Essex Brokers Facilitate Sale of $5M Edgewater Multifamily Asset
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 located on a beautiful tree-lined street 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.
The Essex team of Rick Ofman, Doug Imber, Kate Varde, Jaimie Steinher, and Dan Shepherd exclusively marketed the property for sale. Essex led an extensive marketing campaign resulting in 27 property tours and seven offers. Ofman and Essex director Matt Feo represented Becovic Residential LLC who purchased the property for $5,097,500. Becovic Management Group will be managing the property, which will 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,” Ofman said. “Becovic Management is the right company for the project as they have the capital and experience needed to turn around this building.”
The apartment building is comprised of a mix of studio and one-bedroom floorplans. The property generates additional income through 17 garage spaces, six gated surface parking spaces, and a coin-operated laundry room on the ground floor. Becovic adds The Winthrop Place to their portfolio spanning Chicago’s North Side, including 11 Becovic communities in Edgewater.
“We’re excited to continue to invest in the Edgewater neighborhood. It has everything to offer for our residents, shopping, nightlife and the beach,” Sal Becovic, Becovic President.