09.21.18
Connect Chicago: Evanston Apartments Trade Near Northwestern U.
Kiser Group brokered the $17.025-million sale of an apartment portfolio in Evanston, IL. The undisclosed buyer acquired the 87 apartments and three retail units at 1940 Sherman Ave. (pictured) and 829 Foster St. from Steven Matic and partners.
Northwestern University students comprise the majority of tenants at the two properties. Matic and partners have owned 1940 Sherman since 1983, and 829 Foster since 2006.
“There was concern in the market that Northwestern’s new policy requiring sophomore (in addition to freshmen) students to live on campus would affect the building’s occupancy and rent levels,” said Kiser Group’s Lee Kiser. “However, these buildings have an exceptional location only one block from campus, and the buildings have retained 100% occupancy.”
Danny Mantis, who brokered the deal with Lee Kiser, said the Evanston properties’ new ownership “does not plan on making these apartments a value-add play. Rather, this is a buy-and-hold strategy for the investor.”