Virtú Acquires Downtown Seattle Multifamily Tower
Virtú Investments, a multifamily real estate investment firm, announced it has acquired Skyglass Tower, a new Class A, 338-unit, 31-story multifamily tower in downtown Seattle, 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 designed to take advantage of 1031 exchanges.
Virtú, which largely acquires and manages apartments in the western U.S., sees the Pacific Northwest, and Seattle in particular, as “an attractive target for multifamily investment,” citing rising employment data, high demand for luxury apartments, and 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.
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. The loan was provided by Corebridge.
Since its founding in 1997, Virtú has acquired and operated more than 130 properties, totaling over $3.7 billion in real estate.
Pictured: Skyglass Tower