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An eight-year-old Evanston apartment complex at Ridge Avenue and Emerson Street has sold for $55,625,000.

When The Reserve went on the market in April, industry sources quoted by Chicago Real Estate Daily said they expected the four-building, 193-unit complex to sell for more than $40 million.

The sellers are a joint venture of Atlantic Realty Partners and Invesco Real Estate. The buyer was identified as CPF Reserve LLC, an entity formed last month that is owned by Cornerstone Patriot Holdings LLC of Hartford, Conn.

City Manager Wally Bobkiewicz said the sale yielded real estate transfer tax revenue of $278,125 for Evanston.

Bill Smith is the editor and publisher of Evanston Now.

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