EVANSTON, IL-A partnership of Crossbeam Capital LLC, based inBethesda, MD and Houston-based Concierge Asset Management havepurchased a 2-year-old apartment building here for less than $30million just 45 days before the property went into foreclosure. Thebuilding, at 415 Howard St., was completed in 2008 at a cost of $58million.

The idea for the 17-story, 221-unit building was first proposedin January 2004 by Bristol Chicago Development LLC, headed bydeveloper William Walsh. At the time, city officials were wary ofthe building’s height and thought maybe condos should be consideredinstead.

Apartments won out, possibly fortunate for the property now thatthe Chicago condo market has gone south. The building is 65%occupied, but the developers met with tragedy along the way: Walshdied in a fall in early 2008. Bristol did not meet the loanpayments on the $43 million debt obligation to lenders PNC Bank NAand Banco Popular.