New region to help meet affordable housing demand in Colorado, Arizona, and Utah

Shannon Cox Baker has joined Pennrose as regional vice president to lead the company’s development activities in the states of Colorado, Arizona, and Utah with a regional office in Boulder, Colorado. Bringing more than 15 years of affordable and supportive housing development experience, Shannon will lead the execution and continued growth of Pennrose’s development footprint in the region.

In her role as regional vice president, Shannon is responsible for all aspects of the real estate development process from initial conception through construction, to lease-up and stabilized occupancy or sale. She is currently developing 2700 Wewatta, a supportive housing development for homeless youth in Denver, in partnership with Pennrose and TGTHR, a Colorado-based nonprofit.

“With extensive knowledge of the development landscape and an enthusiasm for social equity, Shannon is the perfect candidate to lead Pennrose’s expansion into the region,” said Tom Anderson, senior vice president at Pennrose. “Shannon’s passion for enacting positive change through real estate development perfectly aligns with Pennrose’s mission-driven approach, and we are confident she will be a tremendous asset to our team. All of us at Pennrose are excited to see how Shannon will leverage the Pennrose platform in a localized way to help solve the unique housing challenges in each of these states.”

Prior to joining Pennrose, Shannon ran her own consultancy and development company, Rivet Development Partners. For over a decade, she provided owner’s representation and project management services to for-profit, nonprofit, and housing authority LIHTC developers throughout Colorado with the mission of leveraging the built environment to drive social change. She also previously held positions with for-profit and public housing agencies where she became a leading advocate for community-based development solutions that improve the lives of the underserved and marginalized.

“I am thrilled to join Pennrose during an exciting time of growth and thoughtful expansion,” added Shannon. “Pennrose has a reputation for transforming communities and lives through high-quality real estate and local partnerships, and I look forward to continuing many of the relationships I’ve built in the region to help meet the demand for more affordable housing.”

Shannon earned a Bachelor of Arts and Science from University of South Carolina Honors College and a Master of Business Administration from University of Colorado Leeds School of Business. She is an active member of the CU Real Estate Center and Housing Colorado.

Pennrose’s presence in the Mountain Region is in direct response to the increasing affordable housing shortage throughout the mountain states. According to the National Low Income Housing Coalition, Colorado, Arizona, and Utah are facing some of the most extreme cases of limited housing supply in the country, with only 26 affordable rental homes per every 100 low-income household in Arizona, and 30 and 32 rental homes per every 100 low-income households in Colorado and Utah, respectively.