Interra Realty Brokers, a Chicago-based commercial real estate investment services firm, announced last week that it brokered a sale of the building at 122-130 Callan for $3.7 million. The buyer plans to convert the building’s 25 condominiums back into rentals. The sale price equates to an average of $148,000 per unit, a market value that is nearly 175% higher than the average recent individual condo sale in the building, said Interra’s press release.
“The strength of the rental market in Evanston made this deal especially attractive to the buyer, and the return for the owners far surpassed the projected sale prices if the units were to be sold individually,” said Patrick Kennelly, managing partner of Interra.
The courtyard building includes 13 two-bedroom/one-bath and 12 one-bedroom/one-bath apartments with granite countertops and in-unit laundry. Residents have extra storage space as well as garage and exterior parking.