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Marquette Takes Bourbon Square Condo

PALATINE, IL-Marquette acquired the 612-unit rental multifamily in February and is investing $10 million in upgrades.

By Marita Thomas | Updated on September 13, 2006

(To read more on the multifamily market, click here.)

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.

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