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Park Evanston Flyer.Indd Noyes St Maple Ave NOYES STATION Ridge Ave Haven St Payne St Gaffield Pl Green Bay Rd METRA Garrett Pl Simpson St N CampusDr Pratt Ct UNION PACIFIC NORTH LINE Ashland Ave Hamlin St Leon Pl Library Pl Jackson Ave EVANSTON • ILLINOIS Foster St FOSTER STATION Garnett Pl 94 3.5 miles Emerson St Wesely Ave Wesely Asbury Ave Ashland Ave NorthwesternNoN rtthwhwe te n ResearchRessesearcheaarchh ParkPaarkk University Pl Arts Cir E Railr Maple Ave ve Lyons St oad Av e Clark St ve 1/2 Mile Chicago A Radius Benson Ave Elgin R d Hinman A EVANSTONANSTON CBD Church St DAVIS STATION ve DAVIS STATION LAKE Davis St Orrington A MICHIGAN Oak Ave Elmwood Av CTA PURPLE LINE Elinor Pl Judson Ave e Grove St Raymond Lake St Lake St Park She rman Pl Greenwood St Chicago City Limits 2 miles = Public Parking Garage Chicago CBD 10 miles Dawes Park Dempster St DEMPSTER STATION The Location Located just ten miles north of Chicago’s central business district (CBD), Evanston was founded in 1854 by the founders of Northwestern University and quickly grew as a distinct community, independent from Chicago. Today Evanston is a dynamic, urban community with a population of nearly 76,000. Evanston is bordered by the City of Chicago to the south, Lake Michigan to the east, Wilmette to the north and Skokie to the west. Residents are drawn to Evanston’s expansive lakefront, 24/7 central business district, historic tree-lined neighborhoods and proximity to Northwestern University and downtown Chicago. Evanston has a vibrant and growing economy with more than 2,200 businesses that employ more than 38,000. Although many residents commute to the Chicago CBD or surrounding suburbs, approximately 45% of employed residents work within Evanston. The Northwestern University Evanston Research Park, located in downtown Evanston, contains 400,000 square feet of technology space housing sixty companies and over 1,000 employees. The Evanston central business district (CBD), of which The Park Evanston is located within, is defi ned as the area bounded by Emerson Street and the Northwestern University campus to the north, Lake Street to the south, Hinman Avenue to the east and Ridge Avenue to the west. The Evanston CBD has undergone a transformation over the past ten years to become a vibrant community with world-class dining and shopping, and with several fi rst-rate apartment and condominium residential options. In addition, there is 2 million RSF of offi ce space that is currently 90% leased, and a variety of art galleries and cultural sites, all within a ten minute walk of the pristine Lake Michigan waterfront beaches and parks. Evanston has recently seen a surge in high-end condo developments including nearly 1,300 units developed since 2000. Contact Information HFF CHICAGO MATTHEW D. LAWTON MARTY F. O’CONNELL SEAN P. FOGARTY PAUL A. BARILE JANICE E. SELLIS 200 West Madison, Ste. 3650 Senior Managing Director Director Director Managing Director Director Chicago, IL 60606 312.528.3656 312.528.3653 312.528.3675 312.980.3610 312.528.3681 Telephone: 312.528.3650 mlawton@hffl p.com moconnell@hffl p.com sfogarty@hffl p.com pbarile@hffl p.com jsellis@hffl p.com Fax: 312.528.3651 Atlanta Boston CHICAGO Dallas Florham Park (NJ) Hartford Houston Indianapolis Los Angeles Miami New York Orange County (CA) Pittsburgh Portland (OR) San Diego San Francisco Washington, DC Westport 283-Unit Multi-Family Tower • 38,940 RSF Street-Level Retail EXECUTIVE SUMMARY Providing ambience within a vibrant community that draws on Chicago’s lifestyle. HFF (“Holliday Fenoglio Fowler, L.P.”) is pleased to present The Park Evanston, a trophy, 24-story, 283-unit multi-family tower with 38,940 rentable square feet (“RSF”) of ground fl oor retail, located in the heart of bustling Evanston, Illinois. Evanston is located due north of the City of Chicago, providing ambience within a vibrant community that draws on Chicago’s lifestyle. The Park Evanston features state-of-the-art amenities with custom features in every apartment unit. The Park Evanston is the area’s most exquisite rental community, with features such as a top-of-the-line fi tness center, business center, stunning lake and city views and a rooftop pool with sundeck. Select units feature in-unit stackable washer/dryers and modifi ed kitchens with granite countertops and porcelain fl oors. The Park Evanston appeals to the most discerning residents and represents the fi nest combination of location and quality of asset in suburban Chicago. The Park Evanston includes 38,940 RSF of fully-occupied ground fl oor retail including a highly successful Whole Foods. Other retail tenants include Peet’s Coffee and Tea, AT&T Wireless and IXIA Flowers. The location of the Property, at the southwest corner of Church Street and Chicago Avenue, is a fi rst-class retail location in the heart of downtown and only steps from the campus of Northwestern University and the affl uent historic Evanston neighborhoods. Adding to the attractiveness of the retail is the rooftop parking available for Whole Foods’ customers. The retail market in downtown Evanston is strong with virtually no vacancies and is supported by outstanding demographics including over 75,000 residents and an average household income of $85,000 within a three mile radius. The Market The Property APARTMENT MARKET APARTMENT FEATURES COMMUNITY AMENITIES Demand in the Evanston area is driven by its proximity to the Chicago CBD, access to Metra trains and • GE kitchen appliances • Doorman services employment centers of Evanston and further north offi ce markets along the north shore. The notable increase • Stackable washer and dryer units* • Party Room with kitchen & billiard table • Frost-Free refrigerator/freezer • Bicycle & resident storage areas in employment in the MSA over the past year has provided stability to this submarket. • Entry doors are oak with level handle hardware • Adjacent 296-space structured parking garage for residents • Dishwasher • Laundry room The tightening of the Chicago market has provided landlords with opportunities for rental • Microwave • Top fl oor fi tness center growth not seen here in a number of years. The 3.3% and 4.1% increases reported, respectively, • Ceramic-tiled bathrooms with cultured marble sinks • First-class business center for the average asking and effective rental rates recorded by Reis for 2006 were the • Abundant closet space • Outdoor, rooftop Swimming Pool w/ sundeck and largest seen, respectively, since 2001 and 2000. Gains of similar proportion—3.4% and 3.6%—are forecast • Stain resistant carpeting chaise lounges for 2007 with per annum increases running from 3.0% to near 4.0% anticipated for the remainder of Reis’ • Individually controlled central AC/heating • Sauna • Mini blinds • Convenient access to both CTA and Metra train lines fi ve-year forecast period. Additionally, Appraisal Research Counselors reported earlier this year that The • Double glaze, tinted & insulated glass • Outstanding street-level retail, including Whole Foods Park Evanston’s submarket had a 9.2% net rent increase year over year, the second highest of all the • Granite breakfast bar countertops & porcelain fl oors* suburban submarkets. • Full sprinkler system with smoke detectors *select units RETAIL MARKET Following in the footsteps of the area’s impressive past and anticipated future economic growth, the local retail sector continues to be a strong and stable force in the commercial real estate marketplace. Unit Mix The Chicago retail market consists of 96 million square feet (“RSF”) of retail space within twelve Current Market Rent Percent of Average Total submarkets and had a vacancy rate of 7.6% as of second quarter 2007. The Park Evanston is Unit Description Unit Count Unit Type Square Feet Square Feet Avg.Per Unit Per SF located in the Far North submarket which totals approximately 8.2 million RSF and had a vacancy rate of 6.4% Effi ciency 28 9.89% 514-540 14,991 $1,379-$1,407 $2.28-$2.61 as of second quarter 2007. One Bedroom/One Bath 115 40.64% 589-800 82,393 $1,527-$1,727 $2.06-$2.72 Aside from a slight rise in vacancy during the national recession of 2002-2003, the retail vacancy rate in One Bedroom/One Bath + Den 19 6.71% 1,049-1,094 20,345 $2,299 $2.15 Chicago has remained in the 7.0%-8.0% range and is projected to hold steady through 2011. Robust tenant Two Bedroom/Two Bath 106 37.46% 1,017-1,315 120,428 $2,332-$2,057 $2.13-$2.36 demand for space has lead to steady absorption of new deliveries, which have averaged 1,385,000 RSF Three Bedroom/Two Bath 15 5.30% 1,434-1,573 22,619 $3,375-$3,569 $2.27-$2.35 annually since 2000. Total / Average 283 100.00% 921 260,776 $2,098 $2.28 Providing ambience within a vibrant community that draws on Chicago’s lifestyle. HFF (“Holliday Fenoglio Fowler, L.P.”) is pleased to present The Park Evanston, a trophy, 24-story, 283-unit multi-family tower with 38,940 rentable square feet (“RSF”) of ground fl oor retail, located in the heart of bustling Evanston, Illinois. Evanston is located due north of the City of Chicago, providing ambience within a vibrant community that draws on Chicago’s lifestyle. The Park Evanston features state-of-the-art amenities with custom features in every apartment unit. The Park Evanston is the area’s most exquisite rental community, with features such as a top-of-the-line fi tness center, business center, stunning lake and city views and a rooftop pool with sundeck. Select units feature in-unit stackable washer/dryers and modifi ed kitchens with granite countertops and porcelain fl oors.
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