Draper and Kramer Acquires 268-Unit Evanston Apartment Community

National full-service real estate firm Draper and Kramer, Incorporated, has purchased a 268-unit luxury multifamily rental building in Evanston, Ill., a suburb directly north of Chicago and home to Northwestern University.

The 15-story property, Albion Evanston, will be rebranded as Eva under Draper and Kramer’s ownership. Draper and Kramer will also assume property management of the community, which was 98.5% leased and 98% occupied at the time of acquisition. JLL represented property ownership in the acquisition. Draper and Kramer did not have broker representation.

“This acquisition is also notable as our firm’s first property in Evanston, one of this city’s most sought-after suburbs, thanks to its appeal as an energetic college town and vibrant community in its own right with eclectic shopping and dining districts, lakefront access and beautiful residential neighborhoods,” said Blas Puzon, chief investment officer with Draper and Kramer.

Located at 1500 Sherman Ave., the property offers studio, one- and two-bedroom floor plans ranging from 441 to 1,988 square feet, with 7,090 square feet of fully leased first-floor retail space.