(Mark Your Calendars: RealShare Apartments 2011, October 20 in Los Angeles).
SEATTLE-The AFL-CIO Building Investment Trust recently committed to develop the $48-million PortVue Apartments in West Seattle. The 193-unit, multifamily rental project, which will begin construction in the next few weeks, is being developed by Legacy Partners.
The PortVue Apartments project is the second Seattle-area development undertaken by the BIT in recent years. In 2009, the BIT completed construction on Ballard Park, an $86-million multifamily/retail development.
Local labor leaders have been supportive of the BIT's new investment in the area, which, like all BIT projects, will be built entirely with union labor, according to a prepared statement. “We are excited to again be working with the BIT,” says Lee Newgent, executive secretary of the Seattle Building and Construction Trades Council. “They have shown a real commitment to the Pacific Northwest and ensuring construction on their projects is done the right way.”
The AFL-CIO Building Investment Trust is an open-end commingled core commercial real estate fund with $2.9 billion in gross assets. The BIT is managed by PNC Bank, National Association, as Trustee. PNC Realty Investors provides investment advisory services to the BIT. The AFL-CIO Investment Trust Corp. provides marketing, investor relations, and labor relations.
As GlobeSt.com previously reported, AFL-CIO Building Investment Trust has been buying lately, not just in the Pacific Northwest. It recently purchased a $135.5-million portfolio in Tyson’s Corner in Washington, DC.
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Natalie Dolce
Natalie Dolce, editor-in-chief of GlobeSt.com and GlobeSt. Real Estate Forum, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.
