Dealpath Case Study: Pennrose: Centralizing Multifamily Development Deal Data, Documents & Workflows

Dealpath Case Study

Pennrose: Centralizing Multifamily Development Deal Data, Documents & Workflows

We’re looking to identify the indicators that correlate most with our profitability. Dealpath allows us to easily gather and report on them, which will ultimately help us realize that vision.

Timothy I. Henkel
Principal & Senior VP

Pennrose is a private full-service real estate development and property management firm founded in 1971.Pennrose has developed over 17,000 rental housing units, representing over $3 billion in total development costs financed by a variety of public and private sources. Their portfolio includes more than 265 distinct market-rate, affordable, and mixed-use developments across 16 states and the District of Columbia, earning them nationwide recognition as a leader in real estate development and multifamily property management.

Deal type:

Asset Class:

Total Projects:

350*

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*As of 5/19/22

The Challenge

Over the past several years, Pennrose has been evaluating exponentially more deals — over 100 at any given time — and they close roughly 15 annually.

Pennrose has traditionally relied on Microsoft Excel spreadsheets and Word checklists to manage these development projects. Data sharing and collaboration proved to be constant challenges. As Pennrose grew and began undertaking larger, more complex deals, they felt that their developers were spending too much time manually updating data and searching for documents. Upper management was concerned about how quickly they could receive reports.

Pennrose recognized this as an opportunity to replace their legacy software. They began searching for generic software alternatives, but determined these tools would require extensive configuration to fit their needs. Ultimately, this is what led them to seek a cloud-based deal management solution.

Dealpath has improved our efficiency and streamlined our process. Now we can manage assignments, critical dates, and tasks from one location and share them across multiple teams. No other application can do that.

John DeSantis
VP of Information Technology

The Solution

Pennrose is using the Dealpath platform to keep their projects on track and their team performing in unison.

Pennrose leveraged Dealpath’s industry knowledge and flexible tools to create a wide array of deal templates to standardize their process. Their new workflow automatically tracks critical dates and ensures tasks are correctly assigned and completed on time. In addition, Dealpath has become their knowledge base for deal data and documents, giving team members immediate 24/7 access and allowing them to perform advanced deal analytics.

Finally, Pennrose gained the ability to communicate directly through the platform — both internally and with external collaborators. Combined, these features have established a system full of safeguards and tools purposebuilt to keep Pennrose consistently closing high quality deals.

The Results

Once implemented, the Pennrose development team and project managers immediately gained a significant portion of their days back. The team had previously been stuck performing administrative tasks — updating spreadsheets, disseminating documents, and chasing team members to get status updates. Dealpath let them reallocate that time toward value-add work that contributes directly to the firm’s bottom lines.

In addition, Pennrose is using Dealpath to intelligently structure and organize their data. “With Dealpath, our reports are always up to date, allowing us to make data-driven decisions in real time,” commented Noah Freiberg, a developer at Pennrose.

Having accessible and up-to-date information proved valuable to upper management as well. “Dealpath acts as our single source of truth and our centralized repository for deal information and deal attributes,” said VP of Information Technology John DeSantis. “Dealpath has improved our efficiency and streamlined our process. Now we can manage assignments, critical dates, and tasks from one location and share them across multiple teams. No other application can do that.”

Pennrose's Portfolio

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