Evanston Apartment Property Could Set New Sales Price Record
Milwaukee-based life insurance company Northwestern Mutual has hired JLL to sell E2, a 352-unit apartment property at 1890 Maple Ave. In Evanston, IL, just west of Northwestern University. E2, which opened in 2015, is the third big Evanston multifamily asset to come to market in less than four months.
Crain’s Chicago Business reported that the property could draw $425,000 to $450,000 per unit, or about $150 million to $158 million. A sale in that range would go down as the most ever paid for a suburban Chicago multifamily property, topping last July’s $139-million sale of Bourbon Square in Palatine, IL.
Amid the jump in interest rates and increased cautiousness among investors and lenders, it’s not the easiest time to sell an apartment building. However, multifamily properties in the Chicago suburbs have sold at a steady volume over the past year, and property values have held up so far.