Becovic Purchased Andersonville Building for $20 Million

The firm acquired a mixed-use property on North Clark Street, ending four decades of family trust ownership.

Updated on Sept. 29, 2026 in Commercial

Becovic Purchased Andersonville Building for $20 Million

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Becovic has purchased an 81-unit multifamily building with 10 ground-floor retail spaces in Chicago’s Andersonville neighborhood for $20 million. The acquisition concludes a 40-year period of ownership by a private family trust.

Why it matters

The investment aims to capitalize on strong demand in the area, where occupancy rates currently sit at 98.2 percent. Becovic expects to increase income by approximately 50 percent as units are updated and rents are adjusted to market rates.

The property at 5154 North Clark Street includes 43,800 square feet of residential space and 20,000 square feet of retail. The local submarket recorded an average effective rent of $2,092 during the second quarter of 2026.

The players

Becovic

Becovic is a real estate investment and management firm that specializes in the acquisition and renovation of multifamily properties.

Essex Realty

Essex Realty is a Chicago-based commercial real estate brokerage firm that focuses on the sale of multifamily and mixed-use properties.

The details

Becovic plans to implement a renovation strategy that includes updating the building facade, enhancing security systems, and upgrading individual apartments as tenants move out. Essex Realty brokers represented both the buyer and the seller in the transaction.

The property was previously held in a trust for 40 years.
The average effective rent metrics were recorded during Q2 2026.
The $20 million purchase occurred in September 2026.

Culture Shift

This investment highlights the ongoing trend of private firms acquiring older, stabilized assets to modernize them for current market demands. The deal mirrors a broader shift toward optimizing rent yields in Chicago neighborhoods that maintain near-total occupancy.

Residents of the building can expect upcoming facade renovations and enhanced security measures as the new ownership begins property upgrades. Potential renters should anticipate rent adjustments toward current market rates as the building undergoes unit-by-unit modernization.

The takeaway

This transaction reflects the strategy of purchasing under-managed properties in high-demand urban corridors to capture value through phased renovations. Investors often focus on units with rents below market averages to drive long-term income growth in tightly constrained housing markets.