Pennrose completes the 55-unit Good Shepherd Senior Residences in Philadelphia's Overbrook neighborhood.
A new $30 million, 55-unit apartment building for seniors is now open in the Overbrook neighborhood of West Philadelphia. Located on the 6400 block of Lansdowne Avenue, the four-story property occupies the former site of the Good Shepherd Presbyterian Church, which was destroyed by a fire in 2016. Named Good Shepherd Senior Residences, the development provides one-bedroom apartments for residents aged 62 and older.
The project was financed through Low-Income Housing Tax Credits, ensuring affordability for 40 years for households earning between 20% and 60% of the area median income. Ten percent of the units are supported by Philadelphia Housing Authority project-based vouchers. The development is a collaboration between Pennrose, the Presbytery of Philadelphia, and the Wynnefield Overbrook Revitalization Corporation, and is currently nearly fully leased.
Senior Living Investment Brokerage arranges the $50.8 million sale of a six-property CCRC portfolio in Pennsylvania to Concordia Lutheran Services.
The Philadelphia Housing Authority plans to develop 74 affordable homes on a vacant lot in the Fairhill neighborhood, featuring 61 senior apartments and 13 houses.
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