Park Evanston Poised To Change Ownership
Developer John Buck Co. has put their high-rise rental tower on 1630 Chicago Avenue on the market. The 24 story building, called Park Evanston, has 283 luxury units and is estimated to be worth $100 million dollars. Buck has only had the building for about ten years and hasn’t given a reason for the decision to sell.
There is a huge amount of retail space on the lower level, some 39,000 square feet, and the main business located there is Whole Foods Market. That might be enough to lure a buyer who is as interested in the retail investment aspect as the apartment rental income.
Since its completion in 1997 the Park Evanston has been basically rented to capacity. It has been historically know for being perhaps the most expensive apartment towers in the North Shore area. The average rent for an efficiency unit is about $1,342 and a three bedroom apartment runs in the neighborhood of $3,986. A fair amount of potential condo buyers have temporarily put off purchases with the current market uncertainty, making rentals more attractive.
No matter who ends up buying Park Evanston it will most likely continue to be rented to capacity because of its excellent location and luxury interiors. Renting is a first choice for a lot of people, but if you are more interested in buying then the Amazing Chicago Condo Search can help provide good information on what’s on the market today.
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