Thursday, March 2, 2017

The Collegeville Inn to Become an Assisted Living Facility

Natalie Kostelni Reporter Philadelphia Business Journal

The Collegeville Inn, a landmark in this Montgomery County town that is home to Ursinus College, is on track to become an assisted living facility.

The property at 3974, 3976 and 4000 Ridge Pike received conditional use approval from Lower Providence officials that will pave the way for it to be developed by Providence Place Senior Living, a company that was formed in 1998 by former Pennsylvania Gov. George M. Leader.

The new facility would involve preserving the existing building and constructing a new structure that could house up to 172 residents, according to the township. Providence Place operates five senior living communities in Pennsylvania and is based in Hummeltown, Dauphin County.

The property consists of three parcels on roughly 20 acres at the crossroads of Ridge Pike, Main Street and Route 29 and is not far from Route 422. The inn totals 37,512 square feet on four acres has parking for 300 vehicles.

As the population and one of its biggest cohorts, Baby Boomers, age, the need for senior housing continues to grow. It has also started to catch the eye from real estate investors because returns have been outpacing other property types, becoming an alternative investment as the multifamily sector begins to cool. It has logged 4.66 percent in returns. That is expected to grow over the next decade, according to research from the National Investment Center for the Seniors Housing and Care Industry.

Other data points to the strength of this property type. Occupancy for seniors housing has fared well, standing at its highest since 2007. Seniors housing has stood around 90 percent, independent living averaged 91.4 percent and assisted living properties at 88.4 percent, according to NIC. In addition, rents have gone up by 2.5 percent.

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