A little less than a year after it opened, the 128-unit Soulard Steelyard apartment complex at 7th and Victor has been sold along with the 42-unit Ice House complex located at 9th and Barton. The total cost of the deal is $45.9 Million (or $270,000 per unit). This is the second sale of an asset (or assets), by Central West End based LuxLiving. They previously sold the 160-unit Tribeca complex on Pershing in Debaliviere Place for $44 Million (or $275,000 per unit). The sale of the Steelyard and Ice House is a new record setting sale price for Lux.
The sale of Steelyard is noteworthy as it is the first new construction apartment building built in the Soulard neighborhood to be sold. The price for both assets is seen as reasonable because of the close proximity to Anheuser-Busch, the businesses in Soulard, Downtown, and easy access to the nearby Interstate highways.
“This was a very unique project, with the juxtaposition of old and new, but we actually finished the lease-up quicker than even our Central West End project from last year. And because of this success, we’ve doubled down on our commitment to the Soulard area and are starting construction on a 330-unit apartment building a few blocks down the street," said Victor Alston of LuxLiving. “Our focus is to create well designed buildings with top of market amenities that favor community and technology at the best price. And being able to get this deal done in the current economic environment makes it even more special.”
With the large influx in money LuxLiving has received from the recent sales of Steelyard, Ice House, and Tribeca, Lux is planning on giving back to the community. Now more than ever, it's important to boost St. Louis businesses and organizations due to the ongoing coronavirus pandemic and resulting economic slowdown. As such, Lux has donated $50,000 to Saint Louis University’s Center for Vaccine Development to support SLU research aimed at developing new vaccines for COVID-19.
According to LuxLiving's Victor Alston: “We are honored to be a part of such a worthy cause that can have a positive impact for everyone on earth, while giving back and supporting the world renowned medical research community that is doing amazing things in St. Louis. Best wishes to Dr. Hoft on his journey to develop this vaccine".
LuxLiving’s gift will support SLU’s recently launched OneSLU fundraising initiative. The initiative is made up of funds designed to support crucial medical research efforts surrounding the current pandemic, as as well as emergency financial assistance for students and employees, among other priorities.
Beyond donating to a university developing a vaccine, LuxLiving is also launching the "Takeout Challenge".
In partnership with Hamilton Hospitality, the Takeout Challenge will be a way to give restaurants a boost during this time of reduced traffic. There will be 3 famous, and local, judges who will be deciding the winner of the challenge. There are 21 chefs from 21 different restaurants in St. Louis competing in the challenge with 7 individual chefs competing in one of three distinct categories. The three categories are...
Fast casual
Fine dining
Ethnic food
1st, 2nd and 3rd place winners in each category will receive grant prizes. All participants will also receive a grant. The grants have no strings attached and are backed by LuxLiving.
In general, the competition is to help out the community and get these people back into what they love doing (cooking) and to help them see some light at the end of the tunnel. People interested in the challenge are encouraged to visit http://luxliving.co/takeout-challenge/.
Related...
On April 1st, 2019, CityScene STL took a building tour of the Steelyard. That tour can be found here: https://www.cityscene-stl.com/post/a-look-inside-soulard-s-steelyard-apartments-7th-victor
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