Steele Creek sells for $141.5 million

BMC Investments sold the 12-story, 218-unit property at a price topping $649,000 per unit.

Steele Creek, a luxury Cherry Creek apartment community, traded for $141.5 million, or $649,082.57 per unit, to an undisclosed buyer.

BMC Investments, which sold the 12-story, 218-unit property with ground-level retail, was represented by ARA Newmark’s Terrance Hunt, Shane Ozment, Jeff Hawks, Doug Andrews and Chris Cowan in the transaction.

“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,” said Hunt.

Steele Creek 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. Additionally, the property boasts an executive business lounge with state-of-the-art technology, an elaborate resident clubroom with billiards and a virtual golf/sports simulator. Units themselves offer residents top-of-the-line finishes such as gourmet kitchens, designer quartz countertops, walk-in closets, in-home washers and dryers and hardwood floors; Nest thermostats, five-piece bathrooms and stainless steel Bosch appliance packages are available in select units.

Located at 3222 East First Ave., Steele Creek also is home to Matsuhisa Restaurant, a Nobu concept occupying nearly 8,000 sf of ground floor retail space on the corner of Steele Street and East First Avenue. Steele Creek also houses AT&T and Drybar, a high-end blowout salon, in the other two first-floor retail spaces.

Built in 2015, the community features a mix of studio, one-, two- and three-bedroom units.

The property also is directly across the street from Cherry Creek Shopping Center.

Jennifer Hayes has been an editor with the CREJ since 2000. Jennifer covers multifamily and retail news in the Denver metro area plus all property types in Colorado Springs and Southern Colorado. She also covers the finance market as well as solicits bylines articles and is editor of the Health Care Properties Quarterly. Before joining the Colorado Real Estate Journal, Jennifer served as the assistant sports information director at Texas A&M-Commerce. She earned her bachelor's degree in broadcast journalism from the University of Colorado and a master's degree in education from A&M-Commerce. Jennifer enjoys spending time with her husband and son, learning the ways of being a hockey mom, sports, reading and baking.