WINDSOR AT MEADOW HILLS

Boston - (December 22, 2000) - The General Investment & Development Companies ("GID") announced today that it acquired on behalf of an affiliate, the 342-unit Windsor at Meadow Hills. This Class-A apartment community is located in the southwest section of the Aurora market. The property is attractive to residents due to its immediate proximity to Denver Tech Center (“DTC”) highways I-225, I-25, and E-470 the outer loop and ease of access to both the CBD and Denver International Airport. Meadow Hills’s common area amenities include an attractive clubhouse/leasing center with state of the art fitness center, business office and media room. The property also offers its residents the use of a heated pool and spa. The property also offers residents the choice of three parking alternatives, (i) the traditional surface parking, (ii) 228 covered parking spaces in carports and (iii) 114 direct breezeway access garages.

Meadow Hills 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 Meadow Hills offered an opportunity to purchase a newly-built, quality asset in a strong location, with excellent drive-by visibility.” William H. Roberts, Senior Vice President of Portfolio Management at GID noted, "This is our first acquisition in the Denver market and we look forward to expanding our presence there in selective locations close to major employment centers.”

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