New Multifamily Building Near King Of Prussia Town Center Moves Forward
South Carolina-based Woodfield Investments has obtained equity financing for a 320-unit, Class-A apartment building to be called Woodfield Valley Forge. Woodfield closed on $31.3M of equity financing from an unnamed global investment company, brokered by Phillips Realty Capital. Combined with a commercial bank loan and a construction loan that closed in July, the project is now fully funded.
Woodfield Valley Forge will contain a 495-space parking garage, a pool, a fitness center, a pet spa, a flex work area and a sky lounge as part of its amenities package. No groundbreaking date has been set, but Woodfield estimates the first delivery of units in fall 2018, with the hope to stabilize by fall 2019.
The apartment building will join existing and under-construction multifamily projects in the Village at Valley Forge such as Indigo 301 and senior living community Canvas, both developed by The Bozzuto Group, and Ave. at King of Prussia, a combination development of short- and long-term apartments from Korman Communities.
Along with a branch of Children's Hospital of Philadelphia and several available parcels, these apartment communities are all hoping to build on the momentum generated by the dining and retail at King of Prussia Town Center.