Vantage to Acquire 650-Unit Apartment Outside Philly
- Oct 25, 2013
King of Prussia, Pa.—Apartment owner and operator Vantage has entered into an agreement to acquire a 650-unit property located in King of Prussia, Pa. The asset, known as Marquis Apartments, is comprised of five buildings and carries a $70 million price tag.
But the spending won’t stop there, as Vantage has plans to undertake a comprehensive, multi-million dollar value-add transformation of the property to be completed in phases by the end of 2016. The campaign will involved full renovations of the units, amenities and common areas, as well as landscaping, entryways and other outdoor enhancements. Stephen Varenhorst of Varenhorst Architects and David Rubin of Land Collective will design the buildings and landscape, respectively.
“Expanding into Pennsylvania is a logical and exciting next step for Vantage,” says Neil Rubler, president and CEO of Vantage. “With Philadelphia’s vibrant suburban markets and our significant experience in neighboring New Jersey, this is the ideal time Vantage to grow our footprint and deliver new, luxury apartments and premier tenant services to greater Philadelphia residents.”
Behringer Harvard sells Conn. asset in IPA-brokered transaction
Orange, Conn.—Institutional Property Advisors has arranged the sale of Grand Reserve Orange, a 168-unit garden-style community located in Orange, Conn. The property was sold by Behringer Harvard Orange to FF Realty II LLC for $35.3 million.
“Grand Reserve Orange is the exemplary multifamily property in Orange and it is unlikely that anything similar will be built there,” says Steve Witten, director at IPA.
The 2005-built asset is located on nine acres immediately off Exit 41 on I-95. Amenities include a clubhouse with resident lounge, a boardwalk over a wetland preserve, heated resort-style pool, a fitness center and a landscaped playground.
“This property is centrally located to serve the needs of both lifestyle renters and transit-oriented tenants working in Fairfield and New Haven counties,” adds Victor Nolletti, executive director at IPA.
IPA arranges $31M multifamily sale in Tampa
Tampa, Fla.—Institutional Property Advisors (IPA), a multifamily brokerage division of Marcus & Millichap serving the needs of institutional and major private investors, arranged the sale of Bridgeview Apartments, a 348-unit multifamily community in Tampa. The $31 million sales price equates to $89,000 per unit.
Jamie B. May, IPA Florida executive director, advised the seller, Bridgeview Apartments LLC. The buyer is Capital Square Management.
“Bridgeview Apartments is a well-maintained, stable asset in a central location,” says May. “The property is producing strong cash flow and there is great potential to add value through strategic capital investments such as interior unit renovations that will allow the new ownership to capitalize on revenue increases.”
The 297,928-square-foot property was constructed on almost 30 acres in 1986 at 5307 Reflections Club Drive in Tampa. The location is within close proximity of Tampa International Airport and Veterans Expressway, one of the region’s primary transportation arteries. The Westshore business district, home to 12.4 million square feet of office space and 4,000 businesses, is also nearby.
Completed in 1986, Bridgeview Apartments consists of 17 wood-framed, two and three-story residential buildings with stucco exteriors and new roofs. Apartment interiors feature fully equipped kitchens with new raised-panel cabinet door fronts, full-size washer/dryer units, large walk-in closets and a patio or balcony.
Community amenities include a clubhouse with a leasing and manager’s office, a fitness center, two indoor air-conditioned racquetball courts, two lighted tennis courts, a business center and a covered outdoor patio that provides direct access to a resort-style swimming pool.