Larken Associates recently acquired The Residence at Wyomissing, a 102-unit apartment complex in Wyomissing, Pennsylvania, and will rebrand the property as The Reserve at Wyomissing as part of a planned renovation. — Courtesy: Larken Associates
By Joshua Burd
Larken Associates has added to its out-of-state multifamily portfolio with the acquisition of a 102-unit property in southeastern Pennsylvania.
According to the Branchburg-based firm, The Residence at Wyomissing includes a pair of four-story apartment buildings in the Wyomissing neighborhood of Reading. The property at 1401 Pershing Blvd. also benefits from its proximity to routes 12, 222 and 422, along with major employers and education, retail and health care users.
Larken now aims to capitalize on that location with a series of renovations to the lobbies, vestibules, leasing office, hallways and common areas, according to a news release. The firm also plans to add lounges, game rooms and finished laundry rooms to both buildings as part of what will become The Reserve at Wyomissing, with other enhancements slated to include exterior façade upgrades and updates to newly available units
The improvements are scheduled for completion in the third quarter of 2021. Core Enterprises, Larken’s in-house construction management team, will oversee the work.
“The Reserve at Wyomissing presents our team with a tremendous opportunity to leverage our multifamily experience to create a one-of-a-kind residential destination in the heart of Berks County,” Larken CEO and President David Gardner said. “We are confident that the successful execution of our capital improvement plan will unlock the full potential of this property while enhancing the residential experience for current and future residents.”
The developer and real estate management firm now owns or manages nearly two dozen apartment communities with some 2,500 residential units across the Northeast.
