GID OPENS WEST COAST OFFICE, NAMES RICHARD J. ROSS AS HEAD OF OFFICE

Boston - (July 1, 2002) - The General Investment & Development Companies ("GID") announced today the opening of its West Coast office in the San Francisco Bay Area. Richard J. Ross, GID’s Acquisition Vice President for the Western Region, assumes the responsibility for coordinating and overseeing all of GID’s multifamily acquisition activities in the Western Region and responsibility for managing the affairs of the new office. Mr. Ross will be acquiring multifamily communities on behalf of 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 and for GID’s own account.

The new office is located at 700 Larkspur Landing Circle, Suite 199, Larkspur, California 94939. Mr. Ross’s direct dial telephone number is (415) 464-4930. Matt Stuart, a GID Acquisition Analyst, joins Mr. Ross in GID’s West Coast office. Both Mr. Ross and Mr. Stuart have relocated from GID’s Boston office.

Mr. Ross joined GID in September 2000 as an Acquisition Vice President. Since then, Mr. Ross has had primary responsibility for acquiring apartment communities in the Southeast Region on behalf of Windsor Realty Fund-III, GID’s co-investment joint venture with the California Public Employees’ Retirement System and in the Northwest Region for GID’s own account.

Previous to joining GID, Mr. Ross was an Acquisitions Vice President at Boston Capital Partners. He graduated from Stanford University with an AB in History in 1981 and from The Amos Tuck School of Business Administration with an MBA in 1986.

Prior to joining GID, Mr. Stuart was a Regional Underwriter at Berkshire Mortgage Finance. He graduated from the University of North Carolina – Charlotte with a BS in Economics and History in 1995.

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 15,691 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 nearly 30,000 apartment homes.

“We are delighted to have opened a West Coast office with Rich Ross leading our Western Initiative,” commented Robert E. DeWitt, GID's President and CEO. “It represents a natural progression of GID’s previously announced Western Initiative. We anticipate that deal review will become much more efficient with more complete coverage possible.”

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.