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.