Cherry Creek Apartments Acquired For $137M: The Denver Deal Sheet
A Cherry Creek apartment building sold for around $4M less than its last sale in 2017.
The Dinerstein Cos. acquired Steele Creek, a 218-unit building at 3222 E. First Ave., for $137.3M. The building was last purchased by UDR for $141.5M.
BMC Investments developed Steele Creek, which was delivered in 2015 with studio, one- and two-bedroom units. The building also has ground-floor retail.
The Houston-based Dinerstein Cos. owns two other multifamily properties in Colorado: Atlas Peakview in Centennial and Millennium Green Valley Ranch.
PEOPLE
JLL’s 10Twelve National Retail Leasing team named Sarah Norlander as senior vice president, based in Denver. In the role, Norlander will advise on leasing strategy, merchandising and tenant mix at retail centers and mixed-use developments. Norlander previously was a partner at the Chicago-based Mid-America Real Estate Group.
SALES
Washington Center, a Northglenn shopping complex, sold for $10.2M to Denver-based Lafayette Property Co. The 50K SF retail complex, at 812-858 E. 120th Ave. and 11874-11890 Washington St., was 92% leased at the time of the sale, according to JLL.
CONSTRUCTION AND DEVELOPMENT
Developer RXR and its partners will break ground on Ave Station House, a 301-unit multifamily community in RiNo, on April 16. RXR is working with Korman Communities, Brinkmann Constructors, Invent Development Partners, OZ Architecture and Halpern Real Estate Ventures to develop the 13-story building at 1485 40th St.
The project will also include 6K SF of retail space and is expected to be completed in 2028.
THIS AND THAT
A study from CoworkingCafe ranked Denver sixth, tied with Nashville, for its number of live-work-play developments. Nine live-work-play developments were delivered in the city in the past decade, with one more in the pipeline.
