Exhibit (a)(5)






May 9, 2005                                    To obtain a copy of our Offer or
                                               the Letter of Transmittal, visit
                                               our website at www.mpfi.com
                                               (click on MPF Tenders)






TO:           UNIT HOLDERS OF NATIONAL PROPERTY INVESTORS 4

SUBJECT:      AMENDED AND EXTENDED OFFER TO PURCHASE UNITS AT $210 PER UNIT

Dear Unit Holder:

We are amending the Offer to Purchase and related Letters of Transmittal sent to
you March 23, 2005 (the "Offer") made by MP FALCON FUND, MP VALUE FUND 6, LLC,
MPF ACQUISITION CO. 3, LLC, STEVEN GOLD, MORAGA GOLD, LLC, MPF NY 2005, LLC, MPF
SPECIAL FUND 8, LLC, AHY INSTITUTIONAL INVESTORS, AHY INSTITUTIONAL FUND,
MACKENZIE PATTERSON SPECIAL FUND 7, LLC, MPF DEWAAY FUND 3, LLC, MP VALUE FUND
8, LLC, and MACKENZIE PATTERSON FULLER, INC. (collectively the "Purchasers"),
who are offering to purchase up to 12,000 Units of limited partnership interest
(the "Units") in NATIONAL PROPERTY INVESTORS 4 (the "Partnership").

        The Purchasers are extending the Expiration Date to May 20, 2005

The Purchasers currently have sufficient funded capital to fund all of their
commitments under this offer and all other tender offers they are presently
making. If the Offer is very successful, the Partnership could end up having
fewer than 300 unit holders, which could result in it being deregistered and the
loss of the associated protections of registration. Although the Purchasers are
purchasing Units, and not the Partnership's underlying assets, the Purchasers
are purchasing the Units because of the value of the underlying assets. If you
tender your Units to us, we will pay you promptly after the close of the Offer
and confirmation of transfer by the general partner.

As of the date hereof, a total of 58 Units of the Partnership have been tendered
by securities holders and not withdrawn. No other Units have been tendered to
date. After carefully reading the enclosed Offer, if you elect to tender your
Units, mail (using the enclosed pre-addressed, postage paid envelope) or fax a
duly completed and executed copy of the Letter of Transmittal (printed on grey
paper) and change of address forms, and any other documents required by the
Letter of Transmittal, to the Depositary for the Offer at:

                        MacKenzie Patterson Fuller, Inc.,
                               1640 School Street
                            Moraga, California 94556
                            Facsimile: (925) 631-9119

If you have any questions or need assistance, please call the Depository at
800-854-8357. If you need a copy of our Offer or the Letter of Transmittal, the
most current version can be obtained from the SEC's EDGAR database at
www.sec.gov or our website at www.mpfi.com (click on MPF Tenders). If you have
already submitted a Letter of Transmittal, and you still wish to sell your
Units, there is no need to do anything as your Units are already accounted for
by the Purchasers.

This Offer expires (unless extended) May 20, 2005.