The Dinerstein Cos. paid $137.3 million for a 218-unit apartment complex at 3222 E. 1st Ave in Denver. The sales price equates to nearly $630,000 a unit.
The 12-story luxury apartment building, Steele Creek, sits at the edge of Cherry Creek North, a desirable Denver neighborhood.
UDR was the seller of the multifamily community. The Denver Business Journal reports UDR paid $141.5 million for the rental asset in 2017. Steele Creek was developed in 2015.
The apartments range in size from 571 square feet to 1,530 square feet. Rents range from $1,752 to $4,954 per month. There is retail space on the bottom floor.
Steele Creek sits at the edge of Cherry Creek North, one of Denver’s most exclusive neighborhoods.
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