Albion Sells 268-Unit Chicago Community
The 15-story property came online in 2020.
Draper and Kramer has acquired Albion Evanston, a 268-unit multifamily property in Evanston, Ill., in metro Chicago. Albion Residential previously owned the asset, according to Yardi Matrix information.
JLL represented the seller in the deal. Draper and Kramer will also assume property management of the community, which was 98 percent occupied at the time of the deal. The new owner will rebrand the property as Eva.
Located at 1500 Sherman Ave., the 15-story building is close to several dining and retail options, including Whole Food Markets and Trader Joe’s. The transit-oriented community is about 18 miles from Chicago O’Hare International Airport, while the city’s downtown area is within 1 mile.
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The LEED Silver-certified property has studio, one- and two-bedroom floorplans ranging from 441 to 1,988 square feet, as well as more than 7,000 square feet of retail space. The community also has 15 affordable units. Select layouts include private balconies or patios.
Common-area amenities include a fitness center, heated rooftop pool, clubhouse, business center, sky club and fireplace lounge. Additionally, the building also has multiple media and lounge areas, as well as kitchen and dining space.
This marks Draper and Kramer’s first community in the city of Evanston. Its national portfolio includes 16 owned and managed assets across five states, out of which nine are in the Chicago region. Last quarter, the company sold Eleven Thirty, a 656-unit property about 14 miles away from Albion Evanston.
Chicago multifamily sales hold steady
Chicago’s multifamily transaction volume in the first three quarters of this year clocked in at almost $4.2 billion from the 92 assets that traded, Yardi Matrix data shows. Apartments traded at an average of $221,630 per unit, above the Midwest average of $151,959.
Most of the properties sold were suburban, according to the data provider. One of these communities is Ashford at Geneva, a 226-unit community that Equus Capital Partners acquired last month in a joint venture with a domestic public pension. Oak Residential Partners sold it. In Evanston, only three assets traded during the same period.
