WINDSOR AT MIRAMAR

Boston - (August 22, 2003) - The General Investment & Development Companies (“GID”) announced today that it acquired the partnership interest in the 348-unit Alta Palms luxury apartment community. The community, which will be renamed Windsor at Miramar, is located in the Pembroke Pines/Miramar submarket of Broward County, Florida. Miramar is known as a great city in which to work, live and play. In addition to the major corporations located in Miramar, the property has great access to employment centers in both Miami and Fort Lauderdale.

The attractive amenities of this garden-style community, completed in 2001, include a resort-style swimming pool and spa, indoor racquetball court, general meeting room and resident business center, state of the art fitness center, a tot lot, and two lighted tennis courts. The interiors offer walk-in closets, full-size washer and dryers, crown molding, nine-foot ceilings, raised panel cabinetry, ceramic tile entryways, and oval soaking tubs. The property offers detached garages as well.

Bill Chiasson, Acquisitions Assistant Vice President for GID commented, “In addition to this being a well built property with great floor plans, it has unmatched visibility and accessibility in one of the more sought after submarkets in South Florida.”

The General Investment & Development Companies are privately held, vertically integrated diversified real estate operating companies based in Boston, Massachusetts with more than 40 years of experience in developing, acquiring and managing apartment communities, suburban office properties and industrial/flex business parks.

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