Tourville Apartments to be sold
Closing date with Colorado company tentatively set for March
MARQUETTE — Tourville Apartments in Marquette is in the early stages of a pending sale, with a tentative closing date set for March, according to Tom Tourville, owner-operator of the business.
“We are literally at the very beginning of a pending sales agreement that has a lengthy process ahead of several months,” Tourville said, adding that while there is a “good likelihood that we will be selling by March,” it’s not an absolute certainty, as due diligence, inspections and other processes need to be completed before closing.
The potential sale — which will be to Monarch Investment Management, a Colorado-based family-owned business led by Bob and Kathy Nicoll — stems from officials with Monarch approaching Tourville about selling his family-owned business, he said.
While the decision to sell and retire didn’t come easily, Tourville said he was “comfortable and excited” about selling the property to Monarch after he extensively researched the family-owned company and its track record.
“The key is they have the same concepts and guiding principles of caring for residents and employees as we do and the same principles of taking good care of their properties and keeping their proprieties for the long run,” Tourville said.
A big part of it, he added, is that while many people associate the sale of a business with the replacement of its employees, Monarch officials have indicated they understand the employees are a fundamental part of the operation’s success.
“The people at Monarch see and recognize that the real value of Tourville Apartments is our employees,” Tourville said.
The pending sale of the two longstanding family-run apartment complexes — which house around 430 apartments with roughly 600 residents in Marquette — was announced to employees and residents in a personal letter from Tourville on Monday. He said he’s “a firm believer in showing people the respect in hearing this firsthand from me instead of through the grapevine.”
The letter begins: “Year 2020 will mark the 50th year of our Tourville family apartment business and my 33rd year as owner-operator. After long and careful thought, I have decided to retire and sell our apartment business in March 2020. My decision to retire was not easy. It will close out my family’s chapter of owning Tourville Apartments, which has been a huge part of our lives.
“We have been very fortunate to have formed long lasting personal relationships with our employees and with so very many of our residents. We certainly would not be here today had it not been for all of our hardworking and dedicated employees and our loyal residents. So, yes, it makes it difficult to let go, but I am also happy to say that I have been able to make a positive and thoughtful plan for Tourville Apartments’ next chapter.”
Tourville did not disclose the sale price being discussed, but noted: “the sale price is good for both parties.”
While the Tourvilles will miss their employees and residents, who have become like “extended family,” Tourville feels the future looks bright.
“Life is change, change happens. This, to me, feels like a truly wonderful change that’s going to come up,” he said. “It’s my wife Patty’s and my opportunity to retire and relax and rest and travel and take advantage of life while we still have our good health.”
Cecilia Brown can be reached at 906-228-2500, ext. 248.