Becovic, a Chicago-based multifamily owner and operator, has added a 1920s era courtyard building to its Northside portfolio. The Juneway Gardens, located at 1548-1558 ½ W Juneway Terrace in Chicago, sold for $7.25 million. The off-market transaction was brokered by Becovic Realty, the brokerage arm of Becovic.

“Our roots are deep in Rogers Park and we use decades of experience to create the best apartment home experience for our residents,” said Becovic President Sal Becovic. “The Juneway Gardens is a beautiful property with a great mix of apartment floor plans. We are excited to continue building community with residents in such a great neighborhood.” 

Originally built in 1922, The Juneway Gardens is a three-story, 61-unit courtyard apartment building located in Chicago’s Rogers Park neighborhood. The seller, a well-known owner/operator of many apartments in the area, owned the property for more than 30 years. The property’s 61 units are made up of 18 one-bedrooms, 34 two-bedrooms and nine three-bedroom units. Situated in the North of Howard area of Rogers Park, the property offers residents great proximity to parks and lakeside amenities as well as shopping, restaurant and nightlife offerings. 

 

 

Becovic, a Chicago-based multifamily owner and operator, has added The Fleetwood, located at 6026 N. Winthrop Avenue in Chicago, Illinois, to its Edgewater portfolio. The property sold for $7.25 million, and the deal was brokered by Becovic.

“With almost 50 years of experience as a housing provider in the Chicago market, we have something to offer everyone, and we look forward to continuing to build community with our new residents and neighbors,” said Sal Becovic, President at Becovic.

Originally built in 1929, The Fleetwood is an eight-story, 59-unit apartment building located in Chicago’s Edgewater Beach neighborhood. The seller, a well-known owner/operator of many apartments in the area, owned the property for almost 40 years. The property’s 59 units are made up of 21 studios, 37 one-bedrooms and one two-bedroom unit. It’s situated in a prime location close to shopping, parks, beaches and excellent transportation. 

“The previous owner has done great things with the property and for the neighborhood, and we are proud to take it over,'' said Becovic.

 

Becovic, a Chicago-based multifamily owner and operator, has acquired 6758 N. Sheridan in Chicago, Illinois for $9.8 million. The deal was brokered by Kiser Group’s Advisors Rick Ofman and Danny Logarakis. Kiser Group represented both the seller, The Vranas Family Trust, and Becovic in the transaction.

 

“Investor interest in Rogers Park multifamily continues to rise. We had 38 tours, resulting in multiple competitive offers,” said Ofman. “It’s no surprise that more than 800 multifamily units in the neighborhood have changed hands so far this year.”

 

Originally built in 1974, 6758 N. Sheridan is a 73-unit 4+1 apartment building located on the east side of Chicago’s Rogers Park neighborhood. The building has 29 studio apartments and 44 one-bedroom units.”

 

“For decades, the seller had kept this building well-maintained,” said Logarakis. “When marketing this property, we conducted more than 30 tours and received nine offers. The value-add potential, as well as the Loyola University location of the building, was very appealing to potential investors.”

 

“We are big believers in Rogers Park,” said Sal Becovic, President at Becovic. “We are excited about the addition of The Sheridan Pratt at 6758 N. Sheridan to our communities and look forward to serving its residents.”

 

“During the 2nd and 3rd quarters of this year, we have experienced a tidal wave of multifamily investor activity throughout the Chicagoland area, as capital pent up during the pandemic began free-flowing back into the markets,” said Lee Kiser, Principal and Managing Broker of Kiser Group. “Rick and Danny did a great job corralling that activity for a successful marketing campaign.”

 

Chicago-based multifamily brokerage firm Essex Realty Group, Inc., recently facilitated the sale of 1649 W. Jonquil Terrace in Chicago’s Rogers Park neighborhood. This 36-unit courtyard building is comprised of a mix of studio and two-bedroom apartment units, along with 2,000 SF of ground level commercial space which has been occupied by “Just Harvest,” a nonprofit organization and neighborhood ally.

Essex Director Matt Feo represented the seller, a local investor, in this off-market transaction. The property sold to a local investor, Becovic, for $3,850,000, which equates to $106,944 per unit. Feo also represented the buyer in this transaction. 

“We love the north of Howard area of Rogers Park,” said Sal Becovic, president at Becovic. “We are excited to add The Jonquil Terrace to our other north of Howard communities.”
 
The property is situated in a great location less than one-half mile west of Rogers Park Beach and Lake Michigan on the southeast corner of Jonquil Terrace and Paulina Street. The Howard Red, Purple and Yellow CTA station is conveniently located just one block south of the property.
A joint venture partnership between Becovic and Next Realty, two Chicago area rea estate investment and management firms, has acquired a 14-building, 232-unit multifamily portfolio within a one-mile radius of Marquette University in Milwaukee, Wisconsin. Taylor Grant with Park Equities represented the seller, Wiegand Enterprises LLC, in the transaction. The sale price was $16.15 million.

“This portfolio acquisition is an historic moment for Becovic,” said Sal Becovic, President of Becovic. “As a vertically integrated real estate company, our management arm and newly formed syndication arm both celebrate firsts with this deal.
 
The stabilized portfolio includes units ranging from studios to four-bedroom apartments. At the time of the acquisition the portfolio was approximately 95% leased.
 
“This acquisition, and the joint venture partnership, help us to further execute a multi-solution strategy where we acquire multifamily, retail, office and industrial properties in select markets with diverse income streams,” said Andy Hochberg, CEO and Managing Principal, Next Realty. “In partnering with Becovic we are also able to immediately establish a strong operational presence in Milwaukee’s multifamily market and further develop our Next Equity Joint venture program.”
 
Next Realty also owns four retail centers in the greater Milwaukee area.
 
“This acquisition represents the natural evolution of Becovic in leveraging and expanding the successful multifamily platform it has built over nearly five decades and working with select programmatic partners that have a shared vision,” said Zio Pekovic, a principal in the joint-venture. “We look forward to expanding our presence in Milwaukee and other select markets throughout the Midwest.”
 
The Seller, Wiegand Enterprises LLC, owned the portfolio for approximately 20 years and maintained a strong occupancy. Becovic and Next also see an opportunity to upgrade certain buildings/units, improve common area amenities, and increase rental rates over time. The portfolio is located along Wisconsin Avenue, Wells and Michigan Streets, within blocks of Marquette University’s campus and its nearly 12,000 students. Further, with traffic of approximately 15,000 vehicles per day, Wisconsin Avenue is a major arterial road connecting downtown to the western suburbs.
 
Milwaukee has a total of approximately 1.6 million residents within its MSA. The city boasts a thriving business environment and is home to major employers including Aurora Health Care, Roundy’s Supermarket, Kohl’s Corporation, GE Healthcare, Northwestern Mutual, Fiserv and Harley Davidson. Milwaukee’s diverse and highly skilled labor force has enabled the city to achieve sustainable growth over many years.
 
The buildings are a mix of low and mid-rise market rate and student housing units. Historically, the properties have operated at an occupancy at or above 95%, in keeping with the market. The Marquette/Miller Valley multifamily submarket has seen no new developments over the past 12 months, and multifamily inventory essentially the same over the last six years. There are no new projects currently under construction.
 
The Milwaukee multifamily market in general has weathered the pandemic well, with vacancies remaining flat in 2020. Of the 50 largest markets in the U.S., Milwaukee’s vacancy rate of 5.2 percent is the lowest in the Midwest and one of the lowest nationwide. Rents in the market have held firm since the beginning of the pandemic, faring far better than peer metros that experienced significant declines.
 
The Milwaukee Portfolio of properties includes:
  • 805-11 N. 22nd St.
  • 833 N. 21st St.
  • 825 N. 22nd St.
  • 2125 W. Kilbourn Ave.
  • 853 N. 21st St.
  • 819-21 N. 21st St.
  • 2128-30 W. Wells St.
  • 2103 & 2113 W. Kilbourn Ave.
  • 2112 W. Wells St.
  • 2435 W. Wisconsin Ave.
  • 2217 W. Wisconsin Ave.
  • 2311 W Wisconsin Ave.
  • 2335 W Wisconsin Ave.
  • 2807 W. Michigan St.