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Two development companies, one based in Texas and the other in Philadelphia, have joined forces.
El Paso-based Hunt Cos. has purchased a minority stake in Pennrose Properties, joining together two development companies with sizable resources devoted to affordable housing projects. As part of the deal, Pennrose will manage and oversee a "substantial portfolio of projects in Hunt's pipeline," according to a Pennrose press release.
All existing deals and projects that Hunt and Pennrose started independently before their agreement will continue unchanged. The companies stated their intent to find new deals together in the future.
Pennrose and Hunt are responsible for more than 300 projects containing 40,000 affordable housing units nationwide between them. Financial terms of the deal were not disclosed.
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