Illinois real estate firm rounds out the year with high-profile projects in Chicagoland and Texas.
2018 proved to be a busy and prosperous year for the Marquette Companies, a Naperville, Ill. based real estate owner and operator. Celebrating 35 years in business, Marquette completed over $570 million in transactions in 2018, including new development, refinancing and acquisitions.
In joint-venture endeavors with high-profile institutional funds, Marquette acquired the 579-unit Willow Crossing Apartments in Elk Grove Village, Ill, the 112-unit luxury Valley Lo Towers in Glenview, Ill., the 558-unit Westmont Village Apartments in Westmont, Ill., as well as the 359-unit, 28-story luxury Catalyst Apartment Tower in Houston, Texas.
The real estate firm currently has $164 million in active multi-family development, with three major projects coming to fruition in 2019. Marq on Main, a 202-unit mid-rise mixed-use development in Lisle, Ill. is scheduled for completion in spring, 2019. HighPoint Town Square, a 72-unit development in Romeoville, Ill. is scheduled to deliver first units in spring, 2019, adding to the existing 552-unit Highpoint Community. The Mason, a 263-unit, 14-story building in Chicago’s Fulton Market neighborhood is scheduled to deliver first units in summer, 2019.
In 2018, Marquette successfully refinanced the 264-unit Club of the Isle in Galveston, Texas, 304-unit Farmington Lakes in Oswego, Ill., 220-unit Algonquin Square in Algonquin, Ill., and Water Street, a mixed-use development in downtown Naperville, Ill. with a 158-unit Hotel Indigo, 40,000 square feet of retail and restaurant space, and 15,000 feet of office space.
The property management division wrapped up a strong year as well, unveiling the newly renovated 288-unit Fairlane Woods in Dearborn, Mich., delivering first units at three brand new, lease-up communities, and finishing out the year with three third-party management assignments.
The apartment market continues to gain momentum in major markets, and Marquette’s 2019 strategy anticipates a similar volume of activity, planning to add 2,000 units in acquisitions and at least 1,100 units in third-party management, plus three new developments in the West Loop of Chicago and downtown Houston.
Marquette remains cautiously optimistic about the state of the industry and continues to seek out and identify advantageous opportunities.
