Deconverted suburban Evanston condo property hits the market

A deconverted suburban multifamily property hit the market in Evanston as owners seek to capitalize on the strong rental market in the Chicago area.

The 32-unit courtyard apartment building at 632-640 Hinman Avenue listed for $11.5 million, Connect CRE reported. The property, which was converted to condominiums about 12 years ago, has been deconverted subsequently, according to the listing from Essex Realty Group, which is marketing the property.

“Throughout Chicago’s suburbs, we’re seeing a strong appetite for well-located, value-add apartments, ” Craig Martin, Interra Managing Partner’s managing partner previously told The Real Deal about increasing demand for multifamily properties in the Chicagoland area.

After a wave of condo deconversions in the city since 2015, Chicago’s suburban multifamily properties have been a popular investment choice as both rents and occupancy grew during the pandemic.

The largest Chicago suburban apartment deal came this month when a fund managed by Los Angeles investment firm Turner Impact Capital paid $137 million for Ellyn Crossing, a 1,155-unit property in Glendale Heights, 30 miles west of the city. The deal was the largest both in price and in number of units. Other major deals include a seven-story, 403-unit apartment building in Lombards which traded hands for $104 million last month.

The Evanston property, located within 0.5 miles from the Main UP-N Metra station and Main Street Purple line, provides easy access to public transportation, according to Essex’s listing. The property is marketed as luxurious apartments which feature high-end finishes including decorative fireplaces and hardwood floors.

[Connect CRE] – Connie Kim