Everest Properties
155 N. Lake Avenue
Suite 1000
Pasadena, CA 91101
Tel: (626)585-5920
FAx: (626)585-5929


March 29, 2004


TO HOLDERS OF UNITS OF
Maxus Real Property Investors-Four, L.P.

     Re: Offer to Purchase Units for $500 Per Unit

Dear Unit Holder:

     Enclosed  is an OFFER TO  PURCHASE  up to 570 Units of limited  partnership
interests in Maxus Real Property  Investors-Four,  L.P. (the "Partnership") at a
cash  purchase  price of $500 per Unit,  without  interest,  less the  amount of
distributions made to you after the date of the Offer and less any transfer fees
imposed by the Partnership for each transfer,  which the Partnership  advises us
are $150 per transfer (regardless of the number of units transferred).

     Please consider the following points, which are discussed in greater detail
in the accompanying  Offer to Purchase:

     o    The  Offer  is $100  per  Unit  (25%)  more  than  the  highest  prior
          third-party offer for Units of which Purchaser is aware, made July 10,
          2001.

     o    The Offer is $50 per Unit  (11%)  more than the last offer made by the
          Partnership,  an odd-lot  tender  made  November  25,  2003,  although
          transfer fees were not deducted in such offer.

     o    The Units are illiquid - no trades of Partnership  interests have been
          reported over the last 12 months,  according to Partnership  Spectrum,
          an independent industry publication.  The Offer allows Unit Holders to
          dispose  of  their  Units  without  incurring  the  sales  commissions
          (typically up to 8% with a minimum of $150-$200) associated with sales
          arranged through brokers or other intermediaries.

     o    The Partnership will not be required to terminate before 2082,  unless
          a majority of the limited partners  approve an earlier  dissolution or
          an event  occurs that would  require a  dissolution,  according to the
          Partnership's limited partnership agreement.

     We urge you to read the Offer to  Purchase  completely  and to return  your
completed  Agreement of Transfer and Letter of Transmittal  promptly (blue form)
in the envelope provided.

     The Offer is  scheduled  to expire on April 27,  2004.  For  answers to any
questions you might have regarding  these  materials or our Offer, or assistance
in the  procedures  for  accepting our Offer and  tendering  your Units,  please
contact us at (800) 611-4613 (toll free).

                                            Very truly yours,

                                            EVEREST PROPERTIES II, LLC