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BMC Completes Largest Single MF Transaction in Denver This Year

Local Firm Sells Steel Creeke to UDR for $141.5 Million, $649,000 Per Unit Price Also Sets New Record for Denver
October 10, 2017
Denver-based real estate investment company BMC Investments has sold the company's Steele Creek luxury apartment and retail complex in Denver's Cherry Creek North area in a deal that registers as the largest single multifamily transaction in the market this year.

UDR, Inc. (NYSE: UDR) paid $141.5 million, or approximately $649,000 per unit, for the 12-story, 218-unit apartment complex BMC completed in 2015 at 3222 E. 1st St.

The per unit price of $649,000 sets a new watermark for the Denver market, eclipsing the $617,000 per unit price paid by Nelson Brothers Property Management for the 39-unit Plaza on Broadway complex in Boulder in 2015. The price of Steele Creek reflects the high rents in the building as well as the housing demand in an area where condo sales are trading for north of $1,000 per square foot.

The highly amenitized Steele Creek community features a rooftop deck with an infinity pool, spa, fireplace and cabanas, as well as an executive business lounge, resident clubroom with billiard and a virtual golf/sports simulator, and concierge services. Apartments consists of studio, one- and two-bedroom layouts.

In addition to apartments, the upscale complex includes street-level retail space anchored by Japanese celebrity chef and restaurateur Nobuyuki "Nobu" Matsuhisa's new-style sushi restaurant, Matsuhisa Restaurant. The other two retail spaces are leased to AT&T and high-end blowout salon, Drybar.

Terrance Hunt, Shane Ozment, Jeff Hawks, Doug Andrews and Chris Cowan of ARA, A Newmark Company negotiated the disposition on behalf of BMC Investments.

For more information on the transaction, please see CoStar Comp #4023851.
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