CHICAGO, IL Chicago-based Tricap finalized the acquisition of Ravenswood Gardens in partnership with National Equity Corp. and on behalf of a private investment group. The 151-unit apartment community, located in the Uptown neighborhood on Chicago’s north side, was purchased from Reside Living for $13 million.
Tricap specializes in acquiring, renovating and managing apartment buildings throughout the Midwest. “This acquisition represents a significant investment in an area where we have a lot of experience,” said Bryan Pritchard, President of Tricap. “We’re thrilled to expand our foothold in our home market and are excited about this investment opportunity,” Pritchard says.
The multifamily property includes seven three-story buildings and is comprised of studio and one-bedroom units. It is situated near Lake Michigan and the soon-to-be-renovated Wilson Red Line station, providing residents with easy access to shopping, dining, nightlife and downtown employers.
Renovations are planned for the community, but they will occur on a gradual basis since the complex is currently 98% occupied. “The neighborhood is in the midst of substantial capital improvements, both from the public and private sector. We think that bodes extremely well for the long-term prospects of the area,” Pritchard says.