Apollo Value Enhancement Fund VII will continue Apollo'svalue-added strategy of investing in real estate assets primarilyin major markets in the US. The fund will seek to create adiversified portfolio across major property types, according toSteven Wolf, Apollo, a partner who oversees the firm's ValueEnhancement Funds. The fund was formed in August 2007, Wolf tellsGlobeSt.com, and the initial target was $750 million, which Apolloachieved.
Fund investments include 500 1st St. NW in Washington, DC, a129,000-sf office building. The nine-story building, which also hastwo underground parking levels, is located on 1st St. NW and EastStreet NW, just two blocks from Union Station and four blocks fromthe US Capitol. Apollo plans approximately $7 million in buildingimprovements in conjunction with the lease renewal of the currenttenant, the US General Services Administration on behalf of theDepartment of Justice, which currently has a 10-year lease, Wolfsays in a prepared statement.
Apollo Value Enhancement Fund VII also purchased the 500-roomHiltonDallasLincoln Centre, as GlobeSt.com recently reported, for$102 million from Ashford Hospitality Trust Inc. The $72-millionsale was been bundled with a $30-million cap-ex plan for the3.2-acre hotel component of the landmark 1.6-million-sf officecomplex. The 20-story glass curtained hotel tower is locatedprominently within Lincoln Centre, a premier class A complex inNorth Dallas encompassing 1.6 million sf.
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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.
