Becovic Management Group LLC Acquires Chicago Property At 5858 N Sheridan Rd For $13.3M

The property asset involved in the transaction is Shore Manor, a 90-unit condo property located at 5858 N Sheridan Rd, Chicago, IL, 60660. The building, constructed in 1955 and converted into condos in 1977, features a 12-story structure with a mix of studio and one-bedroom units averaging 576 square feet. The transaction concluded at a price of $13,300,000.00.

Summary of transaction details:

• Property Type: Condo
• Transaction Amount: $13,300,000.00
• Address: 5858 N Sheridan Rd, Chicago, IL, 60660
• Market: Chicago
• Buyer: Becovic Management Group LLC
• Seller's Representative: Justin Ross (CBRE)

Sam Haddadin and Justin Ross of CBRE represented the condo association during the sale. The transaction involved a strategic opportunity for condo owners to achieve above market value through a deconversion sale, particularly in light of the recent increase in required owner approval to 85 percent for such transactions in Chicago.