Team - Carmel Partners

Rigorous Creativity

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.

Profiles

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Leadership

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.

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.

Senior Advisor

Mike LaHorgue is a Senior Advisor to Carmel Partners and advises its Executive Committee on strategic matters. Previously, Mr. LaHorgue was Carmel’s President and Senior Managing Partner and was responsible for company strategy, planning, and cross-functional coordination and oversaw Investor Relations and Human Resources. He also served as the Executive Officer of the Executive Committee and Chair of the Management Committee and was a member of the Investment 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.

Development

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.

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 14 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.

Will Cipes joined Carmel Partners in 2016 as Director, Development. As Senior Vice President, 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 13 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 Senior Vice President, Development, Yotam Dankner is responsible for sourcing residential development sites throughout the New York and Boston Metro markets and structured loans to third-party borrowers nationally. He evaluates feasibility, performs sub-market due diligence, and structures transactions.

Prior to joining Carmel Partners, Mr. Dankner worked for Brack 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.

Matt Feldman has been with Carmel Partners since 2014. As Senior Vice President, Development he leads all development execution in the North East. Ensuring that Carmel’s 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.

Jeff Panek is Senior Vice President, Development at Carmel Partners where he manages development execution for new multifamily projects in Colorado. 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.

Eric Snow joined Carmel Partners in 2012 and leads development execution of new multifamily development projects in Southern California and Denver. Mr. Snow oversees all aspects of development projects after acquisition through design development, finance, construction, and marketing prior to hand-off to Asset Management.

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, Berkeley, and a Master of Business Administration from the Tuck School of Business at Dartmouth.

Ronnie Gibbons joined Carmel Partners in 2018 as Director, Development Execution. As Senior Vice President, Development, he is responsible for regional development leadership for the growing Washington, D.C. region. Mr. Gibbons evaluates feasibility, performs sub-market due diligence, structures transactions, and oversees the entire execution process.

His background includes over 15 years of experience in multifamily residential construction, mixed-use, retail, and commercial development. Prior to Carmel, Mr. Gibbons served as Development Director at both Monument Realty and Foulger-Pratt in Washington D.C., where he was responsible for the entire development process for multiple projects from pre-construction to completion and oversaw the design team and project consultants throughout all phases of the process.

Mr. Gibbons received a Bachelor of Science degree from The University of Maryland and a master’s degree in economics from Georgetown University.

As Vice President, Development, Matt Corsi is responsible for sourcing residential development sites throughout the Pacific Northwest market. Mr. Corsi evaluates feasibility, performs sub-market due diligence, structures transactions, and oversees the entire execution process.

Mr. Corsi’s background includes over three decades of experience in the design, development, construction, and acquisition of large commercial buildings and multifamily projects in the greater Seattle and Portland markets. Prior to joining Carmel Partners, Mr. Corsi was Founder and Principal of Urban Evolution, LLC, where he offered full-scope development services and worked as an acquisition and entitlement specialist for five national and local private developers in the Pacific Northwest.

Mr. Corsi earned his Bachelor of Science in civil engineering from the University of Washington and is a licensed Civil Engineer. He also holds Certificates in commercial real estate development and business administration from the University of Washington.

Adam Mayer joined Carmel Partners in 2013. As Vice President, Development he is responsible for repositioning existing communities nationally and ground-up development in Seattle, Northern California, and Hawaii.

Prior to joining Carmel, Mr. Mayer worked at Stellar Management and Maximus Real Estate for more than six years, entitling and overseeing the repositioning of multifamily assets in Northern California.

Mr. Mayer earned his Bachelor of Arts in economics and political science from the University of California, Santa Barbara.

As Vice President, Development Brett Nelson leads development execution of new multifamily development projects for Carmel Partners in Northern and Southern California and supports the improvement of execution processes across all markets. His day-to-day project oversight includes schedule, design, budgeting, consultant oversight, and coordination with Carmel’s Construction and Asset Management Teams.

Mr. Nelson’s background includes over 15 years of experience in the development and construction industry for multifamily residential, mixed-use, commercial, retail, and institutional projects. He has notably worked on five high-rise projects throughout his career. Prior to joining Carmel in 2014, he was at EHDD Architecture for over eight years where he worked on residential, commercial, and institutional projects.

Mr. Nelson earned both his bachelor’s and Master of Architecture from Tulane University. He became a licensed architect in the state of California in 2013.

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.

Investments

Mike Ruiz joined Carmel Partners in 2011. As Senior Vice President, Investments, Mr. Ruiz leads the Investments Team and all disposition efforts for the West Coast—Seattle, Northern California, and Southern California. Mr. Ruiz specializes in existing asset pursuits and dispositions on the West Coast and land sourcing in Northern CA.

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.

Investor Relations & Research

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.

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 35 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 and as Head of Investor Services & ESG she 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 was responsible for executing the U.S. investment plan for Alecta Real Estate, a Swedish pension plan, and was one of three executives that sat on the Investment Committee. 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.

Accounting & Fund Management

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.

As Senior 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 in 2013, 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 Senior 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, Tax, Nicole Paulina addresses tax matters for Carmel Partners, including tax compliance, interfacing with outside tax advisers on new tax issues, tax planning, and developing tax strategies and procedures in alignment with the company’s goals and policies.

Prior to joining Carmel in 2019, Ms. Paulina spent 20 years specializing in tax within the real estate and private equity financial sectors. She served as Tax Senior Manager with KPMG, where her focus was on real estate, private equity, and venture capital clients. Ms. Paulina was the designated group expert in REITs, providing various compliance and consulting services, including quarterly and annual REIT testing, due diligence on potential acquisitions, and developing best practices for the office’s real estate clients.

A Certified Public Accountant, Ms. Paulina received her undergraduate degree in business administration, accounting, and graduated cum laude from the University of Notre Dame with a Master of Science degree in accountancy.

Shirley Shen joined Carmel Partners in 2012 and 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, Ms. Shen’s team consolidates and prepares the portfolio financials for investor reporting.

Prior to joining Carmel, Ms. Shen worked at PwC for five years servicing private industry clients. Ms. Shen managed all aspects of the audit process and helped companies apply technical accounting guidance within their quarterly and year-end financial statements.

Ms. Shen is a Certified Public Accountant and graduated from the University of California at Los Angeles with a Bachelor of Arts in economics and a minor in accounting.

Meredith Stinson joined Carmel Partners in 2018 and is Vice President of Fund Management. She brings over 15 years of experience in finance, the last eight of which have been in the real estate sector.

Prior to Carmel, Ms. Stinson was a Director at PGIM Real Estate Finance (PGIM REF), where she was responsible for reporting and marketing to third party institutional investors. Prior to PGIM REF, she was responsible for forecasting, planning, and managing third party reporting at Prudential Asset Resources. Ms. Stinson also spent six years with KPMG in the Transaction Services and Audit practices.

She received her Bachelor of Arts in accounting and Master of Science in finance from Texas A&M University and is a Certified Public Accountant in the state of Texas.

Asset Management & Marketing

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.

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.

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 Senior Vice President is responsible for overseeing the Asset Management Team and operations for Denver and East Coast 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.

Pieter Joosen joined Carmel Partners in 2014. In his role as Vice President, Capital Projects, Mr. Joosen is responsible for planning, managing, and overseeing the implementation of capital projects for Carmel’s multifamily assets located nationwide as well as retail space delivery condition and tenant improvement construction.

Prior to joining Carmel, Mr. Joosen worked for Avalon Bay and Core Builders, Inc. as a Project Manager for various ground-up multi-family developments. Additionally, he worked for AECOM as a Construction Manager overseeing transit-related projects for the Bay Area Rapid Transit District.

Mr. Joosen has a Master of Science in construction management from California State University, East Bay, and a Bachelor of Science in construction management from California State University, Chico.

Lacy Swindle joined Carmel Partners in 2014 and leads brand development and marketing for the Southern California and Denver developments, as well as digital initiatives for the portfolio.

Ms. Swindle has worked in multifamily marketing for over a decade. Prior to joining Carmel, she gained experience driving brand awareness and developing strategic digital plans for an extensive luxury multifamily portfolio at Irvine Company Apartment Communities. Additionally, Ms. Swindle spent a portion of her career specializing in content development, marketing analytics, and account management for several global brands.

She received a Bachelor of Science in business administration with an emphasis in advertising from the University of Southern California.

Leah Woogen joined Carmel Partners in 2020 as Vice President, Asset Management. As Senior Vice President she is responsible for overseeing the Asset Management Team and operations for the California and Hawaii portfolio.

Ms. Woogen has worked in real estate and asset management for over a decade. Prior to joining Carmel, she served as Vice President of Asset Management at Mill Creek Residential Trust where she managed Mill Creek’s West Coast portfolio. Ms. Woogen also held roles at Greystar Real Estate Partners as Director of Real Estate, where she directed national portfolio performance and execution for Blackstone’s multifamily portfolio, and as Director of Investments, responsible for sourcing and evaluating all multifamily acquisitions and disposition opportunities in the Northeast, Mid-Atlantic, and Chicago MSA.

Ms. Woogen received her master’s degree in real estate finance from Georgetown University, and her undergraduate degree in finance from Tulane University.

Capital Finance

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 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.

Liam Mader joined the Capital Finance Team at Carmel Partners in 2018 and oversees the debt origination process for development projects and acquisitions across all Carmel markets.

Prior to joining Carmel, Mr. Mader was at Swift Real Estate Partners and built out the company’s debt capital markets and portfolio management functions. Before Swift, he gained additional capital markets experience at Starwood Waypoint Residential Trust through his management of syndicated debt facilities and mortgage-backed securities.

Mr. Mader earned a Bachelor of Arts in economics and Spanish from the University of Wisconsin, Madison. He is a CFA charterholder and an active member of the CFA Society San Francisco.

Tracy Nguyen joined Carmel Partners in 2016 and is currently Vice President, Capital Finance, responsible for securing debt for new investments and refinancing existing assets.

Prior to Carmel, Ms. Nguyen was a key member of the Acquisitions and Investments team at Veritas, responsible for identifying and underwriting acquisitions of multifamily, mixed-use rent-controlled properties in San Francisco and led the re-design of their acquisition model. Before joining Veritas, she spent over three years at Starwood Waypoint Residential Trust, first in the Finance and Asset Management Group, where she managed a portfolio of real estate equity and debt assets with a total of ~$4B market value and then in the Capital Market Group where she managed their inaugural single rental securitization, contributed to the closing of their first convertible bond offering, researched and prepared financial models for all capital market activities, and managed relationships with lenders and vendors.

Ms. Nguyen has a Bachelor of Science in economics from the University of California, Berkeley. She is a CFA Charterholder and an active member of the CFA Society of San Francisco.

Construction

Mr. Carlson earned a Bachelor of Science degree in building construction from Michigan State University.

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 28 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.

Loni Revercomb joined Carmel Partners in 2007 and currently manages construction operations as Senior 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.

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 27-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.

Peter Cramer joined Carmel Partners in 2019 and currently manages construction operations as Vice President, Construction for the Washington D.C. region. In his role, Mr. Cramer oversees the construction projects in the DC region, from pre-construction through closeout, ensuring project teams execute at the highest level. Passionate about both Carmel’s projects and the people who build them, he and his team have driven innovation into the company’s process, leading to greater operational efficiencies and improved tracking of project costs and materials.

Prior to joining Carmel, Mr. Cramer spent 14 years at Clark Construction Group, LLC, most recently as a Project Executive, on a variety of different projects including multifamily, office, lab, education, and healthcare buildings.

Mr. Cramer earned his Bachelor of Arts degree in economics from Bucknell University. He is also a member of Associated Builders and Contractors and Washington Building Congress.

David Herr joined Carmel Partners in 2011. As Vice President, Pre-Construction, Mr. Herr oversees Northern California, Pacific Northwest, and Denver pre-construction in the areas of estimating, value engineering, and plan review. He is instrumental in fostering rapport with leading subcontractors and suppliers along with negotiating national sales agreements. These relationships have resulted in securing preferential pricing and schedule considerations for all Carmel pursuits.

Prior to joining Carmel, Mr. Herr spent nine years as Director of Pre-Construction with Trammell Crow Residential, responsible for the Northwest division in a similar capacity. He has over 35 years in the construction industry with 25 years of experience in the multifamily sector.

Mr. Herr earned a Bachelor of Science in construction management from the University of Washington.

Brandon Parham joined Carmel Partners in 2018. In his role as Vice President, Pre-Construction, Mr. Parham manages the pre-construction process from land acquisition to trade contract buyout, coordinates departmental efforts between Construction and Development, and oversees pre-construction personnel in Southern California, New York, and Washington D.C.

For nearly a decade, Mr. Parham has focused on Class A Multifamily Construction in a pre-construction role. Prior to joining Carmel, he focused on the competitive and negotiated bid environment of general contracting while serving as Estimating Manager at Suffolk Construction.

Mr. Parham has a Master of Business Administration from Pepperdine University, a Bachelor of Science in biomedical engineering from California Polytechnic State University San Luis Obispo, and is currently working on a Master of Real Estate with Georgetown University.

Human Resources

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.

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.

Legal & Compliance

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.

Julia Murdock joined Carmel Partners in 2021 as Associate General Counsel. She oversees the legal aspects of development projects, acquisitions, and dispositions across all Carmel markets.

Prior to Carmel, Ms. Murdock was an Associate at Gibson, Dunn & Crutcher, working on a broad range of commercial real estate transactions. Before Gibson Dunn, she honed her contract, financing, and deal experience in the Real Estate departments of Cadwalader, Wickersham & Taft in North Carolina, and then Paul Hastings in San Francisco.

Ms. Murdock earned both her Bachelor of Arts in political science and global studies and Juris Doctor degrees at The University of North Carolina, Chapel Hill.

Gabi Papesh joined Carmel Partners in 2017 as the Director of Compliance. She brings more than 10 years of experience in all aspects of investment advisor compliance and securities regulations. She is responsible for the day-to-day maintenance and oversight of Carmel’s compliance program. She is a member of the Compliance Committee.

Prior to joining Carmel, Ms. Papesh was a Senior Compliance Consultant at Greyline Partners, a boutique provider of regulatory compliance consulting services representing private fund managers, traditional investment advisers, mutual funds, CTAs and CPOs, and broker-dealers. Before Greyline, she served as the Chief Compliance Officer of a small San Francisco-based hedge fund that also managed SMAs for high net worth individuals. Prior to the CCO position, Ms. Papesh was a Director at Telsey Advisory Group working as a sell-side equities and options trader. Telsey is a research, trading, banking, and consulting brokerage firm focused on the consumer sector.

Ms. Papesh received her Bachelor of Science with an emphasis on corporate finance from San Francisco State University, graduating cum laude. She previously held her Series 7, 24, 4, 66, and 55 securities licenses.

Tech & Business Intelligence

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.

Where We Work

Each market is led by Investments and Development professionals who maintain a market presence to identify opportunities which meet our investment criteria.

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Profiles

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