Exhibit (a)(3)



May 25, 2007

TO:         UNIT HOLDERS OF SHELTER PROPERTIES V LIMITED PARTNERSHIP

SUBJECT:    OFFER TO PURCHASE UNITS

Dear Unit Holder:

As  described  in  the  enclosed  Offer  to  Purchase  and  related  Letters  of
Transmittal   (the  "Offer")  the   Purchasers   named  in  the  attached  Offer
(collectively  the  "Purchasers") are offering to purchase up to 10,508 Units of
limited  partnership  interest  (the  "Units") in SHELTER  PROPERTIES  V LIMITED
PARTNERSHIP (the "Partnership") at a purchase price equal to:

                                  $55 per Unit

The Offer will provide you with an  opportunity  to liquidate  all, or a portion
of, your  investment  in SHELTER  PROPERTIES V LIMITED  PARTNERSHIP  without the
usual  transaction  costs  associated with market sales or partnership  transfer
fees. Reasons you may wish to sell your Units include:

      o     HIGHER OFFER PRICE.  Our offer is 29% higher than what affiliates of
            the general partner are currently offering.

      o     UNCERTAINTY OF PARTNERSHIP TERMINATION.  Our offer provides you with
            the  opportunity  to  receive  a  guaranteed  amount  of  money in a
            specified time period.  The general  partner has given no indication
            when the  partnership  will be  liquidating.  The  Partnership  term
            extends through 2023!

      o     NO MORE  DISTRIBUTIONS  ASSURED.  The  Partnership  has stated  that
            "There  can be no  assurance,  however,  that the  Partnership  will
            generate  sufficient funds from  operations,  after required capital
            improvement  expenditures,   to  permit  any  distributions  to  its
            partners in 2007 or subsequent periods."

      o     ILLIQUIDITY  OF  UNITS.  The  relative   illiquidity  of  the  Units
            resulting  from the  absence of a formal  trading  market  makes the
            Units difficult to sell.

      o     NO FUTURE  IRS FILING  REQUIREMENTS.  The tax year in which you sell
            your Units will be the final year for which you will be obligated to
            file a K-1 for the  Partnership  with  your  tax  return.  This  may
            represent a reduction in costs  associated  with filing  complicated
            tax  returns.  Your  decision  to sell may have other  favorable  or
            unfavorable tax  consequences  and potential  sellers should consult
            their individual tax advisers.

After  carefully  reading the enclosed Offer, if you elect to tender your Units,
mail (using the  enclosed  pre-addressed,  postage  paid  envelope) or fax (then
mail) a duly completed and executed copy of the Letter of  Transmittal  (printed
on pink paper) and change of address forms, and any other documents  required by
the Letter of Transmittal, to the Depositary for the Offer at:

                         MacKenzie Patterson Fuller, LP
                  1640 School Street, Moraga, California 94556
                            Facsimile: (925) 631-9119

We've  enclosed a Notice of Withdrawal  that you can fax or deliver to the agent
for AIMCO  Properties,  LP if you already  tendered  your Units to AIMCO and you
wish to receive  more  money!  The AIMCO Offer  expires on May 30, 2007  (unless
further extended), so its depository, The Altman Group, must receive your Notice
of  Withdrawal  by midnight  Eastern Time on that date for you to withdraw  from
that  offer.  You must also  deliver  to us an  executed  copy of our  Letter of
Transmittal to accept our Offer.  If you have any questions or need  assistance,
please call the Depositary at 800-854-8357.

This Offer expires (unless extended) July 6, 2007.