 or 6% in 1995 as compared to 1994. 
Depreciation expense decreased $165,776 or 21% due primarily to the tangible
personal property at Greenhaven Village Apartments having become fully
depreciated in 1994.  Interest expense decreased $88,004 or 19% in 1995 as
compared to 1994, as a result of continued principal amortization on the
Partnership's mortgage notes payable.  

Total expenses decreased $55,729 or 1% in 1994 from 1993.  Maintenance,
custodial salaries and related expenses decreased $39,838 or 9% in 1994 from
1993, due primarily to a decrease in maintenance staff at the Partnership's
Greenhaven Village Apartments along with an overall decrease in workers
compensation costs at all three of the Partnership's residential apartment
complexes.  Interest expense decreased $127,217 or 21% in 1994 from 1993 as a
result of continued principal amortization of the Partnership's mortgage
notes payable.

On May 5, 1995, Manitoba Apartments sustained significant damage as a result of
a hailstorm which affected the Fort Worth, Texas area.  Due to the damage,
occupancy at the property declined approximately 20%.  As a result of the damage
sustained, adjustments have been made to reduce the carrying value of the
damaged apartments at Manitoba Apartments.  These adjustments resulted in the
Partnership recognizing a net gain from insurance proceeds related to storm
damage of $455,823 (See Note 2 of Notes to Financial Statements).  Repairs to
the property are anticipated to be completed by the end of March, 1996, and
management is currently in the process of re-marketing and leasing the vacant
units.  The Partnership is presently in negotiations with the insurance carrier
to reach a settlement with regard to the property damage and rental loss. 

On August 31, 1995, the Partnership received $1,571,039 in repayment of the
Royal Oak Apartments mortgage note receivable. The amount represents the
difference between (a) the remaining principal due on the wrap-around mortgage
note receivable ($1,784,883); and (b) the remaining principal and accrued
interest on the underlying mortgage note payable with respect to this property
($213,844).  The Partnership recognized a gain of $884,737 on the payoff of
this note.  




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                  MULTIVEST REAL ESTATE FUND, LTD., SERIES V


Item 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS
        OF OPERATIONS, continued

The liquidity of the Partnership is dependent upon the timely receipt of cash. 
There are no other credit facilities currently in place and limited partners
have no obligation to provide additional funds in excess of their initial
contributions.  In order to protect the Partnership in the event of a reduction
of cash flow, management closely monitors the Partnership's cash position, and
,when necessary, reservesadequate funds to continue to operate the Partnership
in the foreseeable future.  Funds reserved are generally invested in short-term
investments.  The General Partner believes that the Partnership maintains
adequate liquidity on a short-term basis as a result of its cash flow and
reserve policies; however, there can be no assurance of the continued
performance of the Partnership's rental properties, which could have a
negative effect upon the long-term liquidity of the Partnership.  Funds
generated from operations have primarily been utilized to meet debt service
obligations and, when possible, distribute funds to Partners.  Funds in excess
of Partnership reserves resulted in distributions totaling $2,227,377.00 or
$70.50 per partnership unit being paid during the year ended December 31, 1995.





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                  MULTIVEST REAL ESTATE FUND, LTD., SERIES V


                              PART II, continued




                                    ITEM 8

                 FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

                           For each of the years in
                         the three year period ended

                              December 31, 1995













       Schedules omitted are not required, or the required information
        is included in the financial statements or the notes thereto.



<PAGE>
                           Independent Auditors' Report 

The Partners
MultiVest Real Estate Fund, Ltd. (Series V):

We have audited the accompanying statements of financial condition of MultiVest 
Real Estate Fund, Ltd. (Series V) (a Michigan Limited Partnership) as of
December 31, 1995 and 1994, and the related statements of operations, changes
in partners' capital, and cash flows for each of the years in the three-year
period ended December 31, 1995.  These financial statements are the
responsibility of the Partnership's management.  Our responsibility is to
express an opinion on these financial statements based on our audits.

We conducted our audits in accordance with generally accepted auditing
standards.  Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free
of material misstatement.  An audit includes examining, on a test basis, 
evidence supporting the amounts and disclosures in the financial statements.
An audit also includes assessing the accounting principles used and 
significant estimates made by management, as well as evaluating the overall
financial statement presentation.  We believe that our audits provide a 
reasonable basis for our opinion.

In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of MultiVest Real Estate Fund, 
Ltd. (Series V) (a Michigan limited partnership) at December 31, 1995 and 
1994, and the results of its operations and its cash flows for each of the
years in the three-year period ended December 31, 1995, in conformity with
generally accepted accounting principles.


March 21, 1996                                KPMG Peat Marwick LLP
Fort Lauderdale, Florida






<PAGE>
                   MULTIVEST REAL ESTATE FUND, LTD., SERIES V
                       (a Michigan limited partnership) 
                       STATEMENTS OF FINANCIAL CONDITION
                          December 31, 1995 and 1994 
                                                  
       ASSETS                                    1995           1994    
  Investment in real estate
    Land                                     $ 2,426,149    $ 2,426,149 
    Land improvements                            315,017        315,017 
    Buildings and improvements                10,732,387     11,408,970 
    Construction-in-progress                     640,459         -      

                                              14,114,012     14,150,136 
    Less accumulated depreciation              7,812,077      7,934,984 
       Net investment in real estate
       (Notes 2 and 10)                        6,301,935      6,215,152 
  
    Wrap-around mortgage notes
       receivable (Note 4)                         -          1,969,157 
    Less unamortized discount (Note 4)             -           (414,072)
    Allowance for loss on wrap-around
       mortgage notes receivable (Note 4)          -           (655,318)

                                                   -            899,767 
    Other assets
       Cash                                       16,345         79,047 
       Investments, at cost which
         approximates market (Note 3)          2,219,310      3,122,975 
       Interest and other receivables             10,948         20,675 
       Prepaid insurance and
         property taxes                          131,104        129,957 
       Replacement and repair
         reserves (Note 13)                       34,197         45,086 
       Escrow, deposits and other assets          92,796         89,829 
       Deferred charges net of accumulated
         amortization of $20,824 and $13,573,
         respectively                             77,415         83,416 

            Total other assets                 2,582,115      3,570,985 

              Total assets                   $ 8,884,050    $10,685,904 

    LIABILITIES AND PARTNERS' CAPITAL

    Mortgage notes payable (Note 5)          $ 3,774,776    $ 4,743,039 
    Accounts payable                              80,252         72,734 
    Accrued liabilities (Note 6)                 165,244        153,346 
    Accrued liabilities to
       affiliates (Note 7)                        18,831         18,469 
    Unfunded distributions payable                 -            655,610 
    Tenants' security deposits
       and other liabilities                     145,457        132,684 

            Total liabilities                  4,184,560      5,775,882 

    Contingencies (Note 11)
    Partners' capital, (Notes 8 and 9)
       Limited Partners, 30,000 units          4,691,695      4,902,113 
       General Partners,  1,594 units            721,495        721,609 
       Less subscriptions receivable            (713,700)      (713,700)

         Total Partners' capital               4,699,490      4,910,022 

            Total liabilities and
              Partners' capital              $ 8,884,050    $10,685,904 




                       See Notes to Financial Statements.







<PAGE>
                    MULTIVEST REAL ESTATE FUND, LTD., SERIES V
                         (a Michigan limited partnership)
                             STATEMENTS OF OPERATIONS
                           For each of the years in the
                    three year period ended December 31, 1995
                                                   



                                        1995          1994          1993   
Revenues
   Rents and other tenant charges   $ 4,122,014  $ 4,083,152   $ 3,832,930 
   Other income                         676,874    1,008,055       407,159 
        
                                      4,798,888    5,091,207     4,240,089 
        
Expenses
   Maintenance, custodial salaries
     and related expenses               378,599      388,198       428,036 
   Real estate management fee-
     affiliate (Note 7)                 223,470      221,552       208,197 
   Property taxes                       289,165      284,896       281,769 
   Depreciation (Note 2)                620,500      786,276       764,440 
   Amortization                           7,251       67,631        22,936 
   Insurance                            141,267      149,058       179,100 
   Utilities                          1,203,489    1,176,348     1,107,942 
   Repairs and maintenance              684,365      655,471       686,131 
   Legal and accounting                  25,115       25,630        17,294 
   Interest                             381,692      469,696       596,913 
   Administrative and other             361,316      375,530       363,257 

                                      4,316,229    4,600,286     4,656,015 

   Income (loss) from
      existing assets                   482,659      490,921      (415,926)

Operations of disposed
 properties (Note 12)                   193,626      501,199     1,004,716 
Gain on sale of properties
 and note payoff                        884,737    4,182,969         -     
Net gain from insurance proceeds
 related to storm damage                455,823        -             -     
Provision for loss on real estate         -            -          (355,000)
          
   Net income                       $ 2,016,845   $ 5,175,089  $   233,790 

Allocated to
   Limited partner, 30,000 units    $ 2,014,562   $ 5,169,231  $   233,525 
   General partners,
    1,594 units (Note 8)                  2,283         5,858          265 

                                    $ 2,016,845   $ 5,175,089  $   233,790 
Net income per partnership unit
   based on 30,034 average units
   outstanding (Note 8)             $     67.15   $    172.31  $      7.78 








                        See Notes to Financial Statements.





<PAGE>
                    MULTIVEST REAL ESTATE FUND, LTD., SERIES V
                         (a Michigan limited partnership)
                    STATEMENTS OF CHANGES IN PARTNERS' CAPITAL
                           For each of the years in the
                    three year period ended December 31, 1995
                                                   



                                       General      Limited      
                                       Partners*    Partners        Total



Partners' capital, January 1, 1993   $   10,966   $ 8,020,557   $ 8,031,523 

 Net income for 1993                        265       233,525       233,790 

Balance, December 31, 1993               11,231     8,254,082     8,265,313 

 Net income for 1994                      5,858     5,169,231     5,175,089 

 Distributions to Partners 1994        (430,380)   (8,100,000)   (8,530,380)

 Distribution of General
    Partners allocated to
    Limited Partners (Note 8)           421,200      (421,200)        -     

Balance, December 31, 1994                7,909     4,902,113     4,910,022 

 Net income for 1995                      2,283     2,014,562     2,016,845 

 Distributions to Partners 1995        (112,377)   (2,115,000)   (2,227,377)

 Distributions of General
    Partners allocated to
    Limited Partners (Note 8)           109,980      (109,980)        -     

 Partners' capital,
    December 31, 1995                $    7,795   $ 4,691,695   $ 4,699,490 

Partnership units outstanding 
  at December 31, 1995, 1994 
  and 1993                                1,594        30,000        31,594 
 


* General Partner units are net of subscriptions receivable for all periods
  presented.










                        See Notes to Financial Statements.







<PAGE>
                    MULTIVEST REAL ESTATE FUND, LTD., SERIES V
                         (a Michigan limited partnership)
                             STATEMENTS OF CASH FLOWS
                           For each of the years in the
                     three year period ended December 31, 1995
                 Increase (decrease) in Cash and Cash Equivalents
                                                   

Operating Activities                          1995        1994         1993    

  Net income                             $ 2,016,845 $ 5,175,089  $   233,790 
  Adjustments to reconcile net
    income to net cash provided by
    operating activities:
     Amortization of discount on
       mortgage notes receivable            (213,952)   (320,928)    (320,928)
     Provision for loss on real estate         -           -          355,000 
     Gain on sales of properties
       and note payoff                      (884,737) (4,182,969)       -     
     Net gain from insurance proceeds
       related to storm damage              (455,823)      -            -     
     Amortization                              7,251      67,631       22,936 
     Depreciation                            620,500     809,640      923,048 
   
  Changes in assets and liabilities:
     Decrease (increase) in deferred
       interest income                         -       1,096,200      (64,801)
     Decrease (increase) in interest
       and other receivables                   9,727      44,940      (30,288)
     (Increase) decrease in
       prepaid expenses                       (1,147)     26,367       22,886 
     Increase in deferred charges             (1,628)    (95,062)      (2,368)
     (Increase) decrease  in escrow,
       deposits and other assets              (2,967)     44,896      (98,895)
     Increase (decrease) in accounts payable   7,518     (27,176)      67,418 
     Increase (decrease) in
        accrued liabilities                   11,898     (75,440)     (30,146)
     Increase (decrease) in accrued
        liabilities to affiliates                362      (6,119        7,549 
     Increase (decrease) in
        security deposits                     12,773     (52,973)      68,220 
     Decrease (increase) in replacement
        and repair reserve                    10,889     (45,086)        -     
     (Decrease) increase in unfunded
        distributions payable               (655,610)    655,610         -     

        Net cash provided by
         operating activities                481,899    3,114,620   1,153,421 
     
Investing Activities

  Construction-in-progress, storm damage    (640,459)       -           -     
  Payment received on Great Oaks
     wrap-around mortgage note receivable      -        6,725,992       -     
  Payment received on Royal Oak
    wrap-around mortgage note receivable   1,784,883        -           -     
  Capital improvements to real estate       (241,571)    (280,829)   (424,975)
  Payments received on wrap-around
    mortgage notes receivable                213,952      320,928     320,928 
  Proceeds from sale of properties             -        4,458,542       -      

       Net cash provided by (used in)
        investing activities               1,116,805   11,224,633    (104,047)

Financing Activities

  Insurance proceeds from storm damage       630,569        -           -     
  Proceeds received on Rock Island
    refinancing                                -        2,100,000       -     
  Payoff of Rock Island mortgage
    note payable                               -       (2,091,861)      -     
  Principal payoff on Royal Oak
    mortgage note payable                   (212,245)       -           -     
  Mortgage note payoffs on
    sold properties                            -       (3,371,622)      -     
  Principal payments on mortgage
    notes payable                           (756,018)    (843,263) (1,093,465)
  Distributions to partners               (2,227,377)  (8,530,380)      -     

       Net cash used in
        financing activities              (2,565,071) (12,737,126) (1,093,465)
 
  (Decrease) increase in cash
     and cash equivalents                   (966,367)   1,602,127     (44,091)
  Cash and cash equivalents -
     beginning of year                     3,202,022    1,599,895   1,643,986 

  Cash and cash equivalents -
     end of year                         $ 2,235,655  $ 3,202,022 $ 1,599,895 

Non-Cash Activities

Repossession of Cambury West Apartments:
  Decrease in wrap-around mortgage
     note receivable                           -            -      (1,550,000)
  Decrease in allowance for loss on
     wrap-around mortgage note receivable      -            -         525,000 
  Decrease in interest receivable              -            -          (6,458)
  Decrease in deferred interest receivable     -            -        (198,917)
  Decrease in escrow deposits                  -            -          (1,820)
  Repossession of property                     -            -       1,232,195 

Repossession of Kindercare Learning Center:       
  Decrease in wrap-around mortgage
     note receivable                           -            -        (185,000)
  Decrease in interest receivable              -            -            (771)
  Decrease in deferred gain on sale            -            -         101,921 
  Repossession of property                     -            -          83,850 



                        See Notes to Financial Statements.










<PAGE>
                    MULTIVEST REAL ESTATE FUND, LTD., SERIES V
                           NOTES TO FINANCIAL STATEMENTS
               For the years ended December 31, 1995, 1994 and 1993


1.  Summary of Significant Accounting Policies

    Assets

    The Partnership's assets are carried at the lower of cost or estimated fair
    value.  All subsequent expenditures for improvements are capitalized.  The
    costs of repairs and maintenance are charged to expense as incurred.  Upon
    sale or retirement, the cost and related accumulated depreciation are
    removed from the accounts and any gain or loss is reflected in income in
    accordance with Statement of Financial Accounting Standards No. 66.

    The Partnership adopted Statement of Financial Accounting Standards No.
    121 - Accounting for the Impairment of Long Lived Assets and for Long
    Lived Assets to Be Disposed Of - as if January 1, 1995, and accordingly
    evaluates its real estate investments periodically to assess
    whether any impairment indications are present, including recurring
    operating losses and significant adverse changes in legal factors or
    business climate that affect the recovery of the recorded value.  If any
    real estate investment is considered impaired, a loss is provided to reduce
    the carrying value of the property to its estimated fair value.  The
    implementation of this standard had no financial impact on the financial
    statements.


    Depreciation

    The Partnership depreciates land improvements, buildings and building
    improvements using the straight-line method over the estimated useful lives
    of the assets.  Depreciation is computed using the following useful lives:

                                           Years
          Land Improvements               3 to 10 
          Buildings                      16 to 28 
          Building Improvements           3 to 10 

 Deferred Charges

 The Partnership capitalizes certain refinancing costs which are being amortized
 on a straight line basis over the period of the new mortgages (from 3 to
 25 years).

 Accounting for Real Estate Sales

 Sales of real estate are accounted for in accordance with Statement of
 Financial Accounting Standards No. 66 - Accounting for Sales of Real Estate.
 For sales of real estate where both cost recovery is reasonably certain and the
 collectibility of the contract price is reasonably assured, but the
 transactions do not meet the remaining requirements to be recorded on the
 accrual basis, profit is recognized under the installment method which
 recognizes profit as collections of principal are received.  If developments
 subsequent to the adoption of the installment method occur causing the
 transaction to meet the requirements of the full accrual method, the remaining
 deferred profit is recognized at that time.

 Use of Estimates

 The preparation of financial statements in conformity with generally accepted
 accounting principles requires management to make estimates and assumptions
 that affect certain reported amounts in the financial statements and
 accompanying notes.  Actual results could differ from those estimates.






  <PAGE>
                  MULTIVEST REAL ESTATE FUND, LTD., SERIES V
                   NOTES TO FINANCIAL STATEMENTS, continued
             For the years ended December 31, 1995, 1994 and 1993



1.    Summary of Significant Accounting Policies, continued

 Fair Value of Financial Instruments

 The fair values of the Partnership's financial instruments, including mortgage
 notes and accounts receivable, mortgage notes and accounts payable, accrued
 expenses, security deposits, and other financial instruments, generally
 determined using the present value of estimated future cash flows using a
 discount rate commensurate with the risks involved, approximate their carrying
 or contract values.

 Cash Equivalents

 For purposes of the Statements of Cash Flows, all highly liquid investments
 purchased with a maturity of three months or less are considered to be cash
 equivalents.  These investments consist principally of repurchase agreements
 and Treasury Bills.

 Reclassifications

 Certain reclassifications have been made in the 1993 and 1994 financial
 statements to conform to the presentation of 1995 results of operations.

 Storm Damage

 Property damage resulting fro a hail storm has been written off in the fourth
 quarter based upon estimates obtained from general contractors involved in the
 repair of the property.  Repairs for property damage are capitalized and 
 included in construction in progress until completed.  The difference between
 the loss sustained and the insurance proceeds received is recorded as a gain
 or loss related to storm damage.  Management anticipates additional proceeds
 to be received in 1996.

 Notes Receivable

 Notes receivable are recorded at cost less the related allowance for impaired
 notes receivable.  The Partnership adopted the provisions of Statements of 
 Financial Accounting Standard No. 114, Accounting by Creditors for Impairment
 of a Loan, as amended by SFAS No. 118, Accounting by Creditors for Impairment
 of a Loan-income Recognition and Disclosure, on January 1, 1995.  Management,
 considering current information and events regarding the borrowers ability to
 repay their obligations, considers a note to be impaired when it is probable
 that the Partnership will be unable to collect all amounts due according to the
 contractual terms of the note agreement.  When a loan is considered to be
 impaired, the amount of the impairment is measured based on the present value
 of expected future cash flows discounted at the note's effective interest
 rate.  Impairment losses are included in the allowance for doubtful accounts
 through a charge to bad debt expense.  Interest is recognized on a cash basis
 for impaired loans.  The implementation of these standards had no financial
 impact on the financial statements.





<PAGE>
                    MULTIVEST REAL ESTATE FUND, LTD., SERIES V
                      NOTES TO FINANCIAL STATEMENTS, continued
                                                               

<TABLE>

2.   Real Estate and Accumulated Depreciation

     Real estate and accumulated depreciation at December 31, 1995 consisted of
     the following:

<CAPTION>
          
                                              Cost
                          Partnership      Capitalized  Gross Amount at Which                                  Life on Which
                           Cost to        Subsequent to  Carried at Close of                                  Depreciation in
                          Re-acquire      Re-Acquisition      Period                                          Latest Statements
<S>                           Buildings &                     Building and        Accumulated    Date of    Date  of Operations
Description Encumbrances Land Improvements Improvements Land  Improvements  Total Depreciation Construct'n Acquired is Computed

Greenhaven
Village 
Apartments  <C>       <C>       <C>        <C>         <C>       <C>        <C>       <C>         <C>    <C>       <C>         
Addison, TX 1,090,039 1,999,125 2,024,132  1,955,719   1,999,125 3,979,851  5,978,976 2,277,840   1973   07/05/89  3 - 28 years

Manitoba
Apartments
Fort
Worth, TX     642,050   177,024 3,658,322  1,173,657     177,024 4,831,979  5,009,003 3,445,201   1971   12/31/73  3 - 28 years

Rock Island
Apartments
Irving, TX  2,042,687   250,000 1,833,333  1,042,700     250,000 2,876,033  3,126,033 2,089,036   1973   05/15/74  3 - 28 years


Total,
December 31,
1995        3,774,776 2,426,149 7,515,787  4,172,076  2,426,149 11,687,863 14,114,012 7,812,077 


The cost basis of the properties for federal income tax purposes is
substantially the same as the cost basis for financial statement purposes.

</TABLE>
  







<PAGE>
                   MULTIVEST REAL ESTATE FUND, LTD., SERIES V
                    NOTES TO FINANCIAL STATEMENTS, continued
                                                  



2.    Real Estate and Accumulated Depreciation, continued


                   SUMMARY OF CHANGES IN GROSS AMOUNT OF REAL ESTATE
                             AND ACCUMULATED DEPRECIATION



                                            1995         1994          1993    
      Gross Amount of Real Estate

        Balance at beginning of period  $ 14,150,136 $ 18,570,861  $ 16,829,841 

        Construction-in-progress             640,459        -             -     

        Asset write-offs, storm damage      (918,154)       -             -     

        Additions through deed acceptances     -            -         1,336,196 
      
        Sales of properties                    -       (4,701,554)        -     

        Improvements                         241,571      280,829       404,824 

        Balance at close of period       $14,114,012  $14,150,136   $18,570,861 


      Accumulated Depreciation

        Balance at beginning of period   $ 7,934,984  $ 7,307,315   $ 6,384,267 

        Less:  Accumulated depreciation
           write off on sold properties        -         (181,971)        -     

        Accumulated depreciation
           write-offs, storm damage         (743,407)       -             -     

        Depreciation expense                 620,500      809,640       923,048 

        Balance at close of period       $ 7,812,077  $ 7,934,984  $  7,307,315 


3.    Investments                           1995              1994   

        
        Treasury Bills                 $ 1,585,860        $ 1,883,375 
        Repurchase Agreements              633,450          1,239,600 

                                       $ 2,219,310        $ 3,122,975 
      
Investments are recorded at cost, which approximates market value, and have
maturities of three months or less.  Yield on investments at December 31,
1995 was approximately 5.02%.





<PAGE>
                              MULTIVEST REAL ESTATE FUND, LTD., SERIES V  
                                NOTES TO FINANCIAL STATEMENTS, continued
                                                               
<TABLE>

4. Wrap-Around Mortgage Notes Receivable

 Mortgage notes receivable at December 31, 1995 consisted of the following:

<CAPTION>
                                                                          
                                              Final     Periodic     Wrap-Around        Interest Income
                      Interest     Prior    Maturity     Payment    Mortgage Notes     Earned Applicable
                       Rates       Liens      Date       Terms        Receivable           to Period    
                                                                                                         
                                                                   1995     1994 
 <S>
 Royal Oak Apartments    <C>       <C>      <C>           <C>      <C>    <C>                <C>          
   Dallas, Texas         N/A       N/A      08/31/95      (A)        -    1,969,157          213,952*

  *Interest income earned prior to note payoff is included in operations of
   disposed properties.

    
                                                                      1995          1994         1993    
     <S>
     Balance at beginning of period, net of unamortized              <C>          <C>           <C>       
       discount and allowance for losses                             899,767      8,099,767     9,309,767 

        Less: Collections of principal                                 -           (320,928)     (320,928)

          Decrease in wrap-around mortgage notes receivable,
            repayment of Royal Oak Apartments                     (1,969,157)          -             -     
      
          Decrease in wrap-around mortgage note receivable,
            repayment of Great Oaks Apartments                         -         (7,200,000)         -     

          Decrease in wrap-around mortgage notes receivable,
            Kindercare Learning Center conveyance of deed in 
            satisfaction of any and all claims against Mortgagor       -               -         (185,000)

          Decrease in wrap-around montage notes receivable, Cambury
            West Apartments deed accepted in lieu of foreclosure       -               -       (1,550,000)

        Add:  Recognition and amortization of discount on
              Royal Oak mortgage note receivable                     414,072        320,928       320,928 

          Decrease in allowance for loss on wrap-around
            Mortgage Note receivable - Repayment of Royal 
            Oak Apartments                                           655,318            -            -     

          Decrease in allowance for loss on wrap-around mortgage 
            note receivable on Cambury West Apartments                 -                -         525,000 

     Balance at end of period                                          -            899,767     8,099,767 



</TABLE>



<PAGE>
                  MULTIVEST REAL ESTATE FUND, LTD., SERIES V
                    NOTES TO FINANCIAL STATEMENTS, continued


4.  Wrap-Around Mortgage Notes Receivable, continued

    (A)  On August 31, 1995, the Partnership received $1,571,039 in repayment of
         the Royal Oak Apartments mortgage note receivable.  The amount
         represents the difference between (a) the remaining principal due on
         the wrap-around mortgage note receivable ($1,784,883) and; (b) the
         remaining principal and accrued interest on the underlying mortgage
         note payable with respect to this property ($213,844).  The Partnership
         recognized a gain of $884,737 on payoff of this note.

    5.   Mortgage Notes Payable

         Mortgage notes payable at December 31, 1995 and 1994 consisted of
         the following: 



                     Interest       Final       Monthly    Carrying Amount of
Description            Rates     Maturity Date  Payment  Mortgage Notes Payable 
                                                            1995       1994

Royal Oak Apartments
  Dallas, Texas (b)     N/A          1995       $   -    $    -    $   327,784 

Greenhaven Village
  Apartments
  Addison, Texas (a)    10.50%       1996        42,704   1,090,039  1,466,336 
                        
Manitoba Apartments
  Fort Worth, Texas      8.75%       1998        24,665     642,049    870,861 

Rock Island Apartments
  Irving, Texas (c)      8.65%       2001        17,812   2,042,688  2,078,058 

                                                                              
                                               $ 85,181  $3,774,776 $4,743,039 

(a)  On August 24, 1994, the Partnership obtained an extension for the
     Greenhaven Village Apartment mortgage note payable.  The unpaid principal
     balance was $1,611,444, the interest rate remained at 10.5% and the monthly
     principal and interest payment is $42,704.  A balloon payment including
     principal and interest is to be made on this note in the amount of $955,170
     on May 15, 1996.

(b)  On August 31, 1995, the Partnership received $1,571,039 in repayment of the
     Royal Oak Apartments mortgage note receivable.  The amount represents the
     difference between (a) the remaining principal due on the wrap-around
     mortgage note receivable ($1,784,883);  and (b) the remaining principal and
     accrued interest on the underlying mortgage note payable with respect to
     this property ($213,844). (See Note 4).

(c)  On April 12, 1994, the Partnership obtained refinancing for the Rock Island
     Apartments mortgage note payable, and the underlying mortgage note was paid
     off in the amount of $2,091,861.  The new note monthly principal and
     interest payment is $17,812, with a balloon payment in the amount of
     $1,792,739 due on May 1, 2001.  (See note 13)





<PAGE>
                  MULTIVEST REAL ESTATE FUND, LTD., SERIES V
                   NOTES TO FINANCIAL STATEMENTS, continued
                                                



5.  Mortgage Notes Payable, continued

    Principal balance, January 1, 1995               $  4,743,039 

      Payoff of Royal Oak mortgage note payable          (212,245)

      Payments of principal                              (756,018)

    Principal balance, December 31, 1995             $  3,774,776 


    The aggregate annual maturities on mortgage indebtedness are summarized as
    follows:
    


            1996                    $ 1,378,247 
            1997                        314,422 
            1998                        165,672 
            1999                         49,930 
            2000                         54,394  
            Thereafter                1,812,111 

                                    $ 3,774,776 
            

    The mortgage notes payable are collateralized by real estate.  The
    Partnership has no liability beyond this collateral, with the exception of
    $519,515 related to the Rock Island Apartments mortgage note payable.

    Cash paid during 1995, 1994 and 1993 for interest was $397,519, $627,031,
    and $975,029, respectively.  Interest expense incurred before note payoff
    and property sales is included in operations of disposed properties.


6.  Accrued Liabilities
    
         Accrued liabilities at December 31, 1995 and 1994 consisted of:

                                         1995        1994
  
    Miscellaneous                    $  44,633   $  43,964 
    Property taxes                     106,421      95,240 
    Payroll                             14,190      14,142 

                                     $ 165,244   $ 153,346 






<PAGE>
                   MULTIVEST REAL ESTATE FUND, LTD., SERIES V
                     NOTES TO FINANCIAL STATEMENTS, continued
                                                               



7.  Related-Party Transactions

 The following list of expenses incurred and the related liabilities are a
 result of transactions with affiliates:

 
                                M.V. National           Property Analysis
                               Properties, Inc.       and Development Corp.     

                           1995      1994      1993    1995     1994     1993   

 Real estate management
   fee                   223,470   230,844*  261,267*   -         -        -    

 Mortgage servicing fee    4,433*   11,662*   21,674*   -         -        -    

 Real Estate commissions     -         -         -      -       232,550    -    

 Totals                  227,903   242,506   282,941    -       232,550    -    

 Accrued liabilities,
    December 31           18,831    18,469    24,588    -         -        -    

 
 *Real estate management fees and mortgage servicing fees incurred before note
  payoff and property sales are included in operations of disposed properties.

  Management is of the opinion that these transactions were executed for a
  consideration approximating that which would have been paid to unaffiliated
  firms.







<PAGE>
                  MULTIVEST REAL ESTATE FUND, LTD., SERIES V
                   NOTES TO FINANCIAL STATEMENTS, continued
                                                 



7.  Related-Party Transactions, continued

    MultiVest Real Estate, Inc. is the Corporate General Partner of the
    Partnership. The Partnership Agreement permits the Corporate General Partner
    to provide certain services to the Partnership and to employ certain
    affiliates of the Corporate General Partner to provide services to the
    Partnership and obtain reimbursement.  The services provided encompass:

    (1) Real estate management services - M.V. National Properties, Inc.

    (2) Investment management services - MultiVest Real Estate, Inc.

    (3) Mortgage servicing - M.V. National Properties, Inc.

    (4) Mortgage inspection services - M.V. National Properties, Inc.

    (5) Construction management, acquisition, disposition and financing
        services - Property Analysis and Development Corp.

    The Partnership Agreement provides that the General Partner shall be
    entitled to an annual Investment Management fee of:

    (i)  9% of cash flow distributions to partners exclusive of the cash flow
         from proceeds of sale or refinancing, or 1/4 of 1% of gross assets
         calculated without respect to depreciation, whichever is less.  Such
         fee is conditioned upon the total of cash distributed and mortgage
         amortization being at least 12% per annum (of which at least 7% must be
         cash distributions) of the Partners' current capital account on a
         cumulative basis commencing two years from the formation of the
         Partnership and on a non-cumulative basis during the first two
         Partnership years, and

    (ii) 9% of the distributions to partners of proceeds from sale or
         refinancing of properties.  Such fee is conditioned upon the partners
         receiving 100% of their initial capital account, less the sum of all
         prior distributions, plus an amount equal to 12% per annum of the
         current capital account, as defined in the Partnership Agreement.  At
         December 31, 1995, assuming all mortgages were ultimately collected,
         the partners would not have received the above described returns and
         no Investment Management Fee would have been earned by the General
         Partner.

    The Partnership Agreement also allows the Corporate General Partner to bill,
    at its cost, for the direct (other than salaries paid by the Corporate
    General Partner to its officers and directors) expenses which are incurred
    in performing services for the Partnership, including but not limited to,
    costs of accounting, statistical or bookkeeping services and computing or
    accounting equipment and travel, telephone, communications to all partners
    and other costs and expenses relating to the acquisition, financing and
    operation of acquired properties.

    For the year ended December 31, 1995, no affiliate of the General Partner
    received reimbursement for services performed by its employees or for
    overhead expenses attributed to the Partnership.






<PAGE>
                  MULTIVEST REAL ESTATE FUND, LTD., SERIES V
                   NOTES TO FINANCIAL STATEMENTS, continued
                                                 



7.  Related Party Transactions, continued

    In addition, the Partnership Agreement provides that an affiliate of
    the Corporate General Partner may serve as a real estate broker.  The
    Partnership Agreement limits real estate commissions, paid (regardless
    of to whom paid and including any commission payable  to an affiliate
    of the Partnership) in connection with its purchases or sales of
    properties to not more than 6% of the total price of the property. 
    The Partnership Agreement also prohibits affiliates of the Partnership
    from receiving a real estate  commission in connection with the sale
    of any property by the Partnership unless the  Partnership will recover
    from the proceeds of the sale at least 110% of the amount of the  
    Partnership's cash investment in the property.  No real estate
    commissions were earned  by the affiliate in 1995.

    The Partnership Agreement provides that affiliates of the General Partner
    may be engaged to perform (a) normal property management services for fees
    not to exceed 5% of gross rental income; and/or (b) accounting, record
    keeping, data processing and other services, but only on terms that are fair
    and reasonable and no less favorable than could reasonably be obtained by
    the Partnership with unaffiliated persons.  For the year ended  December 31,
    1995, an affiliate earned $223,470 as its Real Estate Management Fee.  In 
    addition, an affiliate of the General Partner was engaged to service all of
    the mortgages  owned by the Partnership (i.e. on sold properties) in
    accordance with the terms and conditions of a Mortgage Servicing Agreement
    between the affiliate and the Partnership.   For the year ended December 31,
    1995, the affiliate earned $4,433 for such services.

    The Partnership Agreement allows the General Partner to employ, and dismiss
    from employment, persons in the operation and management of the
    Partnership's business, including but not limited to supervisory managing
    agents, building management agents, real estate brokers and loan brokers, on
    such terms and for such compensation as the Corporate General Partner shall
    determine.  The Corporate General Partner is empowered to employ in such
    capacities the Individual General Partners or an affiliate or subsidiary of
    the Corporate General Partner on terms comparable to those offered by
    unaffiliated firms.

8.  General Partner Participation in Income and Loss

    The Corporate General Partner presently owns 954 General Partnership units
    and 30 Limited Partnership units.  Two of the four Individual General
    Partners each own 316 General Partnership units and two Individual General
    Partners each own 4 General Partnership units.

    Originally, five Individual Partners purchased an aggregate of 1,560 General
    Partnership units and gave the Partnership nonrecourse promissory notes, due
    in 1983, in payment of the purchase price of $713,700.  These promissory
    notes are classified as subscriptions receivable.  The notes bear interest
    at 12% per annum.  The accrued interest as of December 31, 1995 was
    $373,450.  Due to the fact that the General Partners have no liability for
    payment of principal and interest on the notes beyond the General
    Partnership Units, interest has been recorded only to the extent of cash
    distributions received from the Partnership, $109,980 in 1995.  As of March
    29, 1983, the General Partner agreed to extend the expiration of the notes
    as well as to defer interest and principal payments to July 28, 1984. 
    On July 26, 1984, the Corporate General Partner further deferred the
    payments on the notes to ten (10) days after the date of written demand for
    payment as such demand is determined by the Corporate General Partner.







<PAGE>
                  MULTIVEST REAL ESTATE FUND, LTD., SERIES V
                   NOTES TO FINANCIAL STATEMENTS, continued
                                                 



8.  General Partner Participation in Income and Loss, continued

    Pursuant to the Partnership Agreement, all profits, gains and losses of the
    Partnership are to be divided among and charged against the accounts of the
    Partners proportionately at the end of each fiscal year of the Partnership
    in the ratio which the number of Units owned by each Partner bears to the
    number of Units owned by all Partners as of that date.

    The Corporate General Partner and the Individual General Partners also
    purchased in cash an aggregate of 34 General Partner Units.  These Units
    participate in all cash distributions as well as profit and losses of the
    partnership.  The following schedule identifies the number of general
    partner units outstanding and initial partnership capital:

                                     Cash                   Non-Cash
                                     Units     Amounts        Units    Amounts

      MultiVest Real Estate, Inc.        18   $ 8,235        1,248   $ 570,960 
      Wales Martindale                    4     1,830          312     142,740 
      Oscar Ziemba                        4     1,830           -         -     
      Gerson Geltner                      4     1,830           -         -     
      Irv Gold                            4     1,830           -         -     
                                         34   $15,555        1,560   $ 713,700 


9.  Income Tax

    MultiVest Real Estate Fund, Ltd., Series V is a partnership and has no
    liability for federal income taxes.  The Limited Partners include in their
    individual income tax returns their proportionate share of any income or
    loss of the Partnership.

    Net income, total assets and Partners' capital as reported in the
    accompanying financial statements exceed, (or are less than) net income,
    total assets and Partners' capital as reported in the Partnership's tax
    return by approximately $842,273, $(1,664,586) and $(1,664,685),
    respectively.  The following are differences related to net income as
    of and for the years ended December 31:


                                         1995           1994          1993   

    Income per books                 $ 2,016,845   $ 5,175,089   $   233,790 
    Imputed interest                       -          (320,928)     (320,928)
    Depreciation                         262,296       413,468       267,626 
    Original issue discount                -           154,805       166,618 
    Net gain from insurance proceeds
      related to storm damage           (455,823)        -             -     
    Rent loss income                      88,000         -             -     
    Book/tax basis difference           (736,746)     (803,358)      396,285 
    Provision for loss on real estate      -              -          355,000 
    Other                                  -            12,856        10,000 
    Tax income                       $ 1,174,572   $ 4,631,932   $ 1,108,391 






<PAGE>
                  MULTIVEST REAL ESTATE FUND, LTD., SERIES V
                   NOTES TO FINANCIAL STATEMENTS, continued
                                                 



10. Description of Partnership Operations and Leasing Arrangements
    
    The Partnership operates exclusively in the real estate industry investing
    its funds in rental properties consisting of apartment complexes.
  
    The following is an analysis of the Partnership's investment in property
    held for rent for residential purposes as of December 31, 1995:


       Residential rental apartments          $14,114,012 
       Less:  Accumulated depreciation          7,812,077 
 
                                              $ 6,301,935 


    Residential leases are for periods not exceeding one year.


11. Contingencies

    The Partnership is a defendant, from time to time, in various actions
    brought by tenants, contractors, materialmen and others in connection with
    the Partnership's property, many of which are covered by the liability
    insurance maintained by the Partnership.  The Partnership believes that the
    effect, if any, of these suits on the financial condition of the
    Partnership will not be material.






<PAGE>
                      MULTIVEST REAL ESTATE FUND, LTD., SERIES V
                         NOTES TO FINANCIAL STATEMENTS, continued
                                                             

<TABLE>


12. Operations of Disposed Properties

<CAPTION>

                    Kindercare                     Cambury      Old Town                 
                     Learning       Great Oaks       West         Villa       Royal Oak 
                      Center        Apartments       Apts.     Apartments       Apts.           Total         
    <S>              <C>            <C>             <C>         <C>          <C>           <C>                                      
    1995:

    Total revenues   $   -          $    -          $   -       $   -        $ 213,952     $  213,952 

    Total expenses       -               -              -           -          (20,326)       193,626 

    Net income       $   -          $    -          $   -       $   -        $ 193,626     $  193,626 



    1994:

    Total revenues   $      88      $ 409,495       $ 155,737   $   4,013    $ 320,928     $  890,261 

    Total expenses     (15,092)      (112,955)       (168,941)    (48,057)     (44,017)      (389,062)

    Net income 
      (loss)         $ (15,004)     $ 296,540       $ (13,204)  $ (44,044)   $ 276,911     $  501,199 


    1993:

    Total revenues   $     667      $ 784,800       $ 195,868   $ 945,600    $ 320,928     $2,247,863 

    Total expenses     (16,304)      (233,767)       (100,353)   (832,917)     (59,806)    (1,243,147)

    Net income
      (loss)         $ (15,637)     $ 551,033       $  95,515   $ 112,683    $ 261,122     $1,004,716 


</TABLE>



<PAGE>
                   MULTIVEST REAL ESTATE FUND, LTD., SERIES V
                    NOTES TO FINANCIAL STATEMENTS, continued
                                                  


13. Replacement and Repair Reserves

    On April 12, 1994 the Partnership obtained refinancing for the Rock Island
    Apartments mortgage note payable.  As required by the lender, a repair
    reserve account was established in order to assure that certain repairs be
    made.  In addition, a replacement reserve account was established for the
    funding of capital replacements throughout the term of the loan.  

    The Partnership makes requests for reimbursement for capital replacements
    quarterly and is reimbursed for various capital replacements from this
    account.

14. Subsequent Events

    A distribution was declared for the quarter ended December 31, 1995, and
    paid to the Partnership in March 1996 in the amount of $379,128 or $12.00
    per Partnership unit.



                               PART II, continued


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 officers.  The business policy making
functions of the Partnership are carried on through the directors and executive
officers of the General Partner, who are listed below:

RICHARD L. DAVIS, age 46, is President, Chief Executive Officer and Director of
the General Partner and has been associated with the General Partner since
August 1981.

JAMES F. COLGAN, age 61, is a Director of the General Partner and has served in
that capacity since December 1987.  Since March 1990, Mr. Colgan has been
President and Director of MultiVest, Inc.  From November 1987 to March 1990 he
served as Chief Financial Officer of that company.

PAUL D. TOOMEY, age 45, is Vice President, Treasurer and Secretary of the
General Partner and has been associated with MultiVest Real Estate, Inc. and
MultiVest, Inc., in various capacities since 1972.

There is no family relationship among any of the above named executive officers
and directors of the General Partner.


ITEM 11 EXECUTIVE COMPENSATION

The Partnership has no directors or officers.  The General Partner, MultiVest
Real Estate, Inc. operates the Partnership.


                  MULTIVEST REAL ESTATE FUND, LTD., SERIES V


ITEM 12 SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT
 
According to the Partnership's records, at January 1, 1996, a group consisting
of the following entities (through their affiliates) is the only individual,
entity or group which is the beneficial owner or has the rights to acquire
beneficial ownership of more than 5% of the Limited Partnership units:

                      Name of             Amount & Nature of       Percentage
Title of Class     Beneficial Owner      Beneficial Ownership      of Class  

$500 Limited          LF 53 LP                    40                  .133 
Partnership Units   

$500 Limited          LF 54 LP                   219                  .730 
Partnership Units

$500 Limited          LF 75 LP                    60                  .200 
Partnership Units

$500 Limited      Liquidity Fund IX               60                  .200 
Partnership Units                               

$500 Limited      Liquidity Fund  X            1,671                 5.570 
Partnership Units
                 
$500 Limited      Liquidity Fund XI              595                 1.983 
Partnership Units
                 
$500 Limited      Liquidity Fund XIII          1,323                 4.410 
Partnership Units

$500 Limited      Liquidity Fund  XIV            158                  .527 
Partnership Units

$500 Limited      Liquidity Income XVI           222                  .740 

$500 Limited      Liquidity Fund Special           5                  .017 
Partnership Units Opportunity Associates

$500 Limited      Liquidity Fund Income          976                 3.252 
Partnership Units Growth Fund 87

$500 Limited      Liquidity Income               190                  .633 
Partnership Units Growth Fund 88

$500 Limited      Liquidity Fund Income           98                  .327 
Partnership Units Growth Fund 89

$500 Limited      Liquidity Fund 52              713                 2.377 
Partnership Units

$500 Limited      Liquidity Fund 53            1,155                 3.849 
Partnership Units

$500 Limited      Liquidity Fund High Yield      210                  .700 
Partnership Units Institutional Investors

$500 Limited      LFG Liquidity Interest, L.P.    33                  .110 
Partnership Units   

$500 Limited      Liquidity Financial Group LP    56                  .187 
Partnership Units

$500 Limited      Liquidity Fund General           6                  .020 
Partnership Units   Partners II
                  FBO Sean Subas

$500 Limited      Liquidity Fund General           1                  .003 
Partnership Units   Partners II

       TOTAL                                   7,791                25.968 

The address for the above beneficial owners is P.O. Box 882044, San Francisco,
California  94188.

                  MULTIVEST REAL ESTATE FUND, LTD., SERIES V


ITEM 12   SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT,
          continued

There are no parents of the Partnership.  MultiVest Real Estate, Inc., a
Delaware corporation, serves as Corporate General Partner of the Partnership
and, as such, controls its activities.  The Corporate General Partner is a
wholly-owned subsidiary of MultiVest, Inc., a Delaware corporation.  The
Corporate General Partner owns 1,266 General Partnership Units and 30 Limited
Partnership Units.  One of the four individual general partners owns 316 General
Partnership Units and three of the individual general partners each own 4
General Partnership Units.  (See Note 8 of Notes to Financial Statements).

ITEM 13   CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS

The Partnership Agreement provides that the General Partner shall be entitled to
an Annual Investment Management Fee equal to:

(i)  9% of the cash flow distributions to partners exclusive of the cash flow
     from proceeds of sale or refinancing, or 1/4 of 1% of gross assets
     calculated without respect to depreciation, whichever is less.  Such fee
     is conditioned upon the total of cash distributed and mortgage amortization
     being at least 12% per annum (or which at least 7% must be cash
     distributions) of the partners' current capital account on a cumulative
     basis commencing two years from the formation of the Partnership and on a
     non-cumulative basis during the first two Partnership years; plus

(ii) 9% of the distributions to partners of proceeds from sale or refinancing of
     properties.  Such fee is conditioned upon the Partners receiving 100% of
     their initial capital account, less the sum of all prior distributions,
     plus an amount equal to 12% per annum of the current capital account, as
     defined in the Partnership Agreement.

At December 31, 1995, assuming all mortgages were ultimately collected, the
Partners would not have received the above described returns and no Investment
Management Fee would have been earned by the General Partner.

The Partnership Agreement also permits the Corporate General Partner to bill, at
its cost, for the direct (other than salaries paid by the Corporate General
Partner to its officers and directors) expenses which are incurred in performing
services for the Partnership, including costs of accounting, statistical or
bookkeeping services and computing or accounting, equipment and travel,
telephone, communications to all Partners and other costs and expenses relating
to the acquisition, financing and operation of acquired properties.  For the
year ended December 31, 1995, no affiliate of the General Partner received
reimbursement for services performed by its employees and for overhead expenses
attributed to the Partnership.

The Partnership Agreement also provides that an affiliate of the Corporate
General Partner may serve as a real estate broker for the Partnership, but that
real estate commissions paid (regardless of by whom paid and including any
commission payable to an affiliate of the Partnership) in connection with its
purchases or sales of properties are limited to not more than 6% of the total
price of the property.  In no event, however, will an affiliate of the
Partnership receive a real estate commission in connection with the sale of
any property by the Partnership unless the Partnership will recover from the
proceeds of the sale at least 110% of the amount of the Partnership's cash
investment in the property.  No real estate commissions were earned by the
affiliate in 1995.

Affiliates of the General Partner may be engaged to perform (a) normal property
management services for fees not to exceed 5% of gross rental income; (b)
accounting, 






<PAGE>
                 MULTIVEST REAL ESTATE FUND, LTD., SERIES V



ITEM 13   CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, continued

record keeping, data processing and other services, but only on terms that are
fair and reasonable and no less favorable than could reasonably be obtained by
the Partnership with unaffiliated persons; and/or (c) legal services at the
affiliate's usual rates for such services.  For the year ended December 31,
1995, an affiliate earned $223,470 as its Property Management Fee.  In addition,
an affiliate of the General Partner was engaged to service certain of the
mortgages owned by the Partnership in accordance with the terms and conditions
of a Mortgage Servicing Agreement between the affiliate and the Partnership.
For the year ended December 31, 1995, the affiliate earned $4,433 for
such services.

The Partnership Agreement allows the General Partner to employ, and dismiss from
employment, persons in the operation and management of the Partnership's
business, including but not limited to supervisory managing agents, building
management agents, real estate brokers and loan brokers, on such terms and for
such compensation as the Corporate General Partner shall determine.  The
Corporate General Partner is empowered to employ in such capacities the
Individual General Partners or an affiliate or subsidiary of the Corporate
General Partner on terms comparable to those offered by unaffiliated firms.

At the time of the formation of the Partnership, the Individual General Partners
of the Partnership executed promissory notes in favor of the Partnership as
payment for their General Partnership Units.  Each note required each of the
Individual General Partners to make an interest payment to the Partnership of 4%
per annum with an additional annual 8% interest payment out of cash
distributions, if any, made to the Individual General Partner.  The Individual
General Partners have no personal liability with respect to their notes.  On
December 29, 1976, the General Partner, in order to enhance the viability of
the Partnership and to retain the Individual General Partners (which retention
was deemed desirable with regard to the tax status of the Partnership) and in
order to induce the Individual General Partners to remain as such, agreed to
defer, without any personal liability to the Individual General Partners, all
current interest payments and future interest payment obligations until March
31, 1983.  As of March 29, 1983, the General Partner agreed to extend the
expiration of the notes as well as the deferment of interest and principal
payments to July 28, 1984.  On July 26, 1984, the Corporate General Partner
further deferred the payments on the notes to ten (10) days after the date of
written demand for payment as such demand is determined by the Corporate
General Partner.






<PAGE>
                  MULTIVEST REAL ESTATE FUND, LTD., SERIES V



                                   PART IV



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

           a) 1.   Financial Statements.
                   See Index on Page 2 of this Form 10-K.

              2.   Financial Statement Schedules.
                   None.

              3.   Exhibits.

                (i)  Certificate of Limited Partnership - incorporated by
                     reference from annual report on Form 10-K for the fiscal
                     year ending December 31, 1982, Page 50.

                (ii) Agreement of Limited Partnership - incorporated by
                     reference from annual report on Form 10-K for the fiscal
                     year ending December 31, 1982, Page 33.

           b)      Reports on Form 8-K
                   None.





<PAGE>
                  MULTIVEST REAL ESTATE FUND, LTD., SERIES V



                                  SIGNATURES

Pursuant to the requirements of Sections 13 or 15(d) of the Securities Exchange
Act of 1934, the Partnership has duly caused this Report to be signed on its
behalf by the undersigned, thereunto duly authorized.

MULTIVEST REAL ESTATE FUND, LTD.,
SERIES V, a Michigan Limited
Partnership,

By:    MULTIVEST REAL ESTATE, INC.
        a Delaware corporation
Its:    Corporate General Partner

        RICHARD L. DAVIS
                                           
        Richard L. Davis
        President, Chief Executive Officer 
        and Director
        (Principal Executive Officer)


Date:   MARCH 28, 1996                                  

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 and on the dates indicated.

        RICHARD L. DAVIS
                                           
        Richard L. Davis
        President, Chief Executive Officer 
        and Director


Date:   MARCH 28, 1996                                       


        JAMES F. COLGAN
                                             
        James F. Colgan
        Director


Date:   MARCH 28, 1996                                  
       

        JOHN J. KAMMERER
                                             
        John J. Kammerer
        (Principal Accounting Officer)



Date:   MARCH 28, 1996