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


                                October 11, 2002


Dear Limited Partner:

         You should have already received the tender offer documents, including
the Offer to Purchase dated September 16, 2002, we recently mailed you offering
to acquire your units of limited partnership interest in REAL ESTATE ASSOCIATES
LIMITED. The offer was originally scheduled to expire on October 11, 2002. BY
THIS LETTER, WE ARE NOTIFYING YOU THAT WE HAVE EXTENDED THE TENDER OFFER UNTIL
MIDNIGHT, NEW YORK TIME, ON OCTOBER 31, 2002. As of October 9, 2002, 1,005
units, or 6.03%, had been tendered to us in response to this offer.

         Our offer provides you with an opportunity to gain liquidity for your
investment 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.

         If you have not already done so, please remember, that to accept our
offer the enclosed Acknowledgement and Agreement must be received before October
31, 2002.

         If you have any questions or need assistance in completing the enclosed
Acknowledgement 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.


                     THE INFORMATION AGENT FOR THE OFFER IS:

                      RIVER OAKS PARTNERSHIP SERVICES, INC.



               By Mail:                          By Overnight Courier:                        By Hand:
                                                                             
             P.O. Box 2065                         111 Commerce Road                      111 Commerce Road
    S. Hackensack, N.J. 07606-2065               Carlstadt, N.J. 07072                  Carlstadt, N.J. 07072
                                              Attn.: Reorganization Dept.            Attn.: Reorganization Dept.

                                             For information, please call:

       Toll Free (888) 349-2005                                                     Via Facsimile: (201) 460-2889