Forest Pointe, a garden-style apartment complex tucked along Waukegan Road in Lake Bluff, just traded hands for roughly $44 million, with Naperville-based Marquette Companies stepping in as the new owner and lining up a round of upgrades.
Public records reviewed by The Real Deal show Marquette paid $43.7 million for Forest Pointe, a 232-unit garden-style property at 29533 N. Waukegan Road. The seller was an affiliate of Northbrook-based A&R Katz, which bought the complex in 2016 for about $34 million. According to the same outlet, Marquette also lined up a mortgage of just over $33 million from BMO Bank to help fund the acquisition. The complex was completed in the early 1990s and sits in a suburban stretch that investors have been favoring in recent years.
Property data vary across sources
The basics on Forest Pointe are not entirely consistent from one data provider to the next. Yardi Matrix lists the property as a 236-unit community, while public records put the count at 232 units. Bisnow describes seven three-story buildings with a clubhouse and leasing center, and notes that planned amenity upgrades include grilling areas and outdoor seating with a fire pit.
Marquette’s Midwest push
The Lake Bluff deal continues a busy run for Marquette in the Chicago suburbs. The firm paid $46 million for the Orion Arlington Lakes property in Arlington Heights last year and, in February, secured a $55 million construction loan for a project in Villa Park, according to The Real Deal. The company now controls and manages thousands of suburban units as it mixes acquisitions with new development in search of returns in supply-constrained markets.
Why buyers are circling collar counties
Investors have increasingly turned their attention to Chicago’s collar counties, where limited new construction and strong occupancy have created a relatively defensive play. Newmark noted in its Q4 2025 multifamily report that thin development pipelines and steady rent growth are pushing more capital toward suburban assets.
What residents may notice
Marquette’s plan at Forest Pointe centers on interior renovations, including fresh finishes and new appliances, along with upgraded shared spaces such as a dog park, grilling stations and an outdoor lounge, according to Bisnow. The company has not said when construction will begin or whether work will be phased around lease expirations, so residents may see changes roll out gradually.
The sale highlights how well-located suburban apartments continue to attract investors who want to sidestep ground-up development risk and high construction costs. We will be watching local filings and any Marquette updates to see how the planned work ultimately plays out in Lake Bluff’s leasing and rent numbers.
