Northwestern Mutual, the Milwaukee-based life insurance company that owns the E2 twin-tower high-rise development in Evanston, is seeking a buyer for the property.
The 16-story development with 352 units completed in 2015 is listed with Jones Lang LaSalle. It becomes the third big multifamily development in town to go on the market in recent months.
Chicago Business reports the property could sell for over $150 million — which could make it the priciest multifamily sale ever in the Chicago suburbs.
JLL says the development is 99% occupied and saw 21% rent increases on new leases and a 6% gain on renewals last year.
Other big multifamily properties currently on the market in downtown Evanston include the 24-story, 283-unit Park Evanston at 1630 Chicago Ave., completed in 1997. It’s listed with Berkadia Properties, which says the building saw 8.8% increases in rents last year.
Also listed with Berkadia is the 101-unit Centrum Evanston building at 1590 Elmwood Ave. It’s said to be 100% occupied with new tenants paying 15.8% more on average than the renters they replaced.