SALE OF WINDSOR HEIGHTS AND WINDSOR MEADOWS, IN MARLBOROUGH, MASSACHUSETTS

Boston - (September 7, 2006) - An affiliate of The General Investment & Development Companies (“GID”) announced today that it sold two apartment communities, Windsor Heights and Windsor Meadows, in Marlborough, Massachusetts with a total of 612 units for $82.5 million to Home Properties, Inc. CB Richard Ellis conducted a wide marketing campaign in providing brokerage services for the sale. Home Properties, Inc. (NYSE:HME), a publicly traded apartment REIT, was chosen to purchase the property after a very competitive bidding process and the review of offers from numerous firms.

Windsor Heights at Marlborough was sold for $48.6 million, which equates to approximately $139,698 per unit. Windsor Heights was built in 1973 and consists of 348 units residing in 17 two- and three-story buildings. The property is approximately 20 miles west of downtown Boston, Massachusetts, three miles east of Interstate 495 with shopping, recreation and public schools within easy access.

Windsor Meadows at Marlborough is located approximately two and one-half miles from Windsor Heights. The total purchase price of $33.9 million equates to approximately $128,409 per apartment unit. Built between 1969 and 1972, Windsor Meadows consists of 264 units residing in 14 three-story buildings.