Essex Realty Group Facilitates Sale of 32-Unit Evanston Apartment Building

CHICAGO, ILLINOIS — Chicago-based multifamily brokerage firm Essex Realty Group, LLC announced the successful sale of 718-724 Hinman Avenue, a 32-unit vintage courtyard apartment building located in the heart of Evanston, Illinois.

Transaction Summary

• Transaction Type: Evanston Apartment Building Sale
• Address: 718-724 Hinman Avenue, Evanston, Illinois
• Submarket: Evanston / North Shore
• Property Type: Vintage Courtyard Apartment Building
• Unit Count: 32 Units
• Brokers: Matt Feo, Abe Eilian, Rick Ofman, Brian Karmowski, Kate Varde, and Doug Imber

Property Overview: 32-Unit Apartment Building in Evanston

Situated on a tree-lined residential street just one-half mile from Lake Michigan and less than two miles from Northwestern University, the property attracted significant investor interest due to its premier location and substantial value-add potential.

The property consists of 18 one-bedroom apartments and 14 two-bedroom apartments, along with four outdoor parking spaces and dedicated storage for each unit.

The building presented investors with multiple avenues for value creation through the normalization of below-market rents and strategic unit renovations. At the time of sale, the property featured well-maintained apartments with a mix of vintage and partially updated finishes, offering meaningful upside through interior modernization.

Investment Opportunity for Chicago Multifamily Investors

“Evanston has traditionally been a very low velocity sales market. Investors often hold Evanston properties for multiple generations, as was the case with Hinman, where the sellers owned and self-managed this property for more than 50 years. This low supply of available properties, combined with the care given to 718 Hinman, led to our generating more than 30 tours and a dozen offers,” said Principal Matt Feo.

The competitive marketing process reflected continued demand for well-located North Shore multifamily assets with strong fundamentals, limited supply, and long-term value-add potential.

Evanston Multifamily Investment Market

Located within one of the North Shore’s most desirable and supply-constrained rental markets, 718-724 Hinman Avenue benefits from its proximity to downtown Evanston, Northwestern University, Lake Michigan, and multiple public transportation options, including both CTA Purple Line and Metra Union Pacific North Line service.

Evanston continues to rank among the most desirable communities in the Chicago metropolitan area, driven by its highly educated workforce, vibrant downtown district, lakefront amenities, excellent schools, and the presence of Northwestern University.

The city’s strong fundamentals and consistent rental demand have made it a preferred destination for both residents and multifamily investors alike.

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About Essex Realty Group

Essex Realty Group, LLC has served Chicago’s investment real estate market since 1990 as a leading Chicago multifamily brokerage firm specializing in apartment building sales throughout the city and surrounding suburbs.