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PALATINE, IL-The 612-unit Bourbon Square rental complex at Lake Cook and Hicks roads, just west of Route 35, is being converted to for-sale condos. Naperville-based Marquette Cos., in joint venture with Chicago-based Concert Realty Advisors as equity partner, acquired the property from Equity Residential this February.
According to public records, Marquette paid $80 million for the asset, which is 95% occupied and was built in 1985. The new owner is investing more than $10 million to renovate the grounds and on-site amenities, including the clubhouse, where it is adding fitness and media centers and a cyber cafe.
Nick Ryan, Marquette's managing principal, tells GlobeSt.com the current rental rates are in the range of from $1,000 to $1,200 a month. Existing tenants have until Oct. 12 to buy. "We just started the sale program and can't be sure how many tenants will become owners, but our projected target is between 10% and 20%," he says.
The one- and two-bedroom units reach from 1,221 sf to 1,341 sf and include fireplaces, balconies and patios. They are being sold as is or with a range of optional upgrades, including new kitchens and baths and conversion of second bedrooms to other uses, such as an office or media room. Base pricing begins in the $180,000s and reaches to the $230,000s.
Noting that this was created as a luxury community, Marquette is adding services. They include package delivery, dry cleaning drop-off and free coffee and snacks all day in the café. Jeff Prosapio, a Marquette partner, believes the advantage of immediate move-in along with the facility's wooded environment and abundance of green space distinguish it from new high-density condo construction.
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