#USA #Philadelphia #Pennrose #Timothy Henkel #Housing Solutions

Pennrose's Leadership Transition

In a significant shift for the company, Pennrose, recognized as a leader in the development and management of mixed-income and mixed-use housing, has appointed Timothy Henkel as its new Chief Executive Officer (CEO). This change is part of a carefully planned succession strategy intended to foster continued growth and innovation in the affordable housing sector.

A New Era Begins

Timothy Henkel, who previously held the role of President, takes the helm as CEO effective immediately. His extensive background, spanning over 25 years with Pennrose, positions him exceptionally well to lead the organization forward. Henkel's responsibility will encompass oversight of more than 520 employees as well as key development and property management activities across 17 states, the District of Columbia, and the Caribbean.

"I am greatly honored to lead Pennrose at such a pivotal time," said Henkel. "Building on the legacy of Richard K. Barnhart and Mark H. Dambly, we will focus on delivering impactful housing opportunities for families across America, working closely with local economic development partners."

Strategic Appointments

Alongside Henkel's appointment, Charlie Adams has been promoted to President, succeeding Henkel in his previous role. Adams has a long history with Pennrose, having joined the company in 2016, and has played a vital role in expanding its presence in the New England market, where the company now operates over 1,250 units in 20 communities.

In the New England region, Senior Developer Karmen Cheung will take over as the new regional vice president, ensuring continuity and strength in the development strategy initiated by Adams.

"Continuing Tim's vision as president of development is a privilege. His leadership has fostered a culture where developers see their work as part of a larger mission, one that positively impacts families through high-quality housing and supportive services," noted Charlie Adams. "Our commitment to transforming lives remains at the forefront of our efforts."

Solidifying Future Success

Pennrose's leadership transition underscores the company's long-standing dedication to affordable housing. The new roles for Timothy Henkel and Charlie Adams reflect a forward-thinking approach, harnessing their deep-seated knowledge and commitment to the mission. The entire senior leadership team comprises seasoned professionals who have been with Pennrose for many years.

Recently, Marsha Blunt was promoted to the President of Pennrose Management Company and Margot Elton-Ratliff to Vice President of Operations. Furthermore, in June 2024, Pennrose added Tricia Yarger, an expert in affordable housing finance, as its first Vice President of Capital Markets.

What began as a regional affordable housing developer in 1971 has evolved into one of the largest producers of mixed-use, mixed-income multifamily developments in the U.S. With over 27,000 units across 350 housing communities, Pennrose is widely acclaimed for its innovative development strategies and commitment to local partnerships.

In terms of future outlook, Pennrose aims to capitalize on its momentum and ensure sustained success in its mission. Henkel emphasized, "We will continue seeking innovative housing solutions that serve as a foundation for community transformation and economic development."

Conclusion

With Timothy Henkel at the forefront, Pennrose is positioned for a future marked by impactful housing initiatives and expanded outreach. The company's commitment to creating quality spaces for residents aligns with its vision of community change, reflecting an ongoing dedication to excellence in affordable housing delivery.