Multi-housing community in top Chicago suburb sells
JLL Capital Markets completed the sale of the 175-unit 1717 community in Evanston, Illinois
JLL represented the seller, Invesco Real Estate, a global real estate investment manager. CBRE Investment Management acquired the asset on behalf of the CBRE Strategic Partners U.S. Value 9 fund.
Built in 2013, 1717’s units feature stainless steel appliances, granite countertops, recycled glass tile backsplashes, designer kitchen cabinet hardware, wood-style vinyl flooring, nine-foot ceilings and full-size washers and dryers. Community amenities include a resort-inspired pool and sundeck, a private terrace with a fire pit, grilling stations, picnic area, a state-of-the-art fitness center, a resident lounge, a business center with workstations and a cybercafé with televisions and sun terrace views.
Located at 1717 Ridge Ave., the community is conveniently situated just south of the convergence of Green Bay Road and Ridge Avenue in Chicagoland’s northern suburbs. The location offers both a suburban lifestyle with parks, green space and outdoor recreation, as well as an urban environment with direct access to top employers, retail centers, restaurants, bars and entertainment. Residents have a variety of transportation options, as the building is close to US-41, I-94 and the Davis Street Station Metra UP-N and CTA Purple Line. Additionally, residents are proximate to the Chicago CBD, Lake Michigan’s beaches, Northwestern University and O’Hare International Airport.
The JLL Capital Markets team representing the seller was led by Senior Director Kevin Girard, Executive Managing Director Matthew Lawton and Managing Director Mark Stern.
“This was a fantastic opportunity to work with two very important institutional clients on a deal in a dynamic location,” Girard said. “Evanston as a market has experienced extraordinary rent growth due to outsized demand and unique qualities with urban/suburban amenities, proximity to Northwestern University, Lake Michigan and both Metra and CTA train lines.”
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment and sales advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.
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JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $16.6 billion in 2020, operations in over 80 countries and a global workforce of more than 95,000 as of September 30, 2021. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About Invesco Real Estate
Invesco Real Estate is a global leader in the real estate investment management business with $87.0 billion in real estate assets under management, 597 employees and 21 regional offices across the U.S., Europe and Asia (as of September 30, 2021). Invesco Real Estate has been actively investing in core, value-add and opportunistic real estate strategies since 1992. Invesco Real Estate is a business name of Invesco Advisers, Inc., an indirect, wholly owned subsidiary of Invesco Ltd. Invesco Ltd. is an independent investment management firm dedicated to delivering an investment experience that helps people get more out of life. NYSE: IVZ; invesco.com.
About CBRE Investment Management
CBRE Investment Management is a leading global real assets investment management firm with $133.1 billion in assets under management* as of September 30, 2021, operating in more than 30 offices and 20 countries around the world. Through its investor-operator culture, the firm seeks to deliver sustainable investment solutions across real assets categories, geographies, risk profiles and execution formats so that its clients, people and communities thrive.
CBRE Investment Management is an independently operated affiliate of CBRE Group, Inc. (NYSE:CBRE), the world’s largest commercial real estate services and investment firm (based on 2020 revenue). CBRE has more than 100,000 employees serving clients in more than 100 countries. CBRE Investment Management harnesses CBRE’s data and market insights, investment sourcing and other resources for the benefit of its clients. For more information, please visit cbreim.com.
*Assets under management (AUM) refers to the assets under management, fair market value of real assets-related investments with respect to which CBRE Investment Management provides, on a global basis, oversight, investment management services and other advice and which generally consist of investments in real assets; equity in funds and joint ventures; securities portfolios; operating companies and real assets-related loans. This AUM is intended principally to reflect the extent of CBRE Investment Management’s presence in the global real assets market, and its calculation of AUM may differ from the calculations of other asset managers and from its calculation of regulatory assets under management for purposes of certain regulatory filings.