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Exhibit (a)(1)
INVESTORS FIRST-STAGED EQUITY
1873 South Bellaire Street, 17th Floor
Denver, Colorado 80222
May 13, 1999
Dear Limited Partner:
Enclosed is the Schedule 14D-9 which was filed by Investors First
Staged Equity (the "Partnership") with the Securities and Exchange Commission in
connection with an offer by AIMCO Properties, L.P., a Delaware limited
partnership (the "AIMCO Operating Partnership"), to purchase units of limited
partnership interest in the Partnership.
The Partnership's general partner, VMS Realty Partners, is a subsidiary
of the AIMCO Operating Partnership and therefore has certain conflicts of
interest in connection with the response to the offer. AS A RESULT OF THE
EXISTING AND POTENTIAL CONFLICTS OF INTEREST, THE PARTNERSHIP AND THE GENERAL
PARTNER ARE REMAINING NEUTRAL AND MAKING NO RECOMMENDATION AS TO WHETHER LIMITED
PARTNERS SHOULD TENDER THEIR UNITS IN RESPONSE TO THE OFFER. Nevertheless, the
General Partner does believe the offer is fair to the holders of units.
Limited Partners should carefully read the enclosed Schedule 14D-9, the
Offer to Purchase of the AIMCO Operating Partnership, dated May 13, 1999
relating to the offer to acquire units of the Partnership (the "Offer to
Purchase"), and the related Letter of Transmittal and Instructions. Certain
information in the Schedule 14D-9 is incorporated by reference to the Offer to
Purchase.
VMS REALTY PARTNERS
General Partner
By: /s/ Patrick J. Foye
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Executive Vice President
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