Kiser Group Completes $38M Sale of Tapestry Station 120-Unit Apartment Building in Evanston

Kiser Group has completed the $38 million sale of Tapestry Station, a 120-unit apartment building at 740 Main Street in Evanston, Illinois, on behalf of developer CityPads. The transaction was led by Kiser Group’s Lee Kiser and Andy Friedman, who represented CityPads in the sale to Chicago-area investor TLC Management, led by Stuart Handler. Kiser Group was engaged after a prior marketing effort by JLL and ultimately completed the sale process.

The property features a mix of studio, one-bedroom, and two-bedroom apartments above ground-floor commercial space. CityPads developed the property with general contractor Summit Design + Build, completing construction in March 2024 following a 14-month build.

The transaction completes a 1031 exchange for TLC Management, which began in March with the $39.3 million sale of the Whitechapel Apartments at 4910 North Sheridan Road in Chicago’s Uptown neighborhood to Related Companies’ affordable housing division.

CityPads principal Andy Ahitow characterized the sale as the culmination of the firm’s transit-oriented vision for Evanston’s Main-Dempster corridor, crediting Blackbird Investment Group as a capital partner and stating the project doubled investor equity and delivered a 20 percent internal rate of return over its hold period.

Kiser Group served as exclusive broker in the transaction.

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