Marquette Buys Suburban Chicago Apartments
By Dees Stribling, Contributing Editor
Oswego, Ill.—The Marquette Cos. has bought the 304-unit Farmington Lakes apartment community in Oswego, Ill., for an unspecified price. The property will also become part of the companies’ management portfolio, meaning the firm will oversee leasing, maintenance and resident relations for Farmington Lakes.
Built in 2002, Farmington Lakes is a garden-style property featuring one- and two-bedroom units measuring between 725 square feet and 1,211 square feet. It’s currently 89 percent leased. The apartments feature a private entrance, balcony or patio, walk-in closet, in-unit washer and dryer, built-in computer desk and additional storage. Units also feature a fireplace.
Rents range from $990 to $1,385 per month. Residents have access to Marquette’s We C.A.T.E.R. concierge program, which provides services such as dry cleaning pickup and delivery, package acceptance and vacationing services. The property includes garage parking.
Oswego is a growing far-southwest suburb of Chicago, in Kendall County. During the years between the 2000 and the 2010, according to the Census Bureau, the population more than doubled, from about 13,300 to 30,300.
Naperville, Ill.-based Marquette Cos. owns or manages more than 10,000 apartment units nationwide, including 20 properties in metro Chicago, as well as in Ann Arbor, Dallas/Fort Worth, Denver, Houston and Kansas City, and other places, and is acquiring more at a quick pace. Only last month, the company acquired the 314-unit Verandas at Cityview in Fort Worth.Tags: Acquisitions/Dispositions, Farmington Lakes, The Marquette Cos.