Pittsburgh—Philadelphia-based real estate development and management company Pennrose has added the Pittsburgh apartment community Cloverleaf Village Apartments to its management portfolio. Pennrose will manage the community on behalf of Winshaw Partners LLC.
The 60-year-old Cloverleaf Village Apartments, situated in the South Hills of Pittsburgh, is considered a vintage asset for Pennrose. It is a conventional, market-rate community of 36 buildings with a total of 148 one-, two- and three-bedroom apartments. In the next year, Pennrose will supervise some $800,000 in capital improvements at the community. Those renovations include a number of exterior projects, as well as the potential rehabilitation of apartments.
Pennrose has been focused on third-party management opportunities, the company noted. Cloverleaf Village Apartments fits its criteria, and adds additional diversification to its managed portfolio.
The addition of the apartment community to its portfolio allows Pennrose to continue to boost its presence in the Pittsburgh market. Pennrose and Winshaw focused on a smooth due diligence and management transition.
Pennrose officials report they are excited to be part of a partnership with Winshaw, and they look forward to a highly successful ongoing management relationship.
“We are thrilled to be part of this management partnership,” says Robert J. Lampher, president of Pennrose Management Company. “I am always pleased when respected partners in the multifamily housing industry recognize the benefits of working with a management company that has a clear understanding of the owner’s needs. I am confident that Pennrose has the ability to successfully deliver management services based on those needs.”
In addition to undertaking targeted capital improvement plans, Pennrose will work with Winshaw to reposition Cloverleaf Village Apartments and implement expense savings programs and aggressive leasing strategies.
According to Pennrose, the company will focus on improving day-to-day operations at the apartment community. It will execute the significant capital improvements scheduled to be completed at the property before the end of 2013, while also delivering top customer service to each of Cloverleaf’s residents.
In addition, Cloverleaf will have access to increased management and operational efficiencies, because Pennrose owns and manages an extensive array of properties across the greater Pittsburgh area. Residents will be offered the chance to take advantage of increased payment options. Finally, the Pennrose regional property manager with oversight of Cloverleaf Village Apartments is a former manager to the property. As a result, she has an intimate working knowledge of both the property and the local community.
“With their strong market presence, quality management team and proven ability to deliver results, Pennrose was the clear choice to manage our asset in Pittsburgh. The Pennrose team identified new opportunities for revenue and created value in areas beyond what we expected,” Winshaw Partners says.