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With eight-figure deals happening all over the north and west suburbs, an Evanston apartment tower has the potential to command the highest sale price on the market, if a buyer is found before the end of the year.
TH Real Estate retained Moran to entertain offers for Park Evanston, a 283-unit apartment building near downtown Evanston, Crain's Chicago Business reports. The asset has a substantial retail component to it, anchored by a Whole Foods Market. The 20-year-old asset is being marketed as a value-add opportunity for investors seeking to renovate units and compete for market rents with newer developments like Fifield Cos.' E2.
The assets that have traded in the past two months indicate that investors believe they can widen already healthy suburban rent spreads. The median net rent in the north suburbs increased to $2.40/SF in Q2. Park Evanston, which TH Real Estate bought in 2008 for $101M, is 99% leased, with rents ranging from $1,621/month for a studio apartment to $4,354/month for a three-bedroom unit.
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