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EVANSTON, IL-The 24-story Park Evanston apartment tower has traded hands for more than $100 million, sources say. TIAA-CREF, based in New York City, acquired the 283-unit building at 1630 Chicago Ave. from Chicago-based John Buck Co. The cap rate was 4.5%, sources say.

The property was sold on a free-and-clear basis. Buck put the building on the market last year and was selling the building because of Park Evanston’s stabilization and maturity, in addition to the expectation of a lot of demand, as previously reported by GlobeSt.com.

Matthew Lawton, Marty O’Connell, Sean Fogarty and Janice Sellis, all with the Chicago office of Holliday Fenoglio Fowler LP, represented John Buck Co. in the sales transaction. O’Connell, a managing director, would not comment on the sales price. “For a suburban property, this is probably unprecedented pricing,” he says. The property fetched a high price similar to downtown Chicago properties, in part, because it is rare to “have a high rise deal outside of downtown Chicago,” he says.

The buyer was attracted to the property because of the high-rise building and the infill location, O’Connell tells GlobeSt.com. Additionally, they were looking to increase their multi-family portfolio for the area because “they do not have a strong presence in the Chicagoland area for apartments,” he says.

The units are 97% occupied, and range from studios to three bedrooms with sizes from 527 sf to 1,573 sf, and rental rates ranging from $1,174 to $3,569 per month. Buck completed the building in 1997, and its amenities include a roof-top swimming pool, fitness center, business center, community room and covered parking.

In 2002, Buck completed $1 million in renovations to make the complex accessible to people with disabilities. The property also has 39,000 sf of retail space that is fully leased, O’Connell says. The main retail tenant is Whole Foods, which leases approximately 33,000 sf.

The property is within walking distance of train stations for the Chicago Transit Authority and Metra. The buyer may do some cosmetic renovations to the building but no major renovations are expected, O’Connell says.

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