CHICAGO, IL - Essex Realty Group, Inc. announces the sale of The Homestead, a 91-unit apartment hotel located at 1625 Hinman Ave., Evanston, IL.
Situated steps from Northwestern University, downtown Evanston, Lake Michigan and public transportation, The Homestead enjoys a preeminent location. Purchased in 1992 by a private investment group, the building is currently listed on the National Register of Historic Places and has operated as a boutique hotel and short-term rental for over 90 years.
“The Homestead is a well-known and highly regarded institution, a favored respite for visitors in lieu of traditional hotels, and home to some of the finest restaurants on the north shore. The selling group owned the property for nearly 30 years and along with their employees, proudly kept it in pristine condition. They wanted to sell to an organization that would honor its history and heritage, and AJ Capital Partners is an ideal purchaser that will not only honor its tradition, but also incorporate its own brand and modern amenities,” says Doug Fisher, principal, Essex Realty Group.
The historic building is comprised of thirty-five (35) efficiency units, twenty-one (21) studio units, and thirty-five (35) one-bedroom units, many of which feature lakefront views. The property also features approximately 4,000 SF of first floor restaurant and lounge space.
Because of its ideal location, The Homestead garnered national interest from a variety of qualified investor groups seeking to reposition the asset as student housing, senior housing, multi-family or a rebranded boutique hotel. Within two weeks of marketing, Essex Realty Group generated 40 property tours and procured 15 offers. The purchase price was approximately $11,000,000.
Doug Imber, Doug Fisher, Kate Varde, and Matt Feo were the brokers on the transaction.