GID INVESTMENT ADVISERS LLC (“GID”) ANNOUNCED TODAY THAT IT HAS ACQUIRED MARINER’S WATERFRONT IN EDGEWATER, NJ

Boston - (December 20, 2007) - GID Investment Advisers LLC (“GID”) announced today that it has acquired Mariner’s Waterfront, a 222-unit luxury apartment community. The property is located in Edgewater, NJ on the banks of the Hudson River. The community consists of a 44-unit townhome component to be renamed Windsor at Mariners Cove, and a 178-unit, 17-story high-rise component to be renamed Windsor at Mariners Tower. The asset is situated between the George Washington Bridge to the north and the Lincoln Tunnel to the south providing its residents with convenient access to the Manhattan, Jersey City, and northern New Jersey office markets. In addition, the site provides access to various modes of mass transportation, including bus service along River Road, ferry service steps from the property, and access to the Hudson-Bergen Light Rail, which provides access to the PATH and the New York City Subway System. In addition to proximity to major employers and transportation arteries, the property offers stunning views of the Hudson River, Manhattan skyline, and George Washington Bridge.

The townhome and high-rise communities were built in 1997 and 2000, respectively. The property offers 314 parking spaces that are a combination of surface, private garage, and covered parking. The community features a secured guest lobby with a front desk concierge, indoor and outdoor swimming pool, whirlpool, sauna & steam room, fitness center, tennis courts, gazebo, and direct access to the river walk. Apartment amenities vary across the two apartment communities but can include terraces or balconies, granite or faux granite countertops, hardwood or ceramic tile floors, marble bathroom finishes, vaulted ceilings, spacious walk-in closets, stainless steel appliance packages, ceiling fans, and washer/dryers in every unit.

Bill Chiasson, Vice President of Real Estate Acquisitions for GID commented, “Northern New Jersey continues to be high on our list of target markets due to the strong fundamentals exhibited. This well-built, superbly located, class A asset represents an excellent opportunity to increase our depth of exposure to this market.”

For more information, contact Bill Chiasson at (617) 854-6631 or bchiasson@generalinvestment.com.

About GID: The General Investment & Development Companies (GID) (www.generalinvestment.com), founded in 1960, are privately-held, diversified companies with substantial interests in both residential apartment and other commercial real estate throughout the United States. GID is headquartered in Boston, Massachusetts, and its various affiliates operate nationwide. Over its 46-year history, GID has developed and acquired apartment, condominium, office, research & development and industrial properties. Today, GID and its affiliates' portfolios are invested in 18 states including over 12,000 apartment homes in 39 properties, 378,000 square feet of suburban office space in 2 office buildings and 3.0 million square feet of flex industrial space in ten business parks. Over the years, GID has developed and/or acquired over 40,000 apartment homes.

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