GID INVESTMENT ADVISERS LLC ACQUIRES 276-UNIT THE DISTRICT AT SOUTHMOOR STATION, DENVER, COLORADO

Boston - (January 29, 2008) - GID Investment Advisers LLC (“GID”) announced today that it has acquired The District at Southmoor Station, a mixed-use property containing 276 luxury apartment units and 16,617 sq/ft of fully leased retail space. Located at the intersection of Interstate-25 and Hampden Avenue the property is adjacent to a grocery anchored retail center and movie theater. Residents also benefit from the properties location next to the Southmoor Station stop on the Regional Transit District light rail. Access to the CBD and the Denver Technology Center, Denver’s two largest employment centers, are convenient via either I-25 or the light-rail.

Resident amenities include a swimming pool, resident lounge, fitness center and business center. Resident parking is available in a 5-story parking garage. The unit mix includes studios, lofts, one and two-bedroom units. Unit finishes include stainless steel and black appliances, granite counter tops, wood cabinetry and full-size washer & dryers in all units. Wood-style flooring is located in all kitchens and bathrooms with some loft units featuring stained concrete flooring in all but the bedrooms.

Matt Stuart, Assistant Vice President of Real Estate Acquisitions for GID commented, “The District benefits from exceptional visibility at the intersection of Interstate-25 and Hampden Avenue. The collection of retail tenants on-site combined with the adjacent retail and light-rail station create an urban living experience for residents without being downtown. These factors coupled with some of the best unit finishes in Denver create a strong story for The District’s future performance.”

WRF-III is an equity co-investment joint venture between GID and California Public Employees’ Retirement System. Formed in 1998, WRF-III has acquired 36 properties aggregating approximately 11,000 apartment homes across the United States.

For more information, contact Matt Stuart at (415) 464-1356 or mstuart@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 47-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 13,000 apartment homes in 40 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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