Our Team

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.

Investor Relations & Research

  • Liz Tennican Headshot Sq

    Liz Tennican

    Managing Partner, Head of Investor Relations

  • Paul Morgan Headshot Sq

    Paul Morgan

    SVP, Head of Data Science & Research

  • Grace Kang Headshot Sq

    Grace Kang

    VP, Head of Investor Relations Asia

  • Gabi Papesh

    Gabi Papesh

    VP, Investor Relations

  • Christine Schadlich

    VP, Head of Investor Services & ESG

Liz Tennican

Managing Partner, Head of Investor Relations

Liz Tennican joined Carmel Partners in 2016 and is a Managing Partner and the Head of Investor Relations. She also oversees Data Science & Research and ESG. Ms. Tennican is Secretary of the Executive Committee, Vice Chair of the Management Committee and a member of the Investment and Portfolio Management Committees.

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, where she is a member of the Audit and Risk Committee and the Nominating and Governance Committee.

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

Paul Morgan

SVP, Head of Data Science & Research

Paul Morgan joined Carmel in 2023 and is a Senior Vice President and the Head of Data Science & Research. He is a voting member of the Investment Committee.

He leads a department that combines innovative techniques in data science and proprietary research to drive differentiated insights for Carmel’s investment strategy.

Prior to Carmel, Mr. Morgan was at Essex Property Trust, where he spent six years, most recently as a Senior Vice President and Head of Portfolio Strategy & Analytics. At Essex, he built a department responsible for portfolio strategy leveraging advanced predictive analytics and previously created and led the company’s Data Science division and its Analytics Academy. Mr. Morgan brings a deep background in real estate research and data analytics and has held senior research roles over two decades on Wall Street, including Morgan Stanley, where he served as the company’s U.S. Real Estate Strategist. Mr. Morgan began his career conducting economic research at the Federal Reserve Board of Governors in Washington D.C.

Mr. Morgan received a Bachelor of Arts degree with honors in economics from the University of Wisconsin-Madison and a Master of Arts degree in economics from Princeton University, where he was a Research Fellow of the National Science Foundation and the Mellon Foundation.

Grace Kang

VP, Head of Investor Relations Asia

Grace Kang joined Carmel Partners in 2023 as Head of Investor Relations, Asia. She brings over 15 years of real estate experience covering a wide range of areas that include real estate operations, direct and indirect investments, and investor relations. Ms. Kang will lead Carmel’s efforts in the Asia / Pacific region managing key investor relationships.

Prior to joining Carmel, Ms. Kang was Director, Overseas Management Investment for Mastern Investment Management where she was responsible for underwriting and closing on direct investments in Europe as well as committing Korean investor capital into commingled funds managed by global private equity real estate firms. Before Mastern, she was a Vice President, Asset Management at Vogo Fund Asset Management and structured and acquired direct real estate in Europe and committed capital to funds across real estate strategies. Prior to Vogo, Ms. Kang held asset management positions at Hanwha Asset Management and Ascendas Asset Management as well as other global firms.

Ms. Kang holds a Master of Science in Integrated Facility Management from Georgia Institute of Technology and a Bachelor of Science in architectural engineering from Hanyang University in South Korea.

Gabi Papesh

VP, Investor Relations

Gabi Papesh joined Carmel Partners in 2017 and as VP, Investor Relations she brings more than 10 years of experience in the private fund space. Until July of 2023 she was the VP, Compliance working diligently with all departments to ensure Carmel’s compliance program operated at the highest level.

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.

Ms. Papesh received her Bachelor of Science with an emphasis on corporate finance from San Francisco State University, graduating cum laude, and a Master of Business Administration degree from University of California, Berkeley. While obtaining her MBA she obtained an IGCRE Certificate (Interdisciplinary Graduate Certificate in Real Estate) and participated as a lead presenter in the 2022 University of Texas, Austin Case Competition where her team placed second.

Christine Schadlich

VP, Head of Investor Services & ESG

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.