WINDSOR AT POLARIS

Boston - (December 18, 2003) - 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 300-unit apartment property known as Windsor at Polaris to Sentinel Acquisition Corp of New York, NY for $27,605,000 or $92,017 per apartment unit. The Class-A apartment community is located in North Columbus, Ohio on the southern edge of Delaware County and was purchased by WRF-III in November 1999. Apartment Realty Advisors Midwest, Inc. provided brokerage services. Following an extensive marketing to over 90 prospects, Sentinel Acquisition Corp was selected to purchase the property from other bidders. Sentinel Acquisition Corp purchased the property for $27,605,000 based on a 6.65% capitalization rate on 2002 net operating income.

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 now owns 20 properties aggregating 6,975 apartment homes.