Wilmington-based Capano Residential is developing two apartment projects totaling $70 million in Phoenixville. The projects mark the firm’s entry into the Pennsylvania multifamily market, writes Natalie Kostelni for the Philadelphia Business Journal.

Phoenixville has experienced a surge in apartment development in the past five years, with 724 new apartments coming online and 1,132 apartments gaining the construction go-ahead through to 2024.

Capano will start construction on the Reserve at Steelpointe, a $50 million project with 240 apartments, during the first quarter. Meanwhile, development is already underway at the Reserve on Forge, a $20 million development of 108 garden-style apartments.

Louis Capano III of Capano Residential believes that the projects his company is building will cater to renters who are not accommodated by other multifamily properties planned locally.

“I think the Reserve on Forge is going to hit on part of the market that hasn’t been touched with affordability,” said Capano. “We will be competing with old product and this is well located. Steelpointe is going to be the newest, nicest, and best located of all of the jobs in Phoenixville.”

Read more about the two projects in the Philadelphia Business Journal.