GID PROMOTES THADDEUS D. PALMER TO DIRECTOR OF MULTIFAMILY INVESTMENTS

Boston - (March 1, 2003) - Thaddeus D. Palmer has been promoted to Director of Multifamily Investments at Boston-based The General Investment & Development Companies ("GID"). Thad assumes the responsibility for coordinating and overseeing all of GID’s multifamily acquisition activities on behalf of Windsor Realty Fund-III, GID’s co-investment joint venture with the California Public Employees’ Retirement System for the eastern half of the country; Windsor Realty Fund-V, GID’s pending co-investment joint venture with the California State Teachers’ Retirement System for the western half of the country; or for GID’s own account. Thad retains primary deal sourcing and acquisition management responsibilities within the Midwest and New York/New Jersey regions for apartment communities, suburban office buildings and industrial/flex properties.

Mr. Palmer joined GID in 1998 as an Acquisition Vice President. Since then, Mr. Palmer has had primary responsibility for acquiring apartment communities on behalf of Windsor Realty Fund-III and industrial/flex properties for GID’s own account in the Midwest Region.

Previous to joining GID, Mr. Palmer was an Acquisitions Vice President at Berkshire Realty Company. He graduated from University of Rochester in 1989, earning his Bachelor of Arts degree.

The General Investment & Development Companies ("GID"), founded in 1960, are privately-held, diversified companies with substantial interests in both residential apartment and commercial real estate throughout the United States. GID is headquartered in Boston, Massachusetts, and its various affiliates operate nationwide. Over its 43-year history, GID has developed and acquired apartment, condominium, office, research & development and industrial properties. Today, GID and its affiliates' portfolios include 16,032 apartment homes in 18 states and the District of Columbia and 2.1 million square feet of commercial office property. Over the years, GID has developed and/or acquired over 30,000 apartment homes.

“As a valued member of GID’s acquisition team, we are pleased to recognize Thad’s contributions by naming him to be part of GID’s leadership ranks,” commented Robert E. DeWitt, GID's President and CEO. “His experience, energy and vision will help us expand our apartment portfolio in a manner consistent with the return expectations of GID and our investment partners.”

For more information, please call Robert E. DeWitt, President and CEO, or Kathy Milligan, Director of Human Resources at GID at (617) 973-9680 or visit GID's website at www.generalinvestment.com. Photo available upon request.