Exhibit (a)(5)





June 7, 2007

TO:          UNIT HOLDERS OF CENTURY PROPERTIES FUND XV

SUBJECT:     OFFER TO PURCHASE UNITS

Dear Unit Holder:

We are extending the Offer to Purchase and related Letters of Transmittal sent
to you on May 8, 2007, (the "Offer"), which was made by the Purchasers
identified in the Offer. The Purchasers are offering to purchase up to 20,000
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.


The Purchasers are extending the Expiration Date to June 21, 2007. You can view
the amended Offer materials at www.mpfi.com (Click on MPF Tenders). If you
already completed and sent a Letter of Transmittal to the Depositary, you need
not send another, you will automatically receive the higher price. Please note
that a Medallion Guarantee is not required.

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 21, 2007.