A joint venture between Grace Inspired Ministries and Leon N. Weiner & Associates Inc., is planning to open the 50-unit Sellersville Senior Residences in Sellersville, Pa., later this month. The project is an affordable and supportive housing community for those 55 and over. Eight of the 50 units are set aside for individuals with behavioral health needs. Arbor Management will manage the property.
The Pennsylvania Housing Finance Agency awarded the developers with competitive Low Income Housing Tax Credits. In March 2021, S&T Bank provided $11.3 million in construction financing, while Bucks County provided $846,000. The Lutheran Community at Telford and the Redevelopment Authority of the County of Bucks provided $405,000 and $119,000, respectively, in additional financing.
The three-story property has 42 830-square-foot one-bedroom units and eight 1,040-square-foot two-bedroom units. Harkins Builders served as the general contractor.
Located at 801 East Clymer Ave., the community has several retail, dining and entertainment options within a 2-mile radius. Lake Lenape Park is less than 1 mile north, while Grand View Hospital is less than 2 miles northwest. Downtown Philadelphia is less than 40 miles south via interstates 476 and 76.
A CBRE survey shows that the senior housing sector is likely to increase in both rental rates and residencies during this year. The paper has found that senior housing residency could spring back to pre-COVID-19 levels within 18 months.