The Marq

The Marq was 81% occupied at acquisition and had a poor reputation in the Marquette student-housing market. The asset had dated and unused amenities in addition to lacking typical student-housing amenities, such as a computer lab and sufficient Internet bandwidth. Upon acquisition, Campus Advantage invested $830,000 in capital improvements to update and make additions to the common area amenities. The capital improvements included a complete renovation of the first floor lobby/clubhouse and laundry facilities, and the addition of a computer lab, a yoga studio with Fitness On Demand, a fresh market, a study room, and a tanning room. The Internet bandwidth was increased and connectivity issues fixed. In addition to the physical transformation, the property went through a complete rebrand from “2040 Lofts” to “The Marq,” which included a new logo, website, and all advertising materials through Catalyst.

  • Role: General Partner of JV with Institutional Investor
  • Location: Milwaukee, WI (Marquette University)
  • Acquisition: March 2014
  • Beds: 612
  • Strategy: Value Add
  • Purchase Price: $26.6 million
  • Total Investment: $28.1 million
  • Loan-to-Cost: 38%
  • Occupancy stabilized at 96.2% for 2015-16 AY
  • YOY effective rate growth of 3.1% for 2015-16 AY
  • NOI Increase since Inception: 49%
  • 35.5% IRR (unrealized)
  • 1.61x MOIC (unrealized)
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