GID INVESTMENT ADVISERS LLC CLOSES ON 193-UNIT DEVELOPMENT SITE IN ANDOVER, MA

Boston - (April 28, 2005) - GID Investment Advisers LLC (“GID”), through a partnership with Criterion Development Partners (“CDP”), announced today that it plans to build Windsor on the Green, a 193-unit luxury apartment community in Andover, MA. The site was acquired on behalf of an affiliate, Windsor Realty Fund-III LLC, (“WRF-III”). Located just off of Interstate-93, Andover is a northern suburb of Boston with one of the highest regarded public school systems. The location offers convenient access to employment centers along Interstates 93, 95 & 495 as well as to downtown Boston via the MBTA Commuter Rail.

Windsor on the Green will include a full-service, 2,750 square foot community center, swimming pool, spa, sports court and playground. Other luxury amenities include garage and carport parking, private balconies, fireplaces, nine-foot ceilings fully-applianced designer kitchens and full-size washer and dryers.

Michael McMahon, Vice President Portfolio Management at GID commented, “We’re very excited to be in a position to build new multifamily product in Boston. Historically, it has been difficult to acquire and develop multifamily product in the Boston area. Our relationship with CDP allows us to add more units to our existing Northeast Portfolio. We are optimistic with the long-term prospects in Andover”

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

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