GID INVESTMENT ADVISERS ACQUIRES 284-UNIT BAY STREET APARTMENTS BY WINDSOR IN EMERYVILLE, CA

Boston - (December 20, 2007) - GID Investment Advisers LLC (“GID”) announced today that it has acquired on behalf of an affiliate, Windsor Realty Fund-V LLC, (“WRF-V”), the 284-unit Metropolitan Apartments. The property is financed with tax exempt bonds with credit enhancement provided by the Federal National Mortgage Association (“Fannie Mae”). Hearthstone Housing Foundation, a California non-profit, is the managing general partner. The property is located in the City of Emeryville, California, approximately six miles east of Downtown San Francisco across San Francisco Bay.

The property, which will be renamed Bay Street Apartments by Windsor is located in the commercial core of Emeryville and is situated atop a portion of Bay Street Emeryville, a retail, entertainment and residential mixed-use development created in a private and public joint venture with the Emeryville Redevelopment Agency. Bay Street Emeryville consists of approximately 325,000 square feet of retail shops and restaurants, a 3,500-seat 16-screen cinema, 95 residential condominiums, and the 284-unit Bay Street Apartments property.

Emeryville is located just east of the San Francisco Bay Bridge at the edge of San Francisco Bay and offers excellent access to highways and public transportation, employers, and recreational and educational opportunities. In recent years Emeryville has become a Bay Area hub for numerous high profile employers including Pixar Animation Studios, international retailers such as Ikea, and residents who enjoy the small town feel of Emeryville combined with its strategic Bay Area location and proximity to Downtown San Francisco.

Rich Ross, Director of Western Region Acquisitions for GID commented, “We have wanted to enter the Bay Area apartment market for a long time and we are delighted that we were able to acquire such a high quality asset at an attractive price. The property has an outstanding location, it is extremely well built and it enjoys excellent visibility from the Bay Bridge approach and I-80. It also fits well with our strengths as an organization from an operational perspective, and we were able to take advantage of the project’s attractive financing structure because of our strong relationship with Fannie Mae. We also feel the Emeryville location has a lot more upside and we plan to be there for a long time.”

Bay Street Apartments was completed in early 2007 and consists of five levels of luxury housing residences and resident parking built above two stories of retail and public parking. The property consists of one- and two-bedroom units with an average unit size of 966sf. Fifty-seven of the units are rent restricted and have been set aside for residents earning below area median income. The property’s interiors include nine- to fourteen-foot ceilings, solid maple cabinetry, granite countertops, and full-size washers and dryers. Many units have views of San Francisco, the Bay Bridge, the Golden Gate Bridge, or Berkeley and the Oakland Hills. Common area amenities include a private pool and spa, a fitness facility, and a business center. The property’s secure location above Bay Street facilitates management’s goal of fostering an atmosphere of quiet privacy within the vibrant Bay Street Emeryville location.

WRF-V is an equity co-investment joint venture between GID and the California State Teachers’ Retirement System. The relationship covers the entire United States. GID has full discretion over all acquisition and disposition decisions. Hearthstone Housing Foundation is a California 501(c)(3) non-profit and will provide a variety of resident services.

For more information, contact Rich Ross at (415) 464-1352 or rross@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.