Marquette University and two out-of-state partners purchased The Marq, a student apartment building located near the MU campus, for $42.3 million, with plans to offer upper-level, graduate and professional student housing beginning in fall 2018.
The university is partnering with Chicago-based Harrison Street Real Estate Capital and Alabama-based Capstone On-Campus Management on the real estate deal.
Harrison Street plans to spend $1.5 million over the next year to renovate the facility, located at 2040 W. Wisconsin Ave.
The Marq has 231 units and 612 beds, nearly doubling the 700 beds Marquette currently makes available to upper-level students.
Michael Lovell, Marquette president, said the university made it a priority in its strategic plan to acquire additional housing for juniors, seniors and graduate students.
“The Marq is a big win for our students and reflects our broader push to significantly increase graduate school and international admissions, as well as undergraduate admissions, over the next decade,” Lovell said.
Address: 2040 W. Wisconsin Ave.
Buyer: Marquette University, Harrison Street Real Estate Capital and Capstone On-Campus Management
Seller: Campus Advantage
Closing date: Oct. 19
Sales price: $42.3 million
