Evanston Apartments Sold for $31.5 Million

The Maeve on Ridge property has been acquired by Arnel Incorporated.

Updated on Oct. 9, 2026 in Commercial

Evanston Apartments Sold for $31.5 Million

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Michigan Avenue Real Estate Group has sold the Maeve on Ridge apartment complex in Evanston for $31.5 million. The 68-unit building, located at 1555 Ridge Avenue, was purchased by Arnel Incorporated.

Why it matters

The sale reflects strong investor interest in the suburban Chicago multifamily market, which has seen significant transaction volume growth this year.

The five-story building at 1555 Ridge Avenue features 68 residential units. The sale price amounts to approximately $463,000 per unit.

The players

Michigan Avenue Real Estate Group

This real estate investment and development firm was the seller of the Maeve on Ridge property.

Arnel Incorporated

This company is the new owner of the 68-unit apartment building located in Evanston.

Albion Residential

This real estate firm recently sold the 268-unit Albion Evanston property for $126 million.

The details

Michigan Avenue Real Estate Group originally acquired the land for $3.9 million in 2020 before developing the project with a $17 million construction mortgage. The firm later refinanced the building for $18 million in 2022.

2020: The land was purchased for $3.9 million.
2022: The building was refinanced for $18 million.
Q1-Q2 2026: Suburban Chicago multifamily sales volume grew by 67 percent.
September 2026: Sellers closed $335 million in suburban multifamily deals.
October 2026: The sale of the Maeve on Ridge apartments was finalized.

Culture Shift

The sale follows the 67 percent year-over-year increase in suburban Chicago multifamily sales volume recorded in early 2026. This trend highlights a broader regional shift as investors aggressively move capital into suburban apartment assets.

The ownership change is unlikely to alter daily living conditions for current residents at 1555 Ridge Avenue. Renters and local community members should monitor property management updates regarding potential changes to service or lease policies.

The takeaway

The successful exit for the developer demonstrates the continued viability of ground-up residential projects in well-connected suburban hubs. Investors remain focused on high-quality transit-oriented assets as the suburban rental market experiences sustained growth.