SECURITIES AND EXCHANGE COMMISSION
                              WASHINGTON, DC 20549
                                 --------------

                                   SCHEDULE TO
                                (Amendment No. 7)

            TENDER OFFER STATEMENT UNDER SECTION 14(d)(1) OR 13(e)(1)
                     OF THE SECURITIES EXCHANGE ACT OF 1934

                         AMERICAN REPUBLIC REALTY FUND I
- --------------------------------------------------------------------------------
                       (Name of Subject Company [Issuer])

                      Everest Properties II, LLC (offeror)
- --------------------------------------------------------------------------------
                                (Filing Persons)

                      Units of Limited Partnership Interest
- --------------------------------------------------------------------------------
                         (Title of Class of Securities)

                                      None
- --------------------------------------------------------------------------------
                      (CUSIP Number of Class of Securities)

                              Christopher K. Davis
- --------------------------------------------------------------------------------
                           Everest Properties II, LLC
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                          155 N. Lake Ave., Suite 1000
                               Pasadena, CA 91101
                            Telephone (626) 585-5920
                  (Name, Address and Telephone Number of Person
  Authorized to Receive Notices and Communications on Behalf of Filing Persons)

                            CALCULATION OF FILING FEE
- --------------------------------------------------------------------------------
  Transaction Valuation: $192,500 (1)      Amount of Filing Fee: $24.39 (2)
- --------------------------------------------------------------------------------
(1) Calculated as the product of the number of Units on which the Offer is made
    and the gross cash price per Unit.
(2) Already paid.
[ ] Check box if any part
    of the fee is offset as provided by Rule 0-11(a)(2) and identify the filing
    with which the offsetting fee was previously paid.  Identify the previous
    filing by registration statement number, or the Form or Schedule and the
    date of its filing.

    Amount previously paid:  Not Applicable    Filing party:  Not Applicable
    Form or registration no.:  Not Applicable  Date filed:  Not Applicable

[ ] Check box if the filing relates solely to preliminary communications made
    before the commencement of a tender offer. Check the appropriate boxes
    below to designate any transactions to which the statement relates:
    [X] third-party tender offer subject to Rule 14d-1.
    [ ] issuer tender offer subject to Rule 13e-4.
    [ ] going-private transaction subject to Rule 13e-3.
    [ ] amendment to Schedule 13D under Rule 13d-2.
    Check the following box if the filing is a final amendment reporting the
    results of the tender offer: [X]





     This Amendment No. 7 amends and  supplements  the Tender Offer Statement on
Schedule TO (the "Schedule  TO") filed by Everest  Properties II, LLC ("Everest"
or the "Purchaser"),  a California limited liability company,  to purchase up to
1,100 units  ("Units") of limited  partnership  interests  in AMERICAN  REPUBLIC
REALTY FUND I (the "Partnership"),  as set forth in the Schedule TO. Capitalized
terms used but not defined herein have the meaning ascribed to them in the Offer
to Purchase filed as Exhibit 12.1 to the Schedule TO (the "Offer to Purchase").


ITEM 8. INTEREST IN SECURITIES OF THE SUBJECT COMPANY.

     Item 8 is hereby supplemented as follows:

     The Offer expired  pursuant to its terms at 5:00 p.m., Los Angeles time, on
August 11, 2004. The Purchaser received 472 Units that were validly tendered and
not withdrawn, all of which were accepted for payment. As a result of the Offer,
the Purchaser will own approximately 472 Units (4.3%). Everest Management,  LLC,
an affiliate of Purchaser, owns 663 Units or approximately 6%.

                                    SIGNATURE

     After due inquiry  and to the best of my  knowledge  and belief,  I certify
that the information set forth in this statement is true, complete and correct.

Dated:  September 13, 2004



                                         EVEREST PROPERTIES II, LLC


                                         By: /S/ DAVID I. LESSER
                                             ------------------------
                                             David I. Lesser
                                             Executive Vice President