CHICAGO, IL - JLL Capital Markets announced that it has closed the sale of 1717, a 175-unit, mid-rise apartment building in Evanston, Illinois.
JLL represented the seller, Invesco Real Estate, a global real estate investment manager. CBRE Investment Management acquired the asset on behalf of the CBRE Strategic Partners U.S. Value 9 fund.
Built in 2013, 1717’s units feature stainless steel appliances, granite countertops, recycled glass tile backsplashes, designer kitchen cabinet hardware, wood-style vinyl flooring, nine-foot ceilings and full-size washers and dryers. Community amenities include a resort-inspired pool and sundeck, a private terrace with a fire pit, grilling stations, picnic area, a state-of-the-art fitness center, a resident lounge, a business center with workstations and a cybercafé with televisions and sun terrace views.
Located at 1717 Ridge Ave., the community is conveniently situated just south of the convergence of Green Bay Road and Ridge Avenue in Chicagoland’s northern suburbs. The location offers both a suburban lifestyle with parks, green space and outdoor recreation, as well as an urban environment with direct access to top employers, retail centers, restaurants, bars and entertainment. Residents have a variety of transportation options, as the building is close to US-41, I-94 and the Davis Street Station Metra UP-N and CTA Purple Line. Additionally, residents are proximate to the Chicago CBD, Lake Michigan’s beaches, Northwestern University and O’Hare International Airport.
The JLL Capital Markets team representing the seller was led by Senior Director Kevin Girard, Executive Managing Director Matthew Lawton and Managing Director Mark Stern.
“This was a fantastic opportunity to work with two very important institutional clients on a deal in a dynamic location,” Girard said. “Evanston as a market has experienced extraordinary rent growth due to outsized demand and unique qualities with urban/suburban amenities, proximity to Northwestern University, Lake Michigan and both Metra and CTA train lines.