Draper and Kramer Buys Evanston's Albion Apartments

The Chicago firm acquired the 268-unit luxury building and will rebrand it as Eva while assuming management.

Updated on Nov. 4, 2026 in Apartments

Photograph of a tall pale brick residential tower on a tree-lined street under soft overcast daylight, with an empty sidewalk and a bare concrete planter in the foreground. — The Chicago firm Draper and Kramer acquired the 268-unit Albion luxury apartment building in Evanston and will rebrand it as Eva while assuming management. AI Illustration. Upload story photo >

Draper and Kramer purchased the 268-unit Albion Evanston apartment building at 1500 Sherman Ave. in Evanston, Illinois. The firm will rebrand the property as Eva and take over its management.

Why it matters

The acquisition shifts ownership and management of a large luxury rental building in Evanston to a Chicago-based firm with a multi-state portfolio. Residents and retail tenants will see the change in ownership and branding as the property transitions.

The 268-unit, 15-story building was 98.5% leased and 98% occupied at acquisition, with unit floor plans ranging from 441 to 1,988 square feet. The extraction does not disclose the purchase price or the schedule for the rebranding.

The players

Draper and Kramer

Draper and Kramer is a Chicago-based real estate firm that owns and manages 16 properties across five states, including nine in the Chicago region.

JLL

JLL is a global commercial real estate services firm that represented the property ownership in this acquisition.

The details

Draper and Kramer acquired the 15-story building, which includes 7,090 square feet of fully leased first-floor retail space occupied by the reform method and IMAGE Studios Salon Suites. The property was represented in the acquisition by JLL.

The acquisition was announced on November 4, 2026.

Market Landscape

Draper and Kramer's nine Chicago-region properties place this Evanston acquisition within the firm's existing regional footprint. The deal extends a pattern of owner-operators taking direct management of multifamily assets in the Chicago metro.

Current renters will see the building rebranded as Eva under new management, which may affect leasing and resident services. The extraction does not specify changes to rents or lease terms.

The takeaway

Renters considering Evanston luxury apartments should watch for leasing updates and management changes at the Eva property as the transition proceeds.