News

Marquette Cos. is nearing completion on the Catalyst, a new luxury apartment tower in downtown Houston. The Naperville, Illinois-based multifamily company gave the Houston Business Journal a sneak peek inside the 359-unit apartment project, which features a 28-story tower connected to an eight-story wraparound midrise with a rooftop amenity deck.

The company is looking to acquire new properties in Minneapolis, Chicago, Texas, Denver and Phoenix throughout 2017. Marquette Cos. had a successful 2016 with developments, acquisitions and dispositions totaling more than $700 million in the multifamily sector.

After almost 10 years and $93 million, a redevelopment effort massive even for Naperville and its vaunted downtown takes center stage this week. The Water Street District brings the downtown its first hotel in modern times, creating a hospitality destination with a wedding reception and banquet space.

With all the mid-to high eight-figure sales happening, it will be interesting to see if the total suburban multifamily sales volume will match or exceed Chicago's at the end of the year. Crow Holdings and Marquette Cos JV'd on the acquisition of a Lombard apartment complex that is the second-largest suburban multifamily deal of the year.

Catalyst apartment building in Chicago's West Loop originally was conceived as a condominium community. Then the real estate market soured and buyers became scarce. A few years later Marquette Cos. stepped in with a new architectural design and built the sleek glass-and-steel tower as rentals.