WINDSOR AT BUCKHEAD

Boston - (August 19, 2004) - The General Investment & Development Companies (“GID”) announced today that it sold on behalf of an affiliate, Windsor Realty Fund-III L.P. (“WRF-III”), the 271-unit apartment property known as Windsor at Buckhead to The Connor Group, of Centerville, OH for $21,800,000 or $80,443 per apartment unit. The multi-family community is located in the Buckhead sub-market of Atlanta, GA. Apartment Realty Advisors of Atlanta conducted a wide marketing campaign in providing brokerage services for the sale. The Connor Group, a private multifamily owner & management company, was chosen to purchase the property after a very competitive bidding process and the review of offers from more than twenty firms. The property was originally purchased by WRF-III on November 11, 1999 for $18,300,000 ($67,528 per apartment-unit). WRF-III achieved a 19.1% appreciation on its aggregate investment in five years. This positive result was attained despite a climate of high concessions and vacancies that has negatively impacted income at multi-family communities in the Atlanta rental market since 2001.

WRF-III is an equity co-investment joint venture between GID and the California Public Employees’ Retirement System. GID is CalPERS’ exclusive manager for multifamily product located in CalPERS’ Eastern Region, which is comprised of five of eight NCREIF divisions. Formed in 1998, WRF-III currently owns 20 properties aggregating 6,968 apartment homes.