SALE OF WINDSOR AT ASBURY SQUARE, IN ATLANTA, GEORGIA

Boston - (August 31, 2007) - An affiliate of The General Investment & Development Companies (“GID”) announced today that it sold Windsor at Asbury Square, in Atlanta, Georgia for $53.7 million to an affiliate of Williams Multifamily Acquisition Fund, LP (“WMAF”). The $53.7 million sale price for the 408 unit Windsor at Asbury Square equates to approximately $131,618 per unit. Cushman & Wakefield of Georgia, Inc. conducted a wide marketing campaign in providing brokerage services for the sale. WMAF was chosen to purchase the property after a very competitive bidding process and the review of offers from numerous firms. Windsor at Asbury Square was built in 1992/1993 and consists of three 4-story structures connected by walkways and courtyards, a clubhouse building, and a 5,000 SF health club. The community is situated on 10.6 acres of beautifully landscaped grounds. Windsor at Asbury Square is within walking distance of Perimeter Mall, retail stores, restaurants and entertainment. The community is within 20 minutes of Buckhead, Atlanta’s Hartsfield-Jackson International Airport and Downtown Atlanta.

About GID: 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.

About WMAF: Williams Multifamily Acquisition Fund, LP (“WMAF”) is a $300 million real estate equity fund established to acquire, reposition, manage, and sell multifamily properties whose values have been impaired, primarily located in the Mid-Atlantic, Southeast and Sunbelt regions of the United States. WMAF is managed by Williams Realty Advisors, LLC in affiliation with Williams Asset Management, LLC and Williams Residential Management, LLC.