Essex Realty Group, LLC closed the sale of 718-724 Hinman Avenue, a 32-unit vintage courtyard apartment building in Evanston, Illinois.
Situated on a tree-lined residential street just one-half mile from Lake Michigan and less than two miles from Northwestern University, the property attracted significant investor interest due to its premier location and substantial value-add potential.
The property consists of 18 one-bedroom apartments and 14 two-bedroom apartments, along with four outdoor parking spaces and dedicated storage for each unit. The building presented investors with multiple avenues for value creation through the normalization of below-market rents and strategic unit renovations. At the time of sale, the property featured well-maintained apartments with a mix of vintage and partially updated finishes, offering meaningful upside through interior modernization.
Located within one of the North Shore’s most desirable and supply-constrained rental markets, 718-724 Hinman Avenue benefits from its proximity to downtown Evanston, Northwestern University, Lake Michigan, and multiple public transportation options, including both CTA Purple Line and Metra Union Pacific North Line service. The property’s walkable location, strong demographic profile, and long-term rental demand contributed to a highly competitive marketing process.
