WINDSOR AT MERIDIAN

Boston - (June 28, 2001) - The General Investment & Development Companies ("GID") announced today that it acquired on behalf of an affiliate, the 652-unit Windsor at Meridian. This Class-A+ apartment community is located in the southeast section of the Denver market. The property is attractive to residents due to its immediate proximity to the Meridian International Business Center, Inverness and Denver Tech Center business parks. The property is also located in close proximity to I-25 and E-470 the outer loop that provides excellent access to Denver International Airport. Meridian’s common area amenities include an attractive clubhouse/leasing center with state of the art fitness center, business office, media room, a concierge service and game room. The property also offers its residents the use of a heated pool and spa. The property also offers residents the choice of four parking alternatives, (i) the traditional surface parking, (ii) 256 covered parking spaces in carports, (iii) 68 direct breezeway access garages and (iv) 338 direct access garages.

Meridian offers a variety of floor plans. All floor plans offer either a nine-foot ceiling or a vaulted ceiling, built in computer desks, patios or balconies, crown molding, pre-wired security alarms, frost-free refrigerators with icemakers, dishwashers and garbage disposals, connections for side-by-side full-size washers and dryers, garden tubs, ceiling fans and gas-burning fireplaces in select units. Nigel T. Keenan, a GID Acquisition Vice President, stated, "Windsor at Meridian offered an opportunity to purchase a newly-built, quality asset in a strong location, with excellent drive-by visibility and access off Lincoln Avenue.” William H. Roberts, Senior Vice President of Portfolio Management at GID noted, "This is our second acquisition in the Denver market and we look forward to expanding our presence there in selective locations close to major employment centers.”

> VISIT THE WINDSOR AT MERIDIAN WEBSITE