WINDSOR AT LENOX PARK

Boston - (December 19, 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 407-unit Jefferson at Lenox Park. This luxury apartment community, which will be renamed Windsor at Lenox Park, is located in the prestigious Lenox Park section of Buckhead. One of the most affluent communities in Atlanta, Buckhead combines office, retail, hotel, restaurant, entertainment, and upscale residential uses within its commercial core. The property lies within two miles of the Buckhead office market, Lenox Square Mall and Phipps Plaza, and less than one mile from the MARTA. It also has easy access to Routes I-85 and Georgia 400, major commuter thoroughfares in Atlanta.

The community’s attractive amenities include a resident business center, conference room, an enormous resort-style pool, a state of the art fitness center, barbecue grills, two four-level parking decks, controlled access gates, a billiards/game room, a movie theater, a car wash, and a teaching kitchen. The interiors offer designer island kitchens with dishwasher and disposal, GE frost-free refrigerators with icemaker, GE self-cleaning ovens, GE microwaves in all units, oversized roman bathtubs, double vanities, berber carpet in all units, French doors, nine-foot ceilings, built-in bookshelves in select units, ceiling fans in all master bedrooms, pre-wiring for phone & cable in all living rooms and bedrooms, crown molding, and ceramic tile entry way in all units.

Robert E. DeWitt, GID’s President and CEO, commented, “This acquisition furthers GID’s strategy for WRF-III of purchasing extremely high-quality properties with upscale designs, in-fill locations, and proximity to the employment, shopping, and entertainment centers of major metropolitan areas.”

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 23 properties aggregating 7,546 apartment homes.