Crescent Real Estate Equities Buys Evanston Apartments
Last year set a new record for suburban Chicago multifamily sales activity. It looks like that trend may continue, as a 221-unit building on the Evanston side of Howard Street changed hands in a $46M deal.
A Crescent Real Estate Equities affiliate bought 415 Premier Apartments at 415 Howard St. from KKR. It is the third time the building, which was built for $56M in 2008, has changed hands since the '08 market collapse, according to Crain's Chicago Business. The building sold in September but only recently was recorded by the county.
Evanston has been a hot suburban multifamily market for years with developments like Fifield Co.'s E2 leading the way. What makes 415 Premier stand out is its location: It is miles from Evanston's downtown. It does sit on the border separating Chicago and Evanston, with Rogers Park directly across the street. And the building has benefited from a strong rental market in recent years. In Q3, the average rent was $2.03/SF, an 8.5% increase over the previous year. Crescent sees room to widen those spreads and capitalize from growing investor demand in Rogers Park and Edgewater. KKR paid $40M for the building in March 2015.
