<?xml version="1.0"?>
<ownershipDocument>

    <schemaVersion>X0202</schemaVersion>

    <documentType>3</documentType>

    <periodOfReport>2005-05-31</periodOfReport>

    <noSecuritiesOwned>1</noSecuritiesOwned>

    <issuer>
        <issuerCik>0000869713</issuerCik>
        <issuerName>WELLS REAL ESTATE FUND V L P</issuerName>
        <issuerTradingSymbol>n/a</issuerTradingSymbol>
    </issuer>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001327008</rptOwnerCik>
            <rptOwnerName>Bowers Robert E</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>WELLS REAL ESTATE</rptOwnerStreet1>
            <rptOwnerStreet2>6200 THE CORNERS PARKWAY</rptOwnerStreet2>
            <rptOwnerCity>NORCROSS</rptOwnerCity>
            <rptOwnerState>GA</rptOwnerState>
            <rptOwnerZipCode>30092</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>0</isDirector>
            <isOfficer>1</isOfficer>
            <isTenPercentOwner>0</isTenPercentOwner>
            <isOther>0</isOther>
            <officerTitle>Senior Vice President</officerTitle>
        </reportingOwnerRelationship>
    </reportingOwner>

    <ownerSignature>
        <signatureName>Douglas P. Williams, Attorney in Fact</signatureName>
        <signatureDate>2005-06-02</signatureDate>
    </ownerSignature>
</ownershipDocument>
