Cherry Creek North apartment complex sells for $141.5 million; new per-unit record price for Denver

DENVER BUSINESS JOURNAL - Denver's BMC Investments has sold its Steele Creek apartment complex in Cherry Creek North for $141.5 million.

BMC completed construction on the 218-unit luxury apartment property in 2015. It sold to an undisclosed buyer for $649,082 per unit, setting a new record per-unit price in Denver.

Steele Creek, at 3222 E. First Ave., is a 12-story property that includes a business center with a conference room, recreational areas, a fitness center and a rooftop patio with a fire pit and cabanas.

“Steele Creek defines ‘core’ since it is easily the nicest asset in the high-end Cherry Creek North submarket," said Terrance Hunt, vice chairman at ARA, A Newmark Company, which represented BMC in the deal. "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.”

Read more at the Denver Business Journal: http://bit.ly/2ydUX7i

(© 2017 American City Business Journals. All rights reserved.)
 

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