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Laramar buys pair of Edgewater properties for $16.5M
The low-rise buildings combine for 44 apartments and three retail storefronts
Laramar bought a pair of low-rise mixed-use buildings in Edgewater for a total of $16.5 million, property records show.
The Chicago-based company acquired a 95,000-square-foot, four-story property at 5427-37 North Broadway — including 24 two-bedroom and 18 three-bedroom units above two storefronts — for $15.8 million. One of the retail spaces is leased to a daycare, and the other is vacant.
It also bought an adjacent three-story building with two three-bedroom apartments above an 1,800-square-foot retail space for $745,000.
The previous owner of both properties was listed in public records as Broadway Green LLC, which represents investors Sidney Oko, Dawn Tovrog, and William Gold.
Craig Martin and Brian DiBasilio of Interra Realty brokered the deal.
Edgewater was home to two of the 10 largest construction permits issued last month, including Borecki and Algonquin Ventures’ 58-unit Edgewater Arcade project.
The portfolio for Laramar subsidiary Covington Realty Partners lists 10 multifamily properties across seven states combining for more than 1,500 units, plus two retail strips. The company does not advertise any Chicago properties.