A Houston-based developer paid Northwestern Mutual $148 million for the 352-unit E2 apartment complex at 1890 Maple Ave. in downtown Evanston, according to Cook County records. It’s believed to be the largest amount ever paid for a suburban multifamily property, according to one expert. “It’s the first time we’ve ever crossed the $140 million threshold in suburban Chicago,” said Ron DeVries, senior managing director at Integra Realty Resources. The purchase of the two-tower complex just west of Northwestern University by Hines, best known in the Midwest for developing downtown Chicago skyscrapers such as Salesforce Tower and River Point, could also boost plans from several other developers now seeking to launch new Evanston apartment projects of up to 31 stories. “Evanston is a highly sought-after market, a lot of people want to build there,” DeVries said. The previous sales record was held by Albion Residential, which in 2022 paid $139 million for Bourbon Square, an apartment complex in northwest suburban Palatine. Northwestern Mutual, a life insurance company, and several partners, including Fifield Cos., completed E2 in 2015, but Evanston hasn’t seen a new large-scale residential project in years, even though demand is quite strong, especially for apartments in its already-dense downtown, where residents can quickly access stores, restaurants and other entertainment. A spokesperson for Hines did not return a message seeking comment. “It’s one of the strongest rental markets in suburban Chicago, in terms of the rents (builders) can get,” Devries said. “It costs the same to build apartments in Arlington Heights or Schaumburg, but if you can attain the rents already seen in Evanston, then new construction tends to be more feasible.” GW Properties and its partner Chicago-based Luxury Living last year proposed building a mixed-use complex in downtown Evanston, including a 358-unit, 27-story skyscraper and nearly 3,000 square feet of retail, replacing a portion of Church Street Plaza, an existing mall at 1711 Maple Ave. The companies filed an initial zoning application and have begun speaking to city officials, community residents and other stakeholders about the proposal. Other big apartment projects are also on the drawing board, including a plan from Vermilion Development to build what would be Evanston’s tallest building. The Chicago-based firm recently filed a zoning application with the city, first reported by Evanston Now, for a 31-story complex with 447 units at 605 Davis St. And in November, the Evanston City Council approved plans for two new apartment developments totaling 340 units. CDG Capital and City Pads will join forces to build a 230-unit, five-story apartment complex at 910 Custer Ave., and Horizon Group plans to construct The Legacy, a 12-story building with 110 apartments at 1621-1631 Chicago Ave.