-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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<SEC-DOCUMENT>0001209191-09-003104.txt : 20090114
<SEC-HEADER>0001209191-09-003104.hdr.sgml : 20090114
<ACCEPTANCE-DATETIME>20090114163215
ACCESSION NUMBER:		0001209191-09-003104
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20090112
FILED AS OF DATE:		20090114
DATE AS OF CHANGE:		20090114

ISSUER:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			NATIONAL PROPERTY INVESTORS 5
		CENTRAL INDEX KEY:			0000355637
		STANDARD INDUSTRIAL CLASSIFICATION:	REAL ESTATE [6500]
		IRS NUMBER:				222385051
		STATE OF INCORPORATION:			CA
		FISCAL YEAR END:			1231

	BUSINESS ADDRESS:	
		STREET 1:		55 BEATTIE PLACE
		STREET 2:		P O BOX 1089
		CITY:			GREENVILLE
		STATE:			SC
		ZIP:			29602
		BUSINESS PHONE:		8642391000

	MAIL ADDRESS:	
		STREET 1:		55 BEATTIE PLACE
		STREET 2:		P O BOX 1089
		CITY:			GREENVILLE
		STATE:			SC
		ZIP:			29602

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			APARTMENT INVESTMENT & MANAGEMENT CO
		CENTRAL INDEX KEY:			0000922864
		STANDARD INDUSTRIAL CLASSIFICATION:	REAL ESTATE INVESTMENT TRUSTS [6798]
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-11095
		FILM NUMBER:		09526602

	BUSINESS ADDRESS:	
		STREET 1:		4582 S ULSTER ST PARKWAY
		CITY:			DENVER
		STATE:			CO
		ZIP:			80237
		BUSINESS PHONE:		3037578101

	MAIL ADDRESS:	
		STREET 1:		4582 S ULSTER ST PARKWAY
		CITY:			DENVER
		STATE:			CO
		ZIP:			80237

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			AIMCO/Bethesda Holdings, Inc.
		CENTRAL INDEX KEY:			0001429703
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-11095
		FILM NUMBER:		09526601

	BUSINESS ADDRESS:	
		STREET 1:		4582 SOUTH ULSTER STREET PARKWAY
		STREET 2:		SUITE 1100
		CITY:			DENVER
		STATE:			CO
		ZIP:			80237
		BUSINESS PHONE:		303-757-8101

	MAIL ADDRESS:	
		STREET 1:		4582 SOUTH ULSTER STREET PARKWAY
		STREET 2:		SUITE 1100
		CITY:			DENVER
		STATE:			CO
		ZIP:			80237
</SEC-HEADER>
<DOCUMENT>
<TYPE>4
<SEQUENCE>1
<FILENAME>c79436_4x0.xml
<DESCRIPTION>MAIN DOCUMENT DESCRIPTION
<TEXT>
<XML>
<?xml version="1.0"?>
<ownershipDocument>

    <schemaVersion>X0303</schemaVersion>

    <documentType>4</documentType>

    <periodOfReport>2009-01-12</periodOfReport>

    <issuer>
        <issuerCik>0000355637</issuerCik>
        <issuerName>NATIONAL PROPERTY INVESTORS 5</issuerName>
        <issuerTradingSymbol>NONE</issuerTradingSymbol>
    </issuer>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0000922864</rptOwnerCik>
            <rptOwnerName>APARTMENT INVESTMENT &amp; MANAGEMENT CO</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>4582 SOUTH ULSTER STREET PARKWAY</rptOwnerStreet1>
            <rptOwnerStreet2>SUITE 1100</rptOwnerStreet2>
            <rptOwnerCity>DENVER</rptOwnerCity>
            <rptOwnerState>CO</rptOwnerState>
            <rptOwnerZipCode>80237</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>0</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>1</isTenPercentOwner>
            <isOther>0</isOther>
        </reportingOwnerRelationship>
    </reportingOwner>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001429703</rptOwnerCik>
            <rptOwnerName>AIMCO/Bethesda Holdings, Inc.</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>4582 SOUTH ULSTER STREET PARKWAY</rptOwnerStreet1>
            <rptOwnerStreet2>SUITE 1100</rptOwnerStreet2>
            <rptOwnerCity>DENVER</rptOwnerCity>
            <rptOwnerState>CO</rptOwnerState>
            <rptOwnerZipCode>80237</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>0</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>1</isTenPercentOwner>
            <isOther>0</isOther>
        </reportingOwnerRelationship>
    </reportingOwner>

    <nonDerivativeTable>
        <nonDerivativeTransaction>
            <securityTitle>
                <value>Limited Partnership Units</value>
            </securityTitle>
            <transactionDate>
                <value>2009-01-12</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>J</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
                <footnoteId id="F1"/>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>53930</value>
                    <footnoteId id="F2"/>
                </transactionShares>
                <transactionPricePerShare>
                    <footnoteId id="F2"/>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>A</value>
                    <footnoteId id="F1"/>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>53930</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>I</value>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value>See footnote</value>
                    <footnoteId id="F3"/>
                </natureOfOwnership>
            </ownershipNature>
        </nonDerivativeTransaction>
    </nonDerivativeTable>

    <derivativeTable></derivativeTable>

    <footnotes>
        <footnote id="F1">The transaction was accomplished through a series of cashless contributions and distributions among entities affiliated with the Reporting Person.  There is no net change in the amount of Limited Partnership Units (&quot;Units&quot;) owned by the Reporting Person.</footnote>
        <footnote id="F2">These Units were transferred pursuant to a cashless reorganization accomplished by affiliates of the Reporting Person.</footnote>
        <footnote id="F3">This amount consists of 53,930 Units owned directly by AIMCO/Bethesda Holdings, Inc. (&quot;AIMCO/Bethesda&quot;).  AIMCO/Bethesda is a joint filer with Apartment Investment and Management Company (&quot;AIMCO&quot;) for purposes of Section 13(d) of the Exchange Act.  The controlling shareholder of AIMCO/Bethesda is AIMCO Properties, L.P. (&quot;AIMCO Properties&quot;), a subsidiary of AIMCO.  The sole general partner of AIMCO Properties is AIMCO-GP, Inc., a wholly-owned subsidiary of AIMCO.</footnote>
    </footnotes>

    <ownerSignature>
        <signatureName>/s/ Derek McCandless</signatureName>
        <signatureDate>2009-01-13</signatureDate>
    </ownerSignature>
</ownershipDocument>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----