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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

 

CMBS DELINQUENCY VOLUME

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CMBS SPECIAL SERVICING VOLUME

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Top Bookrunners Domestic, Private-Label CMBS - 2016
Investment Bank #Deals Vol$mln MktShr%
JPMorgan Securities 14.94 10,350.16 15.14
Deutsche Bank 14.21 9,926.60 14.52
Wells Fargo Securities 13.36 9,513.96 13.92
Citigroup 10.87 8,061.79 11.80
Goldman Sachs 10.05 7,563.72 11.07

 

RCA CPPI

 

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CMBS 2.0 Spreads

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Top CMBS Loan Contributors - 2016
Lender #Loans Vol$mln MktShr%
JPMorgan Chase Bank 133.67 8,670.33 13.34
Goldman Sachs 156.20 7,418.37 11.41
Deutsche Bank 178.17 6,510.75 10.02
Citigroup 184.41 5,512.20 8.48
Morgan Stanley 113.18 4,130.53 6.35

 

 

 

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