The North Shore Retirement Hotel in downtown Evanston has been sold. And the new owner reportedly plans to keep running it as a retirement community
The North Shore Retirement Hotel, 1611 Chicago Ave.
Crain's Chicago Real Estate Daily first reported the sale of the 185-unit building this morning. Evanston City Clerk Rodney Greene confirmed that the property was acquired for $8.8 million by Horizon Realty Group.
Crain's says the sale by Irmco Properties & Management Corp. also involved another $1.7 million in personal property and other non-real estate assets.
Irmco has been selling off assets since the death of its founder.
Jeffrey Michael of Horizon told Crain's the company plans to spend about $4 million sprucing up the apartments and common areas of the building, which he described as being "a litle tired."
Studio apartments at the hotel start at $2,000 a month including a meal plan.