WINDSOR AT BRANDYWINE VALLEY

Boston - (March 24, 2005) - GID Investment Advisers LLC (“GID”), a division of The General Investment & Development Companies, announced today that it acquired on behalf of an affiliate, Windsor Realty Fund-V LLC (“WRF-V”), the 280-unit Cornerstone Villas luxury apartment community. The community, which will be renamed Windsor at Brandywine Valley, is located in Glen Mills, Pennsylvania. Glen Mills is a desirable, suburban community in Delaware County, known for its excellent school system, hospitals and parks, with great access to all of metro Philadelphia’s employment centers.

The attractive amenities of this garden-style community, completed in 2002, include a resort-style swimming pool, tennis courts, conference room and resident business center, and state of the art fitness center. The interiors offer walk-in closets, full-size washers and dryers, nine-foot ceilings with crown molding, over-size soaking tubs, high-speed internet access, ceramic tile entryways, kitchens, and bathrooms. The property offers attached breezeway garages as well.

Bill Chiasson, Vice President of Real Estate Acquisitions for GID commented, “The Philadelphia metro region, with its high barriers to entry, continues to be high on our list of target markets. This well-built, well-located, Class A asset represents an excellent opportunity to increase our presence in this market.”

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. Formed in 2003, this is the second purchase this year for WRF-V.

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