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Wyomissing, PA...The Urban Strategy America (‘USA’) Fund, a New Boston real estate investment fund, recently announced a joint-venture partnership with The Bozzuto Group to transform a portion of an older industrial building into a 248-unit four-story apartment complex as part of a Class A mixed-use urban community. The architecture proposed will include elements such as red brick and expansive windows in keeping with the industrial style of the building that it is replacing. Included in the project are 14 stacking town homes, situated in the rear of the development.
In addition to the 248-unit apartment complex, Wyomissing Square will also include 31,000 square feet of retail, 60,000 square feet of office, an 18,000 square-foot restaurant, and a 135-room Marriott Courtyard hotel, all located on 13.3 acres.
“The apartments being built at Wyomissing Square will meet a demand in the Wyomissing market for modern rental housing,” said Patrick Shooltz, New Boston Fund’s Regional Director of Acquisitions and Development for the Mid-Atlantic region. “The transformation of this site into a vibrant, mixed-use development will allow its residents to live, work, and shop within the community.”
Wyomissing Square is conveniently located in close proximity to Routes 222 and 422 and is also situated within 5 miles of the Reading Regional Airport. As the western anchor of the revitalization plan for Penn Avenue, the community is located within walking distance to the cafés, restaurants, and shops that are situated along the Penn Avenue “Corridor”.
“The apartments at Wyomissing Square are a perfect development investment match for the USA Fund because it delivers on our promise of a triple bottom line: to generate solid returns to investors while also spurring economic development through the creation of jobs and at the same time promoting environmental sustainability,” said Kirk Sykes, President, Urban Strategy America Fund. “In addition, 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.”
“This project represents the best of development, enhancing an already vibrant community with a mixed-use center that offers a type of pedestrian lifestyle demanded by many of today’s renters,” said Thomas S. Bozzuto, CEO of The Bozzuto Group. “We are delighted to have the opportunity to make our vision a reality.”
Construction is scheduled to commence this month and will be completed in early 2010. The apartments at Wyomissing Square are being developed by Bozzuto Development Company and will include a 4,000 square-foot clubhouse comprised of a fitness room, business center, and club room. It will also have an outdoor swimming pool and both covered and surface parking spaces.
This project is being developed with funds from USA Fund I.
About the USA Fund
The Urban Strategy America ('USA') Fund is a New Boston real estate investment fund that executes on the promise of a triple bottom line- generating solid returns to investors, spurring economic development and workforce housing, and promoting environmental sustainability.
About New Boston Fund
New Boston is an independent, privately owned real estate investment manager and an industry leader in providing real estate investment, development and management services with a history of strong sponsorship and oversight of its investment funds. New Boston has developed or acquired commercial and residential properties with a cumulative market value of about $4 billion, including 20 million square feet of commercial real estate and 6,700 residential units. Our investment vehicles cater to institutional and high-net worth investors by offering value add and urban real estate investment funds with a focus on diversification and capital preservation. The New Boston Fund: People, Values, Returns.
About The Bozzuto Group
Headquartered in Greenbelt, MD, the Bozzuto Group consists of six integrated companies - Acquisitions, Construction, Development, Homebuilding, Land Development and Property Management - that together provide a broad range of real estate services. The company is committed to providing quality housing for all, from luxury homes and apartments to affordable housing solutions. Since 1988, the company has developed, acquired and built more than 30,000 homes and apartments. Throughout the Bozzuto Group’s 20-year history, the firm and its principals have been honored with numerous industry awards and honors. For more information, please visit www.bozzuto.com.
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Equal Housing Opportunity