Capano Residential, a privately held, diversified real estate development company with multifamily residences spanning Delaware, Maryland, and Florida, has entered the Pennsylvania multifamily market with two new residential communities. Through a partnership with Eland Downe Townhomes, Capano Residential is developing The Reserve on Forge and The Reserve at Steelpointe in Phoenixville, a Philadelphia suburb undergoing a development boom. Both projects are designed by Architectural Alliance, an award-winning architecture firm.
Set on 50 acres, The Reserve on Forge and The Reserve at Steelpointe are currently in the first phase of construction and are slated to open in summer/fall 2022 and 2023, respectively.
“The Phoenixville market has experienced a tremendous revitalization in recent years, as renters seek a suburban feel with all the perks of urban living: new construction, exciting retail and dining, walkability, and easy commuter access,” said Louis Capano III, CEO of Capano Management. “Phoenixville is the ideal location to build on the success of our trendsetting residential communities in other markets while meeting renter demand.”
According to Chester County Borough, Phoenixville has seen 724 new apartments from 2017 – 2021 with 1,132 apartments approved to be built between now and 2024. And with Delaware Valley Regional Planning Commission’s projections, Phoenixville’s population is expected to grow from 18,260 to 25,710 by 2045. To keep up with demand, Phoenixville is currently developing a new fire station and recently opened a new recreation center. Phoenixville will also be a stop on the proposed Schuylkill River Passenger Train line.
Phoenixville is also home to the historic Colonial Theatre, which was featured in the classic cult movie “The Blob.” The theatre has undergone a massive renovation and is the crown jewel of Phoenixville’s growing arts and culture scene. New restaurants, like Sweet Brew, a coffee and bagel company, along with wineries, breweries, pubs, and shops dot the vibrant downtown area. Phoenixville has also benefited from changing corporate structures, which favor smaller satellite locations outside Philadelphia to accommodate hybrid work arrangements.
Not far from the shops and art galleries is the multiuse Schuylkill River Trail, a popular spot for those who enjoy walking, running, and bicycling.
The two new residential communities will meet different market demands in the area.
“The recent spike in rents has created a shortage of high-quality housing communities in well located areas,” said Capano. “The Reserve on Forge is one of the few new construction communities that offers a high-end living experience at a competitive price.”
The Reserve on Forge is located at 200 Finery Forge Way, the site of the former Village of Eland Downe retail complex off Route 113, just 1.4 miles away from downtown Phoenixville and minutes from King of Prussia, PA. The 108-unit, three-story garden-style community will feature open floor plans, upgraded finishes and fixtures, entertainment kitchens with an island, stainless steel appliances, quartz countertops and wood plank flooring throughout. The community will have a host of amenities, including a pool and clubhouse, multimedia lounge, entertainment kitchen, fireside lounge, collaborative workspaces, state-of-the-art fitness club, and coffee bar.
Capano Residential’s second offering is The Reserve at Steelpointe, an ultra-high end residential community catering to Phoenixville’s most discerning renters. The Reserve at Steelpointe builds on the success of The Falls, Capano’s new construction luxury community in Wilmington, DE featuring unparalleled amenities, finishes and views.
“The Reserve at Steelpointe will be Phoenixville’s first true luxury offering, capturing the best of what the area has to offer, from its central, but quiet location, to its thoughtful and exceptional design and amenities,” added Capano.
Located on Smithworks Blvd just west of the Gay Street Bridge, the 240-unit community is located just blocks from downtown Phoenixville but is secluded from the hustle and bustle. This luxury apartment building will feature a 10,000 s/f of interior amenity space, multimedia club room, library, collaborative workspaces, and conservatory with sweeping views of the French Creek. The community will also feature a mezzanine lounge, pool with sundeck, and a state-of-the-art fitness club with a private fitness studio. Every finish will be carefully curated for the ultimate living experience. All homes feature high-end fixtures, lighting and hardware leaving no detail behind.
Capano Residential’s vertically integrated operating model offers a high touch approach, ensuring the highest quality materials and design. The management teams for The Reserve on Forge and The Reserve at Steelpointe will look to foster a true sense of community by prioritizing personal and one-on-one relationships with each and every Capano resident.
Enhancing communities for over 75 years, Capano Management will look to further expand in the Pennsylvania market and add to their diverse portfolio which includes 6,000+ multifamily residences spanning Delaware, Maryland, Pennsylvania and Florida, 3M+ s/f of commercial assets and an iconic collection of hospitality brands.
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