Edgeville Buzz

Edgewater Apartment Buildings Getting Upgrades And Higher Rents

6100-winthrop-1Property values are rising in Edgewater and Andersonville. Now, developers and property management companies are taking advantage of the area’s increasing rents by upgrading and rehabbing many vintage buildings.

It was announced last week in Crain’s Chicago Business, that three Winthrop Ave. buildings are now ready to be converted. The buildings at 6100, 6101 and 6110 N. Winthrop will get a $15 million make-over including replacing windows, upgrading plumbing, renovating laundry rooms and adding a fitness center. There are also plans to convert many of the one-bedroom apartments into larger two-bedroom units.

The buildings, which were just acquired by Becovic Properties for $15.3 million, will be upgraded slowly to reduce the number of empty units. According to Crain’s, the company will start increasing rents because they are currently under market value.

Currently, Becovic Properties has about 1000 apartment units in Uptown, Edgewater, Rogers Park and Logan Square. About 400 of those units were bought in just the last year.

Read the full Crain’s Chicago Business story here.

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