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.