Exhibit (a)(3)






November 2, 2007

TO:         UNIT HOLDERS OF RIVERSIDE PARK ASSOCIATES, LP

SUBJECT:    OFFER TO PURCHASE UNITS

Dear Unit Holder:

As described in the enclosed Offer to Purchase and related Letters of
Transmittal (the "Offer") the Purchasers named in the attached Offer
(collectively the "Purchasers") are offering to purchase up to 113.2 Units of
limited partnership interest (the "Units") in RIVERSIDE PARK ASSOCIATES, LP (the
"Partnership") at a purchase price equal to:

                                $70,000 per Unit
                                ----------------

The Offer will provide you with an opportunity to liquidate all, or a portion
of, your investment in RIVERSIDE PARK ASSOCIATES, LP without the usual
transaction costs associated with market sales or partnership transfer fees.
Reasons you may wish to sell your Units include:

o    HIGHEST  OFFER PRICE!  Our offer is over $5,500 per Unit,  or 8.65% higher,
     than  AIMCO's  offer!  AIMCO is  currently  offering to purchase  units for
     $64,429 per Unit.

o    PARTNERSHIP GOING PRIVATE.  AIMCO's offer will result in the deregistration
     of the  Units;  thus,  soon  this  Partnership  will no  longer be a public
     reporting company,  meaning information about the Partnership may be harder
     to obtain.

o    UNCERTAINTY  OF  PARTNERSHIP  TERMINATION.  Our offer provides you with the
     opportunity  to receive a  guaranteed  amount of money in a specified  time
     period.  The general  partner has given no indication  when the partnership
     will be  liquidating.  The Partnership  term extends  through  December 31,
     2035!

o    NO DISTRIBUTIONS. The Partnership has paid no distributions since 2004! The
     Partnership has stated that "In light of the amounts accrued and payable to
     affiliates  of the  General  Partner at June 30,  2007 and the  significant
     redevelopment  project at the property,  there can be no assurance that the
     Partnership will generate sufficient funds from operations,  after required
     capital  expenditures,  to permit any  distributions to its partners during
     the remainder of 2007 or subsequent periods."

o    ILLIQUIDITY OF UNITS. The relative  illiquidity of the Units resulting from
     the absence of a formal trading market makes the Units difficult to sell.

o    NO  FUTURE  IRS  FILING  REQUIREMENTS.  The tax year in which you sell your
     Units will be the final year for which you will be  obligated to file a K-1
     for the Partnership with your tax return. This may represent a reduction in
     costs associated with filing complicated tax returns. Your decision to sell
     may have other  favorable or  unfavorable  tax  consequences  and potential
     sellers should consult their individual tax advisers.

After carefully reading the enclosed Offer, if you elect to tender your Units,
mail (using the enclosed pre-addressed, postage paid envelope) or fax (then
mail) a duly completed and executed copy of the Letter of Transmittal (printed
on pink 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, LP
                  1640 School Street, Moraga, California 94556
                            Facsimile: (925) 631-9119

If you have any questions or need assistance, please call the Depositary at
800-854-8357. This Offer expires (unless extended) December 14, 2007.