Steele Creek Sells 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.

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.

Continue reading this story with a free account

Log in or register
Related Topics: Steele Creek
Sign up for more articles like this
Subscribe to Bisnow's Denver Newsletters
Related Stories

With Occupancy Brimming, Investors Pile Into Bay Area Apartments

FBI Drops Investigation Into Financially Troubled StoryBuilt

Mountain Developers Look To Mobile Homes, Deed Restrictions For Affordability Solutions

GTIS Partners Rebrands As Brightshore Capital, Launches $250M Debt Platform

Dublin BTR Had A €1B Summer

Sales Of Lower-End Apartments Surge In Philly As Landlords Face Financial Issues

Wu Proposes Tax Breaks To Jump-Start Stalled Housing Projects

Developer Seeks Permit For Denver Energy Center Conversion Project

Airbnb Launches $250M Fund To Invest In Affordable Housing

Fertility Provider Opens Clinic At 1900 Lawrence Office Tower: The Denver Deal Sheet

DFW Multifamily Distress Creates Opening For Investors As Development Slows

Security Tech Firm Plans Loudoun HQ Move: The D.C. Deal Sheet