Virtú Investments Acquires Skyglass Tower, Enhancing Seattle’s Luxury Multifamily Landscape
Virtú Investments, a seasoned player in the multifamily real estate investment arena, has confidently expanded its portfolio with the acquisition of Skyglass Tower. This architecturally striking, LEED Gold certified high-rise is poised to redefine luxury living in downtown Seattle. Adding to the allure of the 338-unit property is its prime location in the thriving South Lake Union neighborhood, known for its burgeoning employment growth and an escalating demand for high-caliber residences.
Skyglass Tower’s appeal lies not only in its eclectic range of studio to three-bedroom units but also in the meticulously designed spaces such as the rooftop green oasis and modernly appointed gym. This intertwine of functionality and elegance extends to the inviting lobby space, the convenient underground parking, and the vibrant retail offerings at street level. Residents will find themselves captivated by the panoramic vistas of the iconic Space Needle, further cementing the tower’s status as a coveted address in Seattle.
This acquisition correlates with Virtú’s astute investment strategy, underscoring Seattle’s potential as an investment hotspot. The market conditions, characterized by underpriced property values and constrained high-end housing inventory, present a ripe moment for entry. Michael Green, Virtú Investments’ CEO, crystallizes this sentiment, “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. 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.”
The acquisition was facilitated through a collaborative joint venture with Goldman Sachs Alternatives’ Real Estate Business and Virtú’s Evergreen Fund. The Evergreen Fund harnesses the power of 1031 Exchanges for tax-efficient, long-term growth, epitomizing Virtú’s forward-thinking in financial structuring.
Supporting the transaction, Cushman & Wakefield’s Capital Markets team, led by esteemed industry veterans, played a pivotal role in representing Gemdale USA, while also securing acquisition financing, a testament to the collaborative spirit that defines the multifamily industry.
The overwhelmingly positive response from global investors, including high-profile entities like pension funds and private equity, spotlights Seattle as an epicenter for high-quality developmental projects. Marc Renard of Cushman & Wakefield observes, “Skyglass attracted global investor interest… The depth of capital reflects investor conviction for the future of Seattle and best-in-class developments.”
This transaction underscores the ever-present opportunities within the multifamily sector, even amid fluctuating market cycles. With its vast expertise and strategic partnerships, Virtú Investments remains a model for multifamily industry excellence and innovation.