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91-Unit Apartment Building Next to Football Practice Field Finds a Fan

EVANSTON, IL-A multifamily property immediately northeast of Northwestern University's football practice field in this North Shore suburb on Chicago's border has been sold to a partnership for a reported $7.925 million.

By Mark Ruda | Updated on January 08, 2001

EVANSTON, IL-A 91-unit apartment building overlooking the Northwestern University practice field was sold recently for $7.925 million. The venue apparently was important to the buyer, listed in Cook County property tax records as a partnership named, Gocats. The school’s teams’ nickname is the Wildcats.

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.

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