Denver Luxury Asset Trades for $142M
- Oct 12, 2017
ARA Newmark brokered the sale of a luxury Denver community. The 218-unit Steele Creek changed hands for $141.5 million, or roughly $650,000 per unit.
Denver-based seller BMC Investments was represented by ARA’s Vice Chairmen Terrance Hunt, Shane Ozment, Jeff Hawks, Doug Andrews and Executive Managing Director Chris Cowan. The same team secured the sale of a two-property portfolio in Centennial, Colo., earlier this year, which traded for $92 million.
“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 Terrance Hunt, vice chairman at ARA Newmark, in a prepared statement.
Completed in 2015, Steele Creek is a 12-story upscale community located at 3222 E. 1st Ave. in Denver’s Cherry Creek neighborhood. Three tenants occupy the ground-floor retail spaces: the 8,000-square-foot Matsuhisa Restaurant, AT&T and a Drybar salon. Across the street from the property, Cherry Creek Shopping Mall offers residents a plethora of dining and shopping options. In addition, Bromwell Elementary School is only five minutes away.
Common amenities include a rooftop swimming pool with sun deck and grill area, a sports lounge, golf simulator, a clubhouse, whirlpool spa, fitness center, a conference room, 24-hour concierge services, as well as a dog wash with spa. Studio, one- and two-bedroom floor plans are available, with upscale finishes and perks such as designer counter tops, walk-in closets and terraces.
Image courtesy of ARA Newmark
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