BIT Renews Commitment to Pacific Northwest
The AFL-CIO Building Investment Trust (BIT) 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.
"We are excited to again be working with the BIT," said 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 (PNC Bank), as Trustee. PNC Realty Investors (PRI) provides investment advisory services to the BIT. The AFL-CIO Investment Trust Corporation provides marketing, investor relations, and labor relations.