Marquette University and its partners paid nearly $42.3 million for The Marq, a near-campus student apartment building at 2040 W. Wisconsin Ave. that will be offered to upper-level, graduate and professional students as a university housing option starting in fall 2018.
The sale price puts the transaction among the five highest priced in Milwaukee County this year and among the 12 highest in the entire state this year.
The university announced the purchase earlier this week and state real estate records for the transaction were posted online this morning. The building had an assessed value of $28.9 million and was last sold in 2014 for nearly $20.5 million
The buyer is listed as The Marq LLC, which shares an address with Alabama-based Capstone On-Campus Management, one of Marquette’s partners in the purchase. The university is also working with Chicago-based Harrison Street Real Estate Capital on the deal.
The property generated almost $825,000 in property tax revenue for the city and county last year.
Harrison Street plans to spend $1.5 million over the next year to renovate the facility. The Marq has 231 units and 612 beds, nearly doubling the current 700 beds Marquette currently makes available to upper-level students.
