1590 elmwood avenue | evanston, IL 60201
the OPPORTUNITY
Berkadia Institutional Solutions is pleased to present the exclusive opportunity to purchase CENTRUM EVANSTON, a 360-degree glossy oasis in the heart of colorful, cultured Evanston, Illinois. This 2018-built, 101-unit, 12-story luxury apartment community defines sleek loft-style living and first-ring urban-suburban walkability.
The investment includes 3,979 SF of street-level retail space, 61% of which is occupied by Aligned Modern Health, and a lease for up to 55 spaces in the City-owned Sherman Plaza Self Park Garage on a pay-only-for-use basis providing convenient zero maintenance structured parking spaces for use by tenants.
investment highlights
assumable i/0 debt
Centrum Evanston offers the coveted opportunity to acquire a newer luxury property with very favorable assumable in-place debt. The Fannie Mae Interest-Only loan at 3.97% has almost 6.5 years remaining on its term.
- Fannie Mae
- Loan Amount: $30,680,000
- Closing Date: February 28, 2019
- Maturity Date: March 1, 2029
- Term: 10 years
- Interest Rate: 3.97% fixed rate
- Interest-Only: 10-Year I/O
- Prepayment: Yield Maintenance with last 6 months open at Par
- Assumption: 1.0%
highlights
Walkable Retail, Eateries, & Entertainment: A walkable Retail, Eateries, & Entertainment: A “Walker’s Paradise” Awarded a 97 Walkscore® — Steps from Whole Foods, Target, USPS & UPS, Peet’s Coffee, Dunkin’ Donuts, CVS, Evanston Public Library, Nichols Concert Hall, Hilton and Hyatt Hotels, & Downtown Evanston’s 300+ Businesses, 3 Major Shopping Centers, and 80+ Restaurants
On-The-Spot Transit: 1-Minute Walk to Davis Purple Line CTA Stop & Adjacent to the Union Pacific-North Metra
Employment Epicentric: Conveniently Centered Between Downtown Chicago & North Suburban Job Markets
Top Ranked Livability: Evanston is Currently Ranked as the #2 Best Suburb for Young Professionals in Illinois (Niche.com) and #28 for 2021 Top 100 Best Places to Live in America (Movoto & Livability.com)
Focus on Connectivity & Tech-Enhanced Ease: Integrated USB Ports in Kitchens & Bedrooms, Smartphone-Controlled Building Access, & Common Area Wi-Fi
Notable Northwestern University: 1/2 Mile to Education, Evanston’s #1 Employer, & 240 Acres of Enjoyable Green Space
lease trends
property summary
1590 ELMWOOD AVENUE | EVANSTON, IL 60201
Year Completed
2018
Number of Units
101
Average Unit Size
890 SF
Total Rentable Area
89,881 SF
Property Type
High-rise
Site Size
0.44 Acres
Retail
3,979 SF
Stories
12
Urban Lifestyle Amenities
- Private Study Rooms
- Computer Lounge
- Rooftop with Expansive Terrace and Sundeck
- Fire Pit with Lounge Seating
- Outdoor Grills
- State-of-the-Art Fitness Center with Cardio Equipment and Peloton® Bikes
- Yoga Studio with Fitness on Demand®
- Club Room with Entertainment Kitchen
- Complimentary Wi-Fi in All Amenity Spaces
- LuxerOne® Package System
- Pressbox® On-site Dry Cleaning
- On-site Bike Storage & Maintenace Station
- Storage Lockers
- Smartphone-Controlled Building Access
- Walkscore® 97 - “Walker’s Paradise”
- One Minute Walk to Davis Purple Line CTA Stop
- Adjacent to Union Pacific-North Metra Stop
- In the Heart of Evanston’s Restaurant & Nightlife Scene
- Convenient Coffee Shops to Energize Work or Lounge Nearby
- Located Near Northwestern University & Evanston Hospital
- Close Proximity to Vital Neighborhood Conveniences
Luxurious Interiors
- Abaco by Snaidero Soft Close Cabinetry
- Balterio Gray-Tone Plank Flooring
- Stainless Steel Whirlpool® Appliances
- Kohler Kitchen & Bath Fixtures
- Pearl Quartz Kitchen & Bath Countertops
- Frameless Glass Shower Doors
- Private Balconies and Terraces*
- Full-Size Stackable in-Unit Frigidaire® Washer/Dryer
- Commercial Solar Shades on All Windows
- Custom Built-In Closet Systems
- Integrated USB Ports In Kitchen & Bedroom
*Select Units
location
Chicago Office
125 South Wacker Drive
Suite 400
Chicago, IL 60606
312.845.8572
Milwaukee Office
833 East Michigan Avenue
Suite 950
Milwaukee, WI 53202
414.662.2472
Investment Advisors
Peter W. Evans
Senior Managing Director
312.407.6711
peter.evans@berkadia.com
Richard G. Evans
Senior Director
414.662.2472
richard.evans@berkadia.com
Financing
Michael Slovitt
Managing Director
312.845.2082
michael.slovitt@berkadia.com
Berkadia®, a joint venture of Berkshire Hathaway and Jefferies Financial Group, is an industry leading commercial real estate company providing comprehensive capital solutions and investment sales advisory and research services for multifamily and commercial properties. Berkadia® is amongst the largest, highest rated and most respected primary, master and special servicers in the industry. This advertisement is not intended to solicit commercial mortgage loan brokerage business in Nevada.
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