New investment service firm aims to acquire, stabilize, and preserve multifamily rental communities
Contour Housing Partners (Contour), a new housing preservation firm, was officially launched by executives from Pennrose, one of the nation’s largest developers of affordable housing. The new entity is focused on shaping the country’s housing landscape through strategic investments in communities of need, including the acquisition and preservation of existing affordable housing as well as the development of new workforce housing.
“Our nation is facing a severe housing affordability crisis compounded by inflation, rising rents, and widespread gentrification,” said Timothy I. Henkel, co-founder and board member at Contour. “As more than 290,000 LIHTC units are about to exit the initial compliance period, Contour was founded to help address insufficient supply by preserving affordable housing, keeping low-income families in their home and providing long term stability.”
Contour will work within communities underserved by quality, affordable housing to acquire, stabilize, and preserve multifamily rental assets. The organization is equipped to partner with owners of affordable multifamily assets under state or federal regulatory programs, unrestricted multifamily and mixed-use assets, and scattered, multi-site development portfolios on the disposition and restructuring of properties.
With a focus on mission-driven capital, Contour also offers investors and institutional funds the opportunity to strategically invest in projects that are focused on the environment, preservation, social issues, and governance excellence.
The new firm is founded by Dylan Salmons, Richard K. Barnhart, Mark H. Dambly, and Timothy I. Henkel of Pennrose. With more than 100 years of combined multifamily real estate development, asset management, and property management experience, Contour benefits from the team’s robust national relationships and deep industry knowledge.
“Our team has dedicated our careers to providing affordable housing and supportive services in underserved communities,” added Dylan Salmons, president and managing partner with Contour. “We look forward to helping address another critical community need by preserving affordable housing stock and enhancing the properties with sustainability and quality of life enhancements.”