Harrison Street Real Estate Capital has acquired Marq, a student housing facility at Marquette University. No financial terms were disclosed. Also, as part of the deal, the Marq will undergo a $1.5 million renovation that is expected to be finished for the fall 2018 academic year. Capstone On-Campus Management will manage the property in a shared agreement with Marquette.
Milwaukee, WI and Chicago, IL – October 17, 2017 – Harrison Street Real Estate Capital (“Harrison Street”), one of the largest real estate investment firms dedicated to the education, healthcare and storage sectors, today announced the successful acquisition of The Marq, a 231-unit mixed-use student housing facility at Marquette University with more than 600 student housing beds and over 2,450 sq. ft. of retail space. Harrison Street has engaged Capstone On-Campus Management (“COCM”) to manage the property in a shared governance arrangement with Marquette University (“Marquette”).
As part of the acquisition, the Marq will undergo a $1.5 million renovation, which is expected to be completed for the Fall 2018 academic year. The building is located along the western edge of Marquette’s campus and will be included as an approved on-campus apartment housing option for Marquette students. Marquette and COCM will collaborate to offer a seamless on-campus housing experience to Marquette’s students.
Christopher Merrill, Co-Founder, President and CEO of Harrison Street, said, “This investment highlights Harrison Street’s commitment to providing high-quality on-campus student housing to leading institutions. Once the renovations are complete, The Marq will be an attractive, state-of-the-art multi-use facility that will benefit the Marquette community as well as surrounding retail outlets, coffee shops, restaurants. We look forward to working closely with Marquette on this and to continuing our partnership with COCM, a best-in-class property manager with a strong track record and proven ability to execute in the on-campus student housing sector.”
Doug Brown, President of COCM, said, “COCM is honored to become part of the Marquette University community and appreciates the opportunity Harrison Street has afforded us. This vote of confidence in us as student housing professionals is both motivating and challenging.”
“Several months ago, we made it a priority to acquire secure, quality housing for upper-division students as part of our strategic plan, Beyond Boundaries,” President Michael R. Lovell said. “The Marq is a big win for our students and reflects our broader push to significantly increase graduate school and international admissions as well as undergraduate admissions over the next decade.”
About Capstone On-Campus Management
COCM is a group of student housing professionals focused on helping their partners leverage campus housing to enhance student recruitment and retention, as well as student satisfaction and success. They provide one-of-a-kind management solutions for one-of-a-kind campuses. Headquartered in Birmingham, Alabama, COCM provides management services for 30,134 beds at 36 campuses, of which they are now proud to include Marquette University. For more information about COCM, please visit www.cocm.com and www.studenthousingmatters.com.
About Harrison Street Real Estate Capital
Harrison Street Real Estate Capital LLC is one of the leading real estate investment management firms exclusively focused on the Education, Healthcare and Storage sectors. The firm has created a series of differentiated investment strategies across multiple risk/return platforms. Headquartered in Chicago with an office in London, the firm employs a 115 person team and has approximately $12.8 billion in assets under management. For more information, please visit www.harrisonst.com.
About Marquette University
Marquette University is a Catholic and Jesuit university located near the heart of downtown Milwaukee that offers a comprehensive range of majors in 10 nationally and internationally recognized colleges and schools.
A Marquette education is both grounded in the liberal arts and amplified by strong academic programs in engineering and the sciences. In that way, Marquette offers students a virtually unlimited number of paths and destinations and prepares them for the world by asking them to think critically about it.
Along the way, we ask one thing of every student: Be The Difference.