Pennrose Names Timothy Henkel as Chief Executive Officer; Announces Strategic Leadership Appointments

Transition finalizes a multi-year succession plan, positioning the affordable housing leader for continued growth

PHILADELPHIA, Jan. 16, 2025 /PRNewswire/ -- Pennrose, a national leader in the development and management of high-quality mixed income and mixed-use housing, has announced several strategic leadership changes as part of a multi-year succession plan.

Former President Timothy Henkel will lead the organization as chief executive officer. Charlie Adams, past regional vice president of New England, has been named president. As part of the succession plan, Executive Chairman of the Board Richard K. Barnhart and former Chief Executive Officer Mark H. Dambly have transitioned from day-to-day responsibilities with the organization to active members of the Pennrose board.

As chief executive officer, Henkel is responsible for overseeing Pennrose's more than 520 employees, as well as development and property management activities across 17 states, the District of Columbia, and the Caribbean. Henkel, who began his career with Pennrose more than 25 years ago, helped lead the strategic diversification of Pennrose's development pipeline and significant regional expansion of high quality, affordable housing across the country.

"Richard and Mark's four decades of leadership has shaped Pennrose into the real estate owner, operator, and developer we are today," said Timothy Henkel. "Pennrose is well positioned to continue its role within the industry as a significant producer of affordable housing, steward of capital resources, and partner to local economic development leaders. We will continue to deliver impactful housing opportunities through the execution of the informed visions of our local partners."

"Tim's commitment to innovation, sound leadership, and unwavering dedication to Pennrose's mission of community transformation make him uniquely qualified to lead the organization into this exciting new chapter," added Mark H. Dambly. "The transition is the next step of a thoughtful succession strategy, and we are confident Pennrose will continue to thrive with Tim at the helm." 

As president of development, Adams will oversee Pennrose's national development strategy. Since joining the company in 2016, Adams has been instrumental in Pennrose's expansion across the New England market, growing its footprint to more than 1,250 units across 20 communities. Senior Developer Karmen Cheung will succeed Adams as New England regional vice president, overseeing Pennrose's development activities in Connecticut, Massachusetts, and Rhode Island.

"I am honored and excited to continue the great work that Tim has done as president of development.  He has created a culture that empowers our developers to see their work as being part of something greater than themselves and understand how high-quality housing and wrap-around supportive services can positively change the trajectory of families," said Charlie Adams. "As we look to the future, our mission to transform lives and deliver outstanding value to residents and partners remains at the forefront of everything we do."

The strength, experience, and depth of the Pennrose team will ensure the company's continued success for many years to come. All senior leadership promotions are tenured Pennrose employees who bring a wealth of experience and institutional knowledge to their roles. In late 2023, Pennrose announced the promotions of Marsha Blunt to president of Pennrose Management Company (PMC) and Margot Elton-Ratliff to vice president of operations. Additionally, in June 2024, Pennrose announced the addition of Tricia Yarger, a veteran of the affordable housing finance industry, as the first vice president of capital markets.

Since its inception in 1971, Pennrose has grown from a regional affordable housing developer to one of the country's largest producers of mixed-use, mixed-income multifamily development with more than 27,000 units across 350 housing communities. Today, Pennrose is nationally acclaimed for its innovative approach to development and commitment to localized partnerships to deliver transformative housing solutions tailored to meet the needs of individual communities.

About Pennrose
With more than 50 years of experience, Pennrose combines quality development and proven management to deliver exceptional lifestyle-centered communities for its residents. With the superior knowledge and unparalleled dedication to get the job done right, Pennrose develops and operates conventional, affordable, mixed-income, and mixed-use communities throughout the United States. For more information visit www.pennrose.com.

SOURCE Pennrose