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Hill Street Realty (”HSR”) is a privately held real estate investment, management and development firm founded in 2001. HSR employs institutional discipline and entrepreneurial execution to generate attractive risk-adjusted returns for its partners & investors. Navigating through many economic cycles has given the principals of HSR a wealth of experience in underwriting, execution, and risk management, which is incorporated into each investment decision.


HSR has a thoughtful approach to the business of real estate investing, and our success for more than two decades has been driven by our commitment to adhering to a number of specific investment philosophies. These include:

Flexible Approach: HSR and its leadership have proven to be adept at modifying investment strategies as times change. With a strong background that includes every aspect of real estate investing, from development to acquisition, from equity to debt, literally having invested throughout the entire U.S. and in most every property type, HSR is uniquely positioned to respond as markets change.

Relative Value Analysis: Each investment considered is evaluated against available alternatives, with a commitment to optimizing the risk-adjusted return for our investors. Understanding relative value in the broader perspective of a global market has been engrained in our DNA through years of working in finance and capital markets.

Downside Protection Emphasis: Capital preservation is paramount to the interest of our partners and investors. Each opportunity is analyzed through various scenarios, both upside and downside in order to determine the suitability of the investment.

Creativity and a Hands-On Approach: Creativity has been essential in how we have approached the market, what investments we have chosen to pursue and how we execute on the ground. Our success in adding value has included physical renovations and repositioning, enhanced management practices and creative leasing, working through complex entitlements and historic property issues with city and state governments, and creative income enhancing and expense reduction solutions. We have successfully negotiated highly creative solutions to re-make capital structures and successfully reposition distressed situations. HSR is not a dispenser of capital, but a real estate operator with a deep history in capital markets finance.

Our Team

Joseph Penner

Joseph Penner

Mr. Penner has had a unique 35 year career during which he has worked in nearly every facet of the real estate industry, including lending, investment management, acquisition, ground-up development, value-added re-development and leasing, land development including obtaining complex entitlements in famously difficult California cities, asset management, and even hands-on onsite property management. Joseph founded Hill Street Realty and HSR Management Inc. (HSR) in 2001 and together they provide a full suite of real estate investment and management services, with capital provided primarily from an investor base comprised of high net worth individual investors. HSR has focused mostly upon apartments, office, retail, development and land entitlement.

During his career, Joseph was an executive at many of the real estate industries most noteworthy institutions, where he was backed by many of the largest institutional investors in the world to execute a variety of real estate investment strategies, including Citicorp, Legg Mason, Nomura, and Starwood Capital. Earlier in his career, he also worked for smaller real estate groups such as JRK investments and The Signature Group, where he gained valuable experiences mostly in property and asset management, giving him a unique combination of a detailed understanding of the inner workings of leasing and management, and development, combined with decades of institutional finance and investment experience.

Tyler Reichwald

Tyler Reichwald

Mr. Reichwald joined HSR in 2011 and is a member of the Investment Committee. Mr. Reichwald is involved in all aspects of the investment management process, including underwriting acquisitions, manage transactions, and assessing strategic opportunities for various assets and investments.

Mr. Reichwald is responsible for managing the construction, scheduling, budget preparation, and oversight of all renovations in all ranges of properties including commercial, retail, apartments, and land. Prior to HSR, Mr. Reichwald was employed as a portfolio manager at Golden Estate Management. He was responsible for all management activities for apartment and commercial properties, single-family homes, and Home Owners Associations. The activities include leasing, managing contractors, tenants, and onsite building staff.

Mr. Reichwald also worked in the residential real estate business at Red Real Estate Group and Keller Williams. During that period Mr. Reichwald was involved in all aspects of the real estate transaction process, including sales, ground-up construction, and closing transactions. Mr. Reichwald is a Los Angeles native and grew up in the real estate business working with the portfolio of his family and close friends.

Sabrina Parenti

Sabrina Parenti

Sabrina Parenti joined Hill Street Realty in 2012. Ms. Parenti manages the financial operation of the company, its affiliates, and subsidiaries. Sabrina works directly with lenders, investors, and manages the day to day financial and accounting processes.

Prior to HSR, she worked for a real estate investment company in Santa Barbara, CA where she oversaw the accounting for their portfolio of hotels, commercial and residential properties. Mrs. Parenti joined HSR with over 13 years of accounting experience, 7 of which specifically related to real estate and construction.

Ms. Parenti earned her Bachelor of Science degree in Business Management and Leadership with a minor in Accountancy from Portland State University School of Business. She is a licensed California Notary and also holds her California Real Estate Salesperson license.

Michael Penner

Michael Penner

Michael Penner joined HSR in 2019 to grow its portfolio management business. As part of HSR, Mr. Penner works on opportunistic value-add real estate asset acquisitions, ownership and repositioning strategies focusing on risk mitigation and operating execution though the lifetime of the investments. Prior to HSR, Mr. Penner had been an acquisitions and new development associate for Monday Properties, a New York based owner, developer, and operator of real estate where he underwrote real estate acquisitions of varying property types throughout the U.S., Latin America, and Europe. He was responsible for risk analysis, market research and property level due diligence as well as the firm investor solicitation and prospective lender processes.

Prior to Monday Properties, Mr. Penner worked as an associate at Summit Equities, a New York-based Commercial RE Investment Firm, where he maintained proprietary commercial real estate market research data, industry trends and market intelligence, for investment and property management use. He oversaw the property and asset management of a 300-unit value-add multifamily investment including cost analysis on value-add initiatives, P&L management, and marketing and tenant services. He oversaw the property and asset management of a Manhattan condominium conversion, including developing the company’s condo conversion policies and procedures manual with systemic protocols enhancing the investment value and sales marketing initiatives.

While in college in 2008, Mr. Penner worked as an analyst at CB Richard Ellis Global Investors Capital Partners, where he underwrote debt investments from $15 million to $250 million including Mezzanine, Preferred Equity, B-notes and CMBS B-pieces and legacy investment grade bids and bridge construction loans for all asset types such as retail, office, multifamily, mobile home parks and industrial assets. He managed all phases of the due diligence and execution process from opportunity assessment to third-party reports, property operating statements, site inspections, borrower financials, market reports, property leases and legal documents including the preparation of credit committee application and overseeing loan closings and Loan management.

Mr. Penner has a passion for the outdoors and is an avid greater Los Angeles wilderness hiker and as a former D-1 College Rugby player continues to be a dedicated rugby enthusiast.

Paul Perkins

Paul Perkins

Paul Perkins has over 30 years of experience in the commercial real estate industry. His experience includes the acquisition and disposition of real estate operating companies, properties and notes, capital markets activities including both debt & equity, as well as real estate investment brokerage. Mr. Perkins recently served as Chief Investment Officer of Versity Investments formerly NB Private Capital LLC, a national 1031/Delaware Statutory Trust (DST) investment firm. Mr. Perkins was responsible for the property acquisition, asset management and capital markets teams. While at NB Private Capital the company acquired $1B of multifamily/student housing properties (3,331 units) primarily utilizing the DST ownership structure. Prior to NB, Mr. Perkins was Chief Investment Officer for Delta Alliance Capital Management where he acquired 2,250 units of value-add multifamily properties with institutional LP equity partners. Mr. Perkins previously served as President of the real estate management & advisory group for a publicly traded real estate investment company where he was instrumental in the acquisition of a $1B AUM (80 property) Tenant in Common 1031 syndication firm, Senior Vice President of Finance for a real estate development company (responsible for debt and equity for acquisitions, construction and permanent financing), Executive Vice President of Investments for a publicly traded real estate company, which owned conventional/student housing apartment communities and office properties throughout the Southwest United States (responsible for the company’s acquisitions, dispositions, and capital market activities).

Prior to his public company experience, Mr. Perkins served as Executive Vice President of Finance/Investments for a private entrepreneurial real estate company. During his tenure, the company acquired real estate operating companies, commercial properties, mortgage note and real estate partnership interest. In 2001 Mr. Perkins played an integral part to the company going public on the American Stock Exchange.

Mr. Perkins started his career at CB Richard Ellis after graduating from University of Southern California with a degree in Business Finance. He furthered his studies obtaining a Masters from New York University in Real Estate Investments.

Giving Back

HSR values its commitment to the communities where its employees live and work. HSR is proud to support these wonderful causes. Should you desire any further information or would like to make a donation please click the link below, or contact us and we will be more than happy to have you join us in our community initiatives.


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