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Chicago & Midwest  + Greater Chicagoland  + Apartments  | 

Spirit, Bascom Group Partner to Buy Luxury Evanston High-Rise

Spirit Investment Partners and The Bascom Group have acquired the 221-unit 415 Premier apartments in Evanston, IL for $49,110,000 or $222,217 per unit.  The seller wasn’t disclosed.  

CBRE’s Dan Cohen represented the seller.  Peter Marino, also of CBRE, arranged acquisition financing through Rialto Capital Management for the 17-story luxury high-rise, located directly adjacent to the Howard CTA station. 

Spirit principal Scott Zwilling said, “This deal is perfectly aligned with our contrarian mindset of seeking tremendous value in resilient urban core markets that are being overlooked in response to fear caused by the COVID-19 pandemic.  We’re content to let everyone else chase overpriced deals in the Sunbelt markets.”   

Added Spirit principal Ian Hafner “This property was one of the best -performing assets in the submarket throughout the pandemic.  With a few planned improvements to common areas and unit interiors, we’re confident the property will continue to flourish.” 

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Spirit Investment PartnersBascom Group

About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 16-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 7-10 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).

  • ◦Sale/Acquisition
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