August 4, 2011 – Even suburban Chicago apartments are in demand, both with renters and investors. Chicago real estate developers are cashing in, too, and the latest tower to be sold is the Reserve at Evanston, according to a recent Crain’s report.
Cornerstone Real Estate Advisors LLC out of Hartford, Conneticut paid $55.6 million or $288,000 per unit for the 193 unit tower. According to the article, that is the highest price that a suburban rental tower has brought since the Park Evanston went for $357,000 per unit in 2008.
Cornerstone was on other end of a deal last year, selling a 428 unit apartment complex called the Lakes of Schaumburg for around $47 million.
The report went on to say that apartment tower sales are booming in Chicago and all over the U.S., with national sales jumping 104% higher this year as compared to last (2010).
In case you’re interesed in an apartment at the Reserve at Evanston, the one bedroom, one bath units with 575 square feet are renting from $1,140 to $1,565 per month. The one bedroom, one bath with 675 square feet range from $1,625 to $1,770 per month. A $500 deposit is required.
The two bedroom, one bath apartments with 870 to 890 square feet are $2,040 to $2,155 per month. The same $500 deposit is required.
The two bedroom, two bath with 1,010 square feet lease for $2,215 to $2,245 per month. For a 2/2 with 1,090 square feet you can expect to pay from $2,295 to $2,325 per month. A 2/2 with 1,100 square feet will run from $2,310 to $2,340 each month and a 2/2 with 1,110 square feet is $,2370 to $2,400 per month. Again, a $500 deposit is required.
The three bedroom, two bath apartments with 1,145 square feet lease for $2,830 to $3,105 per month and require an $800 deposit.
With demand so high for downtown Chicago apartments renters should remember to check for specials at suburban apartment towers.
[tags]Reserve At Evanston, Chicago Apartments, Chicago Real Estate[/tags]