Marquette, Principal Real Estate Investors Form JV for Chicago Community
- Jan 08, 2020
Marquette Cos. has entered into a joint venture equity partnership with Principal Real Estate Investors for its newly built 202-unit luxury mixed-use multifamily property in suburban Chicago.
The joint venture was arranged on behalf of Marquette by JLL Capital Market, which also secured a fixed-rate loan with a life company lender for the new partners. Financial details of the equity investment and the loan were not made public.
The JLL Capital Markets team was led by Managing Director Matthew Schoenfeldt. A four-year $37 million construction loan for the property was originated in December 2015 by Associated Bank and matured in December 2019, according to Yardi Matrix data.
Marq on Main, located at 4755 Main St. in downtown Lisle, Ill., was completed in June and includes 13,433 square feet of ground-floor retail space. The property, which is about 82.2 percent occupied, has two buildings with four and five stories. Built on the site of the former Old Village Hall, the transit-oriented property is located steps from the Lisle Metra State and is near interstates 55, 88 and 355.
The one- and two-bedroom units average about 816 square feet and include upscale finishes and amenities including stainless steel appliances, quartz kitchen countertops and eco-friendly wood-style flooring. Rents start at $1,575, according to the company website. Rents for two-bedroom units range from $2,091 to $2,324 and the average rent is about $1,832, according to Yardi Matrix data. Community amenities include a clubroom, 2,500-square-foot fitness facility, resort-style pool and tech lounge. An underground, heated parking garage with 237 stalls also features electric car charging stations.
Plans for Marq on Main date back to at least 2016 when Marquette had $250 million in active developments in the Chicago and Houston markets, including the Lisle mixed-use property. At that time, Marquette was also building Catalyst Houston, a 28-story, 360-unit high-rise in downtown Houston, and its Water Street mixed-use project in downtown Naperville that features nearly 15,000 square feet of Class A office space, a hotel and 40,000 square feet of high-end retail shops and restaurants on the Naperville Riverwalk.
Marquette also invests in existing multifamily properties including the January 2019 acquisition of Westmont Village Apartments, a 31-building asset in Westmont, Ill., that was made in a joint venture with DRA Advisors LLC. The community, built in 1974, has one-, two- and three-bedroom units and is located on 29 acres. In December 2018, Marquette teamed up with LEM Capital to purchase Valley Lo Tower II, a 112-unit, mid-rise apartment community in Glenview, Ill.