CRER (Chicago Real Estate Resources, Inc) is pleased to announce the sale of 915 Greenleaf Ave, a 6-unit multifamily building located in affluent Southeast Evanston. Steven Rapoport represented the seller and was able to close the transaction at full asking price after receiving multiple offers.
Steven Rapoport implemented a marketing strategy utilizing Matterport 3D virtual tours, floorplans and financial analysis to help his client gain the market exposure necessary to find the highest and best buyer for the property while minimizing disruption to the current tenant base and ownership.
Rents in Evanston have increased by an impressive 7.8% over the past year, which significantly exceeds the average annual growth of 2.2% over the past decade. Buyers have shown steady interest in Evanston multifamily properties and have been busily acquiring assets over the years. That trend has continued through the past 12 months, as 8 communities were acquired. Annual sales volume has averaged $71.9 million over the past five years, and the 12-month high in investment volume hit $168 million over that stretch. In the past 12 months specifically, $76.3 million worth of assets sold. The market price, which is derived from the price movement of all communities in the submarket, now sits at $274,761/door. That figure is up from this time last year, and the level is above the average for the Chicago metro. Market cap rates have edged up in the past 12 months to 5.5%, but they’re still below the metro’s average. (market information provided by CoStar)
If you are considering selling and want to maximize your sales proceeds, reach out to Steven Rapoport at stevenR@crer.com for an opinion of value.