Tricap Selling Ravenswood Gardens for $20M
Bryan Pritchard’s Tricap Residential Group is ready to make a deal on its own turf.
The Chicago-based multifamily firm with 3,100 apartments across the upper Midwest and Tennessee is selling one of its Windy City assets: the 151-unit, seven building complex known as Ravenswood Gardens in Uptown.
Tricap, whose CEO and founder is Pritchard, hired Chicago-based midmarket multifamily brokerage Kiser Group to market the asset at 4543 North Dover Street, and it’s priced at $20 million, with the chance for the buyer to assume an existing loan.
It was purchased for $13 million by an LLC tied to Tricap in 2013, meaning its $20 million asking price would mark a 53 percent jump in value, according to Cook County property records. Tricap also took out a new mortgage on the property with lender Walker & Dunlop in 2019 for $12.8 million, records show.
The listing “presents an attractive opportunity for investors looking to acquire scale, assumable debt, and strong cash flow,” Kiser Group said.
Managing Broker Lee Kiser along with Katie LeGrand and Jacob Price are listing the property. It includes 102 one-bedroom units and 49 studios and was built in the 1960s.
Tricap last year tried to sell a bigger asset in the northwest suburbs of Chicago, when it hired CBRE to market the 550-unit Haven Hoffman Estates at 725 West Bode Circle in Hoffman Estates. But a deal for the property never materialized, as interest rates began jumping as the Federal Reserve battled inflation, public records show. Tricap paid about $62 million for that property in 2019.
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As for Kiser Group, the brokerage is working to find another deal for a big North Side asset about four miles south of the Ravenswood area. In March, Kiser was hired to market a Lakeview tower as part of a condo deconversion project — a local trend within the asset class that allows investors to buy entire condo buildings to switch the properties into traditional rental buildings under one owner.
The condo board at 3033 North Sheridan Road hired Kiser to land a buyer for the entire 16-story, 145-unit building, with bids expected to start at around $52 million. That’s about $358,000 per unit.
