Main Place Apartments, a 60-unit multifamily building at 929-935 N. Main Street in Rockford, Illinois recently sold to Becovic Management Group. The $2,175,000 transaction was brokered by SVN Chicago Commercial.
Reid Bennett, CCIM and Cody Doran of SVN Chicago Commercial were the sole brokers involved in this transaction; the deal marks the second time in five years that Bennett and Doran have brokered a deal for this asset and the fourteenth multifamily property they have closed in Rockford. This is the fourth property that Becovic Management Group has acquired in the market, closing in on the 300-unit mark.
“We specialize in secondary markets across the Midwest where buyers such as Becovic are chasing yield for opportunities where they can create operational efficiencies,” said Bennett. “Their Rockford regional manager, Nicole McCorkle, will now be tasked with running the nearly 300-unit portfolio that we have assisted Becovic Management Group in acquiring in less than two years.”
“BMO is excited about partnering with good operators such as Becovic to increase our apartment loan portfolio in the Rockford market,” said Jerry Lumpkins who financed the transaction on behalf of BMO Harris Bank.