EVANSTON, IL – Spirit Investment Partners of Stamford, CT, in partnership with Bascom Group of Irvine, Calif., Has acquired 415 Premier apartments in Evanston, Illinois for $ 49,110,000 or $ 222,217 per unit. The acquisition was completed on July 21, 2021. Dan Cohen from CBRE represented the seller. Peter Marino, also from CBRE, arranged the acquisition financing through Rialto Capital Management.
The 415 Premier, built in 2008, is a luxurious 221-story high-rise with 221 units and a parking deck with 245 parking spaces right next to the Howard CTA station, which offers extreme connections to all points in and around Chicago via the red, purple and yellow lines. . The building is a mix of spacious studios and one- and two-bedroom apartments, with most units offering unobstructed views of Lake Michigan and the downtown Chicago skyline.
Scott Zwilling, a director of Spirit Investment Partners, said, “We are excited to add another great asset to our Chicago portfolio.” This deal fits in perfectly with our contrary mindset of seeking tremendous value in robust urban core markets, the overlooked in response to fears of the COVID-19 pandemic. We're happy that everyone else is chasing after overpriced deals in the Sunbelt markets. "
Ian Hafner, a Principal at Spirit, continued: “This property has been one of the best performing properties in the submarket throughout the pandemic. With some planned improvements to the common areas and the interiors of the units, we are confident that the property will continue to thrive for tenants looking for a high quality of life, convenient commuting and cheaper housing. "
Spirit and Bascom have been active this year, completing hundreds of million dollar divestments while pursuing a deep pipeline of new acquisitions.
Source: Spirit Investment Partners / The Bascom Group