GID INVESTMENT ADVISERS LLC ACQUIRES 224-UNIT SIENA IN HOUSTON

Boston - (March 26, 2007) - GID Investment Advisers LLC (“GID”) announced today that it has acquired on behalf of an affiliate, Windsor Realty Fund-V LLC, (“WRF-V”), the 224-unit Siena luxury apartments. The property, which will be renamed Windsor at Siena, is located in the Inner West Loop submarket of Houston, Texas.

Windsor at Siena is located between Houston’s central business district, The Texas Medical Center, and The Galleria, Houston’s premier retail address. This location provides residents of Windsor at Siena with convenient access to three of Houston’s largest employment centers. The property is also proximate to Buffalo Bayou Park and Memorial Park, with the extensive outdoor recreational amenities these parks provide.

Matt Stuart, Assistant Vice President of Real Estate Acquisitions for GID commented, “Houston had a tremendous year in 2006 in terms of employment growth. We think this growth will continue and properties in the West Inner Loop will benefit more than the market as a whole due to future supply constraints and high current occupancies in the submarket. Windsor at Siena, with its luxury interior finishes and high visibility location, should compete favorably in this desirable submarket.”

The four-story property was constructed in 2003. Resident amenities include a swimming pool, hot tub, business center, and movie theater. There is also a fully equipped fitness center with views of downtown Houston. Apartment amenities include ten-foot ceilings, stainless steel and black appliances, granite kitchen counter tops, full-size washer & dryers and under cabinet lighting. Ceramic tile flooring is located in all kitchens, baths and unit entryways.

WRF-V is an equity co-investment joint venture between GID and the California State Teachers’ Retirement System. The relationship covers the entire United States. GID has full discretion over all acquisition and disposition decisions.

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