GID INVESTMENT ADVISERS LLC COMPLETES PORTFOLIO SALE OF 20 PROPERTIES

Boston - (December 31, 2005) - GID Investment Advisers LLC (“GID”) announced today that it has completed a major sale of multifamily properties on behalf of an affiliate, Windsor Realty Fund-III L.P., (“WRF-III”). Twenty multifamily properties totaling 6,968 units located in eleven states and the District of Columbia were sold to 14 different institutional and private-equity purchasers. The aggregate sales price was $1.29 billion representing 62.62% over their original cost basis.

William Roberts, Senior Vice President - Portfolio Management for GID commented, “The WRF-III portfolio sale was an excellent example of GID taking advantage of atypical market fundamentals. The endeavor was a success as a result of a company wide effort.”

Since its formation in 1998, WRF-III has acquired 32 properties aggregating 10,440 apartment homes across the United States. GID continues to acquire multifamily Class A stabilized, value-added and development properties on behalf of WRF-III, equity co-investment joint venture between GID and California Public Employees’ Retirement System (“CalPERS”).