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Wednesday, 11 October 2017

UDR Buys Denver Multifamily Property for $141.5Mln

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UDR has purchased Steele Creek, a 218-unit apartment community in Denver's Cherry Creek neighborhood, for $141.5 million, or $649,083/unit.

The 12-story property, at 3222 East 1st Ave., was built in 2015 by seller BMC Investments using a $92 million construction loan that UDR had provided.

Steele Creek has 17,000 square feet of ground-floor retail space. Matsuhisa Restaurant, a Nobu concept, occupies 8,000 sf of that, while the remainder is occupied by tenants that include AT&T and Drybar.

The property provides 24-hour concierge service and includes an infinity swimming pool, business lounge, clubroom with billiards and a virtual sports simulator, as well as a rooftop deck with cabanas, grilling areas and fireplaces.

It offers a mix of studio, one- and two-bedroom units that have quartz kitchen countertops, walk-in closets, washers and dryers and hardwood floors. Select units also have Nest thermostats, five-piece bathrooms and stainless-steel appliances.

ARA represented BMC in the deal.

Comments? E-mail Jen Loukedis or call her at (267) 247-0112, Ext. 212.


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Additional Info

  • Syndicate to Realpoint: No
  • Cities: Denver
  • States: Colorado
  • Sector: Multifamily
  • Subject: Property Acquisitions (ACQ)
  • Company: United Dominion Realty Trust
  • Valuation: Between $100 million and $150 million
  • Private: No
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Data Digest







Top Bookrunners Domestic, Private-Label CMBS - 2017
Investment Bank #Deals Vol$mln MktShr%
Goldman Sachs 17.59 11,819.34 13.68
JPMorgan Securities 14.52 10,968.11 12.70
Citigroup 12.04 10,012.71 11.59
Wells Fargo Securities 14.02 9,936.06 11.50
Deutsche Bank 12.55 9,879.74 11.44




cppichart FP



CMBS 2.0 Spreads


Top CMBS Loan Contributors - 2017
Lender #Loans Vol$mln MktShr%
Goldman Sachs 146.89 11,719.34 13.63
JPMorgan Chase Bank 117.68 10,114.14 11.76
Deutsche Bank 198.48 9,689.97 11.27
Morgan Stanley 166.18 8,539.78 9.93
Citigroup 199.05 8,088.24 9.41





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