Evanston Apartments Change Hands in $32M Deal
Evanston Apartment Sale: Price, Buyer and Seller The 68-unit apartment complex at 1555 Ridge Ave. in Evanston sold for $31.5 million, a deal framed in headline coverage as a $32 million transaction. The sale closed in late September, according to an October 12 report. It was one of two Evanston apartment trades covered. Sale price and parties The sale price was reported as $31.5 million. The rounded $32 million figure reflects headline framing rather than a separate transaction amount. No additional financial terms, including buyer-side arrangements or seller concessions, were disclosed. Arnel Inc. was identified as the purchaser. The seller was Michigan Avenue Real Estate Group, described as affiliated with Jerry Reinsdorf, owner of the Chicago Bulls and White Sox. Arnel Inc. has three other properties in Evanston, along with a small portfolio in Indiana and Milwaukee. Chicago’s apartment sales slowdown coincided with declining inventory across the market. The Real Deal first report...