The Marquette Companies Acquires 314-Unit Texas Community, Plans Renovations
Fort Worth, Texas—The Marquette Companies, a Naperville, Ill.-based real estate company, has purchased a 314-unit community in Fort Worth, Texas. This will be the fourth Texas property that the company owns and manages, and the second in the Dallas-Fort Worth area.
The community, called Verandas at Cityview, includes 290 traditional units and 24 townhomes, with rents ranging from $705 to $1,671 a month. The apartments range in size from 637 to 1,637 square feet and include one-, two- and three-bedroom floor plans. These units also all include one to two-and-a-half bathrooms. The townhouses include a balcony, built-in computer desk with bookshelves, fireplace, kitchen pantry, laundry room, walk-in closets, master suite with an attached bath, guest suite with an attached bath and a garage.
“As more of today’s renters include families and roommate situations, Verandas at Cityview will definitely stand out from other apartment communities in the area due to the fact that the property offers townhome apartments, as well as traditional apartments,” Darren Sloniger, managing director of acquisitions for The Marquette Companies, tells MHN. “Rental townhomes are extremely desirable, especially in a setting such as Verandas at Cityview that offers on-site amenities like a swimming pool and fitness center, plus Marquette’s W.E. C.A.T.E.R. concierge program. Families get the space of a single-family home, and lots of activities, yet no maintenance. Families with younger children are also drawn to the property as it’s a gated community— it’s just a little extra safety measure they appreciate.”
The Marquette Companies plans to make several renovations to Verandas at Cityview, which was built in 2003. This includes adding a dog park and grilling area; updating the main entry; adding new equipment to the gym, business center and coffee bar; and renovating the office and clubhouse. Additionally, The Marquette Companies will update the units by adding new appliances, wood flooring, light fixtures and window blinds.Tags: Acquisitions/Dispositions, renovation