Marquette Companies, a national leader in multifamily development and property management, has announced its acquisition of Ascend St. Charles, a 400-unit apartment community in a prime location near highly-rated schools and key transportation corridors in Chicago’s western suburb of St. Charles, Illinois.
Amenities include a 4,838-square-foot clubhouse that was recently renovated and includes enhanced remote-work spaces; an upgraded fitness center; a residents’ lounge and game room; and a swimming pool and sundeck surrounded by lounge seating. Ascend also offers parking for 650 vehicles, including 72 attached and 80 detached garage spaces, for an average of 1.6 parking spaces per unit. Select units feature stainless steel appliances and white painted cabinets, fireplaces, private outdoor space, and in-unit washers and dryers.
“This acquisition aligns with Marquette’s commitment to identifying well-located, value-add opportunities that benefit our residents and deliver strong returns for our partners,” said Trevor Ryan, partner at Marquette Companies. “With Ascend St. Charles’ modernized amenities and the potential to enhance a majority of its residences, we look forward to upgrading the living experience for current and future residents, meeting the rising demand in the area for elevated apartment living.”
The community is located near major employers including Fermilab, Northwestern Medicine and RR Donnelly & Sons; and is served by St. Charles Community Unit School District No. 303, which is rated by Niche.com as the best public school district in Kane County, Illinois with an A+ rating. Ascend St. Charles was 96% occupied as of April 2024.
Marquette plans to reposition Ascend by renovating its residences with modern finishes and adding upgrades to the clubhouse and common amenities to meet the demand of residents who are not in the market for new construction but want a similarly elevated living experience.
“Given the more than $8 million previous ownership spent since 2012 on capital expenditures and the renovations to the amenity spaces and a selection of individual units, Marquette is in an excellent position to continue with improvements and modern upgrades, making this an exceptional opportunity for our investment partners,” said Ryan. “We anticipate leasing at Ascend will continue to be strong, especially as the area attracts residents looking for access to all the benefits St. Charles has to offer, including beautiful parks and naturalized amenities along the Fox River, abundant cultural attractions and great schools.”
Demand metrics indicate continued growth for rental housing in the St. Charles area. According to Yardi Matrix, occupancy for the Fox River Valley submarket, which includes St. Charles, is projected to end the year at 96% with an increase to 96.5% in 2025. At the same time, no new apartment deliveries are expected between now and 2029 in the submarket, per CoStar.
Based in Naperville, Illinois, 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 Companies’ vision is to be the top choice for living, working and investing by delivering exceptional living spaces and unparalleled customer service.
