A California investor has snapped up the 17-story Skyline apartment building on Howard Street in Evanston reportedly for about half the $58 million it cost to build two years ago.

Chicago Real Estate Daily reports that a venture led by Maxwell Drever, chairman of Concierge Asset Management has acquired the former Howard Station at 413-421 Howard St.

The building was hit with a $38-million foreclosure suit a year ago.

The Drever says because of the low purchase price he can offer rents about 20 percent below market rates.

The building reportedly is about 65 percent occupied.

Original story

Bill Smith is the editor and publisher of Evanston Now.

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