Our Team

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 $14 billion in multifamily investments. He also chairs the Executive and Investment Committees and is a member of the Portfolio Management Committee.

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, where he sits on the Advisory Board. 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, a member of the Stanford Graduate School of Business Advisory Council, and on the Board of Councilors of the USC Viterbi School of Engineering. Mr. Zeff has received numerous philanthropic and industry awards throughout his career, including the City of Hope, Spirit of Life Award in 2015.

As Carmel Partners’ Chief Financial Officer, Dennis Markus has overseen all financial operations since joining the firm in 2012 and is responsible for the Accounting and Capital Finance Teams. He is a member of the Executive, Investment, and Management Committees and Chair of the Portfolio Management Committee.

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.

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.

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 member of the Investment and Management Committees.

Before joining Carmel in 2010, Mr. Garibaldi was Senior Managing Director for Trammell Crow Residential (TCR), 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.

Matt Golden joined Carmel Partners in 2019 in the newly-created role of General Counsel. He brings more than 25 years of experience in real estate law. Mr. Golden is a Managing Partner and oversees Compliance, Legal, Risk, and Human Resources. He is a member of the Investment Committee, Executive Committee, the Portfolio Management Committee, and Chair of the Management Committee.

Prior to Carmel, Mr. Golden served as General Counsel for Beacon Capital Partners for 10 years, where he was also a member of the Management, Investment, and Compliance Committees. Before joining Beacon, he was a Partner and previously an Associate at Debevoise & Plimpton in its real estate practice.

Mr. Golden received a Bachelor of Arts from the University of Pennsylvania in economics with a minor in psychology and a Juris Doctor from Columbia University School of Law.

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 Market Strategy initiatives. Mr. Hilberg also oversees Asset Management and Marketing. 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 the Vice Chair of the Investment Committee, and is a member of the Management and Portfolio Management Committees.

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 Carmel Partners’ Chief Financial Officer, Phil Owens oversees all financial operations. He is responsible for the Accounting, Capital Finance, and Fund Management teams. He is a member of the Investment, Management, and Portfolio Management Committees.

Prior to Carmel, Mr. Owens was CFO of Veritas Investments, the largest owner of multifamily properties in San Francisco. While at Veritas, he was responsible for financial operations, corporate and investment strategy, and select operational functions (IT and HR).

Prior to Veritas, Mr. Owens spent 12 years at Green Street where he was a Managing Director. While at Green Street, he helped grow the Advisory Group into one of the Company’s leading business lines serving many of the world’s largest, most influential real estate and financial services firms.

With more than 20 years of experience in the real estate and financial services industries, Mr. Owens has developed a well-rounded skillset across real estate capital markets, acquisitions, development, and strategy.

Mr. Owens received his Bachelor of Science degree in business administration from the University of Southern California and a Master of Business Administration from the University of California, Berkeley. He is a CFA charter holder.

Liz Tennican joined Carmel Partners in 2016 and is a Managing Partner. She is Head of Investor Relations and also oversees Research, ESG, Fund Management, and IT. Ms. Tennican is a member of the Investment Committee, Secretary of the Executive Committee, Vice Chair of the Management Committee, and a member of the Portfolio 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 its capital markets desk.

Ms. Tennican is a member of the Board of Directors of Four Corners Property Trust, a publicly traded REIT.

Ms. Tennican received both a Bachelor of Arts degree in economics and a Master of Business Administration degree from Stanford University.

Lee Bloch joined Carmel Partners in 2013 as Vice President and now serves as Partner, East Coast 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 20 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.

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 and is a member of the Management Committee.

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.

An integral part of the Carmel Partners Team since 2014, Gabi Franco is responsible for all Asset Management activities, including oversight of the national team, property underwriting, operations, and performance, and also oversees Marketing. He is a member of the Investment Committee.

Prior to joining Carmel, 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.

As Partner, Head of Development Execution & Operations, Kim 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.

Brian Smith has been with Carmel Partners since 1998. As Partner, Head of Accounting, 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.

Aaron Stevens oversees all of the debt originations, debt management, derivatives, and lender relationships for Carmel Partners and leads the Capital Finance Team.

Mr. Stevens is a real estate capital markets professional with over 20 years of experience. 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. Prior to that, 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.