EVANSTON, IL - Spirit Investment Partners of Stamford, CT in partnership with Irvine, California based The Bascom Group, have acquired the 415 Premier apartments in Evanston, Illinois for $49,110,000 or $222,217 per unit. The acquisition closed on July 21, 2021. Dan Cohen of CBRE represented the seller. Peter Marino, also of CBRE, arranged the acquisition financing through Rialto Capital Management.
Built in 2008, 415 Premier is a luxury 221 unit, 17-story high rise with a 245-space parking deck located directly adjacent to the Howard CTA station providing extreme connectivity to all points in and around Chicago via the Red, Purple and Yellow lines. The building contains a mix of spacious studios, one- and two-bedroom apartments, with most units containing unobstructed views of Lake Michigan and the downtown Chicago skyline.
Scott Zwilling, a principal of Spirit Investment Partners, comments, "We're excited to add another great asset to our Chicago portfolio. "This deal is perfectly aligned with our contrarian mindset of seeking tremendous value in resilient urban core markets that are being overlooked in response to fear caused by the COVID-19 pandemic. We're content to let everyone else chase overpriced deals in the Sunbelt markets."
Ian Hafner, a principal with Spirit, further comments, "This property was one of the best performing assets in the submarket throughout the pandemic. With a few planned improvements to common areas and unit interiors, we're confident the property will continue to flourish for renters who seek a high quality of life, easy commutes and a more reasonably priced housing option."
Spirit and Bascom have been active this year completing hundreds of millions of dollars in dispositions while aggressively pursuing a deep pipeline of new acquisitions.