CHICAGO, IL - Greenstone Partners is pleased to announce the sale of two multifamily properties in Evanston totaling $3,600,000. The transactions include 522 Greenwood Street, which sold for $2,100,000, and 1110 Grove Street, which sold for $1,500,000. Greenstone Partners’ Jacob Goldstein brokered both transactions.
The sales set new pricing benchmarks for smaller multifamily properties in Evanston, with both transactions ranking among the highest price-per-unit sales recorded for comparable six-unit and eight-unit apartment buildings in the submarket.
Both properties were acquired by the same buyer, a private investor continuing to expand its presence throughout Evanston and surrounding suburbs. The assets were purchased from separate long-term ownership groups that had held the properties for decades prior to the sales.
The seller of 522 Greenwood Street originally acquired the property through family ownership after it was developed by the seller’s father in the 1960s, marking the first time the asset had ever been offered for sale. Ownership of 1110 Grove Street had similarly held the property for approximately four decades.
“These are the types of opportunities that rarely come to market,” said Jacob Goldstein, Director of Greenstone Partners. “Both sellers had owned these assets for generations, and each property sits in an irreplaceable Evanston location near downtown and Northwestern University. There continues to be strong demand for well-located multifamily assets in Evanston, especially as transaction activity has started to pick back up after several quieter years.”
Located near downtown Evanston, both properties offered strong long-term investment fundamentals and future upside. 522 Greenwood Street featured desirable two-bedroom / two-bath layouts with varying levels of updates, while 1110 Grove Street presented an opportunity for a full renovation with the potential to reposition the asset into a more condo-quality product.
“There has been very limited multifamily inventory available in Evanston over the last several years, which has continued to drive demand whenever quality assets become available,” added Goldstein. “These were highly competitive opportunities because there are very few apartment buildings that trade this close to downtown Evanston.”