October 12, 2017
ARA Newmark completed the $141.5-million sale of Steele Creek, a 12-story, 218-unit apartment community in Denver’s Cherry Creek neighborhood. Denver-based BMC Investments sold the mixed-use asset to an undisclosed buyer.
ARA Newmark’s Terrance Hunt, Shane Ozment, Jeff Hawks, Doug Andrews and Chris Cowan represented the seller.
Hunt said, “Steele Creek defines ‘core’ since it is easily the nicest asset in the high-end Cherry Creek North submarket. 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 $1,000-per-square-foot.”
Located at 3222 East 1st Ave., Steele Creek is home to renowned Matsuhisa Restaurant, which occupies nearly 8,000 square feet of ground floor retail space. The property offers residents 24-hour concierge service, an infinity pool, spa and modern fireplace on a rooftop deck outfitted with cabanas, daybeds, lounge chairs, high-end grills and dining areas.
For comments, questions or concerns, please contact Dennis Kaiser