Chairman and CEO
Richard K. Barnhart is Chairman and Chief Executive Officer of Pennrose, one of the nation’s largest producers of mixed-use and mixed-income multifamily housing. He provides leadership and oversight to the nearly 400 Pennrose employees that support the enterprise’s real estate development and property management activities. Richard’s planning, development, financial management, and implementation expertise provide solid direction and guidance for successful completion of each real estate development Pennrose undertakes. He is particularly adept with projects involving intricate public-private partnerships.
Richard began his career at Pennrose in 1985, as co-owner and president of its development company. Under his leadership, Pennrose has demonstrated exceptional development execution with large, award-winning mixed-use developments. From an historic rehabilitation perspective, Pennrose has completed more than 30 developments fully complying with National Park Service standards and has renovated more structures using a combination of low-income housing tax credits and historic rehabilitation tax credits than any other developer in the country. Richard has initiated and fostered numerous ongoing relationships with nonprofits, and he actively seeks ways to engage community members in participatory development processes.
Richard and his partners at Pennrose have completed more than $3.75 billion in real estate development. In addition, Pennrose has overseen the development and construction of over 200 developments and continues to own and manage more than 16,000 apartment units. The company has also engaged in many commercial and mixed-use developments in areas where it owns significant residential holdings.
Under his leadership, Pennrose has been recognized for development and management expertise, including receiving Charles L. Edson Tax Credit Excellence awards for Gloria Robinson Court Homes, Oaks at Park Pointe, Rush Crossing, Obery Court, and Mary Taylor House. Pennrose was named Management Company of the Year by New Jersey Apartment Association in 2012 and 2015. Pennrose has recently been recognized in consecutive years as a Best Places to Work by the Philadelphia Business Journal.
In addition to his development activities, Richard is a nationally recognized speaker on real estate finance and development and has testified before the United States Senate on housing issues. In 2012, he was recognized nationally by Multi-Housing News, a leading industry trade publication, as its Executive of the Year.
Beyond his business activities, Richard participates in numerous charitable and community activities.
Mr. Barnhart received a Bachelor of Science degree in real estate and insurance from Pennsylvania State University.