Virtú Investments Acquires Iconic Skyglass Tower in Downtown Seattle
LARKSPUR, Calif., July 31, 2024 (GLOBE NEWSWIRE) -- Virtú Investments ("Virtú"), a multifamily real estate investment firm primarily engaged in the acquisition and management of apartments in the western United States, today announced it has acquired Skyglass Tower, a brand-new Class A, 338-unit, 31-story multifamily tower located in downtown Seattle, WA.
Completed in 2024, the LEED Gold, glass-paneled high-rise in the South Lake Union neighborhood is comprised of luxury studio and 1-3 bedroom units, three floors of underground parking, as well as retail space at ground level. Additional features include a rooftop green space, gym, a lobby with high-end finishes, and views of the Space Needle.
Virtú sees the Pacific Northwest, and Seattle in particular, as an attractive target for multifamily investment driven by the area's rising employment figures and high demand for luxury apartments, coupled with property values currently well below their peak.
"Limited high-end multifamily supply and bottoming prices in the Seattle market makes this a great time for Virtú to invest opportunistically in this key area of the Pacific Northwest," said Michael Green, CEO of Virtú Investments. "We have decades of experience investing in multifamily buildings across market cycles, and are eager to continue identifying investment opportunities like these for the benefit of our stakeholders."
Virtú acquired Skyglass Tower as a joint venture with the Real Estate Business at Goldman Sachs Alternatives and the Virtú Evergreen Fund, an open-end fund launched in 2015 for generational ownership, long-term compounding, extreme tax efficiency and flexible liquidity. The Evergreen Fund is designed to take advantage of 1031 Exchanges within the Fund to perpetually defer taxes on gains and cashflow.
Cushman & Wakefield's Capital Markets team led by Marc Renard, Sam Wayne, and Dave Karson represented the seller, Gemdale USA, in the transaction.
Cushman & Wakefield's Equity, Debt & Structured Finance team of Dave Karson, Chris Moyer, Paul Roeter and Jason Blankfein served as the exclusive advisor to the joint venture in the procurement of acquisition financing. The loan was provided by Corebridge.
"Skyglass attracted global investor interest including pension funds, private equity, family offices and multifamily funds who recognized the merits of this compelling opportunity," said Renard. "The depth of capital reflects investor conviction for the future of Seattle and best-in-class developments."
For more information about the Virtú Evergreen Fund, L.P. please click here.
To contact Virtú's Regional Acquisitions Director, Erik Reif, please call (760) 929-4711.
About Virtú Investments
Virtú Investments is a multifamily real estate investment firm primarily engaged in the acquisition and management of apartment properties in the western United States. Since its founding in 1997, Virtú has acquired and operated 130+ properties, totaling over $3.7B in real estate. Virtú is focused on serving its investors with innovative tax-efficient solutions within the multifamily investment space. Virtú maintains a highly selective acquisitions practice and a fully integrated, in-house property management firm. For more information please visit https://www.virtuinvestments.com/
About Real Estate at Goldman Sachs Alternatives
Goldman Sachs (NYSE:GS) is one of the leading investors in alternatives globally, with over $450 billion in assets and more than 30 years of experience. The business invests in the full spectrum of alternatives including private equity, growth equity, private credit, real estate, infrastructure, hedge funds and sustainability. Clients access these solutions through direct strategies, customized partnerships, and open-architecture programs. The business is driven by a focus on partnership and shared success with its clients, seeking to deliver long-term investment performance drawing on its global network and deep expertise across industries and markets. The alternative investments platform is part of Goldman Sachs Asset Management, which delivers investment and advisory services across public and private markets for the world's leading institutions, financial advisors and individuals. Goldman Sachs has over $2.8 trillion in assets under supervision globally as of December 31, 2023. Established in 1991, Real Estate at Goldman Sachs Alternatives is one of the leading investors in real estate with over $60 billion in capital invested since 2012 across the spectrum of investment strategies from core to opportunistic and credit. The global team invests across all sectors with deep expertise across the capital structure, in assets ranging from single properties to large portfolios, through senior mortgages, mezzanine debt and equity. Follow us on LinkedIn.
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