Exhibit 3


                                  NEWS RELEASE

             GENERAL PARTNER OF KRUPP REALTY LIMITED PARTNERSHIP - V
             RECOMMENDS REJECTION OF KRESCENT PARTNERS L.L.C. OFFER


                  BOSTON, MA -- December 5, 1996. Laurence Gerber, President of
the General Partner of Krupp Realty Limited Partnership - V, said today that,
after carefully considering the unsolicited cash tender offer by Krescent
Partners L.L.C. of $375 per Unit of Limited Partnership Interest, the General
Partner has determined that the Krescent offer is inadequate and not in the best
interests of the Unit holders. The General Partner recommends that the holders
of Units reject the Krescent offer and not tender their Units pursuant to such
offer.

                  In a letter to Unit holders accompanying a recommendation
statement on Schedule 14D-9 filed today with the Securities and Exchange
Commission, Mr. Gerber said that the General Partner had recommended that
holders of Units reject the offer after considering a number of factors,
including, but not limited to the following:

                  o   The General Partner believes the price offered by Krescent
                      is less than 48% of the General Partner's estimate of the
                      Fund's net asset value of $787 per Unit.

                  o   Unit holders who accept the Krescent offer will no longer
                      receive the semi-annual cash distributions currently paid
                      in respect of Units and will forego any claim to future
                      distributions from sales of the Fund's properties.

                  o   As noted by Krescent in its offer, Unit holders who
                      purchased Units at the original offering are expected to
                      recognize taxable gain in excess of the purchase price
                      offered by Krescent.

                  For further information, Unit holders may contact Investor
Communications of the Krupp Funds Group at 1-800-343-0989.

For information on the press release contact: Maryann Merigan
                                              (617) 423-2233