KofP's Marquis Sold
A piece of Class-A housing in King of Prussia is officially off the market. IPA Associates has arranged the sale of the 641-unit Marquis Apartments on Dekalb Pike for $68M, and NY-based Vantage Properties is now the new owner. The deal was part of a portfolio sale totaling 1,176 suburban units all brokered by IPA, the multifamily division of Marcus & Millichap. IPA executive director Steve Witten calls the portfolio "a once-in-a-generation opportunity to acquire underperforming assets in exceptional locations." (It's like Halley's Comet or the Sixers winning a championship.) For the Marquis, the new Wegmans down the street, not to mention the KofP Mall, should be key performance boosters.