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Draper and Kramer buys 268-unit Evanston apartment for about $126M

The 15-story Albion Evanston was 98.5% leased at the time of sale, and the buyer plans to rebrand it as Eva.

Reported · Written up by our desk · Commercial

Bisnow reports Draper and Kramer acquired the 268-unit, 15-story Albion Evanston at 1500 Sherman Ave. in Evanston, a luxury apartment building near Northwestern University.

The outlet said the deal carries a reported sale price of about $126M, one of the highest-ever price tags for a Chicago-area suburban apartment building, and that the property was 98.5% leased at the time of sale.

Bisnow also reported that Draper and Kramer plans to rebrand the building as Eva under its ownership, framing the purchase as its first property in Evanston.

The outlet added that Draper and Kramer was also involved in a separate multifamily transaction in late August, selling 1130 S. Michigan Ave. in the South Loop for $165.7M to Laramar Group.

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