Ridge Terrace Condominiums, located at 835 Ridge Avenue in Evanston, Illinois has been listed for sale by multifamily brokerage firm Kiser Group. The 34-unit multifamily property is offered at $7 million.
Advisors Andy Friedman and Jake Parker are marketing the property and will lead the Ridge Terrace Condominiums Association through the Section 15 Deconversion sale. Ridge Terrace is a mid-century building that was built in 1964 as apartments and later converted to condominiums in the 1970s.
“Deconverting Ridge Terrace offers investors the ability to bring online apartment inventory in a stable multifamily market,” said Friedman. “The property’s desirable location, surrounding new developments and built-in student renter-base is a testament to a favorable long-term outlook.”
Ridge Terrace comprises 34 units including eight one-bedroom/one-bathroom units; 17 two-bedroom/two-bathroom units; nine three-bedroom/two-and-a-half-bathroom units and an extra unit currently used as a party room that can be turned back into a unit with city approval. The property includes an elevator, 26 covered and uncovered parking spaces, a laundry room, bicycle storage unit, storage lockers and an exterior patio with grill stations.
Evanston’s Main Street Shopping District is located just blocks away from the Ridge Terrace property and offers tenants plenty of dining and shopping options.
“Chicago’s suburban multifamily real estate continues to be an attractive market for both investors and renters, especially properties like Ridge Terrace that offer close-by entertainment,” said Parker. “Evanston is known for its high occupancy rates with long-term tenants. There is also compelling value-add potential through unit and common area renovations.”