JEFFERSON LAKESIDE

Boston - (March 25, 2004) - The General Investment & Development Companies (“GID”) announced today that it acquired on behalf of an affiliate, Windsor Realty Fund-IIIB L.P. (“WRF-III”), partnership interest in the 264-unit Jefferson Lakeside luxury apartment community. The community, which will be renamed Windsor at Pembroke Cay, is located in the Pembroke Pines/Miramar submarket of Broward County, Florida. Pembroke Pines is a desirable, suburban community that has been one of the fastest growing cities in America based on its central location in South Florida, its good schools, hospitals and parks, its excellent transportation and infrastructure, and the area’s growing jobs base.

The attractive amenities of this garden-style community, completed in 2003, include a resort-style swimming pool with cabana and sundeck, Jacuzzi, sand volleyball court, general meeting room and resident business center, and state of the art fitness center. The interiors offer walk-in closets; full-size washer and dryers; nine-foot ceilings with crown molding; ceramic tile entryways, kitchens, and bathrooms; over-size soaking tubs; track lighting; side-by-side refrigerators in all two-bedroom units and high-speed internet access. The property offers detached garages as well.

Bill Chiasson, Assistant Vice President of Real Estate Acquisitions for GID commented, “South Florida continues to be high on our list of target markets due to the strong fundamentals exhibited. This well-built, well-located, class A asset represents an excellent opportunity to increase the size of our portfolio in this market.”

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 regions. Formed in 1998, WRF-III owns 22 properties aggregating 7,616 apartment homes.