SVN Arranges Sale of Northern Illinois Multifamily Asset

Reid Bennett and Cody Doran brokered the transaction the second time in five years.
Main Place Apartments.
Main Place Apartments. Image courtesy of SVN

SVN Senior Vice President Reid Bennett and Assistant Vice President Cody Doran have brokered the sale of Main Place Apartments in Rockford, Ill., for the second time in five years. Becovic Management Group acquired the 60-unit community for $2.2 million, closing the deal approximately two months after purchasing Preserve at Riverwalk in Bradenton, Fla. BMO Harris Bank’s Director Jerry Lumpkins arranged acquisition financing on behalf of Becovic.   

Main Place Apartments is located at 929-936 N. Main St., approximately 1 mile from the city’s downtown. The five-story building provides residents with immediate access to Rock River. The University Club of Rockford, Rockford Institute and Literacy Council are also nearby.  

The community represents Becovic’s fourth acquisition in the market in less than two years, bringing the company’s portfolio to 300 units. Nicole McCorkle was assigned to manage the assets.     

If you’d like to be featured in Brokers’ Corner, send your deal to deals@cpe-mhn.com.