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.
