By Ally Marotti
A North Side property management firm has paid $20 million for four apartment buildings in Chicago’s Rogers Park neighborhood, with plans to renovate the units and standardize management.
Winnemac Properties bought the buildings from Ansonia Properties in a deal that closed Dec. 15, said Lee Kiser, principal and managing broker of Kiser Group, which represented the seller.
Investors are doubling down on Rogers Park, betting that young professionals searching for cheaper rents will find the neighborhood attractive. “As things get pricier and pricier in more core-type areas, there are people that move farther out for good-quality housing,” Kiser said.
Though Winnemac plans to upgrade the buildings, which were built in the 1920s and 1930s and include studio, one- and two-bedroom units, they will not be luxury, Kiser said. They are at 1412 W. Chase Ave., 6945 N. Ashland Blvd., 1310 W. Lunt Ave. and 1257 W. Lunt Ave.