Draper & Kramer Purchased Evanston Apartment Building

The firm acquired the 268-unit property on Sherman Avenue and has rebranded the site as Eva.

Updated on Oct. 10, 2026 in Apartments

Draper & Kramer Purchased Evanston Apartment Building

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Draper & Kramer has completed the acquisition of the Albion apartment building in Evanston. The developer plans to operate the property under the new name Eva.

Why it matters

Draper & Kramer views Evanston as a premier rental market, marking the firm's first major acquisition in the city. The transaction secures a high-occupancy asset near Lake Michigan for the company's portfolio.

The property consists of 268 units ranging from 441 to 1,988 square feet, supported by 198 parking spaces and ground-floor retail. It maintains a 98.5% lease rate.

The players

Draper & Kramer

This is a full-service real estate firm that manages residential and commercial properties.

Albion Residential

This real estate development company was the original owner and developer of the apartment property.

JILL

This professional services firm represented the previous property owner during the sale transaction.

The details

Draper & Kramer has taken over property management duties for the building, which was originally developed by Albion Residential in 2019. The site features ground-floor retail space and sits in a prime location in Evanston.

Albion Residential purchased the land for $6 million in 2017.
The apartment building was originally developed in 2019.
Draper & Kramer announced the purchase and rebranding on October 9, 2026.

Roadmap

This acquisition highlights the sustained institutional interest in high-density, luxury-style rental properties in desirable suburban hubs. It positions Draper & Kramer to capture steady returns in the Evanston market where high occupancy remains a key performance indicator.

Residents should note that the property is now managed by Draper & Kramer under the name Eva. Daily operations and building policies may shift to reflect the new ownership's management style.

The takeaway

Large-scale ownership changes in residential buildings often signal shifts in building management and tenant service protocols. Current renters should review updated leasing portals to ensure familiarity with the new branding and operational contact points.