Pennrose, a leading affordable and mixed-income housing developer and operator, has announced several leadership changes.

Tim Henkel
Tim Henkel

Tim Henkel, who has recently served as president, will lead the organization as CEO, and Charlie Adams, who has been vice president of the New England region, has been named president.

As CEO, Henkel is responsible for overseeing Pennrose’s more than 520 employees as well as development and property management activities across 17 states, the District of Columbia, and the Caribbean. Henkel, who began his career with the firm more than 25 years ago, helped lead the strategic diversification of Pennrose’s development pipeline and significant regional expansion across the country.

Adams will oversee Pennrose’s national development strategy. Since joining the company in 2016, he has been instrumental in the company’s expansion across the New England market, growing its footprint to more than 1,250 units across 20 communities. Senior developer Karmen Cheung will succeed Adams as New England regional vice president, overseeing Pennrose’s development activities in Connecticut, Massachusetts, and Rhode Island.

As part of the succession plan, executive chairman of the board Richard K. Barnhart and former CEO Mark H. Dambly have transitioned from day-to-day responsibilities with the organization to Pennrose board members.

Charlie Adams
Charlie Adams

“Richard and Mark’s four decades of leadership have shaped Pennrose into the real estate owner, operator, and developer we are today,” Henkel said. “Pennrose is well positioned to continue its role within the industry as a significant producer of affordable housing, steward of capital resources, and partner to local economic development leaders. We will continue to deliver impactful housing opportunities through the execution of the informed visions of our local partners.”

Dambly called the transition “the next step of a thoughtful succession strategy.”

“Tim’s commitment to innovation, sound leadership, and unwavering dedication to Pennrose’s mission of community transformation make him uniquely qualified to lead the organization into this exciting new chapter,” he said.

Since its inception in 1971, Philadelphia-based Pennrose has grown from a regional affordable housing developer to one of the country’s largest producers of mixed-use, mixed-income multifamily development with more than 27,000 units across 350 housing communities.

Pennrose ranked No. 6 on the AHF 50 list of top developers and No. 36 on the AHF 50 list of top owners in 2024.