Evanston Apartment Complex Sold for $31.5 Million

The 68-unit Maeve on Ridge building has been acquired by Arnel Incorporated as local multifamily sales surge.

Updated on Oct. 9, 2026 in Commercial

Evanston Apartment Complex 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 five-story property, located at 1555 Ridge Avenue, was purchased by Arnel Incorporated.

Why it matters

The sale reflects a period of heightened activity in the suburban Chicago multifamily market. This transaction follows a significant 67 percent year-over-year increase in regional sales volume recorded during the first half of 2026.

The Maeve on Ridge property sold for approximately $463,000 per unit. This closing follows a broader September trend in which suburban multifamily deals totaled $335 million across the region.

The players

Michigan Avenue Real Estate Group

The developer and seller of the property which specializes in residential development and investment projects.

Arnel Incorporated

The acquiring firm that maintains a diverse portfolio of residential properties across Indiana, Illinois, and Wisconsin.

The details

Michigan Avenue Real Estate Group developed the five-story building after purchasing the land for $3.9 million in 2020. The project was initially supported by a $17 million construction mortgage, which was later refinanced for $18 million in 2022. The developer finalized the exit by selling the asset to Arnel Incorporated, a firm with a portfolio spanning across the Midwest.

2020: The developer acquired the land 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.

The Home Front

This sale highlights the ongoing evolution of the suburban Chicago rental market, which has seen a marked increase in institutional investment over the past year. It arrives alongside other large-scale transactions, such as the $126 million sale of the nearby Albion Evanston property.

Renters living in the Maeve on Ridge should review their lease agreements to understand how property management changes may affect their residency. Residents should direct any questions regarding building operations or maintenance protocols to the property management office.

The takeaway

Large-scale multifamily transactions can influence local rental market dynamics and property management standards. Residents should keep a copy of their existing lease document on file to ensure a smooth transition if management policies are updated under new ownership.