October 21, 2009

(OAKMONT, PA) – The renovation of the Lambeth Apartments in Lawrenceville, PA officially kicked off on Wednesday, October 21st with a symbolic “sledge-hammer” ceremony. The event marked the beginning of the transformation of a 202-unit, 8 story apartment building into 102 one-bedroom affordable housing units for low-income older adults. Presbyterian SeniorCare, western Pennsylvania’s largest provider of eldercare services, and Affirmative Investments Inc., which facilitates financing and development of affordable housing nationwide, have paved the way for a $20.5 million renovation project that has saved a senior apartment building in financial distress.

The eight-story Lambeth Apartments, located at 4003 Penn Ave., in Lawrenceville, has experienced less than 50 percent occupancy over the last few years, according to Jim Pieffer, senior vice president of Presbyterian SeniorCare.  “Lambeth Apartments opened in 1972 and has become obsolete in meeting the needs of older adults,” Pieffer said.   “Older adults should not have to choose between affordability and quality, and now, they won’t have to make that choice.”

The new apartments will provide affordable housing for low-income older adults.  Each apartment will have a fully equipped kitchen, wall-to-wall carpeting, individually controlled heating and air conditioning, and an emergency call system.  In addition to on-site laundry facilities, common areas will allow room for wellness programs, recreational activities and resident and group meeting space.

The apartment community now will be known as York Commons.  It will be managed by SeniorCare Network, the award-winning real estate management affiliate of Presbyterian SeniorCare.

David Ennis, president of Affirmative Investments, noted that community cooperation and a dedicated group of funding partners made this unique development a reality. Funding partners include National Equity Fund; Bank of New York Mellon; the Urban Redevelopment Authority; the United States Department of Housing and Urban Development; Federal Home Loan Bank of Pittsburgh; PNC Multifamily Capital; the Pennsylvania Housing Finance Agency; and UPMC.

Presbyterian SeniorCare and Affirmative Investments also have completed several other innovative housing communities for income-eligible older adults.  They include Fairmont Apartments in Garfield; Silver Lake Commons in Homewood; and The Commons at North Aiken in Stanton Heights.