EDEN PLACE APARTMENTS

Boston - (October 26, 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 partnership interests in Eden Place Apartments in Eden Prairie, Minneapolis. This 504-unit class “A” garden style apartment community contains eight three story buildings on 32 acres. The community offers residents underground heated parking, tennis courts, two pools, and two fitness centers. Eden Prairie offers a school district that is ranked in the top five nationally and is home to numerous corporate headquarters, including Best Buy, GE Capital Fleet Services, and ADC Telecommunications. Its high quality of life and educated work force is attractive to the business community and is one of the reasons Eden Prairie contains over 18 million square feet of developed office, commercial and industrial space. Thad Palmer, Acquisitions Vice President for GID commented, “Eden Place Apartments is a well located asset in a high growth sub-market. It is our second acquisition within the Minneapolis/St. Paul market and we look forward to expanding our presence through additional strategic acquisitions.”

Windsor Realty Fund-III L.P. ("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 the Eastern Region, which is comprised of five of eight NCREIF divisions. Formed in 1998, WRF-III owns 23 properties aggregating 7,435 apartment homes.