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
Leads DC development and investments for Carmel PartnersFocuses on pursuits: sourcing opportunities, evaluating dealsBoth development and value-add acquisitionsWorks closely with vertically integrated construction teamBackground Journey [9:20-17:00]
Born/raised Frederick, MD - fourth generationFather: 40-year maintenance worker at Parkside condos in BethesdaMother: ran home daycareFirst job at 14: collecting newspapers/magazines at father's propertyBlue-collar upbringing emphasized education, work ethic, service to othersCareer Evolution [17:00-25:00]
Started Ryan Homes (2005-2008) building houses - 40 homes to 1 during recessionFoulger-Pratt: 5 years construction (Silver Spring Transit Center), 5 years developmentGeorgetown Masters during recession positioned for recoveryMonument Realty (2 years): learned calculated risk-taking from Michael DarbyCompany Comparisons [27:53-32:00]
Foulger-Pratt: Focused on financing partnerships, self-performed constructionMonument: Higher risk tolerance, optimistic approach, extensive experience baseCarmel: Intensive team approach, data science, thorough investment committee processAnnex on 12th [42:24-49:04]: 100-year GSA building conversion, 560 units, historic preservation, complicated utilities/Metro tunnel proximityThe Hail [49:16-51:40]: 500-unit NOMA ground-up, maximized density, smaller efficient unitsWardman Park [51:58-1:08:00]: 867 units, bankrupt hotel site, 9-12 acres, two buildings with resort amenitiesWardman Details [55:13-1:17:00]
Bankruptcy auction acquisition, by-right zoningHonored historic Wardman Tower, created private courtyardTwo buildings: Aire (larger units, 3BR) vs Zephyr (studios, smaller)4 pools total, 55K sq ft amenities, studios to 1800+ sq ft penthousesLed Silver LEED, 90% material recyclingMarket Insights [1:17:42-1:22:00]
DC underestimated due to political noise - fundamentally strong cityData science department provides behavioral analysis across submarketsVery low new inventory coming online - near zero within yearRegion defined as close to major Metro, up to Frederick/LoudounAdvice for Young Professionals [1:29:14-1:30:26]
No shortcuts - only hard work and learning from othersWant success for people around you - if not, change environmentsLearn from everyone, including those with less experienceBest learning comes from doing the workPersonal Philosophy [1:30:51-1:37:02]
Family first (wife, 5-year-old daughter)Parents modeled service orientation and work ethicWork/family unity rather than balanceCurrently focused on emptying tank for Carmel PartnersBillboard 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