Landreth Apartments

Landreth Apartments is a preservation-focused affordable senior housing development located in the Point Breeze neighborhood of Philadelphia. The property, a former school building, was originally converted into low-income senior housing in the early 1990s using public financing and Low-Income Housing Tax Credits. In 2009, NewCourtland Elder Services acquired the property to preserve critical housing for a highly vulnerable population after the original internal rent subsidy fund was exhausted. The development includes 51 one- and two-bedroom apartments serving seniors aged 62 and older, many of whom are transitioning from institutional care to independent living.

The project addresses both financial and housing stability challenges by incorporating Project-Based Vouchers and internal subsidy mechanisms to maintain affordability for extremely low-income residents. Without additional subsidy, rental income is insufficient to cover operating expenses and debt service, making long-term preservation efforts essential. Located in a designated revitalization area, the property sits within a neighborhood targeted by the City of Philadelphia for stabilization and reinvestment, where subsidized housing options, particularly those serving seniors, are limited. Market analysis indicates a significant unmet demand for affordable senior housing, especially units that combine accessibility, affordability, and supportive services.

Landreth Apartments provides a comprehensive supportive services model designed to promote independent living and improve quality of life for residents. Services include case management referrals, healthcare coordination, transportation assistance, and access to NewCourtland’s LIFE Program, which offers medical care, social services, and wellness support. Onsite staff facilitate programming and resident engagement, helping seniors remain stable, connected, and independent for as long as possible. Through the preservation of this asset and integration of supportive services, the project strengthens housing security for low-income seniors while contributing to broader neighborhood revitalization goals.

Stone Sherick Consulting Group – Role

Stone Sherick Consulting Group provided development consulting and owner’s representative services for Landreth Apartments, supporting the preservation and financial restructuring of the property. The firm assisted with securing Project-Based Vouchers and other funding sources necessary to stabilize operations and maintain long-term affordability. Stone Sherick also supported financial analysis, capital planning, and coordination with public agencies and lenders.

In addition, Stone Sherick provided oversight of predevelopment and rehabilitation planning, including coordination with the design team, review of building systems, and development of scope and budget for improvements. Throughout the process, the firm worked closely with ownership to ensure compliance with funding requirements and to position the project for long-term operational sustainability while minimizing disruption to residents.