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.
Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces.
Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications.
Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).