Last updated on May 15th, 2019 at 04:55 pm
Marquette University has taken ownership of The Marq, a popular near-campus student housing option at 2040 W. Wisconsin Ave., and plans to offer it to upper-level, graduate and professional students.
The university announced the purchase to the apartment building on Monday. The facility has 231 units and 612 beds, nearly doubling the current 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.”
Marquette is partnering with Chicago-based Harrison Street Real Estate Capital and Alabama-based Capstone On-Campus Management to make the investment. Marquette University’s Office of Residence Life will oversee daily operations.
Terms of the deal were not immediately disclosed. The property has an assessed value of $28.9 million and the address of Texas-based Campus Advantage is listed for the owner, according to city records.
Harrison Street plans to invest $1.5 million in the building over the next year to provide updates and additional services. Each unit in The Marq comes with new, modern furnishings in common areas and has access to an outdoor courtyard, a 24-hour fitness center and two on-site restaurants.
“We couldn’t be more excited about the quality partner we have in Harrison Street — their transaction team is top notch,” said Dave Lawlor, Marquette executive vice president. “Marquette’s cross-functional team executed this complex transaction in an exemplary and agile manner in record time. We’re delighted to bring The Marq into Marquette’s housing inventory. This is a great opportunity for Marquette and our students.”