Big new rental building sells for top dollar

The new eight-story apartment building on Evanston's Ridge Avenue has sold for what's being called the highest price per-unit ever paid for a suburban Chicago rental property.

Chicago Real Estate Daily says Invesco Ltd. paid about $70 million for the 175-unit building.

The sale comes even before the sellers -- Northfield-based Focus Development, Atlanta-based Atlantic Realty Partners and the Carlyle Group of Washington -- had finished leasing up the property.

The project broke ground last May and opened in April.

It was built on the gaping hole left behind when the developer of the Sienna condos on the property -- a former department store parking lot -- went bankrupt after completing only two of four planned condo buildings.

Investco is a former owner of The Reserve apartment complex just two blocks north at 1930 Ridge, which it sold two years ago for $55.6 million.

Rents at 1717 Ridge are said to make it one of the most expensive apartment buildings in the suburbs.

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