Exhibit (a)

SHELTER PROPERTIES V LIMITED PARTNERSHIP
July 21, 1998


Dear Limited Partner:

           Enclosed is the Schedule 14D-9 which was filed by Shelter Properties
V Limited Partnership (the "Partnership") with the Securities and Exchange
Commission in connection with an offer (the "Offer") by Cooper River
Properties, L.L.C., a Delaware limited liability company (the "Purchaser"),
Insignia Properties, L.P., a Delaware limited partnership ("IPLP"), Insignia
Properties Trust, a Maryland real estate investment trust ("IPT"), and Insignia
Financial Group, Inc., a Delaware corporation ("Insignia," and together with
IPLP, IPT and the Purchaser, the "Bidders"), to purchase units of limited
partnership interest ("Units") in the Partnership.

           The Partnership's general partners are Shelter Realty V Corporation
(the "General Partner"), which is an affiliate of the Bidders, and N. Barton
Tuck, Jr., an individual who is prohibited by the Partnership's Limited
Partnership Agreement from participating in the activities of the Partnership.
Due to the affiliation between the General Partner of the Partnership and the
Bidders, the General Partner is subject to certain conflicts of interest in
connection with the response to the Offer.

           AS A RESULT OF THE EXISTING AND POTENTIAL CONFLICTS OF INTEREST,
NEITHER THE PARTNERSHIP NOR THE GENERAL PARTNER EXPRESSES ANY OPINION AS TO THE
OFFER AND EACH IS REMAINING NEUTRAL AND MAKING NO RECOMMENDATION AS TO WHETHER
LIMITED PARTNERS SHOULD TENDER THEIR UNITS IN RESPONSE TO THE OFFER.

           Limited Partners are advised to carefully read the enclosed Schedule
14D-9.


                                        SHELTER PROPERTIES V LIMITED PARTNERSHIP