Texas firm buys stake in Philly-based developer Pennrose

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Artist’s rendering of Pennrose’s proposal for the 800 Vine St. development site near Chinatown.

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.

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