Draper and Kramer Acquires 268-Unit Albion Evanston Apartment Tower for $126 Million
Draper and Kramer, Incorporated, a national full-service real estate firm, announced Oct. 8 that it has purchased Albion Evanston, a 268-unit Class A apartment building at 1500 Sherman Ave. in Evanston, Ill. The transaction price was $126 million, or roughly $470,149 per unit. The seller was Oak Brook-based Albion Residential, and JLL represented property ownership in the deal. Draper and Kramer did not have broker representation.
The 15-story tower, located in downtown Evanston, a suburb directly north of Chicago and home to Northwestern University, will be rebranded as Eva under Draper and Kramer's ownership. The firm will also assume property management of the community, which was 98.5% leased and 98% occupied at the time of acquisition.
Draper and Kramer Expands in Its Home Market
The purchase is Draper and Kramer's first property in Evanston. The firm is headquartered in Chicago and was founded in 1893.
"As a Chicago-based company for more than 125 years, expanding our footprint in our home market is always something we celebrate," said Blas Puzon, chief investment officer with Draper and Kramer. "This acquisition is also notable as our firm's first property in Evanston, one of this city's most sought-after suburbs thanks to its appeal as an energetic college town and vibrant community in its own right with eclectic shopping and dining districts, lakefront access and beautiful residential neighborhoods. Both the building itself and the greater Evanston community reflect the type of highly desirable rental destination we prioritize in our portfolio."
With the acquisition, Draper and Kramer's national portfolio includes 16 owned and managed properties across five states, nine of them in the Chicago region. The firm also provides third-party management for three properties in the Chicago market.
Property Details: Eva at 1500 Sherman Ave.
Completed in 2020, the building offers studio, one- and two-bedroom floor plans ranging from 441 to 1,988 square feet. Each residence includes custom European-style cabinetry, quartz countertops and hardwood-style flooring. All apartments have 9- to 11-foot concrete ceilings, floor-to-ceiling windows and in-unit laundry, while select floor plans also have a fireplace and private outdoor space. Advertised rents range from approximately $2,536 to $4,499 per month.
Amenities include a fitness center with an indoor-outdoor yoga studio; a heated rooftop pool with lounge area and cabanas; a rooftop sky club with outdoor terrace; a pet spa, private pet patio and "paw pantry"; a library and game room; media and coworking space; a Luxer One package room with cold storage; and a bike share program and bike storage. The property has 198 parking spaces.
The building also contains 7,090 square feet of fully leased first-floor retail space. Current tenants are the reform method and IMAGE Studios Salon Suites. At the reported price, the asset trades at roughly $394 per square foot based on a building area of approximately 320,000 square feet.
Renter Demand and Evanston Location
Puzon said the renter demographic in the Evanston market is broad, including students and faculty at neighboring Northwestern University as well as young professionals drawn by access to public transit, including both Metra and CTA rail lines, and proximity to downtown Chicago.
"This property is also attractive to a variety of residents who appreciate its proximity to Lake Michigan as well as downtown Evanston with its many retail and restaurant options," Puzon said. "Our firm is well-versed in managing multifamily communities in similar urban settings, including Chicago neighborhoods as well as other inner-ring suburbs, so we'll hit the ground running as we take over management and deliver a residential experience to complement this ideal location."
Seller and Market Context
Albion Residential bought the Sherman Avenue land for approximately $6 million in 2017 and developed the tower with a $52 million construction mortgage from Northwestern Mutual. The sale closed Sept. 10, 2026.
The $126 million price makes the deal one of the largest apartment sales in Evanston and among the more significant suburban Chicago multifamily trades. It follows the sale of the 352-unit E2 apartments in Evanston for $148 million, pointing to continued investor interest in recently built, highly occupied properties on Chicago's North Shore. JLL marketed Albion Evanston at approximately 99% occupancy.
For Draper and Kramer, the acquisition adds a stabilized, 2020-vintage asset to its Chicago-area holdings and extends its property management responsibilities in the market.
