Kiser Group completed the sale of 5411 N. Winthrop, a four plus one multifamily property, for $17.4 million.

Kiser Group Advisors Jacob Price and Katie LeGrand led the sale process. “This transaction reflects the ongoing demand for renovated multifamily properties in Edgewater, especially those with scale and strong occupancy,” said LeGrand.

The fully renovated building features modern amenities and was sold to Chicago-based multifamily owner and operator Becovic Residential. Its current occupancy rate is approximately 99%.

“The buyer recognized the property’s value as a strategic addition to their portfolio, while the seller achieved a near-list price resulting in a highly competitive process.” added Price. Edgewater continues to benefit from strong multifamily market dynamics, supported by its appealing mix of affordability, proximity to downtown Chicago, and a desirable lakeside location.

Becovic Residential, a Chicago-based multifamily owner and operator, has added two apartment communities to its Edgewater offerings. The Winthrop House, located at 5718 N. Winthrop, was purchased for $10.25 million. The Kenmore Commons property, located at 6134 N. Kenmore, was purchased for $7.25 million.

The deals were brokered by Interra Realty’s Joe Smazal and financed by Scott Kalkofen from JP Morgan Chase. The properties will be managed by Becovic Management Group. “We are thrilled to take over two beautiful turnkey properties that are located in the heart of our offerings,” said Becovic President Sal Becovic. 

Built in 1929, The Winthrop House has 74 units, including 30 studios, all renovated. The five-story Kenmore Commons has 40 units and features modern kitchens. “These two buildings fully encompass the charm of Edgewater,” said Lee Grin, Director of Operations of Becovic Management Group. “We are excited to manage them alongside our other Edgewater communities.”