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                                                                  Exhibit (a)(1)


                        CONSOLIDATED CAPITAL PROPERTIES V
                     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 Consolidated Capital
Properties V (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, ConCap Equities, 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.

                                             CONCAP EQUITIES, INC.
                                             General Partner


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