FLORIDA PORTFOLIO SALE

Boston - (August 23, 2001) - The General Investment & Development Companies ("GID") announced today that it sold on behalf of an affiliate, Windsor Realty Fund-III L.P. ("WRF-III"), a four-property 958-unit portfolio consisting of Windsor at Boca Arbor Club, Windsor at Lakepointe, Windsor at Carolina and Windsor at Quiet Waters to TIAA-CREF. The 304-unit Windsor at Boca Arbor Club, located in Boca Raton, FL and the 246-unit Windsor at Lakepointe, located in Plantation, FL, were acquired on April 1, 1998. The 208-unit Windsor at Carolina, located in Margate, FL and the 200-unit Windsor at Quiet Waters, located in Deerfield Beach, FL, were acquired on November 19, 1998.

These were the first sales in the WRF-III portfolio and demonstrate the significant added value that GID has brought to Boca Arbor Club and Lakepointe. Quiet Waters and Carolina are an example of acquisitions where GID improved the properties performance (and value) over a relatively short holding period of 34 months from an occupancy range of the mid-80% to 95% or better upon sale.

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 20 properties aggregating 6,884 apartment homes.