Becovic Purchased Andersonville Apartment Building

The $20 million deal for a 91-unit complex signals new investment in the area's high-occupancy rental market.

Updated on Sept. 29, 2026 in Commercial

Screen-print poster illustration of a vintage red-brick apartment building facade, evoking the residential character of Chicago's Andersonville neighborhood. — Becovic acquired an 81-unit apartment building at 5154 North Clark Street in Chicago for $20 million, planning renovations to modernize the property. AI Illustration. Upload story photo >

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Becovic has acquired an 81-unit multifamily property with 10 retail spaces at 5154 North Clark Street in Chicago. The $20 million transaction ends a 40-year period of ownership by a family trust.

Why it matters

This acquisition represents a significant shift for the Andersonville property, which the new owner plans to modernize through renovations. The project aims to capture income growth in a neighborhood currently maintaining a 98.2 percent occupancy rate.

The property sold for $20 million, or approximately $220,000 per unit, compared to the local Andersonville submarket average effective rent of $2,092 seen in Q2 2026. The new owners project a 50 percent increase in apartment income as units transition to market-rate pricing.

The players

Becovic

A property management and investment firm that oversees residential and retail real estate.

Essex Realty

A brokerage firm that facilitates multifamily and commercial real estate transactions.

The details

The building features 43,800 square feet of residential space and 20,000 square feet of retail. Becovic plans to update individual units as current tenants move out and will prioritize improvements to the building's facade and security systems. These upgrades are intended to align the property's performance with the high demand in the local submarket.

The property was held by a private trust for 40 years prior to this sale.
The Andersonville submarket reported average rents of $2,092 in Q2 2026.
The $20 million acquisition was finalized in September 2026.

Money Landscape

This purchase occurs within a broader Chicago rental market defined by historically high neighborhood occupancy rates. It reflects a trend of investors acquiring long-held assets to modernize them in areas where demand consistently exceeds available supply.

Current tenants at the property should monitor their lease renewal terms as the new ownership implements unit renovations and adjusts rents toward market averages. Residents considering a move in the area should budget for rental prices aligned with the current $2,092 submarket average.

The takeaway

Large-scale property renovations often coincide with shifts in rental pricing for existing tenants. If you are a renter impacted by new building management, review your current lease agreement and consult with a qualified housing advocate or professional to understand your local rights.