This Week’s Chicago Deal Sheet

Suburban multifamily transit-oriented developments continue to be popular with developers. The newest one to open is 1620 Central, a four-story, 47-unit building in Evanston that is already 40% leased.

Real Capital Solutions developed the project and RMK Management is managing the property, which is near Evanston’s Central Avenue shopping district, the Central Avenue Metra station and Evanston Hospital. Floor plans range from 601 SF studios to 1,297 SF three-bedroom units, with condo-quality finishes and amenities including private bike storage, electronic package management and a Pressbox service for dry-cleaning pickup and drop-off.  Residents at 1620 Central will be offered their choice of a Metra or CTA monthly pass (via funding on Ventra cards and available until spring 2018) and a Divvy bike share annual membership (available until spring 2020). These amenities can save residents up to $1,900 annually.

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Luxury rentals haven’t replaced affordable housing here

Despite oft-repeated claims, new high-end rental developments in Evanston haven’t destroyed affordable housing. In fact, they generally haven’t destroyed any housing at all.

Here’s a rundown, with pictures, of what used to exist on the sites of major apartment developments constructed this decade in Evanston.


New incentives announced for 1620 residents!

We are pleased to announce the following incentives for residents of 1620 Central:

  • Metra or CTA pass valued at $150 per month (one pass per apartment, available until Spring 2018)
  • Membership for Divvy Bike sharing service valued at $99 per year (one pass per apartment, available until Spring 2020).
  • Two electric vehicle charging stations in on-site garage free of charge (available to residents only).
  • 2 Enterprise CarShare vehicles conveniently located one block away (available to the public).

For more information, please contact us.

New Evanston apartments will offer residents one year of free transit.

RMK Management Corp. has been selected to oversee all aspects of leasing and property management for 1620 Central, a 47-unit new-construction luxury rental building in Evanston, Ill.

The four-story building with below-grade parking– developed by TJM Development, Inc.–is currently under construction with on-site pre-leasing to begin in fall 2016. Real Capital Solutions, Inc. and First National Bank provided financing for the project.

“The Central Street corridor is a neighborhood we know well, so this property is a great fit for RMK,” said Anthony Rossi, Sr., CEO of RMK Management. “We also know, through our successful experience leasing and managing the nearby Central Station community that is 98-percent leased, there are very few new-construction luxury rental options in north Evanston, so we expect demand to be quite high.”

1620 Central will offer one-, two- and three-bedroom apartments, each with private outdoor space. Building amenities include elevators, a bike storage room, an electronic package management system, and a Pressbox service for dry cleaning drop off and pick up. Parking will be available in a 54-stall, climate-controlled underground garage.

Residents at 1620 Central will also receive a complimentary, one-year pass for either Metra or CTA, as well as a one-year pass for a Divvy bike share, which can be used as the Divvy station just two blocks from the building. These attractive transportation ‘extras’ could represent up to $1,755 in cost savings per year, according to Rossi.

Designed to meet LEED® Silver status, 1620 Central will feature sustainable elements integral to its design, including an expansive green roof, as well as energy-efficient features that will translate to additional cost-savings for residents.

“This building embodies the best things about living in a near North Shore suburb like Evanston – a bustling community with a tight-knit, neighborhood feeling surrounded by terrific restaurants, great boutiques, art, theater, parks, the lake, plus easy access to transportation for commuting into Chicago for work or play,” Rossi noted. “And, I haven’t even gone into the countless amenities found less than 2 miles to the south of the building in Evanston’s top-ranked downtown.”