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Essex Realty Group Facilitates $27.2M Multifamily Sales In Evanston For 125 Units

Property Image
SOLD
$27,200,000
Rick Ofman
Brian Karmowski
Abe Eilian
+ 2

Illinois

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MultiFamily
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Property Image
SOLD

Essex Realty Group Facilitates $27.2M Multifamily Sales In Evanston For 125 Units

640 Hinman Avenue, 1400 Chicago Avenue & 2007 Ashland Avenue

See Similar Deals
MultiFamily
Sold
Rick Ofman
Brian Karmowski
Abe Eilian
+ 2
the dealplayerscompscontact
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Summary

ILLINOIS
Asset Type:MultiFamily
Transaction Type:Sale

Three multifamily properties were sold in Evanston, Illinois, consisting of a 32-unit asset at 632-640 Hinman Avenue for $10.3 million, a 63-unit property at 1400 Chicago Avenue for $10.5 million, and a 30-unit townhome community at 2007 Ashland Avenue for $6.4 million. The total transaction value amounted to $27.2 million for 125 units, with an average price per unit of $217,600.

Summary of transation details:

  • Property Type: Multifamily
  • Transaction Amount: $27,200,000
  • Units: 125
  • Price Per Unit: $217,600
  • Address: 632-640 Hinman Avenue, 1400 Chicago Avenue & 2007 Ashland Avenue
  • Market: Evanston

Essex Realty Group represented both sides in the transactions, with Doug Imber, Kate Varde, Rick Ofman, Brian Karmowski, and Abe Eilian acting as brokers throughout the sales process.

Players

Abe Eilian
Essex Realty Group
Abe Eilian
29 deals$115.1M volume
BROKER
Doug Imber
Essex Realty Group
Doug Imber
28 deals$235.8M volume
BROKER
Kate Varde
Essex Realty Group
Kate Varde
36 deals$292.6M volume
BROKER
Brian Karmowski
Essex Realty Group
Brian Karmowski
42 deals$279.1M volume
BROKER
Rick Ofman
Essex Realty Group
Rick Ofman
27 deals$243.8M volume
BROKER

Details

SOLD
IMAGE: Doug Imber, Kate Varde, Brian Karmowski, Rick Ofman & Abe Eilian DATE: 02/09/2026 ADDRESS: 632-640 Hinman Avenue, 1400 Chicago Avenue & 2007 Ashland Avenue MARKET: Evanston ASSET TYPE: Multifamily BROKERS: Doug Imber, Kate Varde (@WildlyUncool), Rick Ofman, Brian Karmowski & Abe Eilian (@Abe418) - Essex Realty Group (@EssexRealtyGroup) SALE PRICE: $27,200,000 UNITS: 125 ~ PPU: $217,600 NOTE: Essex Realty Group closed three multifamily sales in Evanston, Ill., totaling $27.2 million for 125 units across properties at 632–640 Hinman Ave., 1400 Chicago Ave., and 2007 Ashland Ave.The transactions included a 32-unit asset at Hinman for $10.3 million, a 63-unit downtown property at Chicago Avenue for $10.5 million, and a 30-unit townhome community at Ashland Avenue for $6.4 million, with Essex representing parties on both sides.

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Operating Expenses (Annual)
Net Operating Income (NOI)

$1,450,666.67

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$96,635.85
Cash-on-Cash Return-1.27%
Monthly Debt Service$128,941.88
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