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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">October 26, 2004</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 Jursidiction 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>


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


<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>[]  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>


<B>


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


<P ALIGN="JUSTIFY">Item 1.01.  Entry into a Material Definitive Agreement</P>


</B><FONT COLOR="#ff0000"><P ALIGN="JUSTIFY"></P>


</FONT><B><P ALIGN="JUSTIFY">Marathon Building</P>


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


</B><P ALIGN="JUSTIFY">On October 26, 2004, Fund V, Fund VI and Fund VII Associates (&quot;Fund V-VI-VII Associates&quot;), a joint venture between Wells Real Estate Fund V, L.P. (the &quot;Registrant&quot;), Wells Real Estate Fund VI, L.P., and Wells Real Estate Fund VII, L.P., entered into a purchase and sale agreement (the &quot;Agreement&quot;) to sell an office building containing approximately 76,000 square feet located in Appleton, Wisconsin (the &quot;Marathon Building&quot;) for a gross sales price of $10,250,000, excluding closing costs, to an unaffiliated third party.  The effective date of the Agreement is October 21, 2004.  The Registrant holds an equity interest of approximately 16.46% in Fund V-VI-VII Associates.  The Marathon Building is 100% owned by Fund V-VI-VII Associates.  The Registrant expects the closing of this transaction to occur during the fourth quarter of 2004.  The completion of this transaction is currently subject to, among other things, a due diligence period expiring on November 12, 2004.  Accordingly, there are no assurances that this sale will be completed.</P>


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


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


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


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


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


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


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


<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>








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


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


<P ALIGN="RIGHT">By:</TD>


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


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


General Partner</FONT></TD>


</TR>


</TABLE>


</P>








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


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


<P ALIGN="RIGHT">By:</TD>


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


<FONT SIZE=3><P>Wells Capital, Inc.<BR>


General Partner</FONT></TD>


</TR>


</TABLE>


</P>








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


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


<P ALIGN="RIGHT">By:</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>&nbsp;</P>


<P ALIGN="JUSTIFY">Date:  November 1, 2004</P>





<P>&nbsp;</P>


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


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{"company-data": {"conformed-name": "WELLS REAL ESTATE FUND V L P", "cik": "0000869713", "assigned-sic": "6500", "irs-number": "581936904", "state-of-incorporation": "GA", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "000-21580", "film-number": "041111310"}, "business-address": {"street1": "3885 HOLCOMB BRIDGE RD", "city": "NORCROSS", "state": "GA", "zip": "30092", "phone": "4044497800"}, "mail-address": {"street1": "3885 HOLCOMB BRIDGE ROAD", "city": "NORCROSS", "state": "GA", "zip": "30092"}}
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)
October 26, 2004
Wells Real Estate Fund V, L.P.
(Exact Name of Registrant as Specified in Charter)
Georgia
0-21580
58-1936904
(State or Other Jursidiction 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))
Item 1.01.  Entry into a Material Definitive Agreement
Marathon Building
On October 26, 2004, Fund V, Fund VI and Fund VII Associates ("Fund V-VI-VII Associates"), a joint venture between Wells Real Estate Fund V, L.P. (the "Registrant"), Wells Real Estate Fund VI, L.P., and Wells Real Estate Fund VII, L.P., entered into a purchase and sale agreement (the "Agreement") to sell an office building containing approximately 76,000 square feet located in Appleton, Wisconsin (the "Marathon Building") for a gross sales price of $10,250,000, excluding closing costs, to an unaffiliated third party.  The effective date of the Agreement is October 21, 2004.  The Registrant holds an equity interest of approximately 16.46% in Fund V-VI-VII Associates.  The Marathon Building is 100% owned by Fund V-VI-VII Associates.  The Registrant expects the closing of this transaction to occur during the fourth quarter of 2004.  The completion of this transaction is currently subject to, among other things, a due diligence period expiring on November 12, 2004.  Accordingly, there are no assurances that this sale will be completed.
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:  November 1, 2004