Marquette Companies acquired Orion Arlington Lakes, a 198-unit garden-style apartment development in Arlington Heights, Illinois.
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.
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.
LEM Capital was a capital partner in the acquisition.
