WINDSOR AT THORNHILL

Boston - (December 19, 2002) - 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 318-unit apartment property known as Windsor at Thornhill to The Shoptaw Group of Atlanta, GA. The Class-A apartment community is located in the northwest section of Raleigh-Durham, NC and was purchase by WRF-III in December of 2000. The property was extensively marketed Berkeley Capital Advisors and The Shoptaw Group was selected to purchase the property after a competitive review of 14 prospective purchasers that submitted offers for the property. The Shoptaw Group purchased the property for $24,850,000 based on a 6.92% capitalization rate on 2002 net operating income.

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 owns 23 properties aggregating 8,059 apartment homes.