Original land basis was approximately half the cost of other sites in the submarket.
Total project cost was delivered 1.2% below underwriting.
Delivery was two months late but initial leasing was robust.
Partnership elected to sell Property before stabilization taking advantage of favorable capital markets. Subsequently, debt markets slowed in the second half of 2022 resulting in the closing period being extended. The Partnership negotiated additional earnest money from the buyer for the extension, and the buyer was able to close with all cash. The sale closed in December 2022 at 81% occupancy, eight months before underwritten exit.
