Becovic Management Group is expanding its apartment holdings in Chicago with the purchase of an 11-building portfolio in East Rogers Park.
The apartment market in Chicago has remained strong, with strong occupancy rates despite the addition of more than 15,000 new units in the past three years, according to a recent study.
The local management group paid $28.5 million for the “Collection on East Lake Terrace,” a series of small developments totaling 181 units. Kiser Group’s principal Lee Kiser, along with Danny Mantis and Patrick O’Brien represented both the buyer and seller.
Lee Street Management sold the portfolio. Victoria Kathrien, whose late husband, Michael, assembled the properties over a span of 20 years, is manager there.
The collection includes apartments ranging from studios to four-bedrooms on Eastwood Terrace and West Birchwood Avenue. Rents range from $650 to $3,500.
Becovic Management Group, owned by Sal Becovic, a family-run firm that opened in 1973. It owns more than two dozen apartment properties around the Chicago area.