HFF announced today that it has closed the sale of The Reserve at Evanston, a 193-unit, Class A luxury multi-housing community in Evanston, Ill.
HFF marketed the property on behalf of the seller, a joint venture of Atlantic Realty Partners and Invesco Real Estate. Cornerstone Real Estate Advisers purchased the property.
The property fetched $55.6 million as reported in Crain’s.
The Reserve at Evanston is located at 1930 Ridge Avenue, adjacent to Northwestern University, and less than one mile south of Evanston Hospital. Completed in 2003, the property features studio, one-, two- and three-bedroom units averaging 844 square feet each. Residents have access to an outdoor pool and sundeck, fitness center, bbq grill area and an internet cybercafé and coffee bar. A heated underground garage provides parking for 219 cars and elevators give residents direct access to the garage and all floors of the community.
The HFF team representing the seller included executive managing director Matthew Lawton and managing directors Sean Fogarty and Marty O’Connell.
