Carmel Partners is a privately held real estate investment and development firm founded in 1996 by Ron Zeff and headquartered in San Francisco, California. Since its inception, the firm has focused exclusively on the multifamily sector, building a vertically integrated investment platform that spans acquisition, development, renovation, construction management, and asset management. Over its history, Carmel Partners has acquired, developed, or renovated more than 39,000–43,000 apartment units nationally, reflecting a significant and consistent presence in supply-constrained, high-barrier U.S. markets. Its investment approach centers on generating superior risk-adjusted returns by targeting multifamily opportunities where demand fundamentals remain strong and new supply is limited. Carmel Partners concentrates on major coastal and gateway metros, with a significant share of its portfolio located across Northern and Southern California, Seattle, New York, Denver, Washington, D.C., and Hawaii. These top markets represent the firm's deepest exposure, with California markets historically accounting for a material portion of its assets due to favorable demographics and persistent housing shortages. This concentration provides long-term rent growth potential but also introduces regional risk tied to regulatory environments, construction costs, and economic cycles in these urban coastal markets. The firm serves a resident base anchored by workforce and luxury multifamily tenants across stabilized and newly developed communities. While detailed tenant concentration data is not publicly disclosed for multifamily portfolios, Carmel Partners’ rent base is diversified across thousands of residential tenants, limiting exposure to any individual renter. As a vertically integrated organization, leadership remains involved in all major investment and operational decisions, supporting consistent execution across acquisitions, development pipelines, and renovation initiatives in its target markets.