The Dinerstein Cos. has acquired Steele Creek, a 12-story luxury apartment tower in Denver, purchasing the 218-unit property at 3222 E. 1st Ave. for $137.3 million. The price translates to nearly $630,000 per unit, reflecting investor interest in high-end rental housing in one of the city’s most in-demand neighborhoods.
Developed in 2015, Steele Creek stands at the edge of Cherry Creek North, described as one of Denver’s most exclusive and desirable districts. The location places residents within a walkable, amenity-rich environment, helping support the property’s positioning at the upper end of the local rental market.
UDR sold the asset to The Dinerstein Cos. after nearly a decade of ownership. According to reporting cited from the Denver Business Journal, UDR originally acquired the community in 2017 for $141.5 million. The recent sale at $137.3 million indicates that the property traded for slightly less than its prior purchase price.
Steele Creek offers a range of apartment sizes, with units spanning from 571 square feet to 1,530 square feet. Asking rents at the community run from $1,752 per month on the low end to $4,954 per month for larger or higher-floor residences. These figures underscore the property’s luxury positioning and the depth of demand for premium rental options in Cherry Creek North.
In addition to its residential component, Steele Creek includes street-level retail space on the ground floor. While specific retail tenants and square footage details are not provided, the presence of ground-floor retail further embeds the building in the neighborhood’s urban fabric and supports a mixed-use environment.
The transaction highlights continued trading activity in Denver’s core multifamily submarkets, particularly in locations that combine newer construction with strong neighborhood fundamentals. With its 2015 vintage, high-rise format, and luxury rent profile, Steele Creek remains a contemporary asset positioned to compete for renters seeking an upscale experience in Cherry Creek North.
The Dinerstein Cos. is adding a well-located, relatively new multifamily building to its portfolio, while UDR exits an asset it had held since 2017. No information was disclosed regarding financing terms, cap rates, or brokerage representation related to the sale.
