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CBRE Investment Management Snags Evanston Mid-Rise
JLL Capital Markets closed the sale of 1717, a 175-unit, mid-rise apartment building at 1717 Ridge Ave. in Evanston, IL, for a reported $71 million. The team of Kevin Girard, Matthew Lawton and Mark Stern represented the seller, Invesco Real Estate. CBRE Investment Management acquired the asset on behalf of the CBRE Strategic Partners U.S. Value 9 fund.
“This was a fantastic opportunity to work with two very important institutional clients on a deal in a dynamic location,” Girard said. “Evanston as a market has experienced extraordinary rent growth due to outsized demand and unique qualities with urban/suburban amenities, proximity to Northwestern University, Lake Michigan and both Metra and CTA train lines.”
The location offers both a suburban lifestyle with parks, green space and outdoor recreation, along with an urban environment with direct access to top employers, retail centers, restaurants, bars and entertainment.
- ◦Sale/Acquisition
