X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

WYOMISSING, PA-The Urban Strategy America Fund, a New Boston real estate investment fund, is partnering with the Bozzuto Group to develop a $48 million, 248-unit apartment complex in this part of Pennsylvania. The multifamily JV investment will be located in a class A, mixed-use urban community currently under development.

Plans call for the duo to redevelop a portion of an older industrial building into a four-story apartment complex that will incorporate such elements as the red brick and expansive windows of the building that it is replacing. Also part of the project will be 14 stacking town homes, situated in the rear of the development. The mixed-used project is called Wyomissing Square. Launched in the expectation of revitalizing the town center, it will include 31,000-sf of retail, 60,000-sf of office, an 18,000-sf restaurant, and a 135-room Marriott Courtyard hotel on 13.3 acres. Construction on the apartment building is scheduled to begin this month and will be completed in early 2010.

Kirk Sykes, president of the Urban Strategy America Fund tells GlobeSt.com that one of the reasons why the fund has partnered with Bozzuto is in part due to its ability to maximize investments in secondary markets. This particular project is well located as it is close to a 5,000-person hospital and relatively little new supply coming to market. “There are more than just the typical rent growth and employment growth and strong demand generators behind this project,” he says. “This project is a significant step in the Borough of Wyomissing’s transformation from its industrial roots into a banking, manufacturing, and medical-based economy.”

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt. APARTMENTS SPRING 2021Event

Join 1000+ of the industry's top owners, investors, developers, brokers & financiers at THE MULTIFAMILY EVENT OF THE YEAR!

Get More Information
 

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.