Icons of DC Area Real Estate

Ronnie Gibbons- A Builder's Journey into Real Estate Development (#139)


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BIO

Ronnie Gibbons
is the Senior Vice President of Development at Carmel Partners, where he leads the DC region for development and investments. His responsibilities encompass sourcing new opportunities, evaluating market feasibility, structuring transactions, and overseeing the entire execution process, while also supporting asset management and collaborating closely with the construction team. Carmel Partners, a vertically integrated firm, specializes in development, asset management, investments, and self-performing construction.
 
With over 15 years of experience in multi-family residential, mixed-use, retail, and commercial development, Ronnie brings extensive expertise. He holds a Master's degree in Real Estate from Georgetown University (with a finance focus) and a Bachelor of Science in Economics from the University of Maryland.
 
Before joining Carmel Partners in 2018, Ronnie served as Development Director at Monument Realty and held various roles at Foulger-Pratt, including superintendent and project manager on projects such as the Silver Spring Transit Center. He began his career building houses for Ryan Homes.
 
Ronnie has spearheaded significant projects like the Annex on 12th conversion in downtown Washington and the Wardman Park development, a massive 867-unit project that repurposed a bankrupt hotel site. His approach to development, influenced by his blue-collar upbringing, emphasizes risk mitigation, feasibility, and considering the end-user. He is also passionate about sustainable building practices.

Key Discussion Points

Current Role [7:35-9:09]

  • Leads DC development and investments for Carmel Partners
  • Focuses on pursuits: sourcing opportunities, evaluating deals
  • Both development and value-add acquisitions
  • Works closely with vertically integrated construction team
  • Background Journey [9:20-17:00]

    • Born/raised Frederick, MD - fourth generation
    • Father: 40-year maintenance worker at Parkside condos in Bethesda
    • Mother: ran home daycare
    • First job at 14: collecting newspapers/magazines at father's property
    • Blue-collar upbringing emphasized education, work ethic, service to others
    • Career Evolution [17:00-25:00]

      • Started Ryan Homes (2005-2008) building houses - 40 homes to 1 during recession
      • Foulger-Pratt: 5 years construction (Silver Spring Transit Center), 5 years development
      • Georgetown Masters during recession positioned for recovery
      • Monument Realty (2 years): learned calculated risk-taking from Michael Darby
      • Company Comparisons [27:53-32:00]

        • Foulger-Pratt: Focused on financing partnerships, self-performed construction
        • Monument: Higher risk tolerance, optimistic approach, extensive experience base
        • Carmel: Intensive team approach, data science, thorough investment committee process
        • Major Projects

          • Annex on 12th [42:24-49:04]: 100-year GSA building conversion, 560 units, historic preservation, complicated utilities/Metro tunnel proximity
          • The Hail [49:16-51:40]: 500-unit NOMA ground-up, maximized density, smaller efficient units
          • Wardman Park [51:58-1:08:00]: 867 units, bankrupt hotel site, 9-12 acres, two buildings with resort amenities
          • Wardman Details [55:13-1:17:00]

            • Bankruptcy auction acquisition, by-right zoning
            • Honored historic Wardman Tower, created private courtyard
            • Two buildings: Aire (larger units, 3BR) vs Zephyr (studios, smaller)
            • 4 pools total, 55K sq ft amenities, studios to 1800+ sq ft penthouses
            • Led Silver LEED, 90% material recycling
            • Market Insights [1:17:42-1:22:00]

              • DC underestimated due to political noise - fundamentally strong city
              • Data science department provides behavioral analysis across submarkets
              • Very low new inventory coming online - near zero within year
              • Region defined as close to major Metro, up to Frederick/Loudoun
              • Advice for Young Professionals [1:29:14-1:30:26]

                • No shortcuts - only hard work and learning from others
                • Want success for people around you - if not, change environments
                • Learn from everyone, including those with less experience
                • Best learning comes from doing the work
                • Personal Philosophy [1:30:51-1:37:02]

                  • Family first (wife, 5-year-old daughter)
                  • Parents modeled service orientation and work ethic
                  • Work/family unity rather than balance
                  • Currently focused on emptying tank for Carmel Partners
                  • Billboard Message [1:36:17] "When things get grim, be the reaper." - Patrick Mahomes quote about performing under pressure.

                    Resources:

                    Ronnie Gibbons LinkedIn
                    Carmel Partners
                    Aerie Apartments
                    Zephyr Apartments

                    ...more
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