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




                                    FORM 8-K


                                 CURRENT REPORT


                     Pursuant to Section 13 or 15(d) of the
                         Securities Exchange Act of 1934

        Date of Report (Date of earliest event reported) July 1, 2005

                             SHELTER PROPERTIES V
            (Exact name of Registrant as specified in its charter)


            South Carolina            0-11574                 57-0721855
      (State or other jurisdiction  (Commission            (I.R.S. Employer
         of incorporation or        File Number)        Identification Number)
           organization)
                                55 Beattie Place
                              Post Office Box 1089
                        Greenville, South Carolina 29602
                    (Address of principal executive offices)


                                 (864) 239-1000
                           (Issuer's telephone number)

Check  the  appropriate  box  below  if the  Form  8-K  filing  is  intended  to
simultaneously satisfy the filing obligations of the registrant under any of the
following provisions:

[ ]   Written  communications  pursuant to Rule 425 under the  Securities  Act
      (17 CFR 230.425)

[ ]   Soliciting  material  pursuant to Rule 14a-12 under the Exchange Act (17
      CFR 240.14a-12)

[ ]   Pre-commencement  communications  pursuant  to Rule  14d-2(b)  under the
      Exchange Act (17 CFR 240.14d-2(b))

[ ]   Pre-commencement  communications  pursuant  to Rule  13e-4(c)  under the
      Exchange Act (17 CFR 240.13e-4(c))









Item 1.01   Entry into a Material Definitive Agreement.

Shelter  Properties  V (the  "Registrant")  owns a 99.99%  interest  in  Foxfire
Apartments V Limited  Partnership,  a South Carolina  limited  partnership  (the
"Partnership").  The Partnership owns Foxfire  Apartments,  a 266-unit apartment
complex  located  in  Atlanta,   Georgia   ("Foxfire").   As  disclosed  in  the
Registrant's  Current Report on Form 8-K dated May 12, 2005, the Partnership and
seven other partnerships that own apartment complexes containing an aggregate of
1,554 units, collectively (the "Selling Partnerships"),  entered into a Purchase
and Sale Contract (the  "Purchase  Agreement")  with a third party,  The Bethany
Group, LLC, a California limited liability company (the "Purchaser") to sell the
eight apartment complexes owned by the Partnerships to the Purchaser for a total
sales price of $102,547,082,  of which  $10,445,347  represented the sales price
for  Foxfire.  Each  of  the  Selling  Partnerships  is  affiliated  with  AIMCO
Properties, L.P., an affiliate of the general partner of the Partnership ("AIMCO
Properties").

On July 1, 2005, the Partnership  entered into a First Amendment to Purchase and
Sale Contract (the "Amended  Purchase  Agreement") with the Purchaser,  amending
the Purchase Agreement for the sale of Foxfire.

With  respect to  Foxfire,  the  Amended  Purchase  Agreement  has the effect of
reducing  the sales price for Foxfire to  $9,725,347  and  changing the expected
closing  date  of  the  transaction  from  June  30,  2005  to  July  29,  2005.
Furthermore,  the Amended  Purchase  Agreement grants the Purchaser the right to
extend the closing date to August 31, 2005 by delivering an additional deposit.






                                    SIGNATURE


Pursuant  to the  requirements  of the  Securities  Exchange  Act of  1934,  the
Registrant  has duly  caused  this  report  to be  signed  on its  behalf by the
undersigned hereunto duly authorized.



                                SHELTER PROPERTIES V
                                (a South Carolina Limited Partnership)


                                By: Shelter Realty V Corporation
                                    Corporate General Partner


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


                               Date: July 8, 2005