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                        HIGHEST OFFER FOR RIVERSIDE PARK

      AIMCO PROPERTIES, L.P. IS NOW OFFERING $42,000 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 27, 2000

Dear Limited Partner:

         We are now to offer to purchase units in your Partnership, Riverside
Park Associates Limited Partnership for $42,000 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 $1,000 HIGHER than the price that has recently
been offered by any other party. 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 Offer to
Purchase, dated May 15, 2000, Supplements, dated June 14, 2000 and June 23,
2000, and the enclosed Supplement, dated June 27, 2000, all of 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


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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 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 SUPPLEMENTS
THERETO 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 July 10, 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 July 10, 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.