By ALLISON MATYUS
A new property management company that focuses on renovating old buildings into newer spaces has settled in Hyde Park.
Tricap Residential Group bought 5501 S. Everett Ave. in August from the Realty & Mortgage management company and began renovations in early October. The renovations are nearing completion, and leasing for Tricap’s Everett Hyde Park opened up in February.
The 92 apartment units now include brand new stainless steel appliances, freshly painted walls and updated cooling systems within the building that was originally built in 1923.
A look inside the newly renovated spaces seems promising, but a look at the company’s Yelp page, a popular review website, has some complaints from tenants in other Chicago neighborhoods.
Tricap Residential Group has an average rating of one and a half stars out of five, based on 12 reviews. Most of the negative reviews state management and maintenance concerns.
“Our property managers reach out to our tenants on a one on one basis,” said Brandi Tucker, Tricap’s marketing director in response to the reviews. “Unfortunately, you are going to have people that don’t like construction during the renovation process, but we are always looking for ways to keep all residents happy, not just those who are looking to move in.”
Current tenants have the option of staying but not without an increase in rates.
Nicole Carey, the property manager for Everett Hyde Park, said that studios increased by about $300, 1 bedrooms increased by about $440 and 2 bedrooms increased by about $300.
This is the first property that Tricap has bought in Hyde Park, and they are hoping to increase their properties in the neighborhood.
“We are actively looking [for more properties],” Carey said. “We do want to grow in Hyde Park.”
Tricap’s other properties are in the Uptown, Lincoln Square, Irving Park and West Rogers Park neighborhoods, as well as out of state properties in Ohio and in Indiana.
Tucker said most of the current tenants of the new Everett Hyde Park have been thankful about the renovations happening within the building. She said they are keeping the historic feeling of Hyde Park in mind in their renovations.