Becovic Residential LLC Acquires 40-unit Multifamily Building In Edgewater For $5.1M

Chicago-based multifamily brokerage firm Essex Realty Group, Inc. recently facilitated the sale of 6144 N. Winthrop Avenue, a 40-unit "4+1" style, elevator building located in Chicago's North Side neighborhood of Edgewater. The property is situated on a beautiful tree-lined street, just two blocks south of Loyola University's Chicago campus, two blocks west of Lake Michigan, and less than one block from the Granville CTA Red and Purple Line Station.

Summary of transaction details:

• Property Type: Multifamily
• Address: 6144 N. Winthrop Ave, Edgewater, Chicago
• Market: Edgewater
• Property Units: 40
• Price Per Unit: $127,438

The sale of this property was facilitated by the Essex Realty Group, with Rick Ofman and Matt Feo from Essex Realty representing the buyer, Becovic Residential LLC, who purchased the property for $5,097,500. The property will be managed by Becovic Management Group and will be renamed The Winthrop Place. With this acquisition, Becovic Residential adds The Winthrop Place to their portfolio, which already includes 11 Becovic communities in Edgewater.

The Essex team of Rick Ofman, Doug Imber, Kate Varde, Jaimie Steinher, and Dan Shepherd marketed the property for sale and successfully conducted an extensive marketing campaign. This generated significant interest from investors, resulting in 27 property tours and seven offers. The fact that this property received such high interest is a testament to the strength of the market for value-add multifamily properties in Edgewater. Rick Ofman stated, "The market for value-add multifamily is as strong as I’ve seen it, so it’s not a surprise that the most blighted property in Edgewater garnered so much interest from investors."

Sal Becovic, President of Becovic Residential, expressed excitement about investing in the Edgewater neighborhood, highlighting its amenities such as shopping, nightlife, and proximity to the beach. Becovic Residential's experience and capital make them the ideal company to undertake the necessary renovations and improve the building.