WINDSOR AT DORAL PARK

Boston - (December 5, 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 310-unit Windsor at Doral Park. This luxury apartment property is located in upscale, resort-like master planned Doral Park community in Miami, Florida. The property is attractive to residents due to its central location and sub-tropical setting with extensive recreational amenities, including tennis courts, a swim club, and golf. One of the courses of the world class Doral Golf Resort and Spa is adjacent to the property. Windsor at Doral Park is nearby major employment markets in the Doral/Airport-West area of Miami-Dade County.

Robert E. DeWitt, GID's President and CEO, stated, "Windsor at Doral Park offered a great opportunity to purchase a well built, stable asset in a unique location, in one of the most dynamic sub-markets in South Florida. We see excellent upside in this acquisition.” William H. Roberts, Senior Vice President of Portfolio Management at GID noted, "The acquisition of Windsor at Doral Park represents WRF-III's first entry into the Miami apartment market, a key target market for the fund."

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 21 properties aggregating 6,821 apartment homes.