18A — September 17 - October 21, 2021 — Owners, Developers & Managers — M id A tlantic Real Estate Journal
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O wners , D evelopers & M anagers
Company will begin capital improvement plan to enhance community amenities Larken Associates acquires The Residence at Wyomissing, a 102-unit multifamily community
EAD I NG , PA — Larken Associates , a real estate building, development and management, announces it has acquired The Residence at Wyomissing, a 102-unit multifamily commu - nity located at 1401 Pershing Blvd. in Reading. Situated in the Wyomissing neighborhood of Reading, the 101,587 s/f property consists of two four-story elevatored apart- ment buildings. The property is easily accessible to Rtes. 12, 222 and 422 and boasts proximity to numerous major employers as well as a wide range of educa- tional and retail opportunities. R
Additionally, the community is less than two miles from Reading Hospital and less than three miles from downtown Reading. Rebranded by Larken Associates as The Reserve at Wyomissing, the company will seek to transform the newly ac- quired property into the latest piece of the company’s growing portfolio of premier residential communities across New Jersey and Pennsylvania. With construction to be over- seen by Core Enterprises , Larken Associates’ in-house construction management team, Larken Associates’ capi- tal improvement plan will en- hance the existing community through renovations to the lob- bies, vestibules, leasing office, hallways and common areas. Additionally, Larken Associ- ates will add lounge and game rooms in both buildings as well as finished laundry rooms. The exterior façade will also be renovated along with other aesthetic upgrades throughout the property. Larken Associ- ates will also be updating newly available units with shaker cabinets, quartz countertops, LVT Flooring, modern lighting packages and upgraded bath- rooms. The improvements are scheduled for completion in the third quarter of 2021. “The Reserve at Wyomissing presents our team with a tre- mendous opportunity to lever- age our multifamily experience to create a one-of-a-kind resi- dential destination in the heart of Berks County,” said David Gardner , president and chief executive officer of Larken Associates. “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.” Upon completion of capital improvement plan, The Re- serve at Wyomissing will be the latest addition to Larken Associates’ rapidly growing Larken Living portfolio which is comprised of 23 unique communities made up of ap- proximately 2,500 owned and/ or managed residential units across the northeast. Through- out the Larken Living portfolio, Larken Associates leverages its time-tested residential devel- opment experience and hands- on management style to create top-of-the-line residential com- munities in a wide variety of markets. MAREJ
Residence at Wyomissing
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