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 $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.

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.

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 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.

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 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.

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.

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.

Matt Golden joined Carmel Partners in 2019 as a Partner in the newly-created role of General Counsel. He brings more than 25 years of experience in real estate law. Mr. Golden is a member of the Management Committee and is a non-voting observer of the Investment 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 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 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.

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.