El Paso, Texas–based Hunt Cos. has closed on an agreement with Philadelphia-based Pennrose Properties to acquire a minority interest in the latter, as the two companies form a strategic partnership for future endeavors.
As part of the 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. Each firm will continue development activities on all current projects as negotiated with entities across the U.S. The partnership will look to apply its combined capabilities in new opportunities.
“This agreement expands the working relationship between Hunt and Pennrose,” said Hunt’s CEO, Chris Hunt, in a statement. “We're looking forward to combining our abilities and expertise to further grow our portfolios and continue to serve our partners in mixed-income housing projects.”
Hunt and Pennrose, both privately held companies, are responsible for more than 300 mixed-finance/mixed-income projects touching more than 40,000 units of housing across the country.
“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, in the statement. “Together, Hunt and Pennrose will continue to deliver the expertise, vision, and operational excellence which transform communities.”
