The suburban Chicago multifamily transaction market continues to heat up, with both a big-dollar buy and a big-name sale closing over the past several days.
Draper and Kramer scooped up the 268-unit, 15-story Albion Evanston, a luxury apartment building in the northern suburb, the company announced in a release Friday. The deal carries a reported sale price of about $126M, one of the highest-ever price tags for a Chicago-area suburban apartment building, according to Crain's Chicago Business.
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Draper and Kramer plans to rebrand the building at 1500 Sherman Ave. to Eva under its ownership. The apartment tower is close to the Northwestern University campus and was 98.5% leased at the time of sale.
“As a Chicago-based company for more than 125 years, expanding our footprint in our home market is always something we celebrate,” Draper and Kramer Chief Investment Officer Blas Puzon said in a statement. “This acquisition is also notable as our firm’s first property in Evanston."
The company was on the other side of the table in late August, selling 1130 S. Michigan Ave. in the South Loop for $165.7M to Laramar Group. Draper and Kramer has a portfolio of 16 properties across five states, including nine in the Chicago area.
Puzon said the property is attractive to a broad renter demographic in Evanston, including Northwestern students and faculty as well as young professionals.
Elsewhere in Evanston, a real estate firm backed by Chicago Bulls and White Sox owner Jerry Reinsdorf sold a 68-unit apartment complex at 1555 Ridge Ave. for $31.5M.
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Michigan Avenue Real Estate Group, the firm affiliated with Reinsdorf, sold the property at the end of September to Arnel Inc., The Real Deal first reported.
The company bought the land for $3.9M in 2020, then took out a $17.1M construction loan in 2021, according to property records. Michigan Avenue Real Estate Group refinanced the property with a $17.8M loan the following year.
Arnel Inc. has three other properties in Evanston and a small portfolio in Indiana and Milwaukee.
The Chicago-area multifamily market continues a strong performance run. It posted $726.7M in total sales volume over 77 transactions during September, according to CoStar data.
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