WINDSOR AT PROMENADE OAKS

Boston - (December 12, 2002) - 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 282-unit Windsor at Promenade Oaks Apartments. This class “A” townhouse style apartment community is located in Eagan, Minnesota. The community offers residents underground heated parking, outdoor pool, and a fitness center. The adjacent Promenade Shopping Center and Eagan Towne Center provide residents numerous restaurant, specialty retail, and entertainment opportunities. Thad Palmer, Acquisitions Vice President for GID commented, “Located in Eagan, Windsor at Promenade Oaks is convenient to the Minneapolis and St Paul Central Business Districts as well the large employment base along I-494. This transaction is an excellent complement to our Minneapolis portfolio giving us 1,281 units in four well-located properties.”

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 the Eastern Region, which is comprised of five of eight NCREIF divisions. Formed in 1998, WRF-III owns 24 properties aggregating 8,331 apartment homes.