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Dinerstein Cos Acquires Steele Creek Apartments From UDR In Denver For $137.3M
SOLD
$137,300,000
Colorado
See Similar DealsMultiFamily
Sold 04/06/2026
SOLD
Dinerstein Cos Acquires Steele Creek Apartments From UDR In Denver For $137.3M
3222 East 1st Avenue
See Similar DealsMultiFamily
Sold 04/06/2026
Summary
COLORADO
Asset Type:MultiFamily
Transaction Type:Sale
The transaction involved the sale of the Steele Creek apartments, a multifamily asset located at 3222 East 1st Avenue in Denver, CO. The multifamily property consists of 218 units and was acquired for a total sale price of $137,300,000, which translates to approximately $629,817 per unit. The sale occurred on April 6, 2026, and the property was sold by UDR, who originally purchased it in 2017 for a higher price.
Summary of transaction details:
- Property Type: Multifamily
- Transaction Amount: $137,300,000
- Buyer: Dinerstein Cos
- Seller: UDR
- Units: 218
- Price Per Unit: $629,817
- Market: Denver, CO
- Date of Sale: April 6, 2026
Dinerstein Cos was the purchaser in this transaction, acquiring the property from UDR. This deal reflects a strategic investment by Dinerstein Cos in the Denver market, building upon their portfolio of multifamily assets.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$7,322,666.67
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$487,797.90
Cash-on-Cash Return-1.27%
Monthly Debt Service$650,872.05
Annual Debt Service$7,810,464.57
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