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EXHIBIT (a)
AIMCO
AIMCO/BETHESDA HOLDINGS ACQUISITIONS, INC.
c/o River Oaks Partnership Services, Inc.
P.O. Box 2065
S. Hackensack, N.J., 07606-2065
(888) 349-2005
November 8, 2000
To Holders of Assignee Units ("Units") of Limited Partnership of Oxford
Residential Properties I Limited Partnership:
We recently mailed you tender offer documents offering to acquire your
Units in OXFORD RESIDENTIAL PROPERTIES I LIMITED PARTNERSHIP FOR $845 IN CASH.
As you know, our affiliates recently acquired interests in certain entities
affiliated with Oxford Realty Financial Group, Inc. and now control the managing
general partner of your partnership. OUR OFFER PRICE IS AT LEAST EQUAL TO THE
REAL ESTATE VALUES FOR YOUR PARTNERSHIP USED IN SUCH TRANSACTIONS.
On September 28, 2000, we purchased 1,033 Units at a price of $845 per Unit
from MacKenzie Patterson, Inc. and certain of its affiliates, all unaffiliated
third parties. As a result of this transaction, the MacKenzie entities
terminated their previously announced offer to purchase up to 8,000 Units at a
price of $650 per Unit, and certain of our affiliates currently own
approximately 25.05% of the outstanding Units. Based on information provided by
the Information Agent for our offer, as of the close of business on November 7,
2000, approximately 3,762 units had been tendered pursuant to our offer. When we
purchase such units, we and our affiliates will own in the aggregate
approximately 40.63% of the outstanding Units.
WE HAVE EXTENDED THE TERM OF OUR OFFER TO GIVE UNITHOLDERS WHO HAVE NOT YET
TENDERED THEIR UNITS THE OPPORTUNITY TO TENDER THEIR UNITS TO US. The offer was
scheduled to expire on November 7, 2000, but has been extended to 5:00 p.m. on
MONDAY, NOVEMBER 27, 2000. If you have not already done so, please remember that
to accept our offer, you must complete and return the enclosed Acknowledgement
and Agreement in time for us to receive it on or before November 27, 2000.
If you tender all of your units, you will avoid receiving the related Form
K-1s for 2001 and being required to include that information in your 2001 tax
return. The sale would be a taxable sale, with the result that you would
recognize gain or loss measured by the difference between the amount realized on
the sale and the adjusted tax basis in your units. You should consult with your
tax advisor regarding the tax impact of tendering units in this offer.
The managing general partner of your partnership is our affiliate. Such
general partner has indicated to us that it is remaining neutral and making no
recommendation as to whether you should tender your units in response to our
offer. Our offer is subject to the terms and conditions set forth in the Offer
to Purchase dated October 10, 2000. PLEASE READ THE OFFER TO PURCHASE IN ITS
ENTIRETY BEFORE DECIDING WHETHER TO TENDER YOUR UNITS.
You should be aware, however, that, as with any rational investment
decision, we are making our offer with a view toward making a profit. No
independent person has been retained to evaluate or render any opinion with
respect to the fairness of our offer, and no representation is made by any of
our affiliates as to such fairness.
If you have any questions or need assistance in completing the enclosed
Acknowledgement and Agreement, please contact our information agent, River Oaks
Partnership Services, Inc., toll free, at (888) 349-2005.
IF YOU HAVE ALREADY RESPONDED TO OUR OFFER, PLEASE DISREGARD THIS LETTER.
AIMCO/BETHESDA HOLDINGS ACQUISITIONS, INC.
