Branchburg-based Larken Associates on Aug. 16 said it acquired The Residence at Wyomissing, a 102-unit multifamily community located at 1401 Pershing Blvd. in Reading, Pa.
Situated in the Wyomissing neighborhood of Reading, the 101,587-square-foot property consists of two, four-story elevatored apartment buildings. The property is easily accessible to Routes 12, 222 and 422 and boasts proximity to numerous major employers, as well as a wide range of educational and retail opportunities. The community is less than 2 miles from Reading Hospital and less than 3 miles from downtown.
Rebranded by Larken Associates as The Reserve at Wyomissing, the company will seek to transform the newly acquired property into the latest piece of the its growing portfolio of premier residential communities across New Jersey and Pennsylvania.
Reserve at Wyomissing, Reading, Pa. – LARKEN ASSOCIATES
With construction to be overseen by Core Enterprises, Larken Associates’ in-house construction management team, the capital improvement plan will enhance the existing community through renovations to the lobbies, vestibules, leasing office, hallways and common areas.
Larken Associates 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 Associates will also update newly available units with shaker cabinets, quartz countertops, LVT Flooring, modern lighting packages and upgraded bathrooms. The improvements are scheduled for completion in the third quarter of 2021.
“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,” 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.”
