Marcus & Millichap Arranges Sale of IL Prospective Development
- Jan 23, 2018
Marcus & Millichap has closed the sale of multiple parcels in downtown Evanston, Ill. for $7 million. The assemblage totals 35,000 square feet and will be used to build The Albion at Evanston, a 270-unit luxury community. Developer Albion Residential will construct the property and keep 15 of the units for low-income residents. Investment specialists in Marcus & Millichap’s Chicago Oak Brook office Richard Kozarits, Tami Andrews and Joseph Sigal, had the exclusive listing to market the parcels. Kozarits and Richard Lynn secured and represented the developer in this transaction.
Located at 1450-1508 Sherman Ave., approximately two blocks south of the Davis CTA and Davis Metra stops and two blocks north of the Dempster CTA stop, The Albion at Evanston will include 6,800 square feet of ground floor retail space and 200 parking stalls. The unit mix will consist of studios, one- and two-bedroom apartments.
More than 436,000 people live within a five-mile radius of the property. The average household income within one-mile of the development is $95,000.
In a more recent deal, Marcus & Millichap also arranged the sale of the 281-unit Oakbrook Village, an apartment community in Florida, for $25.8 million.
Image courtesy of Marcus & Millichap
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