Evanston Apartment Tower Sold, Rebranded as Eva Under New Ownership

EVANSTON, IL — A 15-story rental building in downtown Evanston has a new owner and a new name.

Chicago-based Draper and Kramer, Incorporated announced it has purchased the 268-unit luxury multifamily property formerly known as Albion Evanston, at 1500 Sherman Ave., and will rebrand it as Eva.

The firm said it will also take over property management of the building. The purchase marks Draper and Kramer's first property in Evanston.

“As a Chicago-based company for more than 125 years, expanding our footprint in our home market is always something we celebrate,” said Blas Puzon, chief investment officer with Draper and Kramer. “This acquisition is also notable as our firm’s first property in Evanston, one of this city’s most sought-after suburbs thanks to its appeal as an energetic college town and vibrant community in its own right with eclectic shopping and dining districts, lakefront access and beautiful residential neighborhoods. Both the building itself and the greater Evanston community reflect the type of highly desirable rental destination we prioritize in our portfolio.”

The property offers studio, one-bedroom and two-bedroom apartments ranging from 441 to 1,988 square feet.

Puzon said the building is positioned to appeal to a wide range of renters in Evanston, including people connected to Northwestern University and commuters with access to Metra and CTA rail lines.

“This property is also attractive to a variety of residents who appreciate its proximity to Lake Michigan as well as downtown Evanston with its many retail and restaurant options,” said Puzon. “Our firm is well-versed in managing multifamily communities in similar urban settings, including Chicago neighborhoods as well as other inner-ring suburbs, so we’ll hit the ground running as we take over management and deliver a residential experience to complement this ideal location.”