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.