Illinois real estate firm announces strong first quarter and anticipates $700 million in projects for 2018
Marquette Companies enters its 35th year in business with plans to complete $700 million in acquisitions, dispositions, recapitalizations and development in 2018, and another $100 million in other sectors of land investment and hospitality.
Marquette has consistently navigated several business cycles, earning its place as a leader in the multi-family industry.
2018 has already proved to be an interesting year for the Naperville-based company, as the industry enters the 10th year of recovery. Marquette continues to embrace the mature part of the cycle, actively seeking smart opportunities, although they may be more difficult to find and require more work and expertise to reach desired returns.
Marquette wraps up a strong first quarter with the acquisition of two large workforce housing properties in the Chicagoland region – the 579-unit Willow Crossing Apartments in Elk Grove Village, and the 730-unit Woodlands of Crest Hill in the Joliet submarket. Both projects are joint-venture endeavors through Marquette SE Fund 17, LLC in partnership with major institutional capital partners.
The total investment of these two properties will exceed $150 million, and each will receive extensive value-add renovations, complemented by Marquette’s unique We C.A.T.E.R. program, Community Life resident services, and additional community building initiatives designed to build value for joint-venture partners. Marquette has plans to acquire an additional 1,500 to 2,000 units throughout the second and third quarter, with a focus on major cities throughout the central United States.
Marquette recently announced the completion of the $97 million mixed-use Water Street District along the Downtown Naperville Riverwalk, featuring a 158-room Hotel Indigo and 40,000 sq ft of retail, and 15,000 sq ft of office space. Marquette also announced the completion of its 360-unit Catalyst luxury apartment tower in Downtown Houston, and unveiled the details of the transit-oriented Marq on Main project, featuring 202 apartment units and 13,500 sq ft of retail space in Downtown Lisle, Ill.
The company also broke ground on Lake and Ada, a 263-unit apartment building in the Chicago’s Fulton Market District. Marquette also plans to add another 72 units to its 552-unit HighPoint Community in Romeoville, Ill. Both projects will be delivered for occupancy in 2019.
Marquette, with its joint-venture partners Kensington Realty Advisors and Great Lakes Property Group Trust, announced the sale of the 892-bed Courtyards Student Apartments in Ann Arbor, Mich. Marquette developed the student housing property in 2007, which is the most recent in a series of successful Marquette / Kensington projects. The two firms have worked together since 1994, totaling over $1.5 billion in investment opportunities in multi-family, student housing, and senior housing.
“We are proud to be part of an industry that has matured over the past 35 years,” says co-founder and CEO Nick Ryan. “We see continued opportunities for successful investments in multi-family, and will continue to target opportunities throughout the central United States, from Minneapolis and Chicago to the major city in Texas, as well as Denver, Phoenix, and central Florida.”