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.