Exhibit (a)(4)


                        CONSOLIDATED CAPITAL PROPERTIES V
                      c/o Corporate Investor Communications
                                11 Commerce Road
                              Carlstadt, N.J. 07072
                                 (877) 460-2557


                                        June 15, 1999


Dear Limited Partner:

     By now you should have received offers to purchase your limited partnership
interests (the "Units") in Consolidated Capital Properties V (the "Partnership")
from both AIMCO Properties,  L.P. ("AIMCO"), an affiliate of the general partner
of the Partnership, and Peachtree Partners, an unaffiliated entity.

     As previously  stated,  the general partner of the Partnership,  due to its
affiliation with AIMCO, is making no recommendation  and is remaining neutral as
to whether limited  partners should tender their Units pursuant to either offer.
The  Partnership  does  believe,  however,  that Limited  Partners who desire to
presently  liquidate  their interest in the  Partnership  for cash should tender
their Units for the greatest purchase price available.  In this regard,  AIMCO's
offer is for a  purchase  price  of $29 per  Unit,  without  any  deduction  for
transfer  fees,  and  Peachtree  Partners  offer is for $28 per Unit less a $100
transfer fee.

     Limited  Partners are advised to  carefully  consider the offers with their
financial and tax advisors. If you have any questions,  please contact Corporate
Investor Communications at (877) 460-2557.


                                        Sincerely,


                                        CONSOLIDATED CAPITAL PROPERTIES V