SALE OF WINDSOR COURTS AT BEVERLY, IN BEVERLY, MASSACHUSETTS

Boston - (February 15, 2007) - An affiliate of The General Investment & Development Companies (“GID”) announced today that it sold the apartment community, Windsor Courts at Beverly, in Beverly, Massachusetts for $36.4 million to Home Properties, Inc. (NYSE:HME), a publicly traded apartment REIT. The $36.4 million sale price for the 204 unit Windsor Courts equates to approximately $178,431 per unit. Cushman & Wakefield provided the brokerage services for the sale. Windsor Courts was built in 1972 and consists of 23 two-story townhome buildings. The community is situated on 13 acres of beautifully landscaped grounds just 30 minutes from downtown Boston and nestled in the heart of historic North Shore, minutes from beaches.