The property sold at an 8.14% overall capitalization rate, about 1 point higher than offered at its original asking price of $9 million. Cap rates in the Evanston market currently are 7.9% based on recent sales, which have averaged $84,221 per unit.
After closing on the purchase, the partnership obtained a $10-million mortgage from First Illinois Bank & Trust.
The property is located at 2730-66 Hampton Parkway in Evanston, northeast of the Northwestern University football stadium and basketball arena. It is one block south of Evanston's boundary with another North Shore suburb, Wilmette. The building's apartment mix consists of 63 one-bedroom units and 28 two-bedroom units.
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