Real Estate Equity Acquisition
“Park Evanston represents a premier value-add opportunity in a dynamic submarket in suburban Chicago. The property benefits from an exceptional infill location in downtown Evanston, with a 96 walk score, and close proximity to multiple public transportation options and abundant neighborhood amenities. The on-site retail, anchored by a 33,000 square foot Whole Foods store, further enhances the appeal of this investment for New York Life. Built in 1997, the property is well positioned to benefit from a substantial renovation program that will restore this asset to true Class A status.”
—Brian Murphy, Senior Director
- Acquisition of a mixed-use project, including a 24 story high-rise apartment tower, 38,940 square feet of ground level retail, and 376 parking spaces in downtown Evanston.
- Value-add investment centered around the multifamily component, with the property’s 283 units and amenity spaces in original condition and in need of renovation.
- Attractive retail tenancy, anchored by a long-standing Whole Foods store, but also AT&T, Peet’s Coffee and Pono Ono Poke.
- Investment strategy includes the full repositioning of all residential units, as well as all property amenities and common areas, to bring the asset up to current Class A market standards, while continuing to benefit from a premier location.
Source: REI Real Estate Equity Investments, Chicago Transactions Group, December 2017.