Becovic Residential Adds 154-Unit High-Rise to Edgewater Portfolio
Becovic Residential, a Chicago-based multifamily owner and operator, has successfully acquired a 28-story high-rise in the Edgewater neighborhood for $31.5 million. After months of negotiations, Becovic finalized the purchase of all 154 condominium units within the Granville Tower, now renamed The Duplex Tower, situated at 6166 N. Sheridan. The transaction was brokered by Andy Friedman and Jake Parker of Kiser Group. Justin Kennedy of Heartland Bank & Trust financed the deal. The property will be under the management of Becovic Management Group.
Constructed in the mid-1960s as an apartment building and converted into condominiums during the early 1980s, The Duplex Tower comprises 98 one-bedroom/1.5 bath units and 56 two-bedroom/1.5 bath units. All 154 units offer a distinctive two-level layout with kitchens and living rooms on the first level and bedrooms on the second level. The property also boasts 98 parking spaces, an outdoor patio, pool, and an on-site laundry facility. Becovic also plans to make necessary investments in the property.
“Our family is excited to oversee such a unique property in this vibrant neighborhood.” said President Sal Becovic.
The acquisition will expand the Becovic portfolio to encompass over 2600 apartment homes across Chicago’s Northside.