NEW YORK & PHILADELPHIA--(EON: Enhanced Online News)--A partnership led by Vantage Properties, LLC today announced that it has signed a definitive agreement to acquire the Marquis Apartments, comprised of five buildings and approximately 650 units in King of Prussia, Pennsylvania, for approximately $70 million from Marquis Associates, LP.
“Expanding into Pennsylvania is a logical and exciting next step for Vantage. With Philadelphia’s vibrant suburban markets and our significant experience in neighboring New Jersey, this is the ideal time for Vantage to grow our footprint and deliver new, luxury apartments and premier tenant services to greater Philadelphia area residents.”
Vantage will undertake a comprehensive, multi-million dollar transformation of the property to be completed in phases by the end of 2016. Planned improvements will include full renovations of the apartments, amenities, and common areas, as well as landscaping, entryways, and other outdoor enhancements. Renowned architects, Stephen Varenhorst of Varenhorst Architects and David Rubin of Land Collective, will design the buildings and landscape, respectively.
Neil Rubler, President and CEO of Vantage, said, “Expanding into Pennsylvania is a logical and exciting next step for Vantage. With Philadelphia’s vibrant suburban markets and our significant experience in neighboring New Jersey, this is the ideal time for Vantage to grow our footprint and deliver new, luxury apartments and premier tenant services to greater Philadelphia area residents.”
Vantage owns and operates properties throughout the New York City Metropolitan area, as well as in Central and Southern New Jersey through its suburban affiliate, Candlebrook Properties. The Marquis is Vantage’s first acquisition in Pennsylvania.
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.”
About Vantage Properties
Founded in 2005, Vantage Properties is a leading owner-operator of apartment properties throughout New York City, and is dedicated to long-term property investments based on the principle of providing the highest level of service to residents through skilled management and operational innovation. Vantage has successfully rehabilitated over 14,000 units in the New York City and surrounding Metropolitan area.