Evanston Place, which opened in 1989, is one of the biggest multifamily properties in suburban Chicago to hit the market in 2020, an extremely slow year for large apartment sales. The coronavirus pandemic has disrupted the market, and many investors remain wary of big deals.
But the suburbs have been surprisingly stable, with occupancies and rents holding steady. The coronavirus and civil unrest over the summer have not diminished the appeal of suburban living as they have in the city. Some suburban properties are even gaining tenants who have left Chicago.
Evanston Place’s biggest plus: its location. The nine-story building sits on the edge of downtown Evanston, a short walk to lakefront parks and beaches, kitty-corner from a Whole Foods Market and a block from the gates of the Northwestern campus, a big driver of demand for apartments.
A new owner could boost the property’s income and value by renovating