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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.”

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