CHICAGO and MILWAUKEE – November 10, 2021 – Berkadia Institutional Solutions announced today the $65 million sale of The Reserve at Evanston, a 193-unit midrise multifamily property located in Evanston, Illinois. Senior Managing Director Pete Evans of Berkadia Chicago and Senior Director Richard Evans of Berkadia Milwaukee completed the sale on behalf of the seller, North Carolina-based Barings, and the buyer, California-based Friedkin Property Group. The deal closed on November 1.
“Evanston is a market where new supply added each of the last five years was not enough to satisfy demand for household formation,” said Pete Evans. “The market is fully occupied as housing demand has accelerated in suburban locations like Evanston with urban qualities, excellent access to transportation, quality educational institutions and top recreational amenities. Fundamentals in Evanston should remain strong in the foreseeable future with the high barriers to entry.”
Located at 1930 Ridge Ave., The Reserve at Evanston features studio, one-, two- and three-bedroom floor plans with in-unit washers and dryers, nine-foot ceilings and walk-in closets. Community amenities include a swimming pool, a fitness center, a courtyard and grilling stations. Residents are afforded convenient access to Lake Michigan, Northwestern University and the shops and restaurants of downtown Evanston and downtown Chicago via both Metra and CTA rail services.