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<META NAME="_EmailSubject" CONTENT="Form 8-K for Fund V for sale of SBV II">


<META NAME="_AuthorEmail" CONTENT="Wendy.Gill@WellsREF.com">


<META NAME="_AuthorEmailDisplayName" CONTENT="Wendy Gill">


<META NAME="_PreviousAdHocReviewCycleID" CONTENT="996395288">


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<B><FONT SIZE=3><P ALIGN="CENTER">SECURITIES AND EXCHANGE COMMISSION</P>


<P ALIGN="CENTER">WASHINGTON, DC 20549</P>


<P ALIGN="CENTER"></P>


<P ALIGN="CENTER">FORM 8-K</P>


<P ALIGN="CENTER"></P>


<P ALIGN="CENTER">CURRENT REPORT</P>


<P ALIGN="CENTER">PURSUANT TO SECTION 13 OR 15(d) OF THE </P>


<P ALIGN="CENTER">SECURITIES EXCHANGE ACT OF 1934</P>


<P ALIGN="CENTER"></P>


<P ALIGN="CENTER">&nbsp;</P></B></FONT>


<P ALIGN="CENTER"><CENTER><TABLE CELLSPACING=0 BORDER=0 CELLPADDING=7 WIDTH=637>


<TR><TD WIDTH="51%" VALIGN="TOP">


<FONT SIZE=3><P>Date of Report (Date of earliest event reported)</FONT></TD>


<TD WIDTH="49%" VALIGN="TOP">


<U><FONT SIZE=3><P ALIGN="CENTER">April 4, 2005</U></FONT></TD>


</TR>


</TABLE>


</CENTER></P>





<B><FONT SIZE=3><P ALIGN="CENTER"></P>


</B><U><P ALIGN="CENTER">Wells Real Estate Fund V, L.P.&#9;</P>


</U><P ALIGN="CENTER">(Exact Name of Registrant as Specified in Charter)</P>


<B><P ALIGN="CENTER"></P>


<P ALIGN="CENTER">&nbsp;</P></B></FONT>


<P ALIGN="CENTER"><CENTER><TABLE CELLSPACING=0 BORDER=0 CELLPADDING=7 WIDTH=638>


<TR><TD WIDTH="40%" VALIGN="TOP">


<U><FONT SIZE=3><P ALIGN="CENTER">Georgia</U></FONT></TD>


<TD WIDTH="27%" VALIGN="TOP">


<U><FONT SIZE=3><P ALIGN="CENTER">0-21580</U></FONT></TD>


<TD WIDTH="33%" VALIGN="TOP">


<U><FONT SIZE=3><P ALIGN="CENTER">58-1936904</U></FONT></TD>


</TR>


<TR><TD WIDTH="40%" VALIGN="TOP" HEIGHT=5>


<FONT SIZE=3><P ALIGN="CENTER">(State or Other Jurisdiction of Incorporation)</FONT></TD>


<TD WIDTH="27%" VALIGN="TOP" HEIGHT=5>


<FONT SIZE=3><P ALIGN="CENTER">(Commission File Number)</FONT></TD>


<TD WIDTH="33%" VALIGN="TOP" HEIGHT=5>


<FONT SIZE=3><P ALIGN="CENTER">(IRS Employer Identification No.)</FONT></TD>


</TR>


</TABLE>


</CENTER></P>





<B><FONT SIZE=3><P ALIGN="CENTER"></P>


<P ALIGN="CENTER">&nbsp;</P></B></FONT>


<P ALIGN="CENTER"><CENTER><TABLE CELLSPACING=0 BORDER=0 CELLPADDING=7 WIDTH=637>


<TR><TD WIDTH="58%" VALIGN="TOP">


<U><FONT SIZE=3><P ALIGN="CENTER">6200 The Corners Parkway, Norcross, Georgia</U></FONT></TD>


<TD WIDTH="42%" VALIGN="TOP">


<U><FONT SIZE=3><P ALIGN="CENTER">30092-3365</U></FONT></TD>


</TR>


<TR><TD WIDTH="58%" VALIGN="TOP">


<FONT SIZE=3><P ALIGN="CENTER">(Address of Principal Executive Offices)&#9;</FONT></TD>


<TD WIDTH="42%" VALIGN="TOP">


<FONT SIZE=3><P ALIGN="CENTER">(Zip Code)</FONT></TD>


</TR>


</TABLE>


</CENTER></P>





<FONT SIZE=3>


<P ALIGN="CENTER">Registrant's telephone number, including area code: <U>(770) 449-7800</P>


</U>


<P>&nbsp;</P>


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<P ALIGN="CENTER">(Former Name or Former Address, if Changed Since Last Report)</P>


<P ALIGN="CENTER"></P>


<P ALIGN="CENTER">&nbsp;</P>


<P ALIGN="CENTER">&nbsp;</P>


<P>Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):</P>





</FONT><FONT SIZE=2><P ALIGN="CENTER">[]  Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)<BR>


[]  Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)<BR>


[]  Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))<BR>


[]  Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4c))</P>


</FONT><B><P ALIGN="CENTER">INFORMATION TO BE INCLUDED IN THE REPORT</P>


</B><FONT FACE="Century Schoolbook" SIZE=3><P ALIGN="JUSTIFY"></P>


<P ALIGN="JUSTIFY">&nbsp;</P>


</FONT><B><FONT SIZE=3><P ALIGN="JUSTIFY">Item 7.01.&#9;Regulation FD Disclosure</P>


</B><P ALIGN="JUSTIFY"></P>


<P ALIGN="JUSTIFY">On April 4, 2005, the Registrant sent a letter to limited partners providing an update of the Registrant's portfolio. A copy of the letter is attached as Exhibit 99.1 to this Current Report on Form 8-K. Pursuant to the rules and regulations of the Securities and Exchange Commission, such exhibit and the information set forth therein are deemed to have been furnished and shall not be deemed to be &quot;filed&quot; under the Securities Exchange Act of 1934. </P>


</FONT><FONT FACE="Century Schoolbook" SIZE=3>


</FONT><B><FONT SIZE=3><P>Item 9.01.&#9;Financial Statements and Exhibits</P>


</B></FONT>


<TABLE CELLSPACING=0 BORDER=0 CELLPADDING=7 WIDTH=403>


<TR><TD WIDTH="29%" VALIGN="TOP">


<B><FONT SIZE=3><P>Exhibit </P>


<U><P>Number</B></U></FONT></TD>


<TD WIDTH="71%" VALIGN="TOP">


<B><U><FONT SIZE=3>


<P>Exhibit Title</B></U></FONT></TD>


</TR>


<TR><TD WIDTH="29%" VALIGN="TOP">


<FONT SIZE=3><P>99.1</FONT></TD>


<TD WIDTH="71%" VALIGN="TOP">


<FONT SIZE=3><P>Letter to limited partners dated April 4, 2005</FONT></TD>


</TR>


</TABLE>





<FONT SIZE=3>


<P>&nbsp;</P>


<P>&nbsp;</P>


</FONT><FONT FACE="Century Schoolbook" SIZE=3><P>&nbsp;</P>


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<P ALIGN="CENTER">&nbsp;</P><DIR>


<DIR>





<P ALIGN="CENTER">SIGNATURES</P>


</B><P ALIGN="JUSTIFY"></P></DIR>


</DIR>





<P ALIGN="JUSTIFY">&#9;Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this Current Report on Form 8-K to be signed on its behalf by the undersigned hereunto duly authorized.</P>


<P ALIGN="JUSTIFY"></P></FONT>


<P ALIGN="RIGHT"><TABLE CELLSPACING=0 BORDER=0 CELLPADDING=7 WIDTH=590>


<TR><TD WIDTH="46%" VALIGN="TOP">&nbsp;</TD>


<TD WIDTH="54%" VALIGN="TOP">


<FONT SIZE=3><P>WELLS REAL ESTATE FUND V, L.P.<BR>


(Registrant)</FONT></TD>


</TR>


</TABLE>


</P>





<FONT SIZE=3></FONT>


<P ALIGN="RIGHT"><TABLE CELLSPACING=0 BORDER=0 CELLPADDING=7 WIDTH=590>


<TR><TD WIDTH="52%" VALIGN="TOP">


<FONT SIZE=3><P ALIGN="RIGHT">By:</FONT></TD>


<TD WIDTH="48%" VALIGN="TOP">


<FONT SIZE=3><P>WELLS PARTNERS, L.P.<BR>


General Partner</FONT></TD>


</TR>


</TABLE>


</P>





<FONT SIZE=3></FONT>


<P ALIGN="RIGHT"><TABLE CELLSPACING=0 BORDER=0 CELLPADDING=7 WIDTH=590>


<TR><TD WIDTH="58%" VALIGN="TOP">


<FONT SIZE=3><P ALIGN="RIGHT">By:</FONT></TD>


<TD WIDTH="42%" VALIGN="TOP">


<FONT SIZE=3><P>WELLS CAPITAL, INC.<BR>


General Partner</FONT></TD>


</TR>


</TABLE>


</P>





<FONT SIZE=3></FONT>


<P ALIGN="RIGHT"><TABLE CELLSPACING=0 BORDER=0 CELLPADDING=7 WIDTH=590>


<TR><TD WIDTH="64%" VALIGN="TOP">


<FONT SIZE=3><P ALIGN="RIGHT">By:</FONT></TD>


<TD WIDTH="36%" VALIGN="TOP">


<U><FONT SIZE=3><P>/s/ Leo F. Wells, III<BR>


</U>Leo F. Wells, III<BR>


President</FONT></TD>


</TR>


</TABLE>


</P>





<FONT SIZE=3><P ALIGN="JUSTIFY"></P>


<P ALIGN="JUSTIFY">Date:  April 6, 2005</P>





<P>&nbsp;</P>


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</FONT><B><U><FONT SIZE=3><P>Exhibit Index</P>


</B></U></FONT><FONT FACE="Century Schoolbook"><P ALIGN="CENTER"></P>


<P ALIGN="CENTER">&nbsp;</P></FONT>


<TABLE CELLSPACING=0 BORDER=0 CELLPADDING=7 WIDTH=403>


<TR><TD WIDTH="29%" VALIGN="TOP">


<B><FONT SIZE=3><P>Exhibit </P>


<U><P>Number</B></U></FONT></TD>


<TD WIDTH="71%" VALIGN="TOP">


<B><U><FONT SIZE=3>


<P>Exhibit Title</B></U></FONT></TD>


</TR>


<TR><TD WIDTH="29%" VALIGN="TOP">


<FONT SIZE=3><P>99.1</FONT></TD>


<TD WIDTH="71%" VALIGN="TOP">


<FONT SIZE=3><P>Letter to limited partners dated April 4, 2005</FONT></TD>


</TR>


</TABLE>





<FONT FACE="Century Schoolbook"><P ALIGN="CENTER"></P>


<P ALIGN="CENTER">&nbsp;</P></FONT></BODY>


</HTML>
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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported)
April 4, 2005
Wells Real Estate Fund V, L.P.
(Exact Name of Registrant as Specified in Charter)
Georgia
0-21580
58-1936904
(State or Other Jurisdiction of Incorporation)
(Commission File Number)
(IRS Employer Identification No.)
6200 The Corners Parkway, Norcross, Georgia
30092-3365
(Address of Principal Executive Offices)
(Zip Code)
Registrant's telephone number, including area code:
(770) 449-7800
(Former Name or Former Address, if Changed Since Last Report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
[]  Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
[]  Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
[]  Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
[]  Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4c))
INFORMATION TO BE INCLUDED IN THE REPORT
Item 7.01.	Regulation FD Disclosure
On April 4, 2005, the Registrant sent a letter to limited partners providing an update of the Registrant's portfolio. A copy of the letter is attached as Exhibit 99.1 to this Current Report on Form 8-K. Pursuant to the rules and regulations of the Securities and Exchange Commission, such exhibit and the information set forth therein are deemed to have been furnished and shall not be deemed to be "filed" under the Securities Exchange Act of 1934.
Item 9.01.	Financial Statements and Exhibits
Exhibit
Number
Exhibit Title
99.1
Letter to limited partners dated April 4, 2005
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this Current Report on Form 8-K to be signed on its behalf by the undersigned hereunto duly authorized.
WELLS REAL ESTATE FUND V, L.P.
(Registrant)
By:
WELLS PARTNERS, L.P.
General Partner
By:
WELLS CAPITAL, INC.
General Partner
By:
/s/ Leo F. Wells, III
Leo F. Wells, III
President
Date:  April 6, 2005
Exhibit Index
Exhibit
Number
Exhibit Title
99.1
Letter to limited partners dated April 4, 2005