Hunt Companies Inc. announced that it has successfully closed on an agreement with Pennrose Properties, LLC to acquire a minority interest in the Pennsylvania-based firm.
As part of this transaction, Hunt will secure a long-term interest in Pennrose’s future development activities while Pennrose assumes responsibility and oversight for a substantial portfolio of projects in Hunt’s pipeline.
“This agreement expands the working relationship between Hunt and Pennrose,” said Hunt’s CEO, Chris Hunt. “We are looking forward to combining our abilities and expertise to further grow our portfolios and continue to serve our partners in mixed-income housing projects.”
Pennrose Properties, LLC and Hunt Companies Inc. are both privately-held firms with expertise in multifamily affordable and mixed-use public private partnership development projects across the U.S. Collectively, the firms, including their affiliate companies, are responsible for more than 300 mixed-finance/mixed-income projects touching more than 40,000 units of housing across the U.S.
Hunt and Pennrose will each continue development activities on all current projects as negotiated with entities across the U.S. The partnership will look to apply its combined capabilities on new opportunities.
“This new partnership between Pennrose and HUNT will allow us to maintain focus on the relationships and projects already in our pipeline and support expanding the Pennrose mission,” said Richard K. Barnhart, chairman and CEO of Pennrose Properties. “Together, Hunt and Pennrose will continue to deliver the expertise, vision, and operational excellence which transform communities.”