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.”