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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Comments

Highest price where?

Bill - is this reputed to be the highest price paid for a suburban apartment building in the Chicago area or nationally? Good question. The claim came from this story in Chicago Real Estate Daily. The writer didn't specify the frame of reference, but provided comparison examples from the Chicago region. -- Bill