CBRE Investment Management Acquires Multifamily Property In Evanston For $71M
SOLD
$71,000,000
Illinois
See Similar DealsMultiFamily
Sold 12/08/2021
SOLD
CBRE Investment Management Acquires Multifamily Property In Evanston For $71M
1717 Ridge Avenue, Evanston, IL, USA
See Similar DealsMultiFamily
Sold 12/08/2021
Summary
ILLINOIS
Asset Type:MultiFamily
Transaction Type:Sale
The multifamily property located at 1717 Ridge Ave in Evanston has been sold for a price of $71,000,000. The property consists of 175 units, resulting in a price per unit of $405,714.
Summary of transaction details:
- Property Type: Multifamily
- Transaction Amount: $71,000,000
- Address: 1717 Ridge Ave
- Market: Evanston
The buyer of the property is CBRE Investment Management, while the seller is Invesco Real Estate. The deal was facilitated by Kevin Girard, Matthew Lawton, and Mark Stern of JLL Capital Markets.
Players
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SELLER
LENDER
Details
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$3,786,666.67
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$252,248.00
Cash-on-Cash Return-1.27%
Monthly Debt Service$336,576.22
Annual Debt Service$4,038,914.67
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