Exhibit (a)(3)


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August 19, 2005

TO:      UNIT HOLDERS OF HCW PENSION REAL ESTATE FUND LIMITED PARTNERSHIP

SUBJECT: OFFER TO PURCHASE UNITS

Dear Unit Holder:

As  described  in  the  enclosed  Offer  to  Purchase  and  related  Letters  of
Transmittal  (the  "Offer") MPF DEWAAY FUND 2, LLC; MPF INCOME FUND 22, LLC; MPF
INCOME FUND 16, LLC;  SCM  SPECIAL  FUND,  LLC;  SUTTER  OPPORTUNITY  FUND 3 TAX
EXEMPT,  LLC; SUTTER OPPORTUNITY FUND 3, LLC; MPF-NY 2005, LLC; MORAGA GOLD, LLC
(collectively  the  "Purchasers")  are offering to purchase up to 3,000 Units of
limited  partnership  interest  (the  "Units") in HCW  PENSION  REAL ESTATE FUND
LIMITED PARTNERSHIP (the "Partnership") at a purchase price equal to:

                                  $300 per Unit

The Offer will provide you with an  opportunity  to liquidate  all, or a portion
of, your investment in HCW PENSION REAL ESTATE FUND LIMITED  PARTNERSHIP without
the usual transaction costs associated with market sales or partnership transfer
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 a duly
completed  and  executed  copy of the Letter of  Transmittal  (printed  on green
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, Inc.
                               1640 School Street
                            Moraga, California 94556
                            Facsimile: (925) 631-9119

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

This Offer expires (unless extended) September 30, 2005


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