AFL-CIO Housing Investment Trust
Helping Build Twin Cities - The Union Way
September 2018
The AFL-CIO Housing Investment Trust builds on over 30 years of experience investing union capital responsibly to deliver competitive returns to its participants while generating union construction jobs, affordable housing, and economic and fiscal impacts that benefit the communities where union members live and work.
The Twin Cities area is a strong market for the HIT. Since inception, the HIT has invested over $864 million in 53 projects with total development investment of $1.4 billion. These projects have built or preserved over 8,230 housing units and created an estimated 14.3 million hours of union construction work*.
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Econonic and Fiscal Impacts of the HIT- In 2017 Dollars, Since Inception* $2.7B total economic benefits $980M personal income 16,960 total jobs across industry segments 7,060 union construction jobs, 14.3M hours of work $102.8M state and local tax revenue generated |
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333 on the Park: The HIT provided $27.7 million of funding for the $42.3 million substantial rehabilitation of the 134-unit, 333 on the Park in St. Paul, creating an estimated 191 union construction jobs. |
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Five 15 on the Park: The HIT provided $33.4 million in funding for the $52.3 million new construction of the 259-unit Five 15 on the Park apartments in Minneapolis, creating an estimated 256 union construction jobs. |
* Figures provided by Pinnacle Economics are estimates calculated using an IMPLAN input-output model based on HIT project data information. Data current as of August 31, 2018. Since inception dates from 1984-August 31, 2018.
In the past 10 years, the HIT has invested $614 million in 25 projects with a total development investment of $1.0 billion. These projects are creating an estimated 9.9 million hours of union construction work*.
|
Project |
Location |
Units |
HIT Investment |
TDC |
Union |
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Inver Glen Senior Housing |
Inver Grove Heights |
103 |
$15,084,000 |
$17,461,869 |
92 |
|
Solhem Apartments (Uptown House) |
Minneapolis |
60 |
$10,700,000 |
$12,988,106 |
72 |
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Applewood Pointe of Bloomington at Southtown |
Bloomington |
101 |
$17,597,900 |
$20,280,641 |
113 |
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Ellipse on Excelsior |
St. Louis Park |
132 |
$26,122,000 |
$33,244,543 |
186 |
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Flo Co Fusion |
Minneapolis |
84 |
$13,543,000 |
$16,026,159 |
88 |
|
Riverside Plaza Apartments |
Minneapolis |
1,303 |
$49,950,000 |
$123,267,007 |
882 |
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Applewood Pointe of Roseville at Langton Lake |
Roseville |
48 |
$4,700,000 |
$11,241,637 |
60 |
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City Walk - Walkway Uptown Apartments |
Minneapolis |
92 |
$16,802,100 |
$20,161,502 |
103 |
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The Penfield |
St. Paul |
254 |
$40,942,800 |
$62,505,140 |
319 |
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West Side Flats Apartments |
St. Paul |
178 |
$23,500,000 |
$31,234,356 |
159 |
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Yorkdale Terrace Townhomes |
Edina |
90 |
$4,470,000 |
$17,242,238 |
116 |
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Five 15 on the Park |
Minneapolis |
259 |
$33,400,000 |
$52,331,187 |
256 |
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333 on the Park |
St. Paul |
134 |
$27,680,000 |
$42,331,034 |
191 |
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Seward Towers East and West |
Minneapolis |
640 |
$29,750,000 |
$99,198,392 |
270 |
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Zvago Cooperative at Glen Lake |
Minnetonka |
54 |
$14,821,600 |
$18,981,774 |
83 |
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1500 Nicollet |
Minneapolis |
183 |
$34,120,000 |
$61,736,138 |
268 |
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Green on Fourth Apartments |
Minneapolis |
243 |
$42,654,700 |
$56,169,929 |
251 |
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Pioneer Apartments |
St. Paul |
143 |
$14,475,000 |
$48,739,737 |
201 |
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Union Flats |
St. Paul |
217 |
$30,630,000 |
$68,476,863 |
306 |
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Zvago Cooperative at St. Anthony Park |
St. Paul |
49 |
$14,577,500 |
$18,185,346 |
82 |
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Elevate at Southwest Station |
Eden Prairie |
222 |
$49,500,000 |
$63,510,988 |
269 |
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Zvago Cooperative at Central Village |
Apple Valley |
58 |
$15,815,400 |
$19,680,017 |
82 |
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The Chamberlin |
Richfield |
316 |
$48,277,000 |
$62,509,690 |
209 |
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Riverdale Station East |
Coon Rapids |
180 |
$28,350,000 |
$38,273,494 |
162 |
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Riverdale Station West |
Coon Rapids |
71 |
$6,925,000 |
$17,489,676 |
69 |
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TOTAL (LAST 10 YEARS: 2008-8/31/18) |
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5,214 |
$614,388,000 |
$1,033,267,463 |
4,889 |
The Penfield |
Zvago Cooperative at Glen Lake |
Seward Towers East & West |
Investors should consider the HIT’s investment objectives, risks and expenses carefully before investing. A prospectus containing more complete information may be obtained from the HIT by calling the Marketing and Investor Relations Department collect at 202-331-8055 or by viewing the HIT’s website at www.aflcio-hit.com. The prospectus should be read carefully before investing.
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August 31, 2018 |
Projects in the Twin Cities Area in the Last 10 Years
2008-August 31, 2018