Luxury Apartment Community in Cherry Creek Trades for $141.5M
DENVER – A Class AAA+ Cherry Creek property that offers “ultra” amenities and spectacular mountain views has traded for $141.5 million.
ARA, A Newmark Company (ARA Newmark) just announced the trade of the 12-story, 218-unit Steele Creek apartments in the exclusive Cherry Creek neighborhood. The mixed-use property’s location and unmatched views of the mountains and city skyline, along with area zoning and height restrictions make it a one-of-a-kind asset in the metro.
Vice Chairmen Terrance Hunt, Shane Ozment, Jeff Hawks, Doug Andrews and Executive Managing Director Chris Cowan represented Denver-based real estate investment company BMC Investments in the trade. “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 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.
Located at 3222 East 1 st Avenue, Steele Creek is home to renowned Matsuhisa Restaurant, a Nobu concept occupying nearly 8,000 square feet of ground floor retail space, on the corner of Steele Street and East 1 st Avenue. Steele Creek also houses AT&T and Drybar, a high-end blowout salon, in the other two first-floor retail spaces.
The property is 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.
Image courtesy of ARA Newmark.