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                                                                  EXHIBIT (a)(1)



                         NATIONAL PROPERTY INVESTORS 5
                     1873 South Bellaire Street, 17th Floor
                            Denver, Colorado  80222

                               November 15, 1999


Dear Limited Partner:

         Enclosed is the Schedule 14D-9 which was filed by National Property
Investors 5 (the "Partnership") with the Securities and Exchange Commission in
connection with an offer by AIMCO Properties, L.P., a Delaware limited
partnership, to purchase units of limited partnership interest in the
Partnership.

         The Partnership, through its general partner, NPI Equity Investments,
Inc. (the "General Partner"), is required by the rules of the Securities and
Exchange Commission to make a recommendation as to whether you should accept or
reject such offer, or whether the Partnership is remaining neutral with respect
to such offer.  THE PARTNERSHIP AND THE GENERAL PARTNER ARE REMAINING NEUTRAL
AND MAKING NO RECOMMENDATION AS TO WHETHER LIMITED PARTNERS SHOULD TENDER OR
REFRAIN FROM TENDERING THEIR UNITS.  Although the General Partner believes the
offer is fair, limited partners must make their own decision whether or not to
participate in the offer, based upon a number of factors, including a limited
partner's financial position, the need or desire for liquidity, other available
financial opportunities, a limited partner's tax position, and the tax
consequences of selling one's units.

         Limited Partners should carefully read the enclosed Schedule 14D-9, the
Litigation Settlement Offer of AIMCO Properties, L.P., dated November 15, 1999
relating to the offer to acquire units of the Partnership (the "Litigation
Settlement Offer"), and the related Letter of Transmittal and Instructions.
Certain information in the Schedule 14D-9 is incorporated by reference to the
Litigation Settlement Offer.

         Please note that the General Partner is an affiliate of AIMCO.


                                       NPI EQUITY INVESTMENTS, INC.
                                       General Partner


                                       By:      /s/ Patrick J. Foye
                                          ---------------------------
                                          Patrick J. Foye
                                          Executive Vice President



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