AIMCO
                             AIMCO PROPERTIES, L.P.
                    c/o River Oaks Partnership Services, Inc.
                  P.O. Box 2065 S. Hackensack, N.J., 07606-2065
                                 (888) 349-2005

                                  May 24, 2002

                                OFFER TO PURCHASE
                          LIMITED PARTNERSHIP UNITS OF
                      CLASS B LIMITED PARTNERSHIP UNITS OF
                         MULTI-BENEFIT REALTY FUND `87-1
                           FOR $5.00 PER UNIT IN CASH

                              AN IMPORTANT REMINDER
================================================================================

Dear Limited Partner:

         We recently mailed you tender offer documents offering to acquire your
units of limited partnership interest in Class B Limited Partnership Units of
Multi-Benefit Realty Fund `87-1.

         Our offer provides you with an opportunity to gain liquidity for your
investment which you may not have had previously, and to eliminate the cost and
record keeping associated with limited partnership tax reporting. If we purchase
your tendered units, you will receive cash, but you may recognize a gain or loss
for federal income tax purposes. However, you will not receive a K-1 in respect
of your partnership income or loss after the tax year in which your units are
purchased. If you retain your units, you will continue to be a limited partner.
However, you may not be able to liquidate your investment until the partnership
terminates.

         The offer is scheduled to expire on June 11, 2002, unless otherwise
extended. If you have not already done so, please remember, that to accept our
offer the enclosed Acknowledgement and Agreement must be received before the
expiration date of our offer.

         If you have any questions or need assistance in completing the enclosed
Acknowledgment and Agreement, please contact our information agent, River Oaks
Partnership Services, Inc., toll free, at (888) 349-2005.

         IF YOU HAVE ALREADY RESPONDED TO OUR OFFER, PLEASE DISREGARD THIS
LETTER.


                             AIMCO PROPERTIES, L.P.