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                                                                  EXHIBIT (a)(1)


                       ANGELES INCOME PROPERTIES, LTD. III
                     1873 South Bellaire Street, 17th Floor
                             Denver, Colorado 80222

                                November 11, 1999

Dear Limited Partner:

         Enclosed is the Schedule 14D-9 which was filed by Angeles Income
Properties, Ltd. III (the "Partnership") with the Securities and Exchange
Commission in connection with an offer by AIMCO Properties, L.P., a Delaware
limited partnership, to purchase units of limited partnership interest in the
Partnership.

         The Partnership, through its general partner, Angeles Realty
Corporation II (the "General Partner"), is required by the rules of the
Securities and Exchange Commission to make a recommendation as to whether you
should accept or reject such offer, or whether the Partnership is remaining
neutral with respect to such offer. THE PARTNERSHIP AND THE GENERAL PARTNER ARE
REMAINING NEUTRAL AND MAKING NO RECOMMENDATION AS TO WHETHER LIMITED PARTNERS
SHOULD TENDER OR REFRAIN FROM TENDERING THEIR UNITS. Although the General
Partner believes the offer is fair, limited partners must make their own
decision whether or not to participate in the offer, based upon a number of
factors, including a limited partner's financial position, the need or desire
for liquidity, other available financial opportunities, a limited partner's tax
position, and the tax consequences of selling one's units.

         Limited Partners should carefully read the enclosed Schedule 14D-9, the
Litigation Settlement Offer of AIMCO Properties, L.P., dated November 11, 1999
relating to the offer to acquire units of the Partnership (the "Litigation
Settlement Offer"), and the related Letter of Transmittal and Instructions.
Certain information in the Schedule 14D-9 is incorporated by reference to the
Litigation Settlement Offer.

         Please note that the General Partner is an affiliate of AIMCO.

                                        ANGELES REALTY CORPORATION II
                                        General Partner


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