Becovic Residential has expanded its Chicago footprint with the purchase of a historic mixed-use property at 5154 N. Clark Street, which it is rebranding as The Quarters at Andersonville. The firm acquired the asset for $20 million and is positioning the property as a new addition to its portfolio on the city's North Side.
The Quarters at Andersonville was originally constructed in 1923 and spans an entire city block at the intersection of Clark Street, Foster Avenue and Ashland Avenue. The property comprises 81 apartments situated above 10 ground-floor commercial spaces, reflecting a classic mixed-use configuration that ties residential and street-level retail together on a prominent neighborhood corridor.
The seller had owned the property for more than four decades prior to the transaction, underscoring the long-term hold nature of the asset and its established role in the Andersonville community. By acquiring the building, Becovic Residential is making its first entry into the Andersonville neighborhood while further consolidating its presence across Chicago's North Side submarkets.
Becovic Management Group, Inc. will oversee property management at The Quarters at Andersonville, bringing the building under the umbrella of the company's in-house management platform. This structure aligns ownership and management within the same corporate family and provides continuity for the residential and commercial tenants during the transition to the new branding.
Essex Realty Group served as broker for the transaction, facilitating the sale between the long-time owner and Becovic Residential. On the financing side, Associated Bank provided the debt for the acquisition, with Elizabeth Hozian leading the financing relationship for the lender. The involvement of a bank lender highlights the continued availability of senior debt for stabilized mixed-use multifamily assets in established urban neighborhoods.
Leadership at Becovic Residential characterized The Quarters at Andersonville as a meaningful addition to the company's holdings, emphasizing a focus on stewardship of the historic property and engagement with the surrounding community. The firm views Andersonville as a natural extension of its existing North Side concentration, suggesting that this acquisition aligns with a broader neighborhood-based investment strategy within Chicago.
