WINDSOR AT MARSH LANDING

Boston - (August 29, 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 418-unit apartment property known as Windsor at Marsh Landing to Julian LeCraw & Co., Inc. of Atlanta, GA for $39,100,000 or $93,541 per apartment unit. The luxury asset is located in the beaches sub-market of Jacksonville, Florida. The Jacksonville office of CB Richard Ellis provided brokerage services. Following an extensive marketing to over 100 prospects, Julian LeCraw & Co., Inc. was selected to purchase the property from eleven other bidders. WRF-III originally purchased this property in October of 2000 for $28,323,000 ($67,758 per apartment-unit) and was able to achieve 38% appreciation on its aggregate investment in just three years due to an initial re-positioning of the property, excellent operational performance and the sale to Julian LeCraw & Co. who now plans to convert the property into condominium homes.

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 22 properties aggregating 7,641 apartment homes.