Developers John McLinden and Arthur Slaven recently sold Centrum Evanston, a 101-unit building at 1590 Elmwood Avenue, to Chicago landlord TLC Management Co. for $45.4 million – an impressive $449,500 per unit – according to Crain’s Chicago Business . This is one of the highest prices ever paid for a large multifamily property on a per-unit basis in the suburbs of Chicago.
Rather than taking out an expensive loan to finance its acquisition of Evanston apartments, TLC was able to take over the existing mortgage with a low fixed interest rate of 3.97%. The duo developed thousands and condominiums and apartments together before parting ways; while Slaven remained at Centrum Partners, McLinden founded his own development firm called Hubbard Street Group.
TLC currently owns three buildings in Evanston as well as about 6,000 apartments total throughout both Chicago and its surrounding suburbs..
