Evanston Apartment Sale: Price, Buyer and Seller
The 68-unit apartment complex at 1555 Ridge Ave. in Evanston sold for $31.5 million, a deal framed in headline coverage as a $32 million transaction.
The sale closed in late September, according to an October 12 report.
It was one of two Evanston apartment trades covered.
Sale price and parties
The sale price was reported as $31.5 million. The rounded $32 million figure reflects headline framing rather than a separate transaction amount.
No additional financial terms, including buyer-side arrangements or seller concessions, were disclosed.
Arnel Inc. was identified as the purchaser. The seller was Michigan Avenue Real Estate Group, described as affiliated with Jerry Reinsdorf, owner of the Chicago Bulls and White Sox.
Arnel Inc. has three other properties in Evanston, along with a small portfolio in Indiana and Milwaukee.
Chicago’s apartment sales slowdown coincided with declining inventory across the market.
The Real Deal first reported the transaction.
It was tracked as a multifamily sale in Evanston amid broader activity in the local apartment market.
Property Details: 68 Units at 1555 Ridge Ave
At 1555 Ridge Ave., Maeve on Ridge is a 68-unit modern apartment building in downtown Evanston. Completed in 2022, the five-story property sits on a 0.74-acre site in ZIP code 60201.
Studios, one-bedroom, and two-bedroom layouts range from about 511 to 1,221 square feet. Open floor plans feature high ceilings and private balconies.
Kitchens include quartz countertops and stainless steel appliances. Interior finishes include hardwood floors, built-in closets, modern bath fixtures, and in-unit laundry.
Amenities include a fitness center, secured entry, and heated garage parking. Listings indicate pet-friendly policies and monthly rents of about $2,095 to $3,995, depending on unit type.
The boutique-style property is presented as a luxury rental building with condo-quality finishes, rather than a traditional older walk-up. Cincinnati’s regional multifamily vacancy rate stabilized at 7.2% in Q1 2025, supporting a forecast of 3.7% rent growth for the year.
Michigan Avenue Group’s Reinsdorf Connection
Michigan Avenue Real Estate Group, the firm tied to Chicago Bulls and White Sox owner Jerry Reinsdorf, was involved in the Evanston apartment sale. Reinsdorf formed the company with longtime partners, and reporting has described him as an inactive principal while his son Jonathan has also participated in the business.
| Area | Reported connection |
|---|---|
| Background | Reinsdorf’s Balcor roots date to 1970s apartment investing |
| Leadership | Michigan Avenue leadership structure includes co-leader Thomas Meador and longtime partner Robert Judelson |
| Focus | Multifamily investment and apartment development |
Balcor grew into a major apartment owner before Michigan Avenue continued the partners’ real estate activity. The group has pursued Chicago-area multifamily projects and sales, including West Loop and Near West Side properties.
Reinsdorf’s sports ownership makes the firm’s role more prominent, while its development history places the Evanston transaction within a broader, established real estate platform.
Arnel Inc. Buys the Evanston Apartment Complex
Arnel Inc. acquired the 68-unit apartment complex at 1555 Ridge Ave. in Evanston for $31.5 million, closing the deal at the end of September. The Evanston-based real estate investment and management company already operates several properties in the city.
The purchase adds a recently developed asset to its local holdings. The seller, Michigan Avenue Real Estate Group, acquired the land for $3.9 million in 2020, then obtained construction financing and a subsequent refinance.
- The property contains 68 apartments at 1555 Ridge Ave.
- Arnel has an established presence in Evanston.
- Existing holdings include 1425 Dobson Street and 710-716 Main Street.
- Tiffany Main Apartments is another Arnel property in the city.
- The acquisition represents local portfolio expansion.
Arnel Inc.’s Evanston investment strategy draws on its acquisition, asset management, property management, financing, and leasing operations.
Its local base may support a direct handoff to ownership and management.
How the Sale Compares With Other Evanston Deals
The $31.5 million sale of Evanston’s 68-unit apartment building stands out as a sizable local trade, but its market position depends on more than the headline price.
At roughly $463,000 per apartment, the transaction offers a useful price-per-unit benchmark for nearby sales.
That figure alone cannot establish whether the building traded above comparable properties. Age, renovations, location, occupancy, and lease performance can all shift valuations.
Properties near downtown, transit, the lakefront, or Northwestern University may command stronger pricing than less updated assets.
The deal’s scale places it in the mid-to-upper range for Evanston multifamily transactions and may attract institutional interest.
Its likely stabilized rental income also distinguishes it from smaller neighborhood properties.
Cap rate trends and financing conditions at closing would help clarify investor yield expectations, but those figures are not provided.
Recent North Shore and Cook County sales offer relevant context.
Assessment
The $32 million sale transfers 68 units at 1555 Ridge Ave. from Michigan Avenue Group to Arnel Inc., closing a significant Evanston apartment transaction.
The deal highlights local real estate activity involving Michigan Avenue Group and its connection to the Reinsdorf family. Further comparisons with other Evanston sales will depend on available transaction data, including verified prices and property details.
