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909 Washington sells for $6.4 million

Robinson Rentals has sold the 37-unit vintage courtyard apartment building at 909 Washington St. to a private buyer for $6.4 million.

909 Washington St.

Robinson Rentals has sold the 37-unit vintage courtyard apartment building at 909 Washington St. to a private buyer for $6.4 million.

The sale was announced today by Interra Realty Brokers.

Interra Senior Managing Partner Brad Feldman represented both the seller and buyer in the transaction. The sale price amounts to a valuation of $173,000 per unit.

“One fundamental that has been reinforced during the pandemic is the importance of location, location, location,” said Feldman. “Evanston is a highly sought-after submarket where vintage buildings like this don’t trade often. The fact that the property retained near 100% occupancy and rent collection over the past year only added to its appeal, as reflected by the strong price per unit.”

909 Washington has 19 one-bedroom and 18 two-bedroom units. Robinson Rentals had owned the building for 43 years and completed renovations on about half of the apartments, which have updated kitchens and baths. The new owner plans to repair the roof and continue unit upgrades, increasing rents to market value upon completion.

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