Exhibit 8 KRUPP REALTY LIMITED PARTNERSHIP - V December 11, 1996 Dear Limited Partner: As you are by now aware, Krescent Partners L.L.C., a Delaware limited liability company, has made an offer (the "Krescent Offer") to purchase limited partnership units ("Units") of Krupp Realty Limited Partnership - V (the "Partnership") for $375 per Unit. Enclosed is a copy of the Partnership's Amendment No. 1 to its Statement on Schedule 14D-9, which has been filed with the Securities and Exchange Commission. The Amendment amends the Partnership's Schedule 14D-9 which set forth the Partnership's response to the Krescent Offer. Please do not hesitate to call our Investor Communication representatives at 1-800-255-7877 for assistance in any Partnership matter. Sincerely yours, Laurence Gerber The Krupp Corporation, a General Partner 5