WINDSOR AT LIONSGATE

Boston - (November 30, 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 328-unit Windsor at Lionsgate. This Class-A+ apartment community is located in the Herndon/Reston sub-market of the Washington DC, MSA. The property offers the traditional mix of one, two and three bedroom apartment floor plans as well as 76 townhouse designs. The property’s location is appealing to potential residents due to its immediate proximity to the Dulles employment corridor, which includes Dulles International Airport, which is one of the fastest growing airports in the country, and the 20 million square foot Tysons Corner office market. Robert E. DeWitt, GID's President and CEO, stated, "Windsor at Lionsgate offered an opportunity to purchase a superior asset in the dynamic Northern Virginia market.” William H. Roberts, Senior Vice President of Portfolio Management at GID noted, "The opportunity to acquire such a quality property as Windsor at Lionsgate while it was still under construction and close it less than two weeks after the issuance of the final apartment certificates of occupancy is further evidence that WRF-III is able to underwrite complex transactions and successfully close them 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 20 properties aggregating 6,511 apartment homes.