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Apartment tower sells for $101 million

The pension fund TIAA-CREF has closed on its purchase of the 10-year-old Park Evanston rental apartment tower at 1630 Chicago Ave. from the John Buck Company.

The sale price of the 24-story structure — $101,125,000 — is reportedly the highest price ever paid for a suburban apartment building.

The transaction late last month brings an immediate real estate transfer tax benefit to the city of $505,625 in what has otherwise been a slowing market for property sales.

Overall in January just 51 properties changed hands in the city, compared to 100 a year earlier.

Sales totaled $131 million, nearly three times the value a year ago, when no unusually large transactions took place.

For the fiscal year ending this month the transfer tax now has raised $3.8 million, about $200,000 short of the budget goal for the full year.

Other sales valued at a million dollars or more last month included:

  • A lakefront home at 100 Greenwood St. sold for $2.695 million.
  • A portion of the new shopping center development at 2424 Oakton St., to be developed for a self-storage facility, sold for $1.8 million.
  • A single-family home at 1022 Greenwood St. sold for $1.55 million.
  • A single-family home at 2407 Bennett Ave. sold for $1.445 million.
  • A single-family home at 2311 Central Park Ave. sold for $1.037 million.

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