Kiser Group has successfully brokered the sale of an 11-building Rogers Park portfolio for $28.5 million. Lee Street Management, which had assembled the properties over two decades, sold the portfolio to Becovic Properties; the firm’s property management arm, Becovic Management Group, will manage the buildings.
Marketed at the time as The Collection on Eastlake Terrace, the 181-unit, three-block-long portfolio is all east of Sheridan Road and each building has a view of Lake Michigan. Kiser Group’s principal and managing broker, Lee Kiser, and brokers, Danny Mantis and Patrick O’Brien, brokered the deal.
“We focus on three core neighborhoods: Uptown, Edgewater and Rogers Park,” said Becovic Management Group’s Sal Becovic. “We love those neighborhoods because they are great locations with great people. We are looking to provide better, more affordable apartment living. That’s our goal.”
Now known as The Villages of Eastlake, the portfolio features 1920s construction, consisting mostly of one- and two-bedroom floorplans with a handful of studio and three-bedroom units. Rents range from $650 to $2,500 per month at the properties, which include 7737, 7736-42, 7642-48, 7630-38, 7618-26, 7606, 7516-18 and 7510-14 N. Eastlake Terrace; 1304 and 1310-20 W. Birchwood Avenue and 1310-18 Howard Street.
“This really is a hidden gem, not just in Rogers Park but in the city,” said Becovic. “We want to be long-term stewards of these properties. We want to invest in them and in the neighborhood.”
Becovic Properties plans to invest some capital expenditure into the properties to improve windows, plumbing, some facades and landscaping. They are also seeking government partners to help improve the local amenities.
“The nearby parks and beaches need some attention and we’re looking to speak with the alderman,” said Becovic. “If the state or city won’t help with the parks and beaches then we will get them up to par ourselves.”
Kiser Group brokered an Uptown deal last March in which Becovic Management purchased a 74-unit property at 4875 N. Magnolia Avenue from CLK Properties for $9 million