The Marquette Companies Develops 220-Unit Apartment Community in Algonquin, Ill.
- Aug 29, 2013
Algonquin, Ill.—The Marquette Companies has opened the recently developed Algonquin Square, a 220-unit garden-style community located adjacent to the Algonquin Commons lifestyle shopping center, in Algonquin, Ill.
“It’s the first new product built in this area in 15 years. We decided to do it very high-end because there was no luxury product anywhere nearby,” Darren Sloniger, The Marquette Companies’ managing director of acquisitions, tells MHN. “Location-wise, very rarely do you get a walkable community in the suburbs, and this is adjacent to the popular shopping center with all the restaurants and shops one could want.”
Located at 2400 Millbrook Dr., Algonquin Square will offer residents 24-hour, onsite management and access to the Marquette concierge program, We C.A.T.E.R., which provides things like dry cleaning drop off or pet-sitting arrangements.
The community consists of one-bedroom, two-bedroom, and two-plus-den homes ranging from 791 to 1,292 square feet, with rents ranging from $1,183 to $1,736.
Inside, units feature granite kitchen countertops with stainless steel appliances, plank wood flooring, full-sized washers and dryers, and a balcony or patio. Additional features include ‘drive-in’ closets and master suites with attached baths, per plan.
Community amenities include a clubhouse with a media room, 24-hour fitness center and a business center. Marquette is also in the process of completing the outdoor swimming pool, sundeck and BBQ area for residents.
“We aren’t forced to develop and only develop when we feel sites are home runs,” Sloniger says. “We hand pick what we consider to be the best spots and the best prices, and we feel this is a great one, and the barriers to entry are huge.”
In addition to the nearby retail conveniences of Algonquin Commons and the Randall Road corridor, the Algonquin Square neighborhood considered one of the fastest growing suburbs of Chicago and is in close proximity to work centers and the Elgin industrial corridor.
“The development of Algonquin Square has been a great process for Marquette because of the strong support we have received from the village and the efforts of our joint venture partner, E. J. Plesko & Associates Inc.,” Slonige says. “It may be higher priced against the market, but people need to see it and experience it. It creates a luxury alternative for people in this area, who may only have townhomes available to them.”