Texas firm buys stake in Philly-based developer Pennrose
Under the deal, Hunt will secure a long-term interest in Pennrose's future developments, while Pennrose takes on oversight for projects in Hunt's pipeline.
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El Paso, Texas-based real estate investor Hunt Cos. has acquired a minority stake in Pennrose Properties LLC of Philadelphia in what the firms characterize as a strategic alliance aimed at boosting their holdings.
Under the deal, Hunt will secure a long-term interest in Pennrose's future developments, while Pennrose takes on oversight for "a substantial portfolio of projects in Hunt's pipeline," the companies said in a release Tuesday.
Projects currently underway by Hunt and Pennrose are to continue as negotiated, with the partnership applying its combined capabilities to new work, the companies said.
A Hunt spokeswoman declined to provide financial details of the deal.
Hunt and Pennrose are together responsible for more than 300 projects encompassing some 40,000 affordable and market-rate units nationwide, they said.
Pennrose's past Philadelphia-area projects include the John C. Anderson senior-affordable apartments in Center City and the conversion of a row of historic rowhouses beside Fairmount Park in West Philadelphia into affordable apartments.
A team led by Pennrose was also selected in April to develop a 3.2-acre city-owned lot at Chinatown's eastern edge.