Quantcast

Evanston Place apartments are on the market

Evanston Place, in an image from the Moran & Company website.

The Evanston Place apartment complex at 1715 Chicago Ave. is on the market for the first time in 23 years.

The building was completed in 1989 and has been owned by Denver-based real estate investment trust Aimco since 1997.

Chicago broker Moran & Company has the listing for the 190-unit building.

Chicago Business says the property may sell for $70 million or more in a sign of continued strength in the suburban real estate market, despite the coronavirus pandemic.

The sales brochure says a third of the units in the building have been recently renovated and are generating an average of $368 more per month in rent than the rest — providing evidence a new owner could get a strong return on investing in further upgrades.

CoStar Group reports the building is 94.7% occupied, down from 96.2% at the end of last year.

The building includes the city-owned Church Street garage which is not included in the sale offering, although the city has recently explored the possibility of selling the garage.

Editors’ Picks