WINDSOR AT LAKE CORAL SPRINGS

Boston - (September 11, 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 377-unit Grande Isles at Lake Coral Springs. The luxury apartment community, which will be renamed Windsor at Lake Coral Springs, is located in the Coral Springs submarket of Broward County, Florida. Coral Springs is known for its abundant parks, excellent schools, numerous athletic programs, and attractive neighborhoods. The property has great access to employment centers in both Boca Raton and Fort Lauderdale.

The attractive amenities of this recently completed garden-style community include a resort-style swimming pool and spa, indoor basketball/sports court, men’s and women’s locker rooms, general meeting room, billiards and recreation room, state of the art fitness center, toddler’s playroom, pool cabana and gas barbecue, a tot lot, lighted tennis court, and a walking/jogging trail. The interiors offer walk-in closets, full-size washer and dryers, crown molding, nine-foot ceilings, decorator lighting, oversized windows, screened patio/balconies, raised panel cabinetry, ceramic tile entryways, and oval soaking tubs. The property also has direct and indirect access garages as well as numerous storage units located throughout the property.

Bill Chiasson, Acquisitions Assistant Vice President for GID commented, “This extremely well-built Class-A luxury community gives us a presence in one of the more sought after submarkets in South Florida.” William H. Roberts, Senior Vice President of Portfolio and Asset Management added, “The acquisition has added significance as it increases the gross asset value of WRF-III to over one billion dollars”.

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 regions. Formed in 1998, WRF-III owns 24 properties aggregating 8,367 apartment homes.