Toll Brothers paid $7.2 million for a tract of land in Bucks County, where it plans to build more carriage homes for people 55 and older.

The Fort Washington-based luxury homebuilder purchased the property at 984 Second Street Pike in Upper Southampton Township, effective May 1, according to property records. It was previously owned by Bethanna, a Christian organization that provides adoption, child welfare, and behavioral health services at several sites in Philadelphia and Lancaster.

Toll Brothers plans to build 115 carriage homes on the property, creating an community for “active adults,” according to John Dean, Toll Brothers Division President in Pennsylvania.

The development will be part of Toll Brothers’ Regency collection, in which “each community offers exquisitely designed homes with an array of luxury resort-style amenities, activities, and social events available for residents 55 years of age or older,” Dean said.

In Upper Southampton, construction is set to begin later this summer, as first reported Tuesday by The Philadelphia Business Journal.

This marks at least the second time this year that Toll Brothers has bought property in Philadelphia’s collar counties with the intention of building a 55+ community.

In Montgomery County, the company recently purchased the 46-acre former home of St. Basil Academy for $9.5 million. The 90-year-old Ukrainian Catholic girls school closed during the pandemic .

According to Abington Township records, Toll Brothers plans to build 150 carriage homes, a pool, and a clubhouse on the site.

Toll Brothers is betting on a continued appetite for high-end homes despite economic uncertainty and the company’s lower-than-projected sales and earnings in the first quarter of this year.

Toll Brothers homes typically sell for between $350,000 and $5 million, with buyers paying about $900,000 on average as of February . At the time, CEO Douglas C. Yearley Jr. said: “The long-term outlook for the new home market is very positive, especially for our luxury niche.”

When it comes to 55+ communities, the builder is also wagering that enough Gen-Xers and Baby Boomers will be looking to buy luxury homes in the coming years, instead of drastically downsizing or staying put in homes they bought with lower interest rates.

On its website, Toll Brothers currently lists four luxe 55+ communities in Pennsylvania where homes are for sale or are anticipated to hit the market soon. Prices range from $545,000 to more than $1 million.

Those include the Preserve at Marsh Creek in Downingtown, Regency at Stone Meadow Farms in Langhorne, Regency at Waterside in Ambler, and Regency at Rock Hill Ridge in Sellersville, which is coming soon.

It also lists three 55+ communities in Northern New Jersey .