1
        AIMCO PROPERTIES, L.P. IS OFFERING $38,250 PER UNIT WHICH IS THE
           HIGHEST PRICE CURRENTLY BEING OFFERED TO PURCHASE UNITS OF
                         LIMITED PARTNERSHIP INTEREST OF
                  RIVERSIDE PARK ASSOCIATES LIMITED PARTNERSHIP

                             -----------------------

                                      AIMCO
                    C/O RIVER OAKS PARTNERSHIP SERVICES, INC.
                                  P.O. BOX 2065
                     SOUTH HACKENSACK, NEW JERSEY 07606-2065
                        (888) 349-2005 OR (201) 896-1900

                                  June 14, 2000

Dear Limited Partner:

         Enclosed is a Supplement to our Offer to Purchase units in your
Partnership, Riverside Park Associates Limited Partnership, increasing our offer
price to $38,250 per unit. Subject to the terms of the offer, we are offering to
purchase any and all of the units in your partnership. Our offer price is $250
HIGHER than the price that has recently been offered by any unaffiliated third
parties. IF IT IS LIQUIDITY YOU DESIRE, OUR OFFER PROVIDES YOU WITH THE GREATEST
PURCHASE PRICE CURRENTLY BEING OFFERED.

         We are offering to purchase more Units than the unaffiliated third
parties are currently offering to purchase. OUR OFFER PROVIDES YOU WITH THE
GREATEST CHANCE TO RECEIVE THE HIGHEST PURCHASE PRICE CURRENTLY BEING OFFERED
FOR THE GREATEST NUMBER OF UNITS.

         There are advantages and disadvantages to you of accepting or declining
our offer. The terms of the offer are more fully described in the enclosed
materials, which you should read carefully. These documents describe the
material risks and opportunities associated with the offer, including certain
tax considerations. The general partner of the Partnership is our affiliate. The
general partner of your partnership makes no recommendation as to whether you
should tender or refrain from tendering your units in any offer. Although the
general partner believes the offer of AIMCO Properties, L.P. is fair, the
general partner also believes that you must make your own decision whether or
not to participate in any offer, based upon a number of factors, including
several factors that may be personal to you, such as your financial position,
your need or desire for liquidity, your preferences regarding the timing of when
you might wish to sell your units, other financial opportunities available to
you, and your tax position and the tax consequences to you of selling your


   2


units. However, the general partner notes that the our offer is currently at the
highest price of the offers and if you wish to sell your units for cash, you
should do so at the highest price. Therefore, the general partner recommends
against tendering in the unaffiliated third parties' offer. LIMITED PARTNERS ARE
URGED TO READ OUR OFFER TO PURCHASE, THE SUPPLEMENT AND THE RELATED MATERIALS
CAREFULLY AND IN THEIR ENTIRETY BEFORE DECIDING WHETHER TO TENDER THEIR UNITS.

         You should be aware, however, that, as with any rational investment
decision, we are making our offer with a view to making a profit.

         Our offer will expire on June 28, 2000, unless otherwise extended. If
you have not already sent in your Letter of Transmittal to accept our offer,
please remember, the enclosed letter of Transmittal must be received on or
before June 28, 2000. If you have any questions concerning the terms of the
offer, or need assistance in completing the forms necessary to tender your
units, please contact our Information Agent, River Oaks Partnership Services,
Inc., toll free at (888) 349-2005.

                                         Very truly yours,



                                         AIMCO PROPERTIES, L.P.





                                        2