Becovic Acquires 81-Unit Andersonville Multifamily Building for $20M

Chicago-based Becovic has acquired an 81-unit multifamily property at 5154 North Clark Street in Andersonville for approximately $20 million, marking the building's first sale in 40 years. The deal, roughly $220,000 per unit, includes 81 apartments and 10 ground-floor retail spaces totaling 43,800 and 20,000 square feet respectively. The property was held in a family trust since its last sale four decades ago. Sellers were not disclosed. Essex Realty's Brian Karmowski represented the seller; Matt Feo and Rick Ofman represented Becovic. Becovic plans facade rehabilitation and security upgrades, with unit renovations phased in as tenants turn over. "We are not going to be super aggressive on that," he said, noting long-term ownership plans. Listing materials noted current rents were 40-60% below market, with apartment income projected to grow approximately 50%, or $500,000, as units turn. Retail tenants include La Colombe and local restaurants. The acquisition continues Becovic's North Side buying spree, following July's $26 million purchase of the Vivian in Rogers Park and a $17.4 million Edgewater deal last year.