WINDSOR AT REGENCY WOODS APARTMENTS

Boston - (October 10, 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 282-unit Windsor at Regency Woods Apartments. This class “A” garden style apartment community is located in Minnetonka, Minneapolis. The community offers residents underground heated parking, tennis courts, indoor pool and squash court and a fitness center. The adjacent Ridgedale Mall and the surrounding shopping centers provide residents numerous restaurant, specialty retail, and entertainment opportunities. Thad Palmer, Acquisitions Vice President for GID commented, “Located in the affluent city of Minnetonka, Windsor at Regency Woods is convenient to the both the Central Business District and the large employment base along I-394. It is our third acquisition within the Minneapolis/St. Paul market as we continue to expand our presence through strategic acquisitions. ”

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 21 properties aggregating 7,166 apartment homes.