Exhibit (a)(3) March 27, 2000 TO: UNIT HOLDERS OF AMERICAN REPUBLIC REALTY FUND I SUBJECT: OFFER TO PURCHASE UNITS Dear Unit Holder: As described in the enclosed Offer to Purchase and related Letters of Transmittal (the "Offer"), MP VALUE FUND 4, LLC; MP VALUE FUND 6, LLC; MACKENZIE PATTERSON SPECIAL FUND 3, L.P.; and PREVIOUSLY OWNED MORTGAGE PARTNERSHIPS INCOME FUND 3, LP. (collectively the "Purchasers") are offering to purchase up to 3,500 Units of limited partnership interest (the "Units") in AMERICAN REPUBLIC REALTY FUND I, a Wisconsin limited partnership(the "Partnership") at a purchase price equal to: $50 per Unit less the amount of any distributions declared or made with respect to the Units between March 1, 2000 and May 1, 2000, or such other date to which this Offer may be extended. The Offer will provide you with an opportunity to liquidate all, or a portion of, your investment in AMERICAN REPUBLIC REALTY FUND I without the usual transaction costs associated with market sales or partnership transfer fees. After carefully reading the enclosed Offer, if you elect to tender your Units, mail (using the enclosed pre-addressed, postage paid envelope) or telecopy a duly completed and executed copy of the Letter of Transmittal (the purple form) and Change of Address forms, and any other documents required by the Letter of Transmittal, to the Depositary for the Offer at: MacKenzie Patterson, Inc., 1640 School Street Moraga, California 94556 Facsimile: (925) 376-7983 E-Mail Address: offers@mackpatt.com If you have any questions or need assistance, please call the Depository at 800-854-8357. This Offer expires (unless extended) May 1, 2000.