WINDSOR AT LIONSGATE

Boston - (September 30, 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 328-unit apartment property known as Windsor at Lionsgate to Town and Country Trust, of Baltimore, MD for $52,750,000 or $160,823 per apartment unit. The Class-A+ multi-family community is located in the Herndon/Reston sub-market of the Washington DC, MSA. First Capital Realty of Bethesda, MD provided brokerage services. Following a broad marketing period, Town and Country Trust was selected to purchase the property from thirteen other bidders. WRF-III originally purchased this property in November of 2000 for $46,600,000 ($142,073 per apartment-unit) and was able to achieve 13.2% appreciation on its aggregate investment in three years. This positive result was attained despite a decline in property income due to concessions and vacancies in the local rental market resulting from a loss of technology related jobs in the area.

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.