The community will rebrand to Avery at Arlington Lakes and undergo renovations to amenities and units
Marquette Companies, a national leader in multifamily development, investment and management has announced the acquisition of Orion Arlington Lakes, a 198-unit garden-style apartment development in Arlington Heights, Ill. Immediate plans for the community include a rebranding to Avery at Arlington Lakes and the launch of value-add renovations of its amenities and units. As part of the transaction, Marquette Management will take over property management.
“The acquisition of Orion Arlington Lakes is the perfect example of a deal where market fundamentals, value-add potential and the exceptional care of the building by previous ownership combine to create the conditions for a successful investment,” said Trevor Ryan, president of Marquette Companies. “The performance of the 25% of units that have already been fully renovated demonstrates the potential that can be realized with the remaining units, not to mention the planned additions and upgrades to the amenity spaces, all of which will position Avery at Arlington Lakes very well within Chicago’s northwest suburban market.”
Originally constructed in 1985 and consistently maintained to high standards, the property comprises eight residential buildings offering one- and two-bedroom floor plans, with units averaging 1,168 square feet. As part of its value-add plan, Marquette Companies will build a new fitness center and implement upgrades to apartment interiors and community amenities, which include a picnic area with grilling stations, dog park, landscaped grounds, garage parking and laundry facilities located in every building.
In addition to its on-site amenities, the rebranded Avery at Arlington Lakes is situated 3 miles from both downtown Arlington Heights and downtown Mount Prospect, providing residents with easy access to the numerous shopping, dining and entertainment options in these suburban destinations. Located at 909 E. Golf Road, approximately 25 miles northwest of Chicago, the property offers residents access to the highly rated Township High School District 214.
“Orion Arlington Lakes consistently had an occupancy level of 97%, and we anticipate continuing this level of performance and resident satisfaction as our property management team transitions the community to Avery at Arlington Lakes,” said Jim Cunningham, president of Marquette Management. “With its renovations and upgrades, Avery at Arlington Lakes will hit an important sweet spot in the northwest suburban apartment market, where updated communities that offer value to residents are in high demand. Given our track record with value-odd opportunities, our expectations for success are high for our residents, as well as for our investors.”
LEM Capital was a capital partner in the acquisition.
About Marquette Companies:
Based in Naperville, Ill., Marquette Companies is a multifamily development company and investment leader with a 41-year track record of success in markets across the country. The firm’s vertically integrated approach, with in-house capabilities in acquisition, construction, asset, property and construction management, enables its team to control all aspects of investments and has positioned the firm as a leading player in the multifamily investment space. Marquette’s vision is to be the top choice for living, working and investing by delivering exceptional living spaces and unparalleled customer service. The firm received 2024 Multi-Housing News Excellence Awards for Development Company of the Year (Gold honors) and Property Management Company of the Year (Silver honors), as well as a Top Employers Award from the National Apartment Association and ranked #2 among the Nation’s Top Operators Overall in Opiniion’s prestigious 2023 Resident Choice Awards. For more information, visit www.marquettecompanies.com.
About Marquette Management:
Based in Naperville, Ill., Marquette Management is a leading property management company with a portfolio of more than 14,000 apartment homes in Florida, Illinois, Indiana, Ohio, Michigan, Minnesota, Tennessee and Texas, encompassing a range of communities from urban high-rise buildings to suburban townhome developments. Marquette Management is part of Marquette Companies, a multifamily development and investment company with a 41-year track record of success in delivering exceptional living spaces and unparalleled customer service. For more information, visit www.marquettemanagement.com.
Avery at Arlington Lakes, formerly Orion Arlington Lakes: Marquette Companies acquired Orion Arlington Lakes in Arlington, Ill., rebranding the apartment community as Avery at Arlington Lakes, and renovating units and amenities at the 198-unit development.