Evanston Sees Two Major Multifamily Property Sales, Including a $126M Acquisition by Draper and Kramer

The Evanston multifamily market has experienced notable activity with two substantial property sales. Draper and Kramer acquired the 268-unit, 15-story Albion Evanston, a luxury apartment building located at 1500 Sherman Avenue, for approximately $126M. This transaction represents one of the highest prices for a suburban Chicago apartment building. Draper and Kramer plans to rebrand the property to Eva; it was 98.5% leased at the time of sale and is near Northwestern University.

Separately, Michigan Avenue Real Estate Group, a firm associated with Jerry Reinsdorf, sold a 68-unit apartment complex at 1555 Ridge Avenue for $31.5M to Arnel Inc. Michigan Avenue Real Estate Group had purchased the land in 2020 for $3.9M and secured a $17.1M construction loan in 2021. Arnel Inc. already owns three other properties in Evanston. These deals contribute to the Chicago-area multifamily market's strong performance, which recorded $726.7M in sales volume across 77 transactions in September.