The family that owns the Chicago Blackhawks is selling its portfolio of 164 apartment units in Evanston for $35.3 million.
The buyer in the deal, first reported by Chicago Business, is North Park Ventures, according to CrowdStreet, a crowdfunding platform hired to seek investors for the deal.
The properties being sold are 800-810 and 929-935 Michigan Ave., 605-617 and 1000-1010 Hinman Ave. and 910-916 Judson Ave.
The Wirtz family has reportedly owned the buildings for 90 years. The buyers are said to be planning nearly $2.5 million in renovations and anticipate raising rents to an average of $1,912 per month.
The buildings are said to now be 96% occupied.
In marketing materials for the sale, CrowdStreet says, “Evanston offers residents an urban living experience with excellent walkability that many Chicago residents seek out at an attractive cost of living compared to the downtown [Chicago] market.”
Chicago Business reports high occupancies and rising rents have made it possible for many suburban landlords to sell their properties for hefty gains.
One of the reasons I like living in Southeast Evanston is because the rents are reasonable and don’t go up very much year-over-year. North Park Ventures looks like a local company, so it’s not some massive PE firm buying the buildings but I assume it’s only a matter of time until private equity owns the whole neighborhood to extract max profits.