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EVANSTON, IL-The John Buck Co., based in Chicago, is selling the Park Evanston, a 283-unit apartment building at 1630 Chicago Ave. The property is being marketed on a free-and-clear basis.

The Chicago office of Holliday Fenoglio Fowler LP has been hired to market the property. The 24-story building in Downtown Evanston is being marketed without a sales price but is expected to fetch $100 million, confirmed Matthew Lawton, senior managing director at HFF. "We think that the $100 million is certainly something that is not above replacement value where it would be today," he says. Lawton, in addition to HFF directors Marty O'Connell, Sean Fogarty and Janice Sellis, will lead the investment sales team. "There is going to be a lot of capital pursuing the asset. It is your classic urban infill, transit oriented, well-located asset," Lawton says.

The development was completed in 1997. Buck is selling now because of the Park Evanston's "stabilization and maturity and, where the capital markets are right now, it would be in a lot of demand from a pricing perspective," Lawton says. The apartments are currently 99% leased. Units range from studios to three bedrooms with sizes ranging from 527 sf to 1,573 sf, according to information on the Park Evanston on its website. Rental rates range from $1,174 to $3,605. Amenities for the apartments include a roof-top swimming pool, sundeck, fitness center, business center, community room and covered parking. In 2002, Buck completed $1 million of renovations to make the complex accessible to people with disabilities, Lawton confirmed.