Becovic Purchased Andersonville Multifamily Property
The 81-unit building at 5154 North Clark Street recently sold for $20 million.
Updated on Sept. 29, 2026 in Commercial
Live Poll
Do you believe the renovation of older neighborhood apartment buildings generally benefits the local community?
Becovic has acquired an 81-unit apartment building in Chicago's Andersonville neighborhood for $20 million. The property, which includes 10 retail spaces, had been held by the same family trust for 40 years.
Why it matters
This transaction marks a significant ownership transition for a prominent local property after four decades. Residents may see upgrades to building security and facade aesthetics as the new owner implements plans to modernize the asset.
The building at 5154 North Clark Street spans 43,800 square feet of apartments and 20,000 square feet of retail space. The acquisition equates to approximately $220,000 per unit in a neighborhood currently reporting a 98.2 percent occupancy rate.
The players
Becovic
A real estate firm that manages and invests in multifamily properties and plans facade and security upgrades.
Essex Realty
A brokerage firm that represented both the buyer and the seller during this residential and retail transaction.
The details
Becovic aims to increase apartment income by roughly 50 percent by raising rents to meet current market rates over time. The firm plans to renovate the building facade and update security systems while upgrading individual units as current residents move out. Brian Karmowski of Essex Realty represented the seller, while Matt Feo and Rick Ofman of Essex Realty represented the buyer.
Timeline
The property last sold 40 years ago.
Q2 2026 data shows an average effective rent of $2,092 in the area.
The purchase of the property occurred in September 2026.
The Home Front
This transaction reflects broader investment patterns in dense urban submarkets with high occupancy rates. It demonstrates a strategy of modernizing long-held assets to align with current market-rate rental trends.
If you are a tenant, keep an eye on your lease renewal notices as the new ownership works to align units with current market rates. Monitor building communication boards for official notices regarding the schedule for facade or security system upgrades.
The takeaway
Large-scale property transfers often signal an impending transition toward market-rate adjustments and facility modernization. Tenants should maintain copies of their current lease agreements and document any maintenance requests for their units during the transition period.
Further reading
Learn more about local investment trends in the Commercial sector.
Source note: This article includes information reported by The Real Deal New York.
Live Poll
Do you believe the renovation of older neighborhood apartment buildings generally benefits the local community?
