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Recent Acquisitions

1401 South State Street

In September 2012, Marquette joint-ventured with an institutional partner to purchase 1401 South State Street, a 278-unit Class A high-rise apartment building in the heart of Chicago’s dynamic South Loop submarket. Built in 2008, the property was purchased for below replacement cost and in desperate need of cosmetic renovations. This urban-style complex enjoys spectacular lake and city views and offers tenants high-quality features and amenities including floor to ceiling windows, 10-foot ceilings, state-of-the-art fitness center, structured parking, private resident park, sky garden and private terraces/balconies in select apartment homes. The property is conveniently located two blocks south of the vibrant Roosevelt Road Retail Corridor and has excellent proximity to an efficient transportation infrastructure, including the CTA ‘L’ station at Roosevelt Road, servicing over 3.6 million passengers annually, 2 major airports, and numerous bus lines.

The Apartments at Copper Springs

"After only a couple of months, Copper Springs is already ahead of pro forma."

"The Apartments at Copper Springs," is reflective of the value-add opportunities that can be found in the market today.

Formerly known as "Las Ventanas," Marquette purchased the 376 unit class A apartment asset with Boston-based AEW. The property was built in 2003 by a local Texas developer, but was taken back by the servicer. The property was either in receivership or foreclosure in the last 18 months, which resulted in poor management and execution.

"There was still a lot of meat on the bone" explains Darren Sloniger, Marquette's Managing Partner of Acquisitions. "Rents were $100 behind the rest of the market so the strategy is to reposition the property, complete minor cosmetic rehab and bring the rents up to market in order to receive the high teen's return (net) we were seeking." After only a couple of months, Copper Springs is already ahead of pro forma.

Piney Point

Marquette has joint-ventured with an institutional partner to purchase Piney Point. Developed in 2004, Piney Point is a 318-unit, Class A apartment community located between Houston’s prominent Uptown/Galleria and Westchase Districts. The property features a signature landscaped pool with barbecue grills, a clubhouse with a 24-hour fitness center, business center and conference host center, while the interior features consist of nine-foot ceilings, crown molding, granite countertops, and stainless steel appliances and island kitchens in select apartments. The strategy is to complete the light value-add in the remaining units with the addition of stainless steel appliances and improvements to the kitchens (i.e. backsplashes, lighting, fixtures).

The Verandas at Cityview

In January of 2013, Marquette joint-ventured with an institutional partner to purchase The Verandas at Cityview. Developed in 2003 by a Dallas-based developer, Verandas is an off-market under-managed 314-unit, Class A apartment community in the Cityview sub-market at substantially below mid-rise replacement cost and recent trades of similar type of product. Based on a market survey of all Class A multifamily properties in Cityview that are 1997 and newer, Verandas is behind that of almost all of its comps on both net effective chunk rents and rents per square foot. Verandas significantly lags behind the other garden-style product rents in the sub-market. Marquette’s strategy is to bring the property up to market based on the current effective rents at the property being significantly below that of the comp set through stronger operations and a higher level of service that Marquette is known for.

Portofino at Las Colinas

In April of 2012, Marquette joint-ventured with an institutional partner to purchase Portofino at Las Colinas. Developed in 2007 by a Dallas-based developer, Portofino is an off-market under-managed 224-unit, Class A apartment community near the high-end Dallas suburb of Las Colinas at substantially below mid-rise replacement cost and recent trades of similar type of product. Based on a market survey of all Class A multifamily properties in Las Colinas that are 2005 and newer, Portofino is behind that of almost all of its comps on both net effective chunk rents and rents per square foot. Within the first 60 days of operation, Marquette was successful in moving rents from $1.08 per sq. ft. to $1.17 per sq. ft. through the implementation of the high level of customer service that Marquette is known for.

The Apartments at Copper Springs

"After only a couple of months, Copper Springs is already ahead of pro forma."

"The Apartments at Copper Springs," is reflective of the value-add opportunities that can be found in the market today.

Formerly known as "Las Ventanas," Marquette purchased the 376 unit class A apartment asset with Boston-based AEW. The property was built in 2003 by a local Texas developer, but was taken back by the servicer. The property was either in receivership or foreclosure in the last 18 months, which resulted in poor management and execution.

"There was still a lot of meat on the bone" explains Darren Sloniger, Marquette's Managing Partner of Acquisitions. "Rents were $100 behind the rest of the market so the strategy is to reposition the property, complete minor cosmetic rehab and bring the rents up to market in order to receive the high teen's return (net) we were seeking." After only a couple of months, Copper Springs is already ahead of pro forma.

Club of the Isle

"With the support of Marquette’s nationally recognized property management company and focused asset management group, Club of Isle was repositioned as a rental community with the vision of operating as the premier apartment community on the island."

Club of the Isle provides a perfect example of Marquette executing one of its core strategies, capitalizing on broken condominium assets. Club of the Isle is a recently constructed 248 unit resort-style luxury community featuring high-end condominium level finishes and amenities. The project previously failed as a condominium conversion and Marquette acquired it out of foreclosure for a fraction of the outstanding note value. With the support of Marquette’s nationally recognized property management company and focused asset management group, Club of Isle was repositioned as a rental community with the vision of operating as the premier apartment community on the island.

River Place

"River Place was originally built by Marquette as a beautiful apartment community in the heart of downtown Naperville, IL."

Marquette at its inception was the largest apartment developer in the Chicago market. River Place is an example of the kind of quality construction and strategic location selection that gave Marquette the reputation of being a strong, trusted developer. River Place was originally built by Marquette as a beautiful apartment community in the heart of downtown Naperville, IL. Instead of selling the property for good returns as an apartment community, Marquette saw the opportunity to deliver stronger returns through conversion. With perfect market timing, River Place was then converted by the Marquette condominium group and sold as condominiums at a record pace delivering extraordinary returns to its investors. While conversions are not a viable strategy today, the Marquette condominium group brings an expertise in buying broken condominium deals and provides an alternative exit strategy for the future.

Trio Tower

"Planned as high-end condominiums, Marquette has now converted the remaining 121 newly constructed unsold units to apartment rentals."

Marquette joint ventured with an institutional partner to complete the note purchase of the Trio Development in downtown Chicago. Located in the Fulton River District in Chicago's "West Loop", the 209 unit development consists of two 7-story mid-rise buildings, 161 garage parking structure, and a 22-story 100 unit high-rise building coined the Trio Tower.

Planned as high-end condominiums, Marquette has now converted the remaining 121 newly constructed unsold units to apartment rentals, providing multiple exit strategies in the future. Marquette Management, Inc. has successfully leased up the property through the introduction of its nationally recognized We C.A.T.E.R Service Program and implementing a variety of new and innovative resident services. Trio is currently ahead of pro forma in occupancy and rent.

Two Itasca Place

"Fractured condos offer boutique apartment investment opportunities."

Two Itasca Place is a fully reverted, new construction condominium building that was purchased by Marquette through an equity joint-venture. The property is a 70-unit five-story building that Marquette purchased and finished the uncompleted units to feature high-end condominium level finishes and amenities. The property is located in near the upscale Medinah Country Club and conveniently positioned by the I-290 / I-355 toll way.

Club of the Isle

"With the support of Marquette’s nationally recognized property management company and focused asset management group, Club of Isle was repositioned as a rental community with the vision of operating as the premier apartment community on the island."

Club of the Isle provides a perfect example of Marquette executing one of its core strategies, capitalizing on broken condominium assets. Club of the Isle is a recently constructed 248 unit resort-style luxury community featuring high-end condominium level finishes and amenities. The project previously failed as a condominium conversion and Marquette acquired it out of foreclosure for a fraction of the outstanding note value. With the support of Marquette’s nationally recognized property management company and focused asset management group, Club of Isle was repositioned as a rental community with the vision of operating as the premier apartment community on the island.

The Apartments Denver Place

"The Apartments at Denver Place is ideally located in the heart of downtown Denver. This upscale 193 unit community, with spectacular views of the city and mountains, sits atop a 202 room Ritz Carlton hotel"

The Apartments at Denver Place is ideally located in the heart of downtown Denver. This upscale 193 unit community, with spectacular views of the city and mountains, sits atop a 202 room Ritz Carlton hotel and is part of a mixed-use community called Denver Place, which also includes a 31 story office building and a 750 car garage structure.

Marquette was asked to partner with an institutional fund in order to reposition the property and complete a multi-million dollar interior renovation, introduce its nationally recognized We C.A.T.E.R Service Program, expand its relationship with the Ritz Carlton and Forza Health Club (one of the top ten health clubs in the US), and implement a variety of new and innovative resident services that will be unique to the Denver apartment market.