SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 14A INFORMATION
Proxy Statement Pursuant to Section 14(a) of the Securities Exchange Act of 1934
Filed by the Registrant [X]
Filed by a Party other than the Registrant [ ]
Check the appropriate box:
[ ] Preliminary Proxy Statement
[ ] Confidential, for Use of the Commission Only (as permitted by Rule
14a-6(e)(2)) [ ] Definitive Proxy Statement [X] Definitive Additional Materials
[ ] Soliciting Material Pursuant to ss. 240.14a-11(c) or ss. 240.14a-12
..................CENTURY HILLCRESTE APARTMENT INVESTORS, L.P..................
(Name of registrant as specified in its charter)
...............................................................................
(Name of person(s) filing proxy statement if other than the registrant)
Payment of Filing Fee (Check the appropriate box):
[X] No fee required
[ ] Fee computed on table below per Exchange Act Rules 14a-6(i)(4) and 0-11.
1) Title of each class of securities to which transaction applies:
. . . . . . . . . ...............................................
2) Aggregate number of securities to which transaction applies:
. . . . . . . . . ...............................................
3) Per unit price or other underlying value of transaction computed
pursuant to Exchange Act Rule 0-11 (Set forth the amount on which
the filing fee is calculated and state how it was determined):
. . . . . . . . . ...............................................
4) Proposed maximum aggregate value of transaction:
. . . . . . . . . ...............................................
5) Total fee paid:
. . . . . . . . . ...............................................
[ ] Fee paid previously with preliminary materials.
[ ] Check box if any part of the fee is offset as provided by Exchange Act
Rule 0-11-(a)(2) and identify the filing for which the offsetting fee was
paid previously. Identify the previous filing by registration statement
number, or the Form or Schedule and the date of its filing.
1) Amount Previously Paid:
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4) Date Filed:
<PAGE>
CENTURY HILLCRESTE APARTMENT INVESTORS, L.P.
9090 Wilshire Boulevard, Suite 201
Beverly Hills, California 90211
August 14, 1998
IMPORTANT REMINDER
Dear Unitholder:
Your vote has not yet been received in the consent solicitation regarding the
sale of the Century HillCreste Apartment Associates, L.P.'s apartment complex in
West Los Angeles. Your vote is important. We urge you not to fail to vote on
this important matter since the outcome will impact all unitholders.
You may mail your consent in the enclosed postage paid envelope or fax your vote
back to the partnership's transfer agent and tabulator, Gemisys, at (303)
705-6171.
A few facts to bear in mind when reviewing the Consent materials:
The proceeds of the proposed sale combined with the available cash of the
partnership would result in a cash distribution to the unitholders of
approximately $8.46 per unit, an amount which is estimated to be
sufficient to cover taxes that would be due in connection with the sale
(please see Consent Statement and consult your tax advisor).
One of the Partnership's original objectives was to dispose of the Property
within five to eleven years after completion of construction. The Sale
would allow the Partnership to meet this objective.
The purchase price of $58,500,000, as detailed in the Consent Statement, is
16% higher than the independently appraised value of the property as of
March 31, 1998, and is equal to the highest offer received from a third
party for the property.
No trading market for the partnership units exists or is anticipated to develop.
<PAGE>
Complete information regarding the sale of the property is contained in the
Consent Statement previously sent to you. If you need another copy of the
Consent Statement or have any questions, please contact MacKenzie Partners,
Inc., which is assisting us with the solicitation of consents, at (800) 322-2885
Toll-free or (212) 929-5500 Collect.
Very truly yours,
National Partnership Investments Corp.
