Richard K. Barnhart
Chairman and Chief Executive Officer
Pennrose Properties, LLC

In March 1985, Mr. Barnhart began at Pennrose as co-owner and President of its development company – Pennrose Properties.  Since that time he has provided leadership and developmental oversight for the Pennrose team of developers.  Pennrose, a Philadelphia-based firm, together with its related companies, employs over 400 people.  It is a real estate development company specializing in multi-family housing.  Currently active in seven states, Pennrose is one of the nation’s largest producers of affordable housing for families and for seniors.  It continues to own and manage over 8,000 rental apartment units – in addition to hotel, restaurant, retail and assisted-living facilities.

Mr. Barnhart’s planning, development, financial management and implementation expertise provide solid direction and guidance for successful completion of each real estate development Pennrose undertakes.  To date, Pennrose and its team of developers have successfully completed more than 150 real estate transactions.

Mr. Barnhart is especially adept with projects involving intricate public-private partnerships.  His experience and innovative approach combines the ability to assess a project from the market-driven perspective of a private developer in concert with the economic development objectives of the public sector.  Under his leadership, Pennrose has become particularly successful with large mixed use developments.  Barnhart has also initiated and fostered dozens of ongoing relationships with nonprofits, with whom Pennrose often develops ongoing relationships.  He actively seeks ways to involve community members in the development process. 

After two decades of successful partnership with his associate and co-owner, John B. Rosenthal, John retired in 2004.  With the retirement of Mr. Rosenthal from the development side of Pennrose, Mr. Barnhart assumed the role as Chairman and Chief Executive Officer.  His lifelong friend, Mark Dambly, joined him as new co-owner and President

In addition to his development activities, Mr. Barnhart is a nationally recognized speaker on real estate finance and development, and has testified before the United States Senate on housing issues.  He has served on the Board of Directors for the Tax Credit Advisory Committee of the New Jersey Housing and Mortgage Finance Agency; the Board of Trustees of Housing New Jersey; and is a Director of the Affordable Housing Tax Credit Coalition based in Washington, D.C.  He is a recipient of the Bridge Builders Award – presented by Partners for Livable Communities, a national leadership organization that honors civic leaders for their pioneering spirit in working together to improve the quality of life in American communities.

Along with his civic involvement, Barnhart participates in numerous charitable and community activities.  He is a member of the Board of Trustees at The Agnes Irwin School in Rosemont; a former member of the Outreach Council of the Bryn Mawr Presbyterian Church; and a former Board and Executive Committee member of the Friends of The Philadelphia Museum of Art.  In addition, he provides pro bono services to many Delaware Valley nonprofit organizations.

Mr. Barnhart holds a bachelor of science degree from Pennsylvania State University.  He and his wife, Barbara, have two children:  a daughter, Carter and a son, Grant.