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Centrum Evanston Apartments Sell for $45M
Developers John McLinden and Arthur Slaven have sold Centrum Evanston, a 101-unit building at 1590 Elmwood Avenue, to Chicago landlord TLC Management Co. in a deal that values the property at $45.4 million, according to Crain’s Chicago Business. At $449,500 per unit, TLC’s price for the Evanston buildings is among the highest for a suburban large Chicago multifamily property on a per-unit basis.
Rather than securing an expensive new loan to finance its Evanston acquisition, TLC was able to take over the building’s existing $30.7 million mortgage with a low fixed interest rate of 3.97%. McLinden and Slaven completed the Evanston building in 2017, and as owners of Chicago-based Centrum Partners, the duo developed thousands and condominiums and apartments together before parting ways.
Slaven remained at Centrum while McLinden founded his own development firm, Hubbard Street Group. TLC owns three buildings in Evanston and about 6,000 apartments total in Chicago and its suburbs.
