GID ANNOUNCES JOINT VENTURE WITH OPERF

Boston - (April 1, 2005) - The General Investment & Development Companies ("GID") announced today that it has entered into a new co-investment joint venture with the Oregon Public Employees Retirement Fund (‘OPERF”) to acquire and develop multi-family properties throughout the United States. The co-investment joint venture, named Windsor Columbia Realty Fund LLC (“WCRF”), is capitalized with $277.8 million of equity capital of which OPERF has committed $250 million and GID has committed $27.8 million.

Upon the creation of WCRF, OPERF contributed certain properties and other assets owned in a former partnership joint venture with a total Gross Asset Value of $213.5 million and a Net Asset Value of $111.2 million to the WCRF venture. These properties consisted of 7 existing multifamily properties totaling 1,081 units located in New York City, NY, Austin, TX and Denver, CO plus two development land sites in Austin, TX and Denver, CO.

“This co-investment joint venture with OPERF provides GID with a third multifamily investment fund with a major institutional investor similar to its other co-investment joint ventures with CalPERS and CalSTRS. This well-capitalized group of investment funds provides GID with a deep and varied pocket for investing in existing, value-add, pre-sale and development opportunities in multifamily throughout the United States.” according to Robert E. DeWitt, President and CEO of GID.