CHICAGO - (October 08, 2026)
Property will be rebranded as ‘Eva’ under new ownership and property management
National full-service real estate firm Draper and Kramer, Incorporated, today announced it has purchased a 268-unit luxury multifamily rental building in Evanston, Ill., a suburb directly north of Chicago and home to Northwestern University. The 15-story property, Albion Evanston, will be rebranded as Eva under Draper and Kramer’s ownership. Draper and Kramer will also assume property management of the community, which was 98.5% leased and 98% occupied at the time of acquisition.
“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.”
Located at 1500 Sherman Ave., the property offers studio, one- and two-bedroom floor plans ranging from 441 to 1,988 square feet. Each residence includes upscale features such as custom European-style cabinetry, quartz countertops and hardwood-style flooring. All apartments have 9- to 11-foot concrete ceilings, floor-to-ceiling windows and in-unit laundry, while select floor plans also have a fireplace and private outdoor space.
The building’s hospitality-inspired amenities include a fully equipped fitness center with indoor-outdoor yoga studio; outdoor heated rooftop pool with lounge area and cabanas; rooftop sky club with outdoor terrace; pet spa, private pet patio and “paw pantry” with complimentary treats and toys; library and game room; media and coworking space; Luxer One package room with cold storage; and a bike share program and bike storage space. The property includes 198 parking spaces.
Additionally, 7,090 square feet of fully leased first-floor retail space, with current tenants the reform method and IMAGE Studios Salon Suites, activate the property’s street frontage and provide an additional amenity for residents.
Puzon noted the renter demographic in the Evanston market is very broad, including students and faculty at neighboring Northwestern University as well as young professionals due to easy access to public transit — including both Metra and CTA rail lines — and proximity to downtown Chicago.
“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.”
JLL represented property ownership in the acquisition. Draper and Kramer did not have broker representation.
Draper and Kramer’s national portfolio now includes 16 owned and managed properties across five states, including nine in the Chicago region. The firm also provides third-party management for three properties in the Chicago market. For more information on Eva, visit www.liveateva.com.
About Draper and Kramer, Incorporated
Founded in 1893, Draper and Kramer, Incorporated, is a trusted financial and property services provider with a deep commitment to people, excellence, service and integrity spanning more than 125 years. Family-owned and one of the leading privately held real estate services firms in the U.S., Draper and Kramer is headquartered in Chicago with a national reach and broad offering of services. The company’s decades-long heritage has evolved over the years to meet the needs of its clients and today spans expertise in residential and commercial development, acquisition, property management and leasing; and debt and equity financing for commercial properties. Draper and Kramer provides a single source of real estate-related counsel to a diverse group of real estate investors across the U.S. including corporations; private and institutional owners and users of real estate; government agencies; and foundations. For more information, visit www.draperandkramer.com.
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Editors:
For more information, contact Vanessa Irving, [email protected], (312) 267-4531.
Media Coverage:
Crain’s Chicago Business, Evanston Now, Evanston RoundTable (Sale), Evanston RoundTable (Rebrand), Patch, TheRealDeal
Draper and Kramer, Incorporated, has acquired a 268-unit Class A apartment building located at 1500 Sherman Ave. in Evanston, Ill. Previously known as Albion Evanston, the property will be rebranded as Eva under Draper and Kramer ownership and property management.
