The Marquette Companies has announced the purchase of Two Itasca Place, a condominium property in Itasca, Ill., originally developed by Bloomingdale, Ill.-based Donald E. Morris Enterprises. Marquette is converting the property to apartments and will serve as the property manager for the community.
The community was originally developed as Itasca Place, which consisted of a north building called One Itasca Place and a south building called Two Itasca Place, each with 70 units. One Itasca Place will remain for-sale condominiums, and is nearly completely sold, while Two Itasca Place will be entirely high-end rental apartments.
“The original developer, Don Morris, did a fantastic job on the design and finishes of the condos at this beautiful community, but the market just wasn’t able to support the entire project,” said Darren Sloniger, managing director of acquisitions for The Marquette Companies. “We are thrilled to be able to convert these condo-quality units to luxury apartments and meet the market demand for high-end rental in the area. There’s not a lot of new construction in and around Itasca, so these apartments are a great suburban option for professionals and empty-nesters looking to rent.
Two Itasca Place is a five-story all-brick building consisting of one-, two- and two-bedroom with den units with one-and-a-half to two-and-a-half baths, and balconies or terraces. Apartments will be offered in 14 floor plans measuring 1,115 to 2,173 square feet and will lease for $1,505 to $2,934 per month. There is an underground, structured parking garage with elevator access from the garage.
“The units are large, averaging 1,258 square feet, since they were designed to be condos,” said Sloniger. “They will feature condo-quality finishes such as nine or 10-foot ceilings, high-end cabinetry, granite countertops and hardwood flooring.”
The first rental units are expected to be available this spring, Sloniger said.