In the firm’s third buy in a year’s time in the Chicago suburbs, Marquette Companies acquired Forest Pointe, a 236-unit complex at 29533 N. Waukegan Road in Lake Bluff, Ill., located in Chicago’s highly desirable north suburbs. The property is 96% occupied, and Marquette Management has taken over property management.
According to Marquette Companies president Trevor Ryan, “Forest Pointe is an excellent example of the value-add potential that exists in the Chicago suburbs, especially in markets like Lake Bluff where strong fundamentals and high demand meet a shortage of supply.”
Situated across seven three-story buildings, Forest Pointe offers one- and two-bedroom apartments. At the hub of the property is a clubhouse and leasing center with an outdoor swimming pool and sundeck. As part of its value-add strategy, Marquette will undertake renovations to unit interiors to update finishes and appliances throughout, and the amenity offerings will be enhanced with a new grilling area, seating area with a fire pit and pergola, dog park and updates to the fitness center.
Located less than an hour from downtown Chicago, Lake Bluff is home to several Fortune 500 companies, including Abbott Laboratories, which is headquartered across the street from Forest Pointe. Downtown Lake Bluff, including the Metra commuter rail station, and Naval Station Great Lakes, the Navy’s largest training station, are each less than 10 minutes away.
Over the past year, Marquette also acquired Avery at Arlington Lakes, a 198-unit garden-style apartment community in Arlington Heights, Ill., as well as The Reserve at Summerfield, a 368-unit community in Aurora, Ill.
News of the Forest Pointe deal was covered in Chicago Business Journal, Connect CRE Chicago & Midwest, REBusiness Online, The Real Deal and Yield PRO.