WINDSOR REALTY FUND-V LLC ANNOUNCES THE PURCHASE OF WINDSOR AT VICTORIA HEIGHTS

Boston - (March 18, 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 392-unit Victoria Woods Senior Apartments property located in Los Angeles’ San Gabriel Valley community of Rowland Heights. Formed in 2003, this is the first purchase this year for WRF-V.

Rowland Heights is a desirable, suburban community in eastern Los Angeles County known for its excellent quality of life, and strategic access to Los Angeles, the Inland Empire, and Orange County. The community will be renamed Windsor at Victoria Heights.

Rich Ross, Vice President of Real Estate Acquisitions for GID commented, “The Los Angeles metro region, with its high barriers to entry, continues to be high on our list of target markets. This well-built, well-located, Class B asset represents an excellent opportunity to create a presence in this market. Although senior apartments is a bit of a departure for us, we felt we could acquire this property at an attractive valuation.” The property was acquired for $42,250,000 or approximately $108,000 per unit.

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. Pool View of Windsor at Victoria Heights