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July 22, 2018
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High-End Denver Res Tower Fetches $649k per Unit


Steele Creek, a Denver multifamily property with 218 units, traded hands in a recent deal valued at $141.5 mil, or $649k per unit. The 12-story, ultra-luxury apartment community is located at 3222 East 1st Ave, in the city’s Cherry Creek neighborhood. The property boasts unmatched views of the mountains and city skyline.

Steele Creek offers residents the highest level of luxury with 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.

Steele Creek is home to renowned Matsuhisa Restaurant, a Nobu concept occupying nearly 8k sf of ground floor retail space on the corner of Steele St and East 1st Ave. Steele Creek also houses AT&T and Drybar, a high-end blowout salon, in the other two first-floor retail spaces. The property is also directly across the street from Cherry Creek Shopping Center, which offers the premier shopping experience in the Rocky Mountain region, anchored by Nordstrom, Neiman Marcus, Macy’s and Restoration Hardware.

Terrance Hunt, Shane Ozment, Jeff Hawks, Doug Andrews and Chris Cowan with ARA Newmark represented the seller, Denver-based real estate investment company BMC Investments, in the trade. The buyer was not named.

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.”

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