Becovic Adds to Its Edgewater Multifamily Holdings
Essex Realty Group recently facilitated the sale of 6144 N. Winthrop Ave., a 40-unit elevator building in Chicago’s North Side neighborhood of Edgewater. The buyer was Becovic Residential, which owns 11 properties in the neighborhood
The Essex team of Rick Ofman, Doug Imber, Kate Varde, Jaimie Steinher and Dan Shepherd marketed the property. Essex led an extensive marketing campaign resulting in 27 property tours and seven offers. Ofman and Essex director Matt Feo represented Becovic, which purchased the property for $5,097,500. Becovic Management Group will manage the property, to be renamed The Winthrop Place.
“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,” said Ofman. “Becovic Management is the right company for the project as they have the capital and experience needed to turn around this building.