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About Us

A Firm Based on a Vision of Value Creation

In 2003, Penwood founders Richard Chase, John Hurley and Karen Nista came together to put their depth and breadth of real estate experience to work implementing their own vision. Using a highly targeted, value-creation investment strategy, they have provided qualified institutional investors access to domestic, supply-restrained real estate markets. The founders, joined by Joe Koziol, Christine Kubas, and Zack Flynn, lead Penwood today and their strategy has been a fundamental part of its longevity.

Key to Penwood’s approach is making investment and fund-management decisions from an owner’s perspective. In making decisions, the team:

  • Never loses sight of investors’ risk/return parameters.
  • Applies realistic, forward-looking assumptions using strict underwriting criteria to maximize long-term value.
  • Responds quickly and decisively to any requests for information and data by investors and operating partners.
  • Shares risk through co-investment of capital in each partnership.
  • Upholds the highest standards of openness, candor and honesty when interacting with investors and operating partners.

Throughout its history, Penwood’s leadership team has proven adept at executing value-added investment strategies and maintaining its fiduciary responsibilities for investors.

Penwood is a Connecticut limited liability company based in West Hartford, and is registered as an investment adviser with the Securities and Exchange Commission.


Penwood’s objective is to create significant value for investors by structuring and executing investment strategies that manage incremental risk and capitalize on commercial real estate supply/demand trends.


The Penwood Principals believe that:

  • Understanding investor objectives provides the framework for structuring investment strategy and delivering exceptional client service.
  • Executing value-added strategies with quantifiable incremental risk provides for above-market returns.
  • Supply-restrained markets provide optimal conditions for achieving premium investment results.
  • Principal-owned and operated investment advisory firms provide ideal investor alignment of interest.


Our investment expertise is our strength.

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Penwood's partnerships are structured to maximize alignment of interests.

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A highly focused investment strategy with a disciplined process.

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