advertisement

$7 million Evanston investment moves forward

Marcus & Millichap commercial real estate investment firm announced the sale of sale of a rare downtown investment opportunity in Evanston.

This assemblage of multiple lots totaling 35,000-square feet will be used to construct 270 modern multifamily units, according to Steven D. Weinstock, regional manager of the firm's Chicago Oak Brook office. Combined, this asset sold for more than $7 million.

This investment opportunity is located on Sherman Avenue in Evanston. Strategically placed, this property has a population of more than 436,000 people within five a five-mile radius. In addition to the ever-growing population, this area is also known to be very prosperous with the average household income being over $95,000, one mile of the subject property.

Albion Residential will develop and build 270 apartment units approved by Evanston's City Council. In attempt to obtain the city's affordable housing goals, 15 of these units will be affordable with a mix of studio, one-bedroom and two-bedroom units. It has been said this development will provide Evanston with great opportunity bringing in many new customers to downtown businesses.

Investment specialists in Marcus & Millichap's Chicago Oak Brook office, Richard Kozarits, Tami Andrews and Joseph Sigal had the exclusive listing to market the 35,000-square foot assemblage. Albion Residential, the developer, was secured and represented by Richard Kozarits and Richard Lynn, investment specialists in Marcus & Millichap's Chicago Oak Brook office.

Article Comments
Guidelines: Keep it civil and on topic; no profanity, vulgarity, slurs or personal attacks. People who harass others or joke about tragedies will be blocked. If a comment violates these standards or our terms of service, click the "flag" link in the lower-right corner of the comment box. To find our more, read our FAQ.