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Steele Creek Sells For $141.5M

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Steele Creek sold for $141.5M
Steele Creek sold for $141.5M.

BMC Investments has sold the 218-unit Steele Creek apartment complex in Cherry Creek for $141.5M.

The 12-story building at 3222 East First Ave. offers residents 24-hour concierge service, an infinity pool, a spa and a modern fireplace on a rooftop deck outfitted with cabanas, daybeds, lounge chairs, high-end grills and dining areas. High-end finishes in the units include quartz countertops, walk-in closets, hardwood floors, five-piece bathrooms and stainless steel Bosch appliance packages.

Steele Creek has an infinity pool on its rooftop deck
Steele Creek has an infinity pool on its rooftop deck

The property also has an executive business lounge, a resident clubroom with billiards and a virtual golf/sports simulator.

“Steele Creek defines ‘core’ since it is easily the nicest asset in the high-end Cherry Creek North submarket,” said ARA Newmark Co. Vice Chairman Terrance Hunt, who was on the brokerage team that represented BMC. “The per-unit value is justified by high rents in the building — some eclipsing $5 per square foot — and nearby condo sales, which are going for $1K per square foot.”

Steele Creek is home to the renowned Matsuhisa Restaurant, a Nobu concept occupying nearly 8K SF of street-level retail space on the corner of Steele Street and East First Avenue. Other tenants include AT&T and Drybar, a high-end blowout salon.

Related Topics: Steele Creek