Sale follows $13 million in extensive value-add renovations
Marquette Companies, a national leader in multifamily development and property management, and a fund managed by DRA Advisors, a New York based real estate investment advisor, recently announced the partnership has sold The Haven at Ann Arbor, a 520-unit apartment community in Ann Arbor, Mich., to Abacus Capital Group, a New York-based real estate investment firm.
Having purchased The Haven in 2017, when it was then known as Village Green of Ann Arbor, Marquette undertook a $13 million revitalization project that included extensive exterior improvements and unit interior renovations, adding features such as granite kitchen countertops, new cabinets and hardware, and upgraded lighting and plumbing fixtures. Marquette also renovated the property’s common amenities and improved its site operations to provide a better resident experience. At the time of the sale, The Haven was 95% occupied.
“Thanks to the value-add initiative we undertook at The Haven, the property was well-positioned as a desirable asset that fits very well within the Abacus portfolio,” said Trevor Ryan, partner at Marquette Companies. “Our work at The Haven exemplifies our commitment to meet resident needs while delivering strong returns to our partners. This sale, which exceeded all target return metrics for its investors, marks another successful investment and demonstrates our dedication to creating places where people want to live and invest.”
The Haven at Ann Arbor, located about 15 minutes from the University of Michigan, includes studio, one- and two-bedroom units, ranging from 650 to 1,075 square feet. The open floor plans include renovated kitchens, as well as ample storage and private outdoor space. Community amenities include a clubhouse with a residents’ lounge, featuring a kitchen and pool table room; three fitness centers; an outdoor pool with an adjacent terrace, including multiple grills and areas for outdoor dining; an enclosed dog park with an agility course; tennis courts; nature trails and an on-site car washing station.
“This transaction highlights the resilience and appeal of Midwest multifamily markets, which remain a core focus for us,” Ryan said. “The strong interest from investors underscores the region’s potential and the growing demand for high-quality, well-managed rental communities. We’re proud to see The Haven at Ann Arbor enter a new chapter, reflecting both the strength of these markets and Marquette’s commitment to creating value in our region.”
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 ChoiceAwards. For more information, visit www.marquettecompanies.com.
About DRA Advisors:
DRA Advisors LLC is a New York-based registered investment advisor with approximately 100 employees that specializes in real estate investment management services for institutional and private investors including pension funds, university endowments, sovereign wealth funds, foundations and insurance companies. Since DRA’s inception in 1986, the firm has opened additional offices in Miami and San Francisco and has acquired over $41 billion of real estate. Its acquisitions include 100 million square feet of industrial, 86,500 multifamily units, 89 million square feet of retail space and 65 million square feet of office space. As of September 30, 2024, DRA had $11.2 billion in gross assets under management. For more information, visit www.draadvisors.com.
Haven at Ann Arbor: Marquette Companies has sold The Haven at Ann Arbor, a 520-unit multifamily community in Ann Arbor, Mich., after $13 million in value-add improvements. (Credit: Marquette Companies)