WINDSOR AT LIBERTY HOUSE

Boston - (May 21, 2003) - The General Investment & Development Companies (“GID”) announced today that it acquired on behalf of an affiliate, Windsor Realty Fund-III L.P. (“WRF-III”), the 324-unit Alexan Liberty House in Jersey City, New Jersey. The luxury apartment community, which will be renamed Windsor at Liberty House, is located directly across the Hudson River from downtown Manhattan. Located in the revitalized Jersey City waterfront district, Liberty House is minutes away from nearly 12 million square feet of existing office space in Jersey City. Existing tenants include Fleet Bank, Merrill Lynch, Cigna, U.S. Trust, Deloitte & Touche and Paine Webber to name a few. Goldman Sachs is currently building New Jersey’s tallest building, an 875-foot tall office tower a short walk from Liberty House.

The community’s amenities include a 10,000 square foot clubhouse with a state of the art fitness center. It contains an aerobics room, children’s playroom, billiard room, business center with a conference room, indoor Sauna and an outdoor pool. Twenty-two floor plans include townhomes, lofts, and flats. Thirty-three units offer both interior and street level access, similar to many of the neighborhood’s brownstone condominiums. The unit amenities include full-sized washer/dryers, dishwashers, frost-free refrigerators with ice makers, minimum 9’ ceilings, T1 access, and gas cooking.

Michael McMahon, Acquisitions Assistant Vice President for GID commented, “The Class A luxury community is extremely well located in an infill, urban center. It’s acquisition increases our presence in the Northeast.” William H. Roberts, Senior Vice President of Portfolio and Asset Management added, “The acquisition is GID’s and WRF-III’s first in the New York City MSA.”

WRF-III is an equity co-investment joint venture between GID and the California Public Employees’ Retirement System (“CalPERS”). 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 24 properties aggregating 8,367 apartment homes.

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