Two large apartment development in Evanston have changed hands recently for a total of more than $136 million.
An investment fund managed by CBRE paid more than $71.3 million for 1717 Ridge, a 175 unit property from Invesco, an Atlanta-based pension fund advisor.
Friedkin Property Group, based in San Francisco last month acquired The Reserve at Evanston, a 193-unit development at 1930 Ridge Ave., from Barings for just under $65 million. The sellers had acquired it in 2011 for $56.5 million.
Chicago Business reports that the 1717 sale price not much higher than the $70.1 million Invesco paid for the building in 2013 and speculated that a 50% increase in property taxes may have put a crimp in the purchase price.
A sales brochure for the building said that with average rents of nearly $3,100 a month the 1717 building is one of the most expensive apartment buildings in Evanston and is 97% occupied.