Draper and Kramer, Incorporated, a national full-service real estate firm, has expanded its multifamily portfolio with the purchase of a 268-unit luxury rental community in Evanston, a suburb directly north of Chicago and home to Northwestern University. The acquisition gives the company its first property in Evanston, adding a high-occupancy, institutional-quality asset in a well-established suburban market.
The 15-story building, previously known as Albion Evanston, is located at 1500 Sherman Ave. in the heart of the city. Under Draper and Kramer's ownership, the property will be rebranded as Eva, reflecting a new identity for the community while maintaining its existing multifamily and retail footprint.
At the time of the transaction, the apartment community was reported to be 98.5% leased and 98% occupied, indicating a strong in-place rent roll and limited vacancy. As part of the deal, Draper and Kramer will assume property management responsibilities for Eva, bringing operations in-house rather than relying on a third-party manager.
JLL represented the property's ownership in the acquisition, advising the seller on the disposition. Draper and Kramer did not have broker representation on the buy side, according to information provided with the announcement.
The high-rise community offers a mix of studio, one-bedroom and two-bedroom apartments, with unit sizes ranging from 441 square feet to 1,988 square feet. This range of floor plans positions the property to serve a broad renter base, from single occupants to small households, in a market that includes students, university-affiliated residents and long-term local renters.
In addition to its residential component, the property includes 7,090 square feet of fully leased first-floor retail space. The occupied street-level retail further integrates the building into the surrounding Evanston streetscape and provides an additional income stream alongside the residential rents.
Commenting on the acquisition, Blas Puzon, chief investment officer with Draper and Kramer, described the transaction as a meaningful entry into one of Chicago's most sought-after suburbs. He cited Evanston's appeal as an energetic college town with its own identity, pointing to its eclectic shopping and dining districts, access to the lakefront and established residential neighborhoods as attributes that support the community's long-term desirability.
With this purchase and rebranding, Draper and Kramer adds a stabilized, high-occupancy high-rise asset in a mature suburban location, combining luxury multifamily housing with fully leased ground-floor retail along a key Evanston corridor.
