PRESS RELEASE

FOR IMMEDIATE RELEASE

MAXUS REAL  PROPERTY  INVESTORS  DECLARES  RESULTS  OF  TENDER  OFFER  AND  CASH
DISTRIBUTION TO LIMITED PARTNERS

   Kansas City, Missouri (June 14, 2001) -- Maxus Real Property  Investors-Four,
L.P.,  referred to hereinafter as the  "Partnership,"  announced  today that the
Partnership has redeemed 1,376 limited  partnership  units of the Partnership at
$300 per unit in connection  with its tender offer that expired on June 5, 2001.
As a result,  there are now 12,153  outstanding  limited  partnership units. The
Partnership  has sent checks to each of the  limited  partners  tendering  their
units in payment for the units redeemed.

   The Partnership also announced today that its general partner,  Maxus Capital
Corp.,   a  Missouri   corporation,   pursuant  to  Section   5.1D(vii)  of  the
Partnership's   Amended  and  Restated  Agreement  and  Certificate  of  Limited
Partnership,   as  amended  (the  "Partnership  Agreement"),   declared  a  cash
distribution of $10.00 per limited  partnership  unit. These funds are available
as a result of the  refinancing of Woodhollow  Apartments and as a result of the
Partnership's tender offer not being fully subscribed.  The cash distribution is
being made to the limited  partners  holding units of record as of June 15, 2001
pursuant to Section 8.2.B(i) of the Partnership  Agreement.  The General Partner
anticipates that the cash distribution will be paid on July 10, 2001.

   The Partnership was organized to invest  primarily in  income-producing  real
properties such as shopping  centers,  office  buildings,  and other  commercial
properties,  apartment buildings,  warehouses,  and light industrial properties.
The  Partnership's  portfolio is comprised of an apartment  building  located in
West St. Louis County, Missouri (Woodhollow Apartments).


Contact: Christine A. Robinson
         Maxus Capital Corp.
         104 Armour Road
         North Kansas City, Missouri 64116
         (816) 303-4500
         (816) 221-1829; fax