KING OF PRUSSIA, PA—Candlebrook Properties' CEO Neil Rubler says the property ownership will spend $50 million to renovate the former Marquis apartment complex here.
Candlebrook and partner Lubert-Adler of Philadelphia acquired the five-building complex last October for approximately $70 million.
“I felt like it was the opportunity of a lifetime,” says Rubler. “It couldn't be in a better location and I saw unbelievable potential for a redevelopment project. We have the possibility to create something truly spectacular.”
The property is located on 26 acres near the King of Prussia Mall and contains 641 apartments, according to the Philadelphia Business Journal,
Candlebrook intends to completely gut the structures and upgrade each unit and all common areas. Also planned are a new roof, façade upgrades and replacement of building systems, such as elevators and HVAC. See story in the Philadelphia Business Journal.
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John Jordan
John Jordan is a veteran journalist with 36 years of print and digital media experience.
