WINDSOR AT GLENRIDGE

Boston - (December 21, 2000) - 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 296-unit Windsor at Glenridge. This luxury apartment community is located in the Perimeter Center area of Atlanta, Georgia. The property is attractive to potential residents due to its central location relative to the Perimeter Center business district, Buckhead and Downtown Atlanta. The property is also nearby several of Atlanta’s major Northside hospitals. Robert E. DeWitt, GID's President and CEO, stated, "Windsor at Glenridge offered an opportunity to purchase a superior asset in an excellent in-fill location inside of Atlanta’s Perimeter Loop.” William H. Roberts, Senior Vice President of Portfolio Management at GID noted, "The opportunity to acquire such a quality property as Windsor at Glenridge in a time sensitive transaction at year-end is confirmation by the selling community that WRF-III has proven its ability to react quickly to opportunities and successfully close major transactions in an efficient and timely manner.”

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 24 properties aggregating 7,842 apartment homes.