The fourth and final phase of Gloria Robinson Court Homes in Jersey City, developed by Pennrose, is a 70-unit mixed-income townhome complex that includes affordable homes and an early childhood education center. — Courtesy: Pennrose
By Joshua Burd
Multifamily developer Pennrose has started 2022 with a newly configured leadership team, tapping two of its longtime executives for the roles of CEO and president.
The Philadelphia-based firm, a longtime player in New Jersey, announced last month that Mark H. Dambly will serve as chief executive, guiding the strategic direction of its shared services departments, property operations and company culture. Meantime, Timothy I. Henkel has assumed the role of president and is now responsible for all company-wide development activities.
Longtime Pennrose leader Richard K. Barnhart will remain executive chairman, continuing to oversee the debt, equity, legal and compliance and asset management functions of the organization.
“As we look to Pennrose’s future, the growth of our senior executives continues to be a priority,” Barnhart said. “These changes will enable each of us to focus our responsibilities as we move through the next phase of our organizational development and allow others to advance.”
In announcing the moves, the firm said the title changes will better reflect the evolution of each executive’s responsibilities. In a strategic plan created in 2015, the organization identified a structure for development growth, including product and geography expansions.
For his part, Henkel’s direct reports will include all development senior vice presidents and regional vice presidents.
“Through the collaboration of a talented team of development professionals, we have expanded the production of affordable housing units in new markets and have grown the development team by more than 30 individuals,” Henkel said. “We will continue our commitment to local and regional development leadership. We are honored to help the entities we are partnering with achieve their housing goals for low-income individuals and families.”
Pennrose, which has developed more than 27,000 rental housing units equating to more than $5 billion in total development, has a total footprint spanning some 350 properties in 16 states, plus the District of Columbia and the U.S. Virgin Islands. Its New Jersey portfolio includes the 129-unit Gloria Robinson Court Homes in Jersey City, the 84-unit Residence at Roosevelt Park in Edison and the 207-unit Premiere Residences in New Brunswick, among others.
The firm said its leadership is currently engaged in developing a new strategic plan to guide initiatives and tactics for the next four years. The plan’s primary areas of focus are growth and diversification, human capital, company-wide succession planning and diversity, equity and inclusion.
“We continue to be focused on the Pennrose Mission of transforming communities,” Dambly said. “Clarifying the roles and responsibilities among the principals will help to expand our commitment to Pennrose team members, residents and partners.”