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JLL is marketing E2, an Evanston, IL apartment property that could sell for more than $150 million, a record for the Chicago suburbs

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.


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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

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