Lux Living & Big Sur Construction have completed the sale of "Tribeca", a 160-unit luxury apartment community in the Central West End. The sale price of $44,000,000 (or $275,000 per unit) represents a record setting price per rentable square foot on the open market ($403.69/sf).
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An exterior view of Tribeca, 5510 Pershing Avenue, St. Louis MO 63112 (Photo: Business Wire)
Built in 2018 near Washington University and Barnes-Jewish Hospital, the units in the six-story asset boast unparalleled design (Carrera quartz waterfall islands, herringbone marble backsplash, nine-foot ceilings, private balconies), and cutting edge smart living tech (smart locks, Nest thermostats, wall mounted smart hubs powered by Alexa). Community amenities include an outdoor resort-style salt water swimming pool and spa, a concierge robot, both an indoor and outdoor bar with a first in-class 6-tap self-pour beer & wine system, a tenant curated resident marketplace, 24-hour fitness center, pet park & spa, outdoor lounge with fire pits, fire place, bocce ball court, enclosed garage, and more. “Our motto, ‘Live Smart' has been a great example of blending multifamily and hospitality to cater to the next generation renters focused on technology, community and experiential living," said Victor Alston of Lux Living.
Will Mathews, Tyler Hague, Bob Galamba, and Gregory Russell of Colliers International were the brokers representing the buyers in the transaction. "Our platform facilitated the deal between a highly respected California-based operator – and one of the best regional developers, showing once again our ability to source capital from outside the region to deliver the best possible results,” said Will Mathews Managing Director of Colliers International.
About Big Sur Construction & Lux Living
Big Sur Construction (www.BigSurConstruction.com) has built numerous projects for Lux Living, who has developed thousands of units in the local and surrounding markets with several smart communities under design, construction, and lease up. Lux Living (www.LuxLiving.co) is represented by Sidarth Chakraverty -- for further information on this transaction or other communities Lux Living is developing, please email sid@luxliving.co or call at 314-304-3747.
About Colliers International Group Inc.
Colliers International (NASDAQ, TSX: CIGI) is a leading global real estate services and investment management company. With operations in 68 countries, our 14,000 enterprising people work collaboratively to provide expert advice and services to maximize the value of property for real estate occupiers, owners and investors. For more than 20 years, our experienced leadership team, owning more than 40% of our equity, have delivered industry-leading investment returns for shareholders. In 2018, corporate revenues were $2.8 billion ($3.3 billion including affiliates), with more than $26 billion of assets under management.
Learn more about how we accelerate success at Colliers.com or follow us on Twitter: @Colliers and LinkedIn.
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Contacts:
sid@luxliving.co
