SECURITIES AND EXCHANGE COMMISSION
                   Washington, D.C. 20549



                       SCHEDULE 14D-9
     Solicitation/Recommendation Statement Pursuant to
  Section 14(d)(4) of the Securities Exchange Act of 1934



              BRAUVIN REAL ESTATE FUND L.P. 5
                 (Name of Subject Company)



              Brauvin Real Estate Fund L.P. 5
           (Names of Person(s) Filing Statement)

               Limited Partnership Interests
               (Title of Class of Securities)



                       Not Applicable
           (CUSIP Number of Class of Securities)



              Thomas E. Murphy, Treasurer and
                  Chief Financial Officer
                   Brauvin Ventures, Inc.
            30 North LaSalle Street, Suite 3100
                  Chicago, Illinois 60602
                       (312) 759-7666
           (Name, address and telephone number of
            person authorized to receive notices
            and communications on behalf of the
                person(s) filing statement)



                      With a copy to:

                   Beth M. Gottlieb, Esq.
                       Holleb & Coff
                 55 East Monroe, Suite 4100
                  Chicago, Illinois 60603
                       (312) 807-4692



  Item 1.   Security and Subject Company

       The name of the subject company is Brauvin Real Estate
  Fund L.P. 5, a Delaware limited partnership (the
  "Partnership").  Jerome J. Brault and Brauvin Ventures,
  Inc., an Illinois corporation, are the general partners of
  the Partnership (the "General Partners").  The principal
  executive offices of the Partnership and the General
  Partners are located at 30 North LaSalle Street, Suite 3100,
  Chicago, Illinois 60602.  The title of the class of equity
  securities to which this statement relates is the units of
  limited partnership interest of the Partnership (the
  "Units").

  Item 2.   Tender Offer of the Bidder

       This Statement relates to a tender offer by MacKenzie
  Patterson Special Fund, L.P., MacKenzie Patterson Special
  Fund 3, LLC, MacKenzie Patterson Special Fund 4, LLC,
  Accelerated High Yield Institutional Investors, Ltd.,
  Accelerated High Yield Growth Fund II, Ltd., Moraga-Dewaay
  Fund, LLC, Previously Owned Mortgage Partnerships Income
  Fund, L.P., MP Value Fund 4, L.P. and Steven Gold
  (collectively, the "Bidder" or the "Purchaser") disclosed in
  a Tender Offer Statement on Schedule 14D-1 (the "Schedule
  14D-1"), dated May 12, 1999 to purchase up to 2,470 Units at
  a purchase price equal to $170 per Unit, less the amount of
  any distributions declared or made with respect to the Units
  between May 12, 1999 and June 25, 1999 or such other date to
  which this Offer (as hereinafter defined) may be extended
  upon the terms and subject to the conditions set forth in
  the Offer to Purchase dated May 12, 1999 and the related
  Letter of Transmittal (the "Offer to Purchase" or the
  "Offer").

       Based on the information in the Schedule 14D-1, the
  business address of the person authorized to receive notices
  and communications on behalf of the Purchaser is Christine
  Simpson, MacKenzie Patterson, Inc., 1640 School Street,
  Moraga, California 94556.

  Item 3.   Identity and Background

       (a)  The name and address of the Partnership, which is
  the person filing this Statement, is set forth in Item 1
  above.

       (b) There is no material contract, agreement,
  arrangement or understanding or any material actual or
  potential conflict of interest between:  (i) the Partnership
  and the General Partners; (ii) the Partnership and the
  Purchaser; or (iii) the General Partners and the Purchaser.
  The General Partners are entitled to receive distributions
  of the Partnership's operating cash flow and net sale or
  refinancing proceeds, which amounts are subordinated to
  certain preferential returns due the limited partners of the
  Partnership (the "Limited Partners"), as outlined in the
  Partnership's Amended and Restated Limited Partnership
  Agreement, as amended to date (the "Agreement").  In
  addition, an affiliate of the General Partners is
  compensated for providing property management services to
  the Partnership.  The Partnership paid this affiliate of the
  General Partners approximately $100,000 for the year ended
  December 31, 1998 and approximately $26,000 for the three
  months ended March 31, 1999, for such services, pursuant to
  the terms of the Agreement.  In addition, should the General
  Partners or their affiliates provide services to the
  Partnership in connection with the sale or refinancing of
  one of the Partnership's real properties, they will be
  entitled to a fee for such services; however, it will be
  subordinated to certain preferential distributions due to
  the Limited Partners, as set forth in the Agreement.

  Item 4.   The Solicitation or Recommendation

       (a)   Recommendation of the General Partners.  The
  Partnership is not expressing an opinion and is remaining
  neutral towards the Offer to Purchase.

       (b)   Background; Reasons for Recommendation.  In
  deciding to remain neutral on the Offer to Purchase, the
  General Partners considered the fact that the Partnership
  engaged Landauer Associates, Inc. ("Landauer"), an entity
  unaffiliated with the Partnership and the General Partners,
  to undertake a due diligence and market pricing analysis of
  the Partnership's real properties--Crown Point Shopping
  Center, a 42% joint venture interest in Strawberry Fields
  Shopping Center and a 53% joint venture interest in Sabal
  Palm Square.  The General Partners recently received the
  valuation information from Landauer.  By taking the
  appraised value of the assets, and the cash and cash
  equivalents held by the Partnership, as of December 31,
  1998, and then deducting the mortgage balances, the
  anticipated selling costs, the Partnership's other
  liabilities and the estimated wind-up costs of the
  Partnership, the Partnership determined that the net
  liquidation value per Unit as of such date was approximately
  $329.35.  This value per Unit is an estimate and the
  ultimate amount actually received by the Limited Partners
  will be affected by items including, but not limited to, the
  timing of the liquidation of the assets, changes in market
  conditions, necessary reserves of the Partnership and the
  sale prices that can be negotiated.  This estimated amount
  does not include any prior distributions or returns of
  capital to the Limited Partners.

       The Partnership recently filed preliminary solicitation
  materials with the Securities and Exchange Commission
  outlining a strategy, developed with Landauer, on how to
  best realize the underlying value of the Partnership's
  assets.  At such time as the regulatory agencies have
  completed their review of these materials, the Partnership
  will seek the Limited Partners' vote to allow the
  Partnership to undertake a program to sell the Partnership's
  properties and distribute the net proceeds to the Limited
  Partners.

       In reviewing the Offer to Purchase, the General
  Partners were unable to determine how the Bidder will deal
  with the provision of the Agreement prohibiting a Limited
  Partner to transfer less than five Units or make any
  transfer of his Units if after such transfer he owns less
  than five Units, as the Offer to Purchase is silent on this
  matter. However, should a Limited Partner desire liquidity
  at this time, the Offer to Purchase gives the Limited
  Partner such an opportunity.

  Item 5.   Persons Retained, Employed or to Be Compensated

       None.

  Item 6.   Recent Transactions and Intent with Respect to
            Securities

       (a)   None.

       (b)   Not applicable.

  Item 7.   Certain Negotiations and Transactions by the Subject
            Company

       (a)   The Partnership has not engaged in any
  negotiation in response to the Offer to Purchase which
  relates to or would result in:  (i) an extraordinary
  transaction, such as a merger or reorganization, involving
  the Partnership; (ii) a purchase, sale or transfer of a
  material amount of assets by the Partnership; (iii) a tender
  offer for or other acquisition of securities by or of the
  Partnership; or (iv) any material change in the present
  capitalization or dividend policy of the Partnership.



       As described in Item 4 of this Statement, the
  Partnership has developed a strategy on how best to realize
  the Partnership's assets' underlying value. Until the
  regulatory agencies have completed their review of the
  preliminary solicitation materials, the Partnership will
  remain neutral towards the Offer.

       (b)   There are no transactions, resolutions,
  agreements in principle or signed contracts in response to
  the Offer to Purchase that relate to or would result in one
  or more of the events referred to in Item 7(a).

  Item 8.    Additional Information to Be Furnished

       None.

  Item 9.    Materials to Be Filed as Exhibits

       (a)(1)  Letter to Limited Partners.

       After reasonable inquiry and to the best of my
  knowledge and belief, I certify that the information set
  forth in this statement is true, complete and correct.

  June 7, 1999

                         BRAUVIN REAL ESTATE FUND L.P. 5

             By:            Brauvin Ventures, Inc.,
                            Corporate General Partner

             By:              /s/ Jerome J. Brault
                                Jerome J. Brault,
                                   President

             By:              /s/ Jerome J. Brault
                                Jerome J. Brault,
                                 General Partner

                       Exhibit (a)(1)


  June 7, 1999


  Dear Limited Partner, Brauvin Real Estate Fund L. P. 5:

  The General Partners are pleased to submit the Annual Report
  for Brauvin Real Estate Fund L.P. 5 which summarizes the
  activities of the Partnership for the year ended December
  31, 1998.

  In addition, on May 12, 1999, the General Partners received
  an unsolicited tender offer to purchase up to 25% of the
  outstanding Limited Partnership Units of the Partnership for
  $170.00 per Unit.  The offer is being made in part by a
  group that currently owns approximately 7.4% of limited
  economic interest in the Partnership.  You have recently
  received information regarding this offer.

  At this time, the General Partners have not made a decision
  as to the particular merits or risks to you, as a Limited
  Partner, associated with the tender offer.

  Please be advised, however, that as part of the General
  Partners' exploration of liquidation alternatives of the
  Partnership, an appraisal firm engaged by the Partnership,
  Landauer Associates, Inc. ("Landauer") completed appraisals
  of each of the Partnership's properties.  Additionally, the
  Partnership engaged Landauer to assist it in determining the
  appropriate method and timing for the disposition of the
  Partnership's properties.  Based primarily on the
  independent appraisals of the assets, the estimated net
  liquidation value of each Limited Partnership Unit as of
  December 31, 1998 is approximately $329.35 per Unit.  This
  estimate was calculated by adding the appraised value of the
  assets, cash and cash equivalents held by the Partnership,
  and then deducting the current mortgage balances, the
  anticipated selling costs, the other liabilities and the
  estimated wind up costs of the Partnership.  We would like
  to caution that this value per Unit is an estimate, and the
  ultimate amount that you will receive will be affected by
  items including, but not limited to, the timing of
  liquidation of the assets, changes in market conditions,
  necessary Partnership reserves and the sale prices that can
  be negotiated.  The value, therefore, could be more or less
  than that currently estimated.  Please note that this
  estimated amount does not include any prior distributions or
  returns of capital.



  Further, the Partnership recently filed preliminary
  solicitation materials with the Securities and Exchange
  Commission outlining a strategy, developed with Landauer, on
  how to best realize the underlying value of the
  Partnership's assets.  At such time as the regulatory
  agencies have completed their review of these materials, the
  Partnership will seek your vote to allow the Partnership to
  undertake a program to sell the Partnership's properties and
  distribute the net proceeds to you, as a Limited Partner.
  We will keep you advised of our progress.

  You will have to make the determination as to whether to
  wait to received the solicitation materials to understand
  the Partnership's plan for the ultimate liquidation of the
  properties, or sell your interest now at the tender offer
  price.  We do recommend, however, that if you choose to sell
  your interest prior to liquidation, you consider other
  options for sale, including the informal secondary market
  for the Units.  If you would like further details regarding
  the informal secondary market, please consult with your
  broker or registered representative.  Nonetheless, if you
  are primarily interested in liquidating your Units
  immediately, the tender offer gives you this opportunity.
  Additionally, there can be no assurance that a better offer
  for the purchase of your Units may be available now or in
  the future.  Please be advised that by accepting this or any
  other potential tender offer, you will no longer have
  ownership interest in the Partnership's assets; thus, you
  will not share in any potential change in their value.  If
  you choose to pursue the tender offer, payment will come
  directly from the outside group of investors.

  As always, if you have any questions regarding your
  investment, please do not hesitate to contact us.

  Sincerely,

  /s/ Jerome J. Brault

  Jerome J. Brault
  Managing General Partner