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Goldman Sachs And Virtú Investments Acquire Multifamily Skyglass Tower From Gemdale USA For $173.8M

Property Image
SOLD
$173,800,000

Washington

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MultiFamily
Sold 08/01/2024
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Property Image
SOLD

Goldman Sachs And Virtú Investments Acquire Multifamily Skyglass Tower From Gemdale USA For $173.8M

757 Thomas Street

See Similar Deals
MultiFamily
Sold 08/01/2024
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Summary

WASHINGTON
Asset Type:MultiFamily
Transaction Type:Sale

The multifamily asset involved in this transaction is the Skyglass Tower located at 757 Thomas Street in Seattle, WA. The property features a total of 338 units with a price per unit of $514,201, and the sale price was $173,800,000. The luxury tower is designed by HEWITT Architecture and is LEED Gold-certified, incorporating amenities such as a rooftop green space and coworking spaces. It is strategically situated near major tech campuses.

Summary of transaction details:

The acquisition involved a joint venture between Goldman Sachs and Virtú Investments, who assumed a construction loan from Corebridge Financial as part of the transaction. The involvement of experienced brokers from Cushman & Wakefield indicates a well-coordinated effort in navigating this multifaceted deal within the Seattle market.

Players

Marc Renard
12 deals$1.3B volume
BROKER

Dave Karson
Cushman & Wakefield
14 deals$1.5B volume
BROKER

Sam Wayne
Cushman & Wakefield
9 deals$395.5M volume
BROKER

Details

SOLD
IMAGE: 08/01/2024 ADDRESS: 757 Thomas Street MARKET: Seattle, WA ASSET TYPE: Multifamily BUYER: Goldman Sachs & Virtú Investments SELLER: Gemdale USA BROKERS: Dave Karson, Marc Renard & Sam Wayne - Cushman & Wakefield SALE PRICE: $173,800,000 UNITS: 338 ~ PPU: $514,201 NOTE: A joint venture between Goldman Sachs and Virtú Investments purchased Skyglass Tower in Seattle for $173.8M, assuming a construction loan from Corebridge Financial. The 338-unit luxury tower, designed by HEWITT Architecture and LEED Gold-certified, includes amenities like a rooftop green space and coworking spaces, and is located near major tech campuses. úInvestments

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Deal Type
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)

$9,269,333.33

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$617,474.70
Cash-on-Cash Return-1.27%
Monthly Debt Service$823,900.67
Annual Debt Service$9,886,808.02