Pennrose

What Pennrose does

Pennrose is a Philadelphia-headquartered affordable housing developer and property manager founded in 1971. The company operates through four integrated divisions: Pennrose Development, which executes mixed-income and mixed-use public-private partnership developments using Low-Income Housing Tax Credits (LIHTC), HUD programs, historic tax credits, and layered financing structures; Pennrose Management Company (PMC), which manages nearly 140 market-rate, mixed-income, and mixed-use properties totaling more than 9,400 units across multiple states; Pennrose Impact, the rebranded supportive services arm delivering on-site social, health, and educational programming to residents; and the Pennrose Foundation, a nonprofit providing educational scholarships and community grants.

Pennrose serves primarily low-income households earning between 20% and 60% of Area Median Income, with specific programs targeting seniors aged 62+, veterans, families, extremely low-income (ELI) households, and specialized populations such as the LGBTQ-affirming senior community at The Pryde in Boston. The company's customer base is concentrated among public housing authorities (Philadelphia, Newark, Cuyahoga Metropolitan) and state housing finance agencies (Pennsylvania HFA, New Jersey HMFA), supported by nonprofit and faith-based partners such as Presbytery of Philadelphia and Wynnefield Overbrook Revitalization Corporation.

Revenue is generated through three primary streams: development fees on affordable and mixed-income housing projects, recurring property management services for the 9,400+ unit portfolio, and LIHTC equity syndicated through financial partners including Hunt Capital Partners. In 2017, Hunt Companies acquired a minority interest in Pennrose, forming a strategic alliance that combines 300+ mixed-finance projects touching 40,000+ units across the United States. Pennrose maintains regional offices in Philadelphia, Boston, New York, Baltimore, Cincinnati, Atlanta, Denver, and Houston, with active development in at least eight states plus the District of Columbia.

Name

Pennrose

Legal name

Pennrose Properties, LLC

Website

https://pennrose.com

Company type

Private

Founded year

1981

Operating status

Operating

Headcount range

501–1,000 employees

Short description

Pennrose is a Philadelphia-headquartered affordable housing developer and property manager that develops, finances, and operates mixed-income rental and for-sale housing using LIHTC, HUD, and public-private partnerships, serving low-income families, seniors, and veterans across eight states plus DC.

Ownership category

akta.pro rank

Product category

Affordable Housing Development and Property Management

NAICS

Other Community Housing Services (624229), Community Housing Services (62422), Services for the Elderly and Persons with Disabilities (624120)

SIC

Services-Facilities Support Management Services (8744), Services-Social Services (8300)

akta.pro primary industry

Affordable & Subsidized Housing Property Management (LIHTC, Section 8) (BPAJAFAD)

akta.pro secondary industries

Affordable Rental & Multifamily Housing Finance Programs (LIHTC/Tax Credits/Subsidized Loans) (FSALAKAF), Public & Affordable Housing Programs (Subsidies, Vouchers, Public Housing) (BPAIANAA), Affordable Housing & Community Development (Housing, Community Land Trusts) (BPAGALAC), Community Development & Affordable Housing Funds (FSANAJAK), Housing Assistance & Homeless Services (BPAGAEAB)

Keywords

• Affordable housing development
• Mixed-income housing
• Property management services
• LIHTC financing
• Supportive housing services

Headquarters

HQ city

Philadelphia

HQ country

United States

HQ region

North America

Offices8 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Supply Chain, Operations, Infrastructure, Marketing or Sales, Technology or R&D, Others

Revenue model

1. Development Fees: Revenue generated from development fees on affordable and mixed-income housing projects, typically structured through complex capital stacks combining public subsidies, tax credits, and private financing
2. Property Management: Property management services for nearly 140 market rate, mixed-income, and mixed-use properties totaling more than 9,400 units
3. Tax Credit Equity: Low-Income Housing Tax Credit (LIHTC) equity syndicated through financial partners to fund affordable housing developments

Pricing tiers

Go-to-market motion2 records

Distribution channels3 records

Marketing channels4 records

Core offering

Pennrose develops, finances, and manages affordable, mixed-income, and mixed-use rental housing communities for low-income families, seniors, veterans, and extremely low-income households across the United States. The company assembles complex capital stacks using Low-Income Housing Tax Credits (LIHTC), HUD program financing, historic tax credits, and public-private partnerships to deliver developments, and operates a property management arm overseeing nearly 140 properties totaling more than 9,400 units. Complementary offerings include on-site supportive services through the Pennrose Impact division and community grants/scholarships via the Pennrose Foundation.

Product overview

Pennrose is a comprehensive affordable housing development and property management company offering a portfolio of integrated services. The company operates through several interconnected divisions: Pennrose Development (executing mixed-income housing developments across the U.S.), Pennrose Management Company (PMC managing nearly 140 properties with more than 9,400 units), Pennrose Impact (delivering supportive services to residents), and the Pennrose Foundation (providing educational scholarships and community grants). Notable property developments include Good Shepherd senior housing, Sharswood Crossing family apartments, Warner & Swasey adaptive reuse, and The Pryde (LGBTQ-affirming senior housing). The company also partners with nonprofits like OUR Center for integrated early childhood education services.

Differentiator

Problem solved

Functional benefit

Brands

• Pennrose Impact: Supportive services division rebranded from Supportive Services, providing social, health, and educational programming to residents.

Products and services

• Pennrose Development Development execution services for affordable housing, mixed-income housing, and mixed-use public-private partnership projects across the U.S. Pennrose Development assembles complex capital stacks combining LIHTC equity, historic tax credits, HUD program financing, and conventional debt to deliver mixed-income communities for public housing authorities, state housing finance agencies, and nonprofit partners.
• Pennrose Management Company (PMC) Professional property management services managing nearly 140 market rate, mixed-income, and mixed-use properties totaling more than 9,400 units across multiple states. PMC provides supportive services and programmed community spaces for residents and holds IREM Accredited Management Organization (AMO) accreditation.
• Pennrose Impact Supportive Services Supportive services offering delivered to residents of Pennrose properties, including social, health, and educational programming. Pennrose Impact works with local community partners to identify resident needs and provide tailored resources, including on-site healthcare partnerships and community programming for seniors and families.
• Good Shepherd Senior Housing 55-unit, 100% affordable senior housing community for adults aged 62 and older earning at or below 20%, 50%, and 60% of Area Median Income ($430 to $1,290 for a one-person household). Features modern finishes, high-quality fixtures, fully accessible units, on-site supportive services, and community amenities. Developed as part of the Wynnefield Overbrook Revitalization Corporation (WORC) revitalization effort.
• Sharswood Crossing Affordable family rental development in Philadelphia consisting of multi-family buildings with one- and two-bedroom apartments and townhomes featuring two-, three-, and four-bedroom units. Combines affordable units at 20%, 50%, and 60% AMI with market-rate housing as part of the Sharswood Transformation Plan Phase III in partnership with the Philadelphia Housing Authority. A two-bedroom starts at $1,469.
• Warner & Swasey Redevelopment Adaptive reuse of a historic 194,000 square-foot, five-story manufacturing building in Cleveland's MidTown into a mixed-use, mixed-income community. Phase I delivers 112 rental apartments plus approximately 28 additional residential units and 22,000 square feet of commercial space in Phase II. Financed with LIHTC syndicated by Hunt Capital Partners, historic tax credits via Clocktower Tax Credits, construction and permanent debt from Huntington National Bank and Cedar Rapids Bank & Trust, and philanthropic capital from The Cleveland Foundation.
• Ascent at Hover Crossing Mixed-income housing community in Longmont, Colorado, developed in partnership with the Longmont Housing Authority. Integrates an on-site Early Childhood Education center operated by OUR Center / Aspen Center for Child Development, with at least 50% of child care slots offered on a sliding scale.
• Kite Route Crossing Affordable housing development in Superior, Colorado providing a 'coming home' opportunity for seniors displaced by the December 2021 Marshall Fire disaster. The community represents Superior's first affordable housing development.
• The Pryde Boston's first LGBTQ-affirming senior affordable housing community. Recognized with the 2018 Boston Preservation Alliance Achievement Award for its preservation and community impact.
• Pennrose Foundation Nonprofit charitable foundation supporting educational scholarships, community grants, and resident relief funds for residents of Pennrose communities. Operates as a wholly-owned subsidiary of Pennrose Properties, LLC.

Quantifiable outcome

• 2,500 affordable homes completed in Maryland
• +2 more outcomes

Named customers6 records

Segments5 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature2 records

Partnerships

Ten partnerships are on record, tiered core and key.

• RiseBoro Community PartnershipcoreStrategic or Co-development Partner · 1 November 2025Partners in Elizabeth Street Garden development project in New York. Pennrose, along with RiseBoro and Habitat for Humanity NYC and Westchester, sued the city over the Elizabeth Street Garden land designation.
• Habitat for Humanity NYC and WestchestercoreStrategic or Co-development Partner · 1 November 2025Partners in Elizabeth Street Garden development project. Joint lawsuit filed against NYC over parkland designation.
• The Cloud CompanykeyStrategic or Co-development Partner · 1 October 2025Partnership on $80 million, 180-unit mixed-use development in Naugatuck, Connecticut. Partnership on Westbrook Village revitalization.
• Hunt CompaniescoreStrategic or Co-development Partner · 1 January 2017In 2017, Hunt Companies acquired a minority interest in Pennrose. Pennrose assumed responsibility for oversight of substantial projects in Hunt's pipeline. Combined, the firms are responsible for 300+ mixed-finance/mixed-income projects touching 40,000+ units of housing across the U.S.
• MPact CollectivekeyStrategic or Co-development PartnerLead development group working with Pennrose on the Haverstraw Chair Factory waterfront redevelopment project in New York.
• OUR Center / Aspen Center for Child DevelopmentkeyStrategic or Co-development PartnerNonprofit partnership at Ascent at Hover Crossing development in Longmont, Colorado. OUR Center operates early childhood education center on-site with at least 50% of slots on sliding scale.
• MidTown ClevelandcoreStrategic or Co-development PartnerPartner on Warner & Swasey redevelopment project in Cleveland's MidTown neighborhood. 194,000 sq ft historic building being transformed into 112+ residential units.
• Cuyahoga Metropolitan Housing AuthoritycoreStrategic or Co-development PartnerLong-term partner on Sankofa Village and other Cleveland developments. Provided project-based vouchers for Warner & Swasey.
• Hyde Square Task ForcekeyStrategic or Co-development PartnerCommunity partner on Blessed Sacrament Church redevelopment in Boston's Allston-Brighton neighborhood.
• Presbytery of PhiladelphiakeyStrategic or Co-development PartnerFaith-based partner on Good Shepherd development at former church site.

Scale indicators4 records

Recent moves7 records

Expansion highlights5 records

Direct peers

• The Related Companies: Large national developer of mixed-income and affordable housing that frequently partners with public housing authorities on LIHTC-supported redevelopments, directly comparable to Pennrose's core business model.
• L+M Development Partners: Affordable and mixed-income housing developer active on the East Coast, layering public subsidies and LIHTC similarly to Pennrose and frequently competing for the same public-housing-authority RFPs.
• Enterprise Community Partners: National nonprofit developer and LIHTC syndicator with a similar mission-driven affordable-housing model and deep relationships with state housing finance agencies, comparable to Pennrose Development.
• BRIDGE Housing: West-Coast-focused affordable and mixed-income developer that uses LIHTC and public-private partnerships on multifamily developments, directly comparable to Pennrose's development platform.
• Mercy Housing: National nonprofit affordable-housing developer combining LIHTC development with on-site supportive services (a model close to Pennrose's combination of Pennrose Development and Pennrose Impact).
• The Community Builders: Nonprofit developer of mixed-income housing that partners with public housing authorities on large-scale redevelopments, comparable to Pennrose's work with Philadelphia, Cuyahoga, and Newark PHAs.
• WinnCompanies: National developer and manager of affordable, mixed-income, and market-rate housing — the property-management scale (managed portfolio) and development execution are closely aligned with Pennrose's dual PMC/Development model.
• Preservation of Affordable Housing (POAH): National nonprofit that preserves and develops affordable rental housing using LIHTC and HUD financing, comparable to Pennrose's affordable rental focus and supportive-services approach.

Emerging players

• Hunt Companies: Pennrose's 2017 strategic partner and minority owner; an established real estate investor that co-develops and provides capital for affordable and mixed-income housing, overlapping significantly with Pennrose's pipeline.
• National Church Residences: Nonprofit developer and operator of affordable senior housing with on-site supportive services, closely comparable to Pennrose's senior-focused products such as Good Shepherd and The Pryde.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks5 records

Key highlights6 records

Customer concentration

• Xx.com/PennroseCompany

Compliance11 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles18 records

Subsidiaries3 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Pennrose