Tuesday, February 9, 2016

NY investor buys Marquis Apts, KofP, for $70M

Neil Rubler's Vantage promises 'luxury' rebuild

NY investor buys Marquis Apts, KofP, for $70M

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The Marquis apartment complex in King of Prussia.
The Marquis apartment complex in King of Prussia.

Vantage Properties LLC, the New York real estate investment group headed by Neil Rubler, says it has agreed to pay $70 million to buy the 650-unit Marquis Apartments, King of Prussia, from owner Marquis Associates, LP. They're working on a new name. Rents are likely to rise; "occupancy is negligible," Rubler told me. 

Unlike neighboring Lower Merion and Conshhocken, "there aren't a lot of properties coming online in King of Prussia," Rubler told me. "This is across from the Plaza and the Mall. There's a new Wegman's, a new Target, a new Wawa up the road. This is so well located. A Class A location. We intend to turn this back into the premier luxury rental community in the area. There's no competition for that in this market. We're very bullish on the rents we will receive."

Vantage says it will spend "multi-millions" to renovate the apartments, common areas and systems and has hired local architect Stephen Varenhorst and landscaper Land Collective to design the upgrades. In a statement, Rubler praised "Philadelphia's vibrant suburban markets" and promised "new, luxury apartments and premier tenant services" at his company's first Pennsylvania property. 

In December, Vantage's middle-income suburban affilate, Candlebrook Properties, bought 884-unit Echelon Glen, Voorhees, for $83 million. The development has been divided into Vista, which is being renovated, and Echelon.

Mr. Rubler continued, “The Marquis is in an ideal location and has tremendous potential to become one of the most desirable residential apartment properties in the greater Philadelphia area.  Our plans have received overwhelming support from the community and we look forward to delivering a new, Class A property to a thriving market.”

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PhillyDeals posts interviews, drafts and updates that Joseph N. DiStefano writes alongside his Sunday and Monday columns and ongoing articles about Philadelphia-area business.

DiStefano studied economics, history and a little engineering at Penn. He taught writing and research at St. Joe’s. He has written for the Inquirer since 1989, except when he left a few times to work at Bloomberg and elsewhere. He wrote the book Comcasted, and raised six kids with his wife, who is a saint.

Reach Joseph N. at JoeD@phillynews.com, 215.854.5194, @PhillyJoeD. Read his blog posts at http://www.philly.com/PhillyDeals and his Inquirer columns at http://www.philly.com/philly/columnists/joseph-distefano/. Bloomberg posts his items at NH BLG_PHILLYDEAL.

Reach Joseph N. at JoeD@phillynews.com or 215 854 5194.

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