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                                                                  Exhibit (a)(1)


                HCW Pension Real Estate Fund Limited Partnership

May 19, 1999

Dear Limited Partner:

       Enclosed is the Schedule 14D-9 which was filed by Drexel Burnham Lambert
Real Estate Associates II (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, HCW General Partner Ltd., 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 19, 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.


                                        HCW GENERAL PARTNER LTD.
                                        General Partner

                                        By:       /s/   Patrick J. Foye
                                           --------------------------------
                                               Executive Vice President


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