Washington, D.C. – The AFL-CIO Building Investment Trust (BIT) announced today it has contracted with Sares Regis Group of Northern California (SRGNC) to develop 155 luxury apartments at 888 North San Mateo Drive in San Mateo, California.
The $68.9 million development will offer residents such amenities as an outdoor pool and playground, along with a dog park, fitness center, and underground parking. The three-acre site is also located within walking distance to downtown Burlingame and the nearby Burlingame Caltrain Station.
“We are excited about both the opportunity to invest in the vibrant Bay Area economy and the opportunity to create jobs for the skilled women and men of the local building trades,” said Kevin McCarthy, President of PNC Realty Investors Inc., the investment advisor to the BIT.
As with all BIT investments, all on-site construction will be performed by members affiliated with local building and construction trades councils. “This project is expected to create over 300 union construction jobs,” said William Nack, Secretary-Treasurer of the San Mateo Building and Construction Trades Council. “To say the least, we are excited by this prospect.”
The apartments represent a continuation of the BIT’s program to invest in the development of multifamily rental properties. Recent BIT development projects include the Flux Apartments in Minneapolis, Minnesota; 500 Lake Shore Drive in Chicago, Illinois; and Youngstown Flats in Seattle, Washington.
“When you see union members back to work on BIT job sites, it’s impossible not to feel an appreciation and loyalty to this program,” said Mike Stotz, President of the AFL-CIO Investment Trust Corporation (ITC), which provides investor and labor relations services to the BIT. Groundbreaking for the apartments is anticipated in June, with completion scheduled for December 2013. The architect for the project is Thomas P. Cox, Architects Inc., of Irvine California. A joint venture of Devcon Construction, Inc. and Regis Contractors Bay Area will serve as the construction manager and general contractor.
About the AFL-CIO Building Investment Trust:
The AFL-CIO Building Investment Trust is an open-ended commingled core commercial real estate fund with approximately $2.9 billion in gross assets as of March 31, 2012. The mission of the BIT is to provide competitive, risk-adjusted returns for its pension plan participants through investments in institutional quality commercial real estate while promoting economic development and creating union jobs. Since beginning operations in 1988, the BIT has invested over $4 billion for the development and acquisition of more than 160 office, retail, multifamily, hotel, warehouse, and mixed-use properties across the country. These investments have generated approximately 54 million hours in union construction work and created thousands of permanent jobs in the service, maintenance and operation of facilities owned by the BIT.
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 services. For more information, please visit: www.aflcio-bit.com.
About Sares Regis Group of Northern California:
Sares Regis Group of Northern California and its affiliates, Regis Homes Bay Area and Regis Contractors Bay Area, are regional companies based in San Mateo, California, and are affiliated with Irvine-based Sares Regis Group. As leading developers and managers of commercial and residential real estate in the western United States, the companies have more than 6.5 million square feet of commercial properties valued at $500 million and over 2,800 residential units under development.
Sares Regis Group has a combined portfolio of property and fee-based assets under management valued at more than $4 billion, including 13,000 rental apartments and 15 million square feet of commercial and industrial space. Since its inception, the company has acquired or developed approximately 46 million square feet of commercial properties and 20,000 multifamily and residential housing units. For more information, please visit: www.SRGNC.com.