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Chicago & Midwest  + Greater Chicagoland  + Apartments  | 

Evanston Apartments Fetch Nearly $175K Per Unit

Interra Realty’s Brad Feldman represented both the seller, Robinson Rentals, and private buyer in the $6.4-million sale of 909 Washington St., a 37-unit apartment building in the northern suburb of Evanston, IL. The price per unit was $173,000.

“One fundamental that has been reinforced during the pandemic is the importance of location, location, location,” said Feldman. “Evanston is a highly sought-after submarket where vintage buildings like this don’t trade often. The fact that the property retained near 100% occupancy and rent collection over the past year only added to its appeal, as reflected by the strong price per unit.”
 
909 Washington includes 19 one-bedroom and 18 two-bedroom units. Robinson Rentals had owned the building for 43 years and completed renovations on about half of the apartments, which have updated kitchens and baths. The new owner plans to continue unit upgrades, increasing rents to market value upon completion.

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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 GlobeSt.com 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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