MENU

Recent Acquisitions

Marquette focuses on the fundamentals to create an opportunity for strong returns: excellent locations, solid construction, good price, and inherent value overlooked by everyone else.

The Haven of Ann Arbor
Ann Arbor, Michigan

In February 2017, Marquette joint-ventured with an institutional partner to acquire The Haven of Ann Arbor, a 520-unit Class A/B apartment community located in Ann Arbor, Michigan. Developed in two phases in 1987 and 1990 by Village Green, a Michigan-based developer, the property consists of 520 units in two-story buildings with direct access entry. The property features a clubhouse with an outdoor pool, racquetball court, fitness center, indoor spa and sauna, sand volleyball court, and tennis courts. The Haven is located in the high barriers-to-entry Ann Arbor submarket, and is less than four miles to University of Michigan’s North Campus (School of Architecture and Urban Planning, School of Engineering, North Campus Research Complex, and Transportation Research Institute). The property is also less than five miles to 7 of the 10 largest employers in Ann Arbor as well as Domino’s Farms one-million sq. ft. Class A office complex and three and a half miles to downtown Ann Arbor (the heart of University of Michigan’s main campus). Marquette’s strategy is to implement a mid-level interior renovation to the units with the addition of stainless steel appliances, granite and laminate countertops, new cabinets, and wood plank flooring, along with extensive enhancements to the amenities and building exteriors, including the reconversion of the racquetball court to an expansive fitness center and reconversion of existing tennis courts, along with various upgrades throughout the property.

River Run at Naperville
Naperville, Illinois

In December 2016, Marquette joint-ventured with an institutional partner to acquire River Run at Naperville, a 206-unit Class A apartment community located in Naperville, Illinois. Developed in 2003 by Altman, River Run was one of the last projects in the early-2000 development cycle. The property consists of 206 units comprised of traditional one-story unit floor plans as well as multi-level townhome style units with attached garages. The property features an expansive clubhouse with an outdoor pool, grilling area, resident lounge, fitness center and yoga studio, business center and conference room, and community game room. The property is located in the high barriers-to-entry Naperville submarket, with access to a nationally top-ranked school system. The surrounding neighborhood demographics are very strong with home values in adjacent subdivisions in the $600,000 to $850,000 range, and the median average household income within a one-mile radius of the property is $156,369. The property has easy access to major commuting routes, as well as access to downtown Chicago via Metra trains. Marquette’s strategy is to implement an extensive interior renovation to the units with the addition of stainless steel appliances, quartz countertops, new cabinets, tile backsplashes, and wood plank flooring. The strategy also highlights various upgrades to the amenity package including the installation of a dog park, golf simulator, fitness-on-demand, as well as other visual and physical enhancements among the amenity areas.

City View at the Highlands
Lombard, Illinois

In September 2016, Marquette joint-ventured with an institutional partner to acquire City View at the Highlands, a 403-unit Class A apartment community located in Lombard, Illinois. Developed in 2003 by Lincoln Property Company, the property consists of 403 units in a seven-story mid-rise wrap building with structured parking. The property features an outdoor pool, fitness center, community room with kitchen, and business center and conference room. City View is located 20 miles west of downtown Chicago in affluent DuPage County, in the heart of the Illinois Technology and Research Corridor. The property is conveniently situated adjacent to the 1.5 million sq. ft. Yorktown Shopping Center, and has easy access to all of DuPage County’s major commuting routes, which tie with all of the major employment centers in the Chicago MSA and provide the community with an irreplaceable location. Marquette’s strategy is to implement an extensive interior renovation to the units with the addition of stainless steel appliances, quartz countertops, new cabinets, tile backsplashes, and wood plank flooring. The strategy also highlights various upgrades to the existing amenity areas with a complete transformation of the community room and business center / conference rooms that will create an inviting space for residents with new features and amenities, collaborative work/study rooms for the large graduate student demographic, and a transformation of the existing fitness center with the addition of a fitness-on-demand studio, as well as other visual and physical enhancements among the amenity areas.

Club of the Isle
Galveston, Texas

Club of the Isle, a 264-unit Class A apartment community located in Galveston, Texas, was initially developed in 2005 as a luxury rental community; however, prior to lease-up, the project was acquired by a Michigan-based investment group looking to take advantage of the hot Galveston for sale market and immediately converted to condominiums. Marquette initially acquired 248 (of the 264 units) in May 2009, and spent the next few years acquiring the remaining 16 units to complete the property. In July 2016, Marquette joint-ventured with an institutional partner to successfully recapitalize the property with the intention of ensuring a longer-term hold period and investing capital to further the life of the asset. Demand for the property is as strong as it has ever been as Galveston is insulted from the recent market challenges present in Houston, with new lease rate growth in the double-digits and consistent renewal rate growth. Marquette’s strategy is to implement a mid-level interior renovation to the units with the addition of stainless steel appliances, laminate countertops, tile backsplashes, and wood plank flooring, as well as various upgrades to the existing amenity package.

Maple Knoll
Westfield, Indiana

In February 2016, Marquette joint-ventured with an institutional partner to acquire Maple Knoll, a 300-unit Class A apartment community located in Westfield, Indiana. Developed in 2009 by the Sheehan Group, an Indianapolis-based developer, the property consists of 300 units in two and three-story garden style buildings with attached and detached garages. The property features an outdoor pool, outdoor fireplace with grilling station, fitness center, cyber café, business center, and dog park. Westfield consistently ranks among the best qualities of life in the Midwest and offers top-rated schools, recreational amenities and proximity to major employers. Maple Knoll is located just off the Meridian Street Corporate Corridor, which is Central Indiana’s most dynamic employment corridor with over 200,000 high paying jobs and the largest concentration of Class A office and medical space in Indiana. The Corridor serves as headquarters for more than 25 national and regional companies occupying in excess of two million square feet. Marquette’s strategy is to implement a light interior renovation to the units with the addition of stainless steel appliances, wood plank flooring, lighting and plumbing fixtures with the intention of increasing rents while still maintaining a respectable lag behind the newest properties in the market. The strategy also highlights various upgrades to the existing amenity areas, including an expansion of the fitness center and addition of bocce ball courts and a tot lot.