WINDSOR AT PEMBROKE CAY

Boston - (October 19, 2001) - 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 500-unit property known as Windsor at Pembroke Cay. This recently completed, luxury apartment property is located in the economically vibrant community of Pembroke Pines, Broward County, Florida. The property is well located in a quiet, residential area, although it is convenient to shopping, recreation and transportation. The successful, 1.3 million square foot Pembroke Lakes Mall is located less than ½ mile from the property.

Richard J. Ross, GID's Vice-President, Acquisitions stated, “We have continuing confidence in the South Florida market and we believe that Windsor at Pembroke Cay will perform extremely well. The high quality of the property, our strong management presence in the area, and the robust fundamentals of the property’s sub-market are all positives for this acquisition.” William H. Roberts, Senior Vice President of Portfolio Management at GID noted, “Windsor at Pembroke Cay offered an opportunity to purchase a nearly new, “AA” property in a desirable and growing market at an attractive yield. We were particularly pleased about this transaction because we recently sold several older and somewhat less desirable properties in the same market at lower effective yields than we were able to achieve on the Pembroke Cay acquisition."

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 22 properties aggregating 7,666 apartment homes.

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