Cafritz successfully completed a value-add strategy of change of use from medical office building to student housing to service the Marquette University student body. The 18-month renovations were completed in time for occupancy at the start of the 2006 year. The renovation transformed the property into a state-of-the-art student residential community reflecting contemporary trends in student housing, including fitness center, student lounge, upgraded technology through-out the building and a professional management operation. For added flair, the building exterior features a light sculpture by internationally renowned artist Dan Flavin.
The property was fully-leased for the beginning of the 2007 school year and Cafritz sold the property at a 5.0% capitalization rate in August 2007.
