SECURITIES AND EXCHANGE COMMISSION
                                    Washington, D.C. 20549

                                     FORM 10-Q AMENDMENT 1


(Mark One)

  x    Quarterly report pursuant to Section 13 or 15(d) of the Securities
       Exchange Act of 1934 for the Quarterly period ended March 31, 1995 or



       Transition report pursuant to Section 13 or 15(d) of the Securities
       Exchange Act of 1934 for the transition period from        to            
    
Commission file number    0-7239 



                          MULTIVEST REAL ESTATE FUND, LTD., SERIES V
                    (Exact name of registrant as specified in its charter)



            Michigan                                          38-6258639     
(State or other jurisdiction of                             (IRS Employer
incorporation or organization)                           Identification No.)


6100 Glades Road, Suite 205
Boca Raton, Florida                                             33434         
(Address of principal executive offices)                     (Zip Code)


                                                                               
                                     (407) 487-6700                   
                     (Registrant's telephone number, including area code)


(Former name, former address and former fiscal year, if changed since last
 report)

Indicate by check mark whether the registrant (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities Exchange Act
of 1934 during the preceding 12 months (or for such shorter period that the
registrant was required to file such report), and (2) has been subject to
such filing requirements for the past 90 days.

                                                        Yes  x   No






7<PAGE>
                             MULTIVEST REAL ESTATE FUND, LTD., SERIES V
                                    (a Michigan limited partnership)
                                             March 31, 1995




PART II - OTHER INFORMATION


Item 6.   Exhibits and Report on Form 8-K
 
         (a) Exhibits:
             (i) Exhibit 27 - Financial Data Schedule


         (b) No report on Form 8-K has been filed during the quarter ended
             March 31, 1995.




                                               SIGNATURES
   

Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this Report to be signed on its behalf by the
undersigned, thereunto duly authorized.


                                      MULTIVEST REAL ESTATE FUND, LTD.,
                                      Series V, a Michigan Limited    
                                      Partnership,
                                                (Registrant)

                                      By:   MULTIVEST REAL ESTATE, INC.
                                            a Delaware corporation
                                      Its:  Corporate General Partner           

                                            RICHARD L. DAVIS

Date: June 26, 1995                          Richard L. Davis
                                            President -
                                            Chief Executive Officer

                                            JOHN J. KAMMERER
                                        

Date: June 26, 1995                          John J. Kammerer
                                            Principal Accounting Officer









<TABLE> <S> <C>

<ARTICLE> 5
       
<S>                             <C>
<PERIOD-TYPE>                   3-MOS
<FISCAL-YEAR-END>                          DEC-31-1995
<PERIOD-END>                               MAR-31-1995
<CASH>                                           3,253
<SECURITIES>                                 2,331,130
<RECEIVABLES>                                1,925,949
<ALLOWANCES>                                         0
<INVENTORY>                                          0
<CURRENT-ASSETS>                               380,054
<PP&E>                                      14,207,826
<DEPRECIATION>                               8,091,532
<TOTAL-ASSETS>                               9,767,522
<CURRENT-LIABILITIES>                          352,503
<BONDS>                                      4,539,919
<COMMON>                                             0
                                0
                                          0
<OTHER-SE>                                   4,875,100
<TOTAL-LIABILITY-AND-EQUITY>                 9,767,522
<SALES>                                              0
<TOTAL-REVENUES>                             1,167,156
<CGS>                                                0
<TOTAL-COSTS>                                  811,024
<OTHER-EXPENSES>                                     0
<LOSS-PROVISION>                                     0
<INTEREST-EXPENSE>                             108,035
<INCOME-PRETAX>                                154,642
<INCOME-TAX>                                         0
<INCOME-CONTINUING>                                  0
<DISCONTINUED>                                       0
<EXTRAORDINARY>                                      0
<CHANGES>                                            0
<NET-INCOME>                                   154,642
<EPS-PRIMARY>                                     5.15
<EPS-DILUTED>                                        0
        

</TABLE>



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