Exhibit (a)(3)
April 26, 2007
TO: UNIT HOLDERS OF CENTURY PROPERTIES FUND XIV
SUBJECT: OFFER TO PURCHASE UNITS FOR 30% MORE THAN AIMCO'S OFFER
Dear Unit Holder:
As described in the enclosed Offer to Purchase and related Letters of
Transmittal (the "Offer") the Purchasers named in the attached Offer
(collectively the "Purchasers") are offering to purchase all Units of limited
partnership interest (the "Units") in CENTURY PROPERTIES FUND XIV (the
"Partnership") at a purchase price equal to:
$40 per Unit
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The Offer will provide you with an opportunity to liquidate all, or a portion
of, your investment in CENTURY PROPERTIES FUND XIV without the usual transaction
costs associated with market sales or partnership transfer fees. Reasons you may
wish to sell your Units include:
o HIGHEST OFFER PRICE YET. This offer is 30% HIGHER than what an AIMCO
affiliate is currently offering. Don't throw away $9.28 per Unit!
Withdraw your Units from AIMCO and tender them to us!
o UNCERTAINTY OF PARTNERSHIP TERMINATION. Our offer provides you with
the opportunity to receive a guaranteed amount of money in a specified
time period. The general partner has given no indication when the
partnership will be liquidating. The Partnership term extends through
2012!
o NO DISTRIBUTIONS! The Partnership has paid no distributions since
2005! The Partnership has stated that "there can be no assurance that
the Partnership will generate sufficient funds from operations, after
planned capital expenditures, to permit any distributions to its
partners in 2007 or subsequent periods." (emphasis added)
o NO FUTURE IRS FILING REQUIREMENTS. The tax year in which you sell your
Units will be the final year for which you will be obligated to file a
K-1 for the Partnership with your tax return. This may represent a
reduction in costs associated with filing complicated tax returns.
Your decision to sell may have other favorable or unfavorable tax
consequences and potential sellers should consult their individual tax
advisers.
o ELIMINATION OF RETIREMENT ACCOUNT FEES. If you sell your Units, you
may avoid incurring fees for having this investment in your IRA or
retirement account. Because many custodians have transfer restrictions
against limited partnership units or charge additional fees for
holding this type of asset, many investors are faced with the task of
searching for a way to avoid these fees. Once our cash payment is sent
directly to your retirement account, you are free to consolidate your
retirement accounts or transfer the funds to a custodian that offers
lower fees.
After carefully reading the enclosed Offer, if you elect to tender your Units,
mail (using the enclosed pre-addressed, postage paid envelope) or fax (then
mail) a duly completed and executed copy of the Letter of Transmittal (printed
on pink 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, LP
1640 School Street, Moraga, California 94556
Facsimile: (925) 631-9119
We've enclosed a Notice of Withdrawal that you can fax or deliver to the agent
for AIMCO Properties, LP if you already tendered your Units to AIMCO and you
wish to receive more money! The AIMCO Offer expires on April 27, 2007 (unless
further extended), so its depository, The Altman Group, must receive your Notice
of Withdrawal by midnight Eastern Time on that date for you to withdraw from
that offer. You must also deliver to us an executed copy of our Letter of
Transmittal to accept our Offer. If you have any questions or need assistance,
please call the Depositary at 800-854-8357.
This Offer expires (unless extended) May 29, 2007.