More Than Three Decades of Real Estate Development and Property Management
The foundation for Pennrose began in 1971 when John B. Rosenthal started with the original goal to profoundly impact the lives of working families through the development of affordable housing. Working out of a two-room office with a part-time employee, he pioneered the conversion of dilapidated historic buildings into affordable, sustainable housing developments. In 1981, Pennrose Management Company was founded to provide management support to the properties being developed.
In March 1985, Richard Barnhart joined Pennrose as co-owner and president of its development company, Pennrose Properties, Inc. Together the two worked to create quality, secure and affordable living environments. Committed to neighborhood hiring and the use of local service providers, they built the firm one development and one employee at a time. Throughout the 1990s, they expanded the company’s business platform to include multi-use and mixed-income housing, senior housing, and market-rate housing developments. Since then student housing has also been added to its portfolio.
In March 2004, Richard Barnhart and his partner, Mark Dambly, concluded a transition of ownership of the firm from Mr. Rosenthal. Tremendous growth created the opportunity for the firm to relocate in August 2005 to its current headquarters in Philadelphia’s Brewerytown neighborhood.
They acquired an abandoned Acme Food warehouse, which had been a blight upon the community for nearly two decades, and created state-of-the art offices. This bold move underscored the firm’s commitment to neighborhood revitalization through financial investment and development activity.
Having originally joined Pennrose in 1999 as Development Officer, in 2008 Timothy Henkel was promoted to Senior Vice President and became a Partner in Pennrose Properties.