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Evanston Apartments Trade Near Northwestern U.

Kiser Group brokered the $17.025-million sale of an apartment portfolio in Evanston, IL. The undisclosed buyer acquired the 87 apartments and three retail units at 1940 Sherman Ave. (pictured) and 829 Foster St. from Steven Matic and partners.

Northwestern University students comprise the majority of tenants at the two properties. Matic and partners have owned 1940 Sherman since 1983, and 829 Foster since 2006.

“There was concern in the market that Northwestern’s new policy requiring sophomore (in addition to freshmen) students to live on campus would affect the building’s occupancy and rent levels,” said Kiser Group’s Lee Kiser. “However, these buildings have an exceptional location only one block from campus, and the buildings have retained 100% occupancy.”

Danny Mantis, who brokered the deal with Lee Kiser, said the Evanston properties’ new ownership “does not plan on making these apartments a value-add play. Rather, this is a buy-and-hold strategy for the investor.”

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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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