Tricap selected as Property Manager for $29 million acquisition in Chicago

CHICAGO, IL ­ – Tricap Residential Group was selected as the Property Manager by a New York investor that acquired a 236-­unit apartment portfolio on Chicago’s North Side.

Pioneer Acquisitions LLC paid $28.9 million for eight apartment buildings in Irving Park, Ravenswood, Lincoln Square and West Rogers Park, according to Kiser Group, a Chicago­based brokerage that sold the properties. Pioneer bought the portfolio from affiliates of the Schirm Firm­-1st Chicago Apartment Rentals, a longtime North Side landlord.

Tricap specializes in managing apartment buildings throughout the Midwest, particularly those properties that will undergo a renovation and lease-up program.  “This assignment will allow us to utilize our experience and expertise in managing a complicated value-add scenario,” said Bryan Pritchard, President of Tricap.  “We’re thrilled to have been selected for this assignment,” Pritchard says.

The portfolio ranges from a 12-­unit building at the corner of Artesian and Fargo avenues in West Rogers Park to a 56-­unit property at Kedzie and Belle Plaine avenues in Irving Park.  Four of the buildings are in Ravenswood, including a 46-­unit property at Ainslie Street and Hoyne Avenue.

Tricap Residential Group manages over 1,400 multifamily apartments throughout the Midwest.  Founded in 2007, Tricap specializes in a full range of real estate services for apartment properties including acquisition and development, property management, renovation and advisory services.