The Park Evanston is being put up for sale on the Evanston real estate market. The development is located at 1630 Chicago Avenue.
The Park Evanston includes 283 luxury rentals and 39,000 square feet of retail space. The building was completed in 1997, and has a total of 24 floors.
According to the marketing firm for the Park Evanston, Holliday Fenoglio Fowler L.P., average rents for the building range from $1,342 for a studio to just under $4,000 for a three-bedroom apartment.
The building enjoys 99 percent occupancy.
John Buck Co. is the current owner of the Park Evanston. Industry experts expect the development to sell for as much as $100 million.
Rents across the Chicago region are increasing at about 5 percent annually. Many potential buyers are having difficulty qualifying for a loan. Banks and lenders are tightening requirements for mortgages.
As a result, demand for luxury rental units is increasing in key neighborhoods around the Chicago region, and vacancy rates are below 5 percent.
There are several new developments of Luxury Chicago Condos in neighborhoods around the greater Chicago region.
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