Former Detroit Pistons star Isiah Thomas has scored a big profit on the sale of an Evanston apartment building that he purchased less than two years ago.

County records show that a limited liabilty company controlled by Thomas sold the 20-unit building at 525 Kedzie St. on June 23 for $9.4 million, 29 percent more than the $7.3 million he paid for the six story building in October 2013.

The buyers include two officials of Chicago-based apartment brokerage Essex Realty Group.

The building, originally built as condos last decade, was converted to rental apartments after the real estate market collapse.

The southeast Evanston neighborhood along Chicago Avenue is hot for rental developments these days, with the recently completed AMLI Evanston complex just across Kedzie from the building Thomas sold and developer John O’Donnell building a 112-unit project less than a block to the north.

The transaction was first reported by Chicago Real Estate Daily.

Bill Smith is the editor and publisher of Evanston Now.

Leave a comment

The goal of our comment policy is to make the comments section a vibrant yet civil space. Treat each other with respect — even the people you disagree with. Whenever possible, provide links to credible documentary evidence to back up your factual claims.

Your email address will not be published.