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TIAA-CREF Buys Apt. High Rise for $100M+

EVANSTON, IL-The 24-story Park Evanston has 283 units that are 97% occupied and 39,000 sf of retail.

By Gina Kenny | Updated on February 27, 2008

EVANSTON, IL-The 24-story Park Evanston apartment tower has traded hands for more than $100 million, sources say. TIAA-CREF, based in New York City, acquired the 283-unit building at 1630 Chicago Ave. from Chicago-based John Buck Co. The cap rate was 4.5%, sources say.

The property was sold on a free-and-clear basis. Buck put the building on the market last year and was selling the building because of Park Evanston’s stabilization and maturity, in addition to the expectation of a lot of demand, as previously reported by GlobeSt.com.

Matthew Lawton, Marty O’Connell, Sean Fogarty and Janice Sellis, all with the Chicago office of Holliday Fenoglio Fowler LP, represented John Buck Co. in the sales transaction. O’Connell, a managing director, would not comment on the sales price. “For a suburban property, this is probably unprecedented pricing,” he says. The property fetched a high price similar to downtown Chicago properties, in part, because it is rare to “have a high rise deal outside of downtown Chicago,” he says.

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