GID INVESTMENT ADVISERS LLC ACQUIRES 360-UNIT WINDSOR AT MOUNTAIN PARK RANCH IN PHOENIX

Boston - (June 28, 2007) - GID Investment Advisers LLC (“GID”) announced today that it has acquired on behalf of an affiliate, Windsor Realty Fund-V LLC, (“WRF-V”), the 360-unit Preserve at Mountain Park Ranch townhome apartments. The property is located in the South Phoenix submarket in a master planned community known as Mountain Park Ranch, near the Ahwatukee area of Phoenix.

The property, which will be renamed Windsor at Mountain Park Ranch is located west of Interstate 10 and north of Ray Rd. in a desirable residential and commercial corridor known for its high quality of life, excellent schools and proximity to jobs and transportation. Mountain Park Ranch is a 2,700 acre master planned community developed beginning in the mid-1980’s with over 6,000 residential units plus numerous recreational and commercial amenities.

Rich Ross, Director of Western Region Acquisitions for GID commented, “We believe Phoenix has superior long term fundamentals and we are delighted to enter the apartment market here with this high quality, well located property. The apartment homes at our property have large, well designed floor plans and our business plan is to do a significant amount of interior and exterior renovations. We feel this plan will position this asset well for the next 7-10 years.”

The all townhome property was constructed in 1996 and consists of all two- and three-bedroom units with an average size of over 1,200sf. Resident amenities include two resort style swimming pools and spas, a business center, a media room/movie theater, an electronic game room, a well appointed clubhouse, playgrounds, and ample open space for walking and relaxing. There is also a fully equipped fitness center. Apartment amenities include nine-foot ceilings, rounded corners, fireplaces, ample storage areas, full sized washers and dryers, etc.

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

For further information, contact Rich Ross at (415) 464-1352 or rross@generalinvestment.com.

The General Investment & Development Companies (GID) www.generalinvestment.com, founded in 1960, are privately-held, diversified companies with substantial interests in both residential apartment and other commercial real estate throughout the United States. GID is headquartered in Boston, Massachusetts, and its various affiliates operate nationwide. Over its 46-year history, GID has developed and acquired apartment, condominium, office, research & development and industrial properties. Today, GID and its affiliates' portfolios are invested in 17 states including over 11,000 apartment homes in 37 properties, 670,000 square feet of suburban office space in seven office buildings and 3.0+ million square feet of flex industrial space in ten business parks. Over the years, GID has developed and/or acquired over 36,000 apartment homes.