Marquis apartment complex in KoP sold for $70 million

An affiliate of Vantage Properties is buying the Marquis, a now infamous apartment complex in King of Prussia, Pa., for an estimated $70 million, according to several sources familiar with the deal.

The five-building complex on 26.7 acres at 251 W. DeKalb Pike has 641 units. The units are about 36 percent occupied. The building area totals 804,184 square feet.

The property is in a severe state of disrepair, according to former residents and people who have recently toured the property.

It has become a place where police are routinely called for murders, stabbings, fights and other criminal activity. Just last year, a man kidnapped a 10-month-old girl and ended up murdering her and her grandmother. In 2011, a water pump broke on Christmas Day and some of the buildings were declared unfit for habitation. In 2010, a drug gang was reportedly operating out of the property. Over the summer, a teenage girl fell to her death when she climbed out of a window on the eighth floor of one of the buildings.

That is in stark contrast to the Marquis of years gone by. When it was constructed in 1965, the Marquis was considered a Class A property and a well-regarded place to live.

In August 1989, a venture between JEG Associates of Boston bought the property for $32.2 million, according to Montgomery County property records.

In 2005, its occupancy was 92.5 percent but quickly went downhill from there. By 2009, occupancy fell to 79 percent then down to 71 percent and by 2012, about half of the units were occupied by renters. Repairs haven’t been made to units and maintenance has been deferred. Residents fled.

A representative from Vantage Properties of New York couldn’t be reached for comment.

The Marquis needs millions of dollars in renovations including new kitchens, bathrooms and common areas to boost occupancy. Though the property is in a sorry state, the Marquis sits in a premier location not far from the Route 202-Schuylkill Expressway interchange and a short drive to mass transit and regional employment centers.

Source: Philadelphia Business Journal