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Wyomissing Square Apartments
Wyomissing, PA 

Acquired

12/27/2007

Location

Wyomissing Square Apartments are conveniently located in close proximity to Routes 222 and 422 in Wyomissing, PA, immediately adjacent to Reading, PA and within 5 miles of the Reading Regional Airport. The 13-acre infill site is the western terminus of the Penn Avenue corridor, which is the `Main Street` connecting Wyomissing and Reading, and is less than a mile from Reading Hospital and Medical Center. As the western anchor of the revitalization plan for Penn Avenue, the community is located within walking distance to the cafes, restaurants, and shops that are situated along the `Corridor.`

Description

This USA Fund investment involved the construction of a new, four-story, 248-unit apartment community that represents the residential component of a larger urban redevelopment project. New Boston developed the residential component in a joint venture with the Bozzuto Group, a premier multi-family development organization. The entire Wyomissing Square redevelopment also includes 31,000 SF of retail, 60,000 SF of office, and a 135-room Marriott Courtyard hotel owned and developed by others. The development replaced an abandoned industrial building and is a significant component in the transformation of the neighborhood from its industrial roots into a banking, services, and medical-based economy. The project is within an Economic Development Area and was completed in partnership with the state of Pennsylvania.

Investment Rationale

The project faced limited competition for new apartments with little new supply constructed in the region and a large demand driver with the nearby Reading Hospital and Medical Center.
Project was fully permitted at acquisition, with construction ready to commence.
The project represented a transformative component of the revitalization of Wyomissing and the `Penn Corridor,` and fulfilled many of the triple bottom line goals of the Urban Strategy America (USA) Fund.
Wyomissing Square was constructed in partnership with the Bozzuto Group, one of the nation`s top multifamily housing developers.



Fund Ownership

USA Fund

Map

For more information regarding properties for sale, please email us at sales@newbostonfund.com or call 1.866.DIAL.NBF