Another example of Marquette Companies’ focus on value-add opportunities in the Midwest, the firm acquired Aurora at Summerfield in the fourth quarter of 2005. The 368-unit community with one-, two- and three-bedroom apartments is located near highly-rated schools and key commuter corridors, where demand is high for rental that offers access to excellent on-property amenities and proximity to workplaces, shopping, schools and entertainment.
As part of the acquisition, Marquette Management assumed the role of property manager for Aurora at Summerfield, which was 97% leased at the time of acquisition.
Discussing plans for the community Marquette Companies’ President Trevor Ryan said, “With the introduction of Marquette’s world-class management team, we plan to upgrade and enhance this community to one of the premiere properties in the area. These factors along with the community’s prime location near major regional shopping, entertainment and recreational venues as well as key employment centers, make Aurora at Summerfield an outstanding addition to the Marquette family.”
Apartments at the pet-friendly community include stainless steel appliances and Shaker-style white cabinetry in kitchens, vaulted ceilings, in-unit washers and dryers, walk-in closets and private patios. A clubhouse anchors the amenities, which include a business center with a conference room, a fitness center and a resident lounge. Outdoor amenities include a pool with sundeck, grilling stations with seating areas and a playground.
Marquette Management President Jim Cunningham expects leasing and occupancy to remain high due to market fundamentals as well as service provided by the firm’s award-winning leasing and management team. Paired with the location—where Metra stations and multiple suburban downtowns are 15 minutes or less away, access to entertainment and outdoor recreation is easy and commutes to numerous major employers are short—Aurora at Summerfield offers an exceptional living experience.
News of the deal was covered in Bisnow, REBusiness Online, REjournals and YieldPro.