Team

Industry Leading Experience
Paul Dougherty

Paul is the founder and President of PRP. In this capacity he serves as the Chief Investment Officer for the firm and is responsible for the general oversight of PRP, and PRP’s three funds and separate accounts. In his role as President, he is responsible for leading the company’s strategic growth, managing its daily business operations, setting corporate strategy and maintaining and building relationships with limited partners and business partners. He also chairs the firm’s Investment Committee. He has 29 years of real estate experience.

Since founding PRP in 2005, Paul has grown PRP from a de novo operation to a fully integrated real estate investment management firm and operator. Over the past ten years, he has conceived and launched three commingled discretionary real estate funds totaling nearly $170MM in equity, acting as steward for 80 limited partners and acquiring 28 properties primarily along the Eastern United States with a gross real estate value of nearly $800MM.

Prior to founding PRP, Paul was Managing Director of the Eastern Region of CBRE Capital Markets. Prior to CBRE, he was the national director of the Finance & Capital Markets Group for Insignia/ESG, Inc., which CBRE acquired in 2001. Over his career, Paul has been directly involved in the acquisition, disposition, financing and structuring of numerous real estate transactions totaling over $10B in property value.

Paul was a founding director and is a past member of the director’s loan committee for the Bank of Georgetown, and past board member of the corporate board of Washington, DC’s Children’s National Medical Center, of the board and the Executive Committee of the Children’s National Medical Center Hospital Foundation, the Starlight-Starbright Children’s Foundation Mid-Atlantic, and a founder and past board member of the First Tee of Washington, D.C. He is an active member of the Economic Club of Washington, the Pension Real Estate Association (“PREA”), a member of the PREA Reporting and Valuation Affinity Group, the Urban Land Institute (“ULI”), the International Council of Shopping Centers and the National Multifamily Housing Council.

Paul Dougherty

President/Chief Investment Officer

Paul is the founder and President of PRP. In this capacity he serves as the Chief Investment Officer for the firm and is responsible for the general oversight of PRP, and PRP’s three funds and separate accounts. In his role as President, he is responsible for leading the company’s strategic growth, managing its daily business operations, setting corporate strategy and maintaining and building relationships with limited partners and business partners. He also chairs the firm’s Investment Committee. He has 29 years of real estate experience.

Since founding PRP in 2005, Paul has grown PRP from a de novo operation to a fully integrated real estate investment management firm and operator. Over the past ten years, he has conceived and launched three commingled discretionary real estate funds plus separate account investments totaling over $200MM in equity, acting as steward for 80 limited partners and acquiring 32 properties primarily along the Eastern United States with a gross real estate value of nearly $1 billion.

Prior to founding PRP, Paul was Managing Director of the Eastern Region of CBRE Capital Markets. Prior to CBRE, he was the national director of the Finance & Capital Markets Group for Insignia/ESG, Inc., which CBRE acquired in 2001. Over his career, Paul has been directly involved in the acquisition, disposition, financing and structuring of numerous real estate transactions totaling over $10B in property value.

Paul was a founding director and is a past member of the director’s loan committee for the Bank of Georgetown, and past board member of the corporate board of Washington, DC’s Children’s National Medical Center, of the board and the Executive Committee of the Children’s National Medical Center Hospital Foundation, the Starlight-Starbright Children’s Foundation Mid-Atlantic, and a founder and past board member of the First Tee of Washington, D.C. He is an active member of the Economic Club of Washington, the Pension Real Estate Association (“PREA”), a member of the PREA Reporting and Valuation Affinity Group, the Urban Land Institute (“ULI”), the International Council of Shopping Centers and the National Multifamily Housing Council.

Richard Romar

Rick joined PRP in 2010 and is responsible for leading a team that oversees all financial reporting and analysis as well as the day-to-day financial operations for the funds and PRP. Rick is the firm’s Chief Compliance Officer, and serves as a member of PRP’s Investment Committee.

Rick has over 25 years experience in financial management, reporting and analysis, accounting operations, business planning and strategy, venture negotiations and structuring, tax structuring, forming off-shore blockers and Sharia-compliant finance. Prior to joining PRP, Rick was Chief Financial Officer of BV Group Ventures, a private equity firm with investments in private equity, fund of funds and real estate. BV’s real estate investments included 28 operating properties and three development projects totaling over 6MM square feet leased primarily to the GSA, owned directly or through joint ventures. Earlier in his career, Rick served as Chief Financial Officer of Venturehouse Group, a Washington, DC-based investment firm, CFO of the consulting division of KPMG, held several senior financial roles with NYNEX Corporation (now Verizon) and began his career on the audit staff in the New York office of Price Waterhouse.

Rick received his BS in Accounting from Syracuse University, and an MBA in Strategic Business from Pace University and is a Certified Public Accountant.

Richard Romar

Chief Operating Officer / Chief Financial Officer

Rick joined PRP in 2010 and is responsible for leading a team that oversees all reporting and analysis as well as the day-to-day operations for the funds and PRP and serves as a member of PRP’s Investment Committee.

Rick has over 25 years experience in financial management, reporting and analysis, accounting operations, business planning and strategy, venture negotiations and structuring, tax structuring, forming off-shore blockers and Sharia-compliant finance. Prior to joining PRP, Rick was Chief Financial Officer of BV Group Ventures, a private equity firm with investments in private equity, fund of funds and real estate. BV’s real estate investments included 28 operating properties and three development projects totaling over 6MM square feet leased primarily to the GSA, owned directly or through joint ventures. Earlier in his career, Rick served as Chief Financial Officer of Venturehouse Group, a Washington, DC-based investment firm, CFO of the consulting division of KPMG, held several senior financial roles with NYNEX Corporation (now Verizon) and began his career on the audit staff in the New York office of Price Waterhouse.

Rick received his BS in Accounting from Syracuse University, and an MBA in Strategic Business from Pace University and is a Certified Public Accountant.

Phillip Pitney
Phillip Pitney

President, Property Management

Phil has national oversight for all aspects of asset management, property management and construction management for PRP’s multifamily investments. He serves as a member of PRP’s Investment Committee.

Phil has more than 25 years’ experience in multifamily, including key positions in acquisitions, development, asset management, construction management and finance. Throughout his career, Mr. Pitney has acquired apartment assets totaling $2.2 Billion, redeveloped and constructed over $790 Million in project value, and disposed of $650 Million in assets.

Prior to joining PRP in 2011, Phil was Vice President of CompassRock Real Estate, LLC where he was responsible for the construction management business unit as well as acquisition-redevelopment opportunities. Before CompassRock, Mr. Pitney was the Chief Operating Officer at Stellar Advisors/Stellar Realty Management, Inc., where he was responsible for construction and property management, acquisitions and development, and formed the construction management business unit, growing the division to over $1.65 Million in third party fees in the first two years of operation.

Prior to his position at Stellar, Phil was President of Lane Strategic Investments, where he led acquisitions, due diligence, renovation and construction. Phil was responsible for $220 Million in primarily value-add acquisitions. Before joining Lane, Mr. Pitney was a Vice President of the East Coast Division at Fairfield Residential, where he oversaw asset management, implementation of asset business plans, and $2.8 billion in acquisitions and dispositions including portfolio acquisitions, construction, tax credit conversions and $280 million of redevelopment. Phil has held previous positions at BRE Properties, Inc., Simpson Housing L.P. and Security Capital Pacific Trust.

Phil received his BA in Economics and Business from Westmont College. He also holds a Real Estate Management certification from The Center for Real Estate Enterprise Management and holds a IIA designation as a Charter Property Casualty Underwriter.

Tamara Axelrod
Tamara Axelrod

Director, Asset Management

Tami Axelrod oversees asset management for PRP. Tami has over 12 years of commercial real estate experience. In her capacity at PRP, Tami works with PRP’s staff on asset oversight, budgeting and investor reporting. Prior to joining PRP, Tami worked for the Montgomery Housing Partnership (“MHP”), where she oversaw all aspects of renovation projects owned by the organization from inception to completion including securing financing, and evaluating the feasibility and redevelopment potential of properties within the organization’s existing portfolio. Prior to her time at MHP, Tami held various positions with Bonaventure Realty Group, including positions in compliance, acquisitions and asset management.

Tami has a BA from the University of Pittsburgh and a Masters in Real Estate Development from the University of Maryland.

Stephen Muller
Stephen Muller

Managing Director/Investment Director

Steve joined PRP in 2014 and is responsible for sourcing and executing office investments. He serves as a member of PRP’s Investment Committee.

Steve has more than 30 years experience acquiring, leasing, managing, developing and redeveloping over 2.5 MM square feet of office and multifamily including 1301 K Street, 1001 Pennsylvania Avenue, the XM Satellite Radio headquarters, and Fairway Park.

Prior to joining PRP Steve was Founder and Managing Principal of Union Realty Partners, and Vice President and Regional Manager for Prentiss Properties. Steve is past Chairman of the Franklin Square Association and past Director of both the DC Building Industry Association and Action 29-New York Avenue Metro Station, a public/private venture created to finance the new metro station.

Steve received his BS from Babson College, and an MBA from Columbia University.

Richard Smith
Richard Smith

Development Executive

Richard joined PRP in 2014 and is responsible for sourcing and executing multifamily investments. He serves as a member of PRP’s Investment Committee.

Richard has more than 25 years experience developing and stabilizing $1B of multifamily (4,000 units) and mixed-use projects, as well as three office-to-residential conversions with a total cost of $240 MM.

Prior to joining PRP Richard was Senior Vice President for Vornado/Charles E. Smith, where he directed DC residential development and planning, founded Piedmont Ventures, Managing Director, Capital Properties. Richard is a member of ULI, and is on the Board of Directors of the Montgomery Housing Partnership.

Richard received his BA from Vassar College, and an MBA with a concentration in Finance from Georgetown University.

Joseph Neckles
Joseph Neckles

Managing Director

Joseph Neckles is a Managing Director with PRP and focuses on originating single-tenant office and industrial acquisition opportunities for the company’s investment vehicles. Mr. Neckles is located in PRP’s New York City office at 800 Third Avenue.

Prior to joining PRP, Joe was a Vice President at VEREIT, Inc. (NYSE: VER) focused on single tenant office and industrial investments. Prior to VEREIT, Joe spent ten years in various roles at Lexington Realty Trust (NYSE: LXP). Joe has been responsible for sourcing, underwriting and structuring direct equity, joint venture, sale leaseback and build-to-suit transactions nationwide. Since Joe began his career 14 years ago, he has executed more than $1.1 Billion in commercial property acquisitions across the United States.

Joe received his BA from Fordham University and a Masters in Real Estate Finance and Investment from New York University.

Jake Ying
Jake Ying

Associate

Jake joined PRP in 2015 and is responsible for the firm's acquisitions, development
and asset management activities.

Prior to joining PRP, Jake was an Analyst at Greysteel, a commercial real estate brokerage firm. Jake was responsible for underwriting over 150 multifamily investment sales properties in the Mid-Atlantic region
while at Greysteel.

Jake received his BS in Accounting & Finance from Syracuse University and a
Master of Accounting from William & Mary.

Manuel Majano
Manuel Majano

Director of Operations

Manuel Majano oversees operations for PRP’s residential property management division and works on PRP’s existing and prospective multifamily acquisitions. In his capacity at PRP, Manny has oversight of the resident managers, leasing staff, and employees of the division. Additional responsibilities include budget oversight, financial reporting, third-party vendors and all marketing initiatives for PRP’s properties. Manny also assists in the company’s apartment acquisition process, taking an active role in the evaluation, due diligence, underwriting and closing of investments.

Prior to joining PRP, Manny has been a property management professional for over 13 years, where most recently he led the lease-up of The Pearl, a $135MM project from construction through opening. He also led the successful lease-up for Gallery Bethesda, a $120MM asset from construction through stabilization. Prior to that, Manuel held property management positions with BHRES, McShea, Bozzuto Management and Equity Residential Management.

Manuel is a decorated professional who has achieved recognition throughout his career for property and asset management excellence, the PMA PACE Award for Best New Lease Up and the Delta Award for Best New Green Project.

Manny attended Hood College after obtaining his Associates Degree to pursue a Bachelor of Science in Computational Science. Manny is currently pursuing a Master of Science degree in Computer Science. Manny holds an Accreditation for Residential Management.

Community

PRP is committed to being a positive force in the communities in which we live and operate. We encourage our employees to give their time, talents and resources to local and national causes and provide tools and programs to support their community engagement. PRP has worked extensively with the following organizations: Children’s National Medical Center, Montgomery County Coalition for the Homeless, DAR (Daughters of the American Revolution) and Make A Wish Foundation.