KING OF PRUSSIA, PA-A partnership led by Vantage Properties, LLC announced today that it had signed a definitive agreement to acquire the Marquis Apartments here for approximately $70 million. The deal will mark Vantage's entrance into the Pennsylvania multifamily market.
The Marquis Apartments consists of five buildings and approximately 650 apartment units. The seller is Marquis Associates, LP.
Vantage reports it will undertake a comprehensive, multi-million dollar capital improvmenet program at 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. 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, states, “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.
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