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.
In November 2018, Marquette joint-ventured with an institutional partner to acquire Valley Lo Towers, a 112-unit Class A apartment community located in Glenview, Illinois. Developed in 1985, the property is comprised of one-, two-, and three-bedroom apartments in one four-story and one five-story concrete poured brick façade building with elevators and underground parking. There is also a stand-alone leasing center / clubhouse with a resident pool and tennis court. Valley Lo Towers is located on seven acres of land in the Northshore sub-market, approximately 20 miles north of Downtown Chicago. The apartment community is part of a larger master-planned community that includes a golf course, condo buildings, and apartment buildings. Valley Lo Towers is positioned within minutes of I-94 and located between the Lake County / Northshore and Downtown Chicago employment centers. The property is within walking distance to two Metra stations, providing convenient access to Downtown Chicago. Marquette’s strategy is to implement a value-add program to the units with the addition of stainless steel appliances, quartz countertops, new shaker-style cabinets, and wood plank flooring, along with the full renovation of the building entrances, common spaces, and community amenities.
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.
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, 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.
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.
In December 2018, Marquette joint-ventured with an institutional partner to acquire Westmont Village Apartments, a 558-unit apartment community located in Westmont, Illinois. Developed in phases from 1974 to 1976, the property is comprised of one-, two-, and three-bedroom apartments in three-story garden-style apartment buildings. In 2015, the property underwent a condo deconversion along with substantial interior and exterior capital improvements. There is also a stand-alone leasing center / clubhouse with a resident pool, fitness center, business center, private conference room, and digital package system. The property is positioned in proximity of 63rd Street, Route 83, and I-355, approximately 25 miles southwest of Downtown Chicago in DuPage County. Marquette’s strategy is to complete a value-add program on the apartments including quartz countertops, new appliances, new cabinets, wood style flooring, and the introduction of new exterior amenities.
In February 2018, Marquette joint-ventured with an institutional party to acquire Willow Crossing, a 579-unit apartment community located in Elk Grove Village, Illinois. Developed in phases between 1977 and 1981, the property consists of one-, two-, and three-bedroom apartments in 3 two-story buildings and 9 five-story mid-rise buildings. All are brick and concrete structures with underground structured parking and elevators. There are also two clubhouses, two heated outdoor swimming pools, a fitness center, two playgrounds, a volleyball court, and a dog park. Willow Crossing is located near I-290, I-90, O’Hare International Airport and the Itasca and Roselle Metra stations. Marquette’s strategy is to implement a value-add strategy to the unit interiors, including new shaker-style cabinets, quartz countertops, slate appliances, and wood-style flooring. The strategy also includes extensive renovations to the amenities with improvements to the two clubhouses and two pools, and the implementation of new outdoor amenities.
In February 2018, Marquette joint-ventured with an institutional partner to acquire Woodlands of Crest Hill, a 730-unit apartment community located in Crest Hill, Illinois. Developed in 1972, the property is situated on 17 acres and comprised of studio, one-, and two-bedroom apartments in three-story garden-style apartment buildings. There is also a stand-alone leasing center / clubhouse with a resident pool, sundeck, fitness center, business center, grilling area and sand volleyball court. Woodlands of Crest Hill is positioned within minutes of I-55, I-355, I-80, with proximity to major transportation / logistics hub. Marquette’s strategy is to implement a full-scale value-add program on 396 original units and 145 partially renovated units, along with renovations to the clubhouse and amenity spaces and the construction of a new onsite dog park.