Former Marquis apartment complex will get $50M renovation and new name

Candlebrook Properties, the new owner of what most people know as the Marquis apartment complex off Route 202 in the heart of King of Prussia, Pa., is planning to spend $50 million to renovate the property.

Candlebrook, a New York real estate company, bought the five-building complex last October in partnership with Lubert-Adler of Philadelphia for about $70 million.

“I felt like it was the opportunity of a lifetime,” said Neil Rubler, CEO of Candlebrook. “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.”

To a degree, the work that is planned will look to erase years of neglect the property endured.

The Marquis became a place where Upper Merion police were regularly called for murders, stabbings, fights and other criminal activity. In 2012, a man kidnapped a 10-month-old girl and ended up killing her and her grandmother. A water pump broke on Christmas Day in 2011 and some of the buildings were declared unfit for habitation. In 2010, a drug gang was reportedly operating out of the property. Last 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 was far from the Marquis reputation when it was first constructed in 1965. It was then considered a Class A property and a nice place to live. Candlebrook seeks to recapture some of that luster and create a high-end apartment complex that will not only be a place where young professionals who work in the King of Prussia area can live but also a home for young couples and families.

Part of that is re-branding and re-naming the property. It will now be called 251 DeKalb.

The property sits on top a slight hill on 26 acres not far from the King of Prussia Mall. It has 641 apartments and Candlebrook plans to completely gut the structures and redo each unit and all common areas. A new roof will be installed and work done on the facades. The building systems, from elevators to HVAC, will be replaced.

Candlebrook is also going to focus on enhancing the amenities offered to tenants. To that end, an area called the “251 Club” will have an indoor and outdoor pool, two gyms, tennis courts and basketball facilities. It will also have a 1,000-square-foot play space for children that will be run by Kidville, company that offers classes, programs and indoor play space for young children.

Varenhorst Architects is designing the renovations.

The developer also plans to focus on creating a sense of community at 251 DeKalb. Aside from barbecue areas and a community garden, there will be a water park for children, a bocce court and other outdoor gathering areas.

“I think these types of elements will distinguish us,” Rubler said.

With the renovation, Candlebrook is seeking to charge Class A rents, though how much hasn’t been determined, Rubler said.

While there are several older apartment complexes that 251 DeKalb will compete with, few new multifamily developments have been constructed recently. The newest is under way.

Realen Properties is constructing a community at the Village at Valley Forge off North Gulph Road that will include apartments, townhouses and loft units.

The work at 251 DeKalb will be done in phases and is already under way. The first phase, which includes 250 apartments, is expected to be completed by June.

Source: Philadelphia Business Journal