Interra Realty, a Chicago-based commercial real estate investment services firm, today announced it brokered the $17.1 million sale of 828 Lofts, a mixed-use development with 44 apartments and one street-level retail space located at 828 Noyes St. – near Northwestern University – in Evanston, Ill. The price per unit was $386,636.
Interra Director Colin O’Malley represented the private buyer. The seller, Evanston-based GDS Development, which developed the property in 2018, was represented by Interra Director Paul Waterloo and Managing Partner Patrick Kennelly.
“Renter demand for recently built apartment communities remains high in Chicago’s popular inner-ring suburbs, which in turn is driving strong investor interest in areas like Evanston,” said Waterloo. “In fact, this is the third sale of a newer construction property completed this year in Evanston, and Interra’s 13th apartment building sale in Evanston since 2018. Having the anchor of Northwestern University students as a tenant base makes this market, and assets in proximity to the campus, especially attractive to investors.”
828 Lofts includes 11 studio, 12 one-bedroom, 12 two-bedroom and nine three-bedroom apartments, all of which were leased at the time of sale. Units have loft styling with 10-foot ceilings and exposed ductwork. All apartments feature plank-style flooring, stainless steel appliances, recycled glass countertops and in-unit laundry. Residents have access to a dog wash area, bicycle storage and reserved covered parking.
The property’s 3,200-square-foot retail space is currently occupied by local restaurant Stacked & Folded.
Located three blocks from Northwestern University’s campus, 828 Lofts is also adjacent to the CTA’s Noyes Purple Line station, which provides service to downtown Chicago. The property is walking distance from numerous amenities, including multiple shopping and dining options and a grocery store. The Noyes Cultural Arts Center and Tallmadge Park are less than a block away.
“With its A-plus location in a vibrant, walkable neighborhood near the university and public transit, 828 Lofts drew interest from both local and national buyers,” said Waterloo. “After just a 60-day marketing campaign, we had six competitive offers, allowing us to close this deal quickly and successfully for both the seller and buyer.”
