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Can Bricks & Mortar Build Communities?
Rutgers University Center for Real Estate Blog
November 2, 2017
KR: The Pennrose tagline is “Bricks & Mortar | Heart & Soul.” What is the message it’s meant to convey about your brand?
JF: Pennrose has been in business for over 40 years. We specialize in multifamily development – affordable, mixed income, and market rate. The bulk of our work is done through partnerships with public and private sector entities and non-profit organizations. Our tagline defines both the physical structure and people sides of our business. From a development standpoint, we have a commitment to building attractive community assets that will improve neighborhoods. At the same time, we are focused on providing great residential experiences to the people who call our communities home.
KR: How does the Pennrose brand affect acquiring new business?
JF: The foundation of future business is built on the relationships and reputation from previous work. The partnerships we have cultivated over the years are critical. Although many of our development opportunities come from acquisition of vacant land and RFPs, even more come from existing relationships. We stand by our track record of a consistent approach to execution. This is not only for projects we developed last year, but five and ten years ago. A big test of success is not how a building looks when it opens, which better be great, but what a property looks like down the road – how it’s managed and maintained. Because of the nature of our business, we tend to be long-term owners and managers. When we are talking to potential partners, we always offer them tours of our existing portfolio in their area.
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