Exhibit (a)(3)




May 8, 2007

TO:         UNIT HOLDERS OF CENTURY PROPERTIES FUND XV

SUBJECT:    OFFER TO PURCHASE UNITS

Dear Unit Holder:

As  described  in  the  enclosed  Offer  to  Purchase  and  related  Letters  of
Transmittal   (the  "Offer")  the   Purchasers   named  in  the  attached  Offer
(collectively  the  "Purchasers") are offering to purchase up to 32,000 Units of
limited  partnership  interest (the "Units") in CENTURY  PROPERTIES FUND XV (the
"Partnership") at a purchase price equal to:

                                  $110 per Unit
                                  -------------

The Offer will provide you with an  opportunity  to liquidate  all, or a portion
of, your investment in CENTURY  PROPERTIES FUND XV without the usual transaction
costs associated with market sales or partnership transfer fees. Reasons you may
wish to sell your Units include:

     o    HIGHEST OFFER PRICE YET. This offer is 22% HIGHER than what Affiliates
          of the Purchasers offered in August of 2006.

     o    NO DISTRIBUTIONS SINCE 2002. The Partnership has paid no distributions
          to limited  partners  since 2002,  and it states that "there can be no
          assurance that the  Partnership  will generate  sufficient  funds from
          operations after required capital expenditures to permit distributions
          to its partners in 2007 or subsequent periods. (emphasis added).

     o    UNCERTAINTY  OF PARTNERSHIP  TERMINATION.  Our offer provides you with
          the opportunity to receive a guaranteed amount of money in a specified
          time  period.  The general  partner has given no  indication  when the
          partnership will be liquidating,  and the  Partnership's  term extends
          through December 31, 2020. Therefore,  investors may not see liquidity
          for some time.

     o    ILLIQUIDITY OF UNITS. The relative  illiquidity of the Units resulting
          from the absence of a formal trading market makes the Units  difficult
          to sell.

     o    NO FUTURE IRS FILING REQUIREMENTS. The tax year in which you sell your
          Units will be the final year for which you will be obligated to file a
          K-1 for the  Partnership  with your tax return.  This may  represent a
          reduction in costs  associated  with filing  complicated  tax returns.
          Your  decision to sell may have other  favorable  or  unfavorable  tax
          consequences and potential sellers should consult their individual tax
          advisers.

     o    ELIMINATION  OF RETIREMENT  ACCOUNT FEES. If you sell your Units,  you
          may avoid  incurring  fees for having this  investment  in your IRA or
          retirement account. Because many custodians have transfer restrictions
          against  limited  partnership  units  or  charge  additional  fees for
          holding this type of asset,  many investors are faced with the task of
          searching for a way to avoid these fees. Once our cash payment is sent
          directly to your retirement account,  you are free to consolidate your
          retirement  accounts or transfer the funds to a custodian  that offers
          lower fees.


After  carefully  reading the enclosed Offer, if you elect to tender your Units,
mail (using the  enclosed  pre-addressed,  postage  paid  envelope) or fax (then
mail) a duly completed and executed copy of the Letter of  Transmittal  (printed
on pink paper) and change of address forms, and any other documents  required by
the Letter of Transmittal, to the Depositary for the Offer at:

                         MacKenzie Patterson Fuller, LP
                  1640 School Street, Moraga, California 94556
                            Facsimile: (925) 631-9119

If you have any  questions or need  assistance,  please call the  Depositary  at
800-854-8357.

This Offer expires (unless extended) June 7, 2007.