Using rigorous creativity, we thrive within the most competitive multifamily real estate markets in the United States. Our team brings it to every project, every day. The big ideas. The elegant details. It all works together, driven by an entrepreneurial mindset and strategic process.
Get to know the experts who locate opportunities and unlock value by bringing their visions to life.
Ron Zeff founded Carmel Partners in 1996 and is its Chief Executive Officer. Since founding the firm, Mr. Zeff has been responsible for building the current management team and creating the fiduciary and entrepreneurial culture of Carmel that has led to the successful execution of over $5 billion in multifamily investments. Mr. Zeff leads the senior team in all aspects of property acquisition, development, financing, asset management, and investor relations. He also chairs the Investment and Executive Committees.
Previously, Mr. Zeff was with Trammell Crow Residential in their San Francisco office beginning in 1988 and was promoted to Partner in 1989. During his tenure at Trammell Crow Residential, he initiated the firm’s entry into the city of San Francisco. His responsibilities included sourcing, obtaining entitlements, financing, and project management for the firm’s efforts in the city of San Francisco.
Mr. Zeff received his Bachelor of Arts degree from the University of California, Berkeley, and a Master of Business Administration degree from the Stanford Graduate School of Business. He is a member of the National Multifamily Housing Council and serves on the organization’s Executive Committee. He is also a Trustee of the California Academy of Sciences. Mr. Zeff has received numerous philanthropic and industry awards throughout his career, including the City of Hope, Spirit of Life Award in 2015.
Michael LaHorgue joined Carmel Partners in 2014 with more than 30 years of institutional and private real estate investment experience. As President of Carmel, Mr. LaHorgue manages the day-to-day activities of the firm. He is responsible for coordinating the Investment and Operations Teams and for overseeing the implementation of Carmel's strategic objectives. Mr. LaHorgue is a voting member of the Investment Committee and Executive Committee. He also leads the Management Committee.
Prior to joining Carmel, Mr. LaHorgue was the founder of Seaview Ventures, LLC, a private real estate investment company, which was active in many aspects of multifamily and distressed real estate investment. The firm focused primarily on buying and renovating apartment and condominium properties in Northern and Southern California. Mr. LaHorgue also previously spent nine years at Shorenstein Properties, where he served as President of Shorenstein Realty Services, the firm’s property services subsidiary. While at Shorenstein Realty Services, his responsibilities included oversight and direction of the day-to-day activities of the Leasing, Property Management, Construction, Accounting, Human Resources, and Operations Groups, as well as the ground-up Development Team.
Mr. LaHorgue earned his Bachelor of Arts degree in political science from the University of California, Berkeley.
As Carmel Partners’ Chief Financial Officer, Dennis Markus has overseen all financial operations since joining the firm in 2012. He also serves as a voting member of both the Investment and Executive Committees and serves on the Management and Compliance Committees.
Mr. Markus was previously the CFO and President of Larkspur Hotels and Restaurants, a fully-integrated owner, operator, and developer of hotels and restaurants in the Western United States. While at Larkspur, he oversaw the firm’s financial and business operations and honed his disciplined investment policy.
With more than 30 years of experience in the real estate and financial service industries, Mr. Markus has also worked in several key financial and operational roles at Transamerica Corporation and its subsidiaries, including serving as President and CFO of Transamerica Senior Living.
Mr. Markus received his Bachelor of Arts degree in economics from Stanford University and a Master of Business Administration degree from the Wharton School at the University of Pennsylvania.
Trey Hilberg is the strategic and operational leader of the Investments Team for Carmel Partners. He oversees acquisition and disposition activities nationally. Mr. Hilberg identifies and evaluates strategic value-add opportunities, and spearheads investment efforts that align with Carmel’s evolving market strategy initiatives. Prior to his current role, Mr. Hilberg was Senior Vice President, Investments for Denver, New York, and Washington D.C. He has been a member of the Investments Team since 2004, is a voting member of the Investment Committee, and serves on the Management Committee.
Prior to joining Carmel, Mr. Hilberg was a broker with Marcus and Millichap in Denver, CO, and an Asset Manager at Torrey Pines Property Management in San Diego, CA. He graduated with a Bachelor of Arts degree in finance from the University of Colorado, Boulder.
As Senior Vice President, Investments at Carmel Partners, Michael Pence has over 23 years of experience and 10 years specifically in multifamily investments.
In his role, Mr. Pence leads acquisition and disposition activities in Seattle, Northern California, and Hawaii. He is responsible for identifying and evaluating strategic value-add opportunities, overseeing transactions, and managing all investments efforts within his portfolio.
Prior to joining Carmel, Mr. Pence was Senior Director for the IP phone network, Tellme. He spent the first 13 years of his career in marketing and sales roles where he developed an expertise in growing high tech, early stage companies into sustainable businesses with diversified client bases.
He earned a Bachelor of Arts degree in psychology from Dartmouth College.
As Vice President, Investments, Mick Barbee has led the acquisition and disposition activities in Southern California for Carmel Partners for more than 15 years. He is responsible for identifying and evaluating investment opportunities, overseeing transactions, and managing all investments efforts within his portfolio.
Prior to joining Carmel, Mr. Barbee was a Development Manager at Avalon Bay for four years, where he was involved in the acquisition/renovation of over 2,800 apartment homes. Additionally, he handled all underwriting and coordination of due diligence efforts.
Mr. Barbee earned his bachelor’s in finance, real estate and law at California State Polytechnic University, Pomona, and a master’s in business administration from the University of California, Irvine.
As Vice President, Investments, Erin Beitz is responsible for acquisitions and dispositions of existing multifamily projects in the New York and Washington D.C. MSAs. Ms. Beitz has been involved in commercial real estate for 14 years, with a focus in the multifamily sector. She is a member of the National Multi Housing Council (NMHC) and the New York chapter of Commercial Real Estate Women (CREW).
Prior to joining Carmel Partners, Ms. Beitz held multiple positions in the Acquisitions Group for Berkshire Property Advisors and was involved in over $1.0 billion in acquisitions of multifamily real estate and note positions.
Ms. Beitz received a Bachelor of Arts with high honors in theatre arts from the University of Nebraska and a Certificate in Real Estate Finance from Boston University.
As Vice President, Investments, Jeff Haag is responsible for acquisitions and dispositions of existing multifamily projects in Denver.
Prior to joining Carmel Partners in 2018, Mr. Haag spent four years as Director at Holliday Fenoglio Fowler, a commercial real estate firm, where he performed, organized, advised, and managed various institutional transactional processes. His role involved sourcing and executing existing multihousing and land transactions throughout metro-Denver between institutional buyers and sellers.
Mr. Haag holds a Master of Science in real estate from the University of Denver. He received his undergraduate degree in finance from Ohio State University.
Mike Ruiz joined Carmel Partners in 2011. As Vice President, Investments, Mr. Ruiz is responsible for the acquisition and disposition of operating assets, land, and debt instruments of existing multifamily projects in Northern California.
Prior to joining Carmel, Mr. Ruiz was a Senior Associate in PricewaterhouseCoopers Real Estate practice where he advised private and public REITs on real estate matters.
Mr. Ruiz earned a Bachelor of Science in economics and business administration from Saint Mary’s College of California.
Dan Garibaldi rejoined Carmel Partners in 2010 and is responsible for overseeing the company’s development and construction efforts, from initiation of site acquisition through project completion. Prior to his promotion to Managing Partner, he was the Senior Vice President, Development and Construction. Mr. Garibaldi is a voting member of the Investment Committee and serves on the Management Committee.
Before joining Carmel in 2010, Mr. Garibaldi was Senior Managing Director for Trammell Crow Residential, leading all zoning, financing, and development activities in its Northern California Division. He joined TCR in 2004 and helped to broaden its development capabilities beyond apartment communities to include for-sale housing in both suburban and urban markets. Prior to joining TCR, Mr. Garibaldi was a Director at Carmel and led acquisition efforts in the Pacific Northwest as well as the firm’s entry into condominium conversions. Prior to joining Carmel, Mr. Garibaldi was a Senior Associate in U.S. Bancorp Piper Jaffray’s Investment Banking Division where he held a leadership position managing equity offerings and M&A assignments for companies in the online and financial services industries.
Mr. Garibaldi received a bachelor’s degree in economics and Italian from The University of Notre Dame and a master’s degree from the Stanford Graduate School of Business. He is currently a member of the Real Estate Board of New York, the state's first real estate trade association.
As Partner, Head of Development Execution & Operations, Kimberly Hoeksema leads development execution of new multifamily projects nationwide and is responsible for orchestrating and refining Carmel Partners’ cross-functional, operational processes.
Ms. Hoeksema joined Carmel in 2006 as a VP of Development. Since that time, she has taken on various executive roles, each with increasing responsibility, in Asset Management, Construction and Development Execution, overseeing the full range of ownership, construction, and redevelopment activities.
Prior to joining Carmel, Ms. Hoeksema was the Vice President of Construction for DR Horton’s multifamily division within the Denver Metro area, where she was responsible for all construction, purchasing, and warranty operations. With two decades of real estate and construction experience, Ms. Hoeksema has worked on numerous projects that have received prestigious awards for environmental and design excellence. She is also a member of the Urban Land Institute and the National Home Builders Association.
Ms. Hoeksema earned a Bachelor of Arts degree in construction management from Colorado State University and an Executive Master of Business Administration degree from the University of Denver.
As Partner, Development, Neils Cotter oversees Carmel Partners’ Southern California development projects with flexibility and creativity. He has 15 years of experience in identifying growth opportunities and executing focused business strategies.
Prior to joining Carmel in 2012, Mr. Cotter was Vice President of Acquisitions and Asset Management for Matteson Companies, where he led acquisition, disposition, and asset management activities in Southern California, Las Vegas, and Denver. He was also the Acquisitions and Development Director for real estate developer, Intracorp Southern California. Previously, Mr. Cotter was a Captain in the United States Air Force.
Mr. Cotter received a Bachelor of Science degree in civil engineering from Duke University and a Master of Business Administration degree from INSEAD.
Lee Bloch joined Carmel Partners in 2013 as Vice President, Development and now serves as Senior Vice President, Development. Working in collaboration with the Construction and Development Teams to execute comprehensive strategic development plans, Mr. Bloch currently leads the firm’s development efforts in the Northeast, specifically in the New York and D.C. Metro areas.
With 19 years of industry experience, Mr. Bloch has been involved in both multifamily and retail development. Prior to joining Carmel, Mr. Bloch held various positions including Vice President at Archstone, Development Manager at Kimco Realty Corporation, and he also served as both an Analyst and Associate for Time Equities.
Mr. Bloch received his undergraduate degree from the University of Colorado and also holds a Master of Science degree in real estate investment and development from New York University.
With his focus on new acquisitions, zoning, and design, Senior Vice President, Development Greg Christopher oversees all aspects of the development process for Carmel Partners’ projects in Northern California.
Mr. Christopher has 10 years of experience in multifamily real estate in the Bay Area. Prior to joining Carmel, he worked as Development Director for Equity Residential. He has also managed projects at Avant Housing and Toll Brothers. A licensed architect, Mr. Christopher began his career with Robert A.M. Stern Architects in New York.
Mr. Christopher has a Master of Business Administration degree in real estate finance from the Columbia Business School, a master’s in architecture from Columbia University GSAPP, and a Bachelor of Arts from Colby College.
Frank Striegl joined Carmel Partners in 2004 and is a Senior Vice President responsible for acquisition and execution of development projects in Seattle and Hawaii. Mr. Striegl also provides oversight on acquisition and renovation projects nationwide.
Prior to joining Carmel in 2004, Mr. Striegl worked as an Asset Manager for HSC Real Estate, a property management company, managing a portfolio of multifamily properties in the Puget Sound Region. From 1997 to 2003, he was a Development Manager for Continental-Bentall, a developer of upscale multifamily properties in the Seattle region. Mr. Striegl’s real estate experience began in 1991, when he worked as a Senior Asset Manager for Gentra Capital Corp, a real estate investment firm based in Seattle, managing commercial, industrial, and multifamily properties throughout the Northwest and California.
Mr. Striegl received his bachelor’s degree in economics from the College of William and Mary and he earned a Master of Business Administration degree from the University of Michigan.
Will Cipes joined Carmel Partners in 2016 as Director, Development. He is responsible for sourcing new multifamily development projects in Southern California. He evaluates feasibility, performs sub-market due diligence, and structures transactions.
His background includes more than twelve years in diverse capacities within the real estate industry. Prior to Carmel, Mr. Cipes was Vice President with Kanon Ventures, focusing on overall portfolio performance of over 2.5 million square feet of assets, including creative office, medical, retail, and residential properties.
Mr. Cipes received his bachelor’s degree in political science from Pitzer College, and a master’s in real estate development from the University of Southern California.
As Vice President, Development, Yotam Dankner is responsible for sourcing residential development sites throughout the New York Metro market. He evaluates feasibility, performs sub-market due diligence, and structures transactions.
Prior to joining Carmel Partners, Mr. Dankner worked for Barck Capital in New York where he was in charge of acquiring and developing multifamily properties.
Mr. Dankner received a bachelor’s degree in business administration and international relations from The Hebrew University of Jerusalem, and a Master of Science in real estate development from Columbia University. He is also a former Army officer.
As Vice President, Development since 2014, Matt Feldman leads all Development Execution in the North East. Ensuring that Carmel Partners’ development projects are completed to the company’s highest design and quality standards, Mr. Feldman oversees all aspects of development projects upon acquisition, through design development, finance, construction, and marketing to the final hand-off to asset management.
Mr. Feldman was previously Vice President of Development at Douglaston Development, where he managed more than $1.5 billion in development projects. In his 15 years at Douglaston, he oversaw the successful development of over 2,000 units of residential housing and over 150,000 square feet of commercial space, predominately in New York City. A native of New York City, Mr. Feldman has developed and managed affordable housing for one of Brooklyn's preeminent nonprofit organizations, and he has been a Mets fan since birth.
Mr. Feldman earned a Bachelor of Arts degree from the State University of New York at Albany, a Juris Doctor from Brooklyn Law School, and is admitted to the New York State Bar.
With 18 years of experience, Tom Juenger joined Carmel Partners in 2014 as Vice President, Land Acquisitions and is in charge of land acquisition for development of multifamily and mixed-use projects. He evaluates zoning for preliminary design, outlines the steps of the zoning process, and performs property level and market due diligence.
Prior to joining Carmel, Mr. Juenger worked for SRM Development in Seattle, where he was in charge of acquiring and developing multifamily properties across the entire west coast.
Mr. Juenger graduated from the University of California at Davis with a Bachelor of Arts degree in international relations and also earned his Master of Business Administration degree from the University of Southern California.
Jeff Panek is Vice President, Development, at Carmel Partners where he manages development execution for new multifamily projects in Colorado and California. He oversees the day-to-day development projects including design, budgeting, consultant oversight, and coordination with Carmel’s Construction and Asset Management teams.
Mr. Panek is originally from the Bay Area where he previously served as a Development Manager and Director of Commercial Real Estate for Essex Property Trust, a California-based multifamily REIT where he was responsible for ground-up development of new multifamily apartment projects in the San Francisco Bay Area and oversaw the company’s commercial and retail portfolio.
Mr. Panek received his bachelor’s degree in economics from the University of Colorado at Boulder.
As Vice President, Development for Northern California, Greg Pasquali leads zoning efforts on new projects throughout the Bay Area, and leads pursuits and execution for East Bay projects. Additionally, he supports Northern California execution teams with design expertise, political and community strategy, and retail strategy.
Prior to joining Carmel Partners in 2014, Mr. Pasquali was a Project Manager with Holliday Development managing Bay Area multifamily development. He has also worked for affordable housing nonprofits and for five years managed multi-disciplinary technical teams consulting for cities, regional governments, and private and nonprofit developers on long-range development policy, zoning, and urban design.
Mr. Pasquali earned his Bachelor of Arts in architecture and urban studies from Yale University. He was the 2010 Cities in the 21st Century Program fellow, and traveled around the world researching and teaching about urban development and infrastructure. He currently serves as a board member of the Downtown Oakland Association and Jack London District Association. He led the development efforts on Fourth Street East in Jack London Square (Oakland) which won the 2018 NAIOP Bay Area Multifamily Deal of the Year award.
Eric Snow joined Carmel Partners in 2012 and leads development execution of new multifamily development projects in Southern California.
Prior to joining Carmel, Mr. Snow was a Consultant to The Lalanne Group where he led the analysis of UC Berkeley’s student housing operations and new housing development strategy. He also developed construction budgets and cost-saving strategies as a Cost Consultant for Davis Langdon and worked as a Project Engineer for a national general contractor, Clark Construction.
Mr. Snow received his bachelor’s degree in civil and environmental engineering from the University of California at Berkeley and a Master of Business Administration from the Tuck School of Business at Dartmouth.
Since joining Carmel Partners in 2014, Duane Carlson has managed construction activities for all new ground-up development projects. He provides long-range planning, strategic direction, and supervision for the Construction Management Team.
In his 15 years of experience in the industry, Mr. Carlson has also worked with Avalon Bay, where he managed the company’s construction operations in the Pacific Northwest and the San Francisco Bay Area. A member of the San Francisco Building Industry Conference Board and the Association of Building Contractors, Mr. Carlson has managed a range of projects in both Chicago and San Francisco for Orix Real Estate & Capital, Heitman Properties, and Trammel Crow Commercial.
His expertise is evidenced by his management of several award-winning properties, most notably the 2014 Multihousing News Silver Award for Most Tech-savvy Community and the 2014 Pillars of the Industry Best High-Rise Apartment Award for his work on 55 Ninth Street in San Francisco.
Mr. Carlson earned a Bachelor of Science degree in building construction from Michigan State University.
Leo Brown has worked for Carmel Partners and its legacy company, Carmel Companies, for a total of 40 years. Starting out as a framer on single-family developments in the Greeley, Colorado area, he joined CDM Construction shortly after graduating from the University of Northern Colorado in 1977. He is currently Senior Vice President, Construction at Carmel Partners in Denver.
From foundation to Certificate of Occupancy, Mr. Brown is instrumental in managing Carmel’s new development projects through completion.
Mr. Brown has a Bachelor of Arts degree from the University of Northern Colorado.
Stephen Martinelli joined Carmel Partners in 2015 and currently oversees East Coast Construction Operations as Senior Vice President, Construction.
Specializing in construction management and value engineering, Mr. Martinelli has a diverse technical and leadership background and 23 years of experience navigating the complexities of large-scale urban development.
Prior to joining Carmel, Mr. Martinelli directed construction at LCOR, where he contributed to several multifamily, commercial, and mixed-use developments in the New York City Area, most notably the Chelsea Stratus in Chelsea, one of the area's most sought after luxury condominium buildings. Prior to LCOR, he worked as Senior Project Manager at Morse Diesel International (now AMEC), one of the largest Construction Management firms in the country.
Mr. Martinelli earned a Master of Science degree in real estate at New York University’s Schack Institute of Real Estate and he holds a Bachelor of Science degree in architectural technology from New York Institute of Technology.
Bob Robinson joined Carmel Partners in 2011 and is a Senior Vice President. Closely involved in every aspect of construction management, from day-to-day operations to maintaining strict budgetary standards, Mr. Robinson currently oversees Carmel’s Southern California Construction Group.
For more than a decade, Mr. Robinson has worked for a number of multifamily owners and builders. Prior to joining Carmel, he served as Project Executive at both the Hanover Company and Swinerton Builders. He spent the first portion of his 25-year career in the Commercial General Contracting sector building a wide variety of complex public and private projects including office, multifamily, hospitality, health care, and infrastructure.
Mr. Robinson has a Bachelor of Science in construction management from California State University, Chico.
Loni Revercomb joined Carmel Partners in 2007 and currently manages construction operations as Vice President, Construction for the Denver Region. She oversees day-to-day multifamily construction projects from pre-construction to project close-out, including close coordination with consultants, subcontractors, and the other Carmel Partners Divisions.
Prior to joining Carmel, Ms. Revercomb was with DR Horton-Trimark Division as the Permit and Plans Coordinator.
Ms. Revercomb earned a Bachelor of Science in construction management from Colorado State University. She is a LEED Accredited Professional credentialed in Building Design and Construction.
Steve Rhodes joined Carmel Partners in 2017 as Vice President, Construction for Northern California. He brings over 30 years of experience in the real estate industry. Most recently, he served as the President of Southern California Construction Division at Mill Creek Residential Trust, where he oversaw all pre-construction, estimating, and construction in their Southern California region. Prior to joining Mill Creek, Mr. Rhodes was the President of Construction for Trammell Crow, leading the Construction Group from inception to final design, budget, contract negotiation, construction operation, and owner’s acceptance for all projects.
Mr. Rhodes received a bachelor’s degree in history from St. Lawrence University in Canton, New York, a bachelor’s degree in civil engineering from San Diego State University, and a master’s degree in business administration from USC. He is currently a member of the Business Industry Association.
Asset Management & Marketing
As Managing Partner, Head of Asset Management and Portfolio Strategy, Andy Sands brings deep experience and holistic understanding of the multifamily space. Mr. Sands is a veteran investor with over 25 years of real estate experience. As Head of Portfolio Strategy, he contributes hands-on investment and operational insight. Mr. Sands is a voting member of the Investment Committee and serves on the Management Committee.
Prior to joining Carmel Partners, Mr. Sands was a Managing Director at Lowe Enterprises Investors where he headed their multifamily business, which focused on acquiring and developing assets in over 25 markets throughout the U.S. Prior to Lowe, Mr. Sands founded Brooktree Realty Investors & MultiHousing Capital Advisors, which focused on multifamily investments in the Western U.S. Before that, he was a Managing Principal at ING Realty Partners, a private equity real estate investment firm that made opportunistic investments on behalf of institutional investors.
Mr. Sands earned his Bachelor of Arts in economics and history from Stanford University and a Master of Business Administration in finance and real estate from UCLA, Anderson School of Management.
An integral part of the Asset Management Team since 2014, Gabi Franco is responsible for asset management in the Western Region from Hawaii to Denver. He oversees third-party multifamily and retail management efforts, optimizes asset performance, and leads department initiatives to better enhance processes and procedures within the firm.
Prior to joining Carmel Partners, Mr. Franco worked in New York as a third-party Asset Manager & Development Associate for LCOR, Inc. He managed legacy assets for Lehman Brothers, overseeing a national portfolio concentrating in Capital Improvements & Dispositions, while sourcing and underwriting new development opportunities in the Northeast.
Mr. Franco earned his Bachelor of Arts in international security and conflict resolution at San Diego State University and a Master of Science in real estate development at Columbia University.
Michael Holst has over 15 years of experience in portfolio and asset management of multifamily, single-family, and commercial assets and as a Vice President is currently responsible for overseeing asset management responsibilities within his West Coast portfolio.
Prior to joining Carmel Partners, Mr. Holst served as Vice President of Asset Management and also Vice President of Portfolio Management at BlackRock. Mr. Holst also gained valuable industry experience while working at Prudential Real Estate Investors at both the director and associate levels.
He received his Bachelor of Arts degree from the University of Wisconsin at Madison with a concentration in real estate and finance.
As Vice President, Asset Management, Eastern Region, Jay Minchilli is responsible for asset management of the entire East Coast portfolio. Mr. Minchilli joined Carmel Partners in 2018 after 19 years at J.P. Morgan, the last 13 of which he served as Executive Director for their Global Real Assets Division. There, he was directly responsible for asset management over a portfolio valued at approximately $1.5 billion, comprised of residential and mixed-use assets.
Mr. Minchilli received his Master of Business Administration with a concentration in finance from Iona College, Graduate Certificate in real estate from New York University, and his undergraduate degree from Fordham University.
Jennifer Will joined Carmel Partners in 2015. She has over 15 years of experience in asset management and acquisitions of multifamily and commercial assets, and as a Vice President is responsible for asset management of Denver assets and certain Northern California assets.
Prior to joining Carmel, Ms. Will served as a Senior Associate at Shorenstein Properties and also gained experience in asset management and acquisitions while working at Glenborough.
She earned a Bachelor of Science in business administration at Saint Louis University with a concentration in finance.
Melanie Flaherty joined Carmel Partners in 2013, where she oversees branding, creative strategy, and digital marketing with a focus on Carmel’s multifamily portfolio.
Previously, as Vice President, Marketing at Archstone, Ms. Flaherty led brand strategy and online marketing for 180+ luxury apartment communities in major metropolitan markets, including a pipeline of over 50 new development projects. Prior to real estate, Ms. Flaherty spent 13 years in brand management in the food industry. Ms. Flaherty headed marketing for Gardenburger (Wholesome & Hearty Foods), where she built the strategic plan and new products pipeline. Ms. Flaherty also spent eight years with ConAgra Foods, where she led the Hunt's brand revitalization including new products, new positioning, new website, and a comprehensive loyalty program.
Ms. Flaherty received a Bachelor of Science degree in business from the University of Colorado, Boulder, and a Master of Business Administration degree with honors from Thunderbird School of Global Management.
Investor Relations & Research
Liz Tennican joined Carmel Partners in 2016 and is Partner, Head of Investor Relations & Research. She brings over 20 years of experience in those areas. Ms. Tennican is a non-voting member of the Investment Committee and serves on the Management Committee.
Prior to Carmel, Ms. Tennican was a Managing Director and Head of Investor Relations and Business Development for Watershed Asset Management, a credit-oriented hedge fund. Previous to Watershed, she spent seven years with Barclays Global Investors, which was acquired and became part of BlackRock. She headed the Institutional Consultant Relations Group and then spent five years as Head of U.S. Institutional Sales for the iShares division where she built the U.S. Marketing Strategy and Sales Team. Prior to that, Ms. Tennican was with a hedge fund where she held various leadership roles including CFO and COO. She spent seven years at Robertson Stephens, where she was in investment banking and institutional sales and helped found a capital markets desk.
Ms. Tennican received both a Bachelor of Arts degree in economics and Master of Business Administration degree from Stanford University.
Bob Hernandez joined Carmel Partners in 2003 and is currently Senior Vice President, Research.
Previously, he oversaw lender relationships and debt transactions as the Head of Capital Finance. With experience in many facets of the industry, Mr. Hernandez has been involved in negotiating and closing several key financing deals for Carmel. He currently leads the firm’s Research Department where he plays a key role in developing market strategies and the underwriting of new acquisitions.
Previously holding asset management and financing positions with boutique multifamily specialists in the San Francisco Bay Area, Mr. Hernandez has over 30 years of real estate experience.
Mr. Hernandez earned a Bachelor of Arts degree in economics from the University of California, Berkeley.
Christine Schadlich joined Carmel Partners in 2018 in Investor Relations and brings over 28 years of experience in real estate along with extensive investor relations and investment experience at national and international companies.
Prior to Carmel, Ms. Schadlich was a Senior Vice President at Stockbridge Capital Group, where she had hybrid responsibilities including the execution of large transactions and investor relations. Prior to Stockbridge, she oversaw investor and consultant relationships, and managed the marketing function for Adelante Capital Management. Ms. Schadlich also spent 12 years with Prologis as a Portfolio Manager and Vice President of Investor Relations.
She received her Bachelor of Arts in political economy from the University of California, Berkeley.
Quinn Barton has led Carmel Partners’ debt investments and debt asset management activities since 2009. He is also a voting member of Carmel’s Investment Committee and has extensive knowledge of financial markets and innovative investment strategies.
Prior to joining Carmel, Mr. Barton was a Managing Director and Head of Commercial Mortgage-backed Securities Trading for Bank of America Securities in New York, where he was responsible for loan pricing, new issue CMBS bond syndication, secondary trading, and subordinate B-note and mezzanine distribution.
During his 23-year career in the commercial real estate banking and securities market, Mr. Barton has overseen trading and distribution for Natixis Real Estate Capital and worked on the CMBS trading desks at RBS Greenwich Capital and JP Morgan.
Mr. Barton received his Bachelor of Arts degree in economics from Washington and Lee University and a Master of Business Administration degree from George Washington University with a concentration in finance.
Brian Smith has been with Carmel Partners since 1998. As Chief Compliance Officer and Senior Vice President, Accounting, Mr. Smith is responsible for maintaining Carmel’s compliance program. In addition, Mr. Smith is responsible for the direction and oversight of the firm’s accounting, audit and tax functions, including budgeting, insurance, and treasury services.
Before joining Carmel, Mr. Smith worked as an accountant at Seiler LLP for four years, primarily doing tax work for real estate investments and high net worth individuals. He also performed audits for real estate and nonprofit organizations.
A Certified Public Accountant and California Real Estate Broker, Mr. Smith received both Bachelor of Science in accounting and Master of Accounting degrees from Brigham Young University.
Diem Nguyen manages the Portfolio Accounting Team in the corporate office located in San Francisco. Working closely with the Construction Accounting Team and third-party property managers, her team consolidates and prepares the portfolio financials for investor reporting.
Prior to joining Carmel Partners five years ago, Ms. Nguyen worked at Rockwood Capital in real estate project accounting and also at PwC as an Audit Associate focused on clients in the real estate industry.
She graduated cum laude from the University of California at Los Angeles with a Bachelor of Arts degree in communications and a minor in accounting.
As Vice President, Corporate Accounting, Jenny Zhang oversees the accounting, financial reporting, budgeting, and forecasting for multiple Carmel Partners’ businesses. She also manages the Corporate Accounting Team in the corporate office located in San Francisco.
Before joining Carmel three years ago, Ms. Zhang was Assistant Controller at Northern California Presbyterian Homes and Services ('NCPHS'), a San Francisco-based nonprofit organization providing homes and services for healthy living to seniors. Prior to NCPHS, she worked over seven years in public accounting, primarily performing audits on clients in a variety of industries such as investment, real estate, health care, and nonprofit.
A Certified Public Accountant from Massachusetts, Ms. Zhang graduated from Suffolk University with a Master of Science degree in accounting.
Since joining Carmel Partners in 1999, Deanna Johnson has held various positions and has been instrumental in building and developing the Job Cost Department. As Vice President, Job Cost Accounting, Ms. Johnson is responsible for leading and providing strategic direction to the Construction Accounting Team to ensure accurate and timely delivery of draws and financial reports.
Prior to joining Carmel, Ms. Johnson worked at a full-service commercial real estate firm in Boulder, Colorado, for four years, bringing with her a depth of experience of our industry.
As Vice President, Fund Management, Jono Swanson leads the team that oversees the quarterly valuation process, calculates returns, and handles investor reporting, including capital account activity and preparation of quarterly reports.
Prior to joining Carmel Partners in 2011, Mr. Swanson worked as an Auditor at CBIZ MHM, LLC, for four years, where he acquired diverse business and accounting experience while working with clients in the software, venture-funded, and manufacturing industries.
A Certified Public Accountant, Mr. Swanson graduated magna cum laude from the University of San Diego with a Bachelor of Science in accountancy and a Master of Accountancy and Financial Management.
As Senior Vice President, Capital Finance, Aaron Stevens is a real estate capital markets professional who brings 20 years of experience to Carmel Partners.
Previously, Mr. Stevens headed the Capital Markets Team at Starwood Waypoint Residential Trust, where he was responsible for all equity and debt capital market activities for the firm, including mortgage-backed securities, syndicated debt, credit facilities, convertible securities, and interest rate derivatives.
Before joining Starwood Waypoint, Mr. Stevens co-founded The Acadian Group, a New York-based financial technology firm. Prior to Acadian, he spent 11 years with Related Capital Company, a New York-based real estate investment firm, where he held positions in real estate development, acquisitions, and fund management.
Mr. Stevens received a Bachelor of Science degree with honors and distinction from Iowa State University and a Master of Business Administration with honors from Columbia Business School.
Brandy Fulton joined Carmel Partners as Senior Vice President, Human Resources in 2016 and is responsible for attracting, engaging, and developing our greatest asset—our talented people. Ms. Fulton serves on the Management Committee.
An accomplished global business leader, Ms. Fulton has over 25 years of experience building high-performing teams and delivering data-driven, customer-centric HR solutions and services. Prior to Carmel, she served as VP, HR Operations at Citrix, where she joined Product Development Operations in 1998. Experienced in leading organizations through every stage of maturity, she is committed to developing great leaders and teams as a strategic, sustainable, and competitive advantage.
Ms. Fulton holds a Bachelor of Science degree in computer science from the University of Maryland.
As VP, HR Operations, Erlinda Cruz is responsible for HR Operations, including Compensation, Benefits, Payroll, HRIS, Workers’ Compensation, and HR Programs and Policies. She has over 25 years of experience in the field of Human Resources.
Prior to joining Carmel Partners, Ms. Cruz handled Compensation, Benefits, HRIS, and HR Shared Services for various global and domestic companies, including Riverbed Technology, UTStarcom, and Telecare Corporation.
Ms. Cruz earned her Bachelor of Science degree in business administration with an emphasis in human resources from California State University, East Bay.
Business Intelligence & Tech
As Senior Vice President, Information Technology for Carmel Partners, Erik Rogers is responsible for the development and oversight of the information technology strategic vision and implementation with a focus on flexibility, security, and reliability.
Prior to working at Carmel, Mr. Rogers worked with businesses in multiple industries to enhance their ability to utilize data and technology to improve business functionality; including nonprofit medical research, hardware distribution, and the public-school system. In his nine years at Carmel, he helped established the Revenue Management Department and has worked closely with Property Operations.
Mr. Rogers graduated from the University of Denver with a Bachelor of Arts degree in both English and art history and also earned a Master of Arts degree in digital media studies.
As Vice President, Information Security & Infrastructure for Carmel Partners, Dan Meyer is responsible for aligning the firm’s security initiatives with enterprise programs and business objectives, ensuring that information assets and technologies are adequately protected.
Prior to working at Carmel, Mr. Meyer gained extensive experience working for a publicly-held REIT that specialized in commercial real estate and data center solutions.
Mr. Meyer received a Bachelor of Business Administration degree with an emphasis in information systems from the University of Texas, San Antonio.