Draper and Kramer, Incorporated purchased a 268-unit luxury multifamily rental building in Evanston, Illinois.
The 15-story property, Albion Evanston, will be rebranded as Eva under Draper and Kramer’s ownership. Draper and Kramer will also assume property management of the community, which was 98.5% leased and 98% occupied at the time of acquisition.
Located at 1500 Sherman Ave., the property offers studio, one- and two-bedroom floor plans ranging from 441 to 1,988 square feet. Each residence includes upscale features such as custom European-style cabinetry, quartz countertops and hardwood-style flooring. All apartments have 9- to 11-foot concrete ceilings, floor-to-ceiling windows and in-unit laundry, while select floor plans also have a fireplace and private outdoor space.
The building’s hospitality-inspired amenities include a fully equipped fitness center with indoor-outdoor yoga studio; outdoor heated rooftop pool with lounge area and cabanas; rooftop sky club with outdoor terrace; pet spa, private pet patio and “paw pantry” with complimentary treats and toys; library and game room; media and coworking space; Luxer One package room with cold storage; and a bike share program and bike storage space. The property includes 198 parking spaces.
Additionally, 7,090 square feet of fully leased first-floor retail space, with current tenants the reform method and IMAGE Studios Salon Suites, activate the property’s street frontage and provide an additional amenity for residents.
Puzon noted the renter demographic in the Evanston market is very broad, including students and faculty at neighboring Northwestern University as well as young professionals due to easy access to public transit — including both Metra and CTA rail lines — and proximity to downtown Chicago.
JLL represented property ownership in the acquisition. Draper and Kramer did not have broker representation.
