Paul C. Dougherty

President/Chief Investment Officer

Paul is the President and Chief Investment Officer of PRP, the private real estate alternative investment firm he founded in 2005. As such, he is responsible for the general oversight of the firm as well as for PRP’s commingled funds and separate accounts. In his role as President, Paul leads the company’s strategic growth, managing its daily business operations, setting corporate strategy and maintaining and building relationships with the firm’s stakeholders: lenders, investors and advisors.

For the past 30 years, Paul has structured investments with an asset value of over $20 billion. PRP’s four commingled discretionary investment funds and separate account investment vehicles have invested in $4 billion in real estate investments across 17 U.S. markets. This portfolio includes 5 million square feet of single-tenant and multi-tenant office, medical office, logistics, retail and data centers, and over 5,000 units of multifamily, condominium and assisted living properties. PRP’s investments are owned in commingled real estate funds and separate accounts with institutional investors.

Prior to forming PRP, Paul was Managing Director of the Eastern Region of CBRE Capital Markets. While at CBRE, Paul founded CBRE Realty Finance (NYSE: CBF), a commercial real estate mortgage REIT. Before that, he was the founder and National Director of the Finance & Capital Markets Group for Insignia/ESG, Inc., where he led a national team of real estate investment bankers involved in the project financing, bond financing, joint venture equity structuring and project development financing of investment-grade office, retail, industrial, lodging and multi-family projects. CBRE acquired Insignia/ESG in 2001. Paul started his career in 1987 at Barnes, Morris & Pardoe in Washington, DC, a company that was acquired by Insignia/ESG in 1997.

Paul was a founding director and formerly served as a member of the Director’s Loan Committee for the Bank of Georgetown. Additionally, he formerly served as a Board member of the Children’s National Hospital, the Board and the Executive Committee of the Children’s National Hospital Foundation, the Board of the Starlight-Starbright Children’s Foundation Mid-Atlantic, and a founder and former Board member of the First Tee of Washington, DC. Paul is an active member of the Economic Club of Washington, the Federal City Council, and multiple real estate trade organizations.

Paul is an alumnus of the University of Southern California and American University and holds a certificate in Real Estate Management; Finance, Design and Leadership from the Harvard University Graduate School of Design.   

When he’s not spending his time with his kids Luke and Cate or enjoying a great meal, Paul spends his free time golfing, gardening, hiking, skiing, fly fishing and tending to his koi pond.

Trey O'Shields

Chief Financial Officer

Trey is responsible for all oversight of financial planning and analysis at PRP, financial reporting, tax, audit, and accounting. Trey has over 20 years of experience in real estate finance and accounting in both public and private real estate investment companies.

Prior to joining PRP, Trey served as Chief Financial Officer of Bonaventure a vertically integrated owner, operator, and developer of multifamily communities throughout the Mid-Atlantic. While at Bonaventure, Trey had oversight of FP&A, investor relations, tax, and accounting.  He led all financial capabilities within Bonaventure’s newly formed REIT and was a member of its Board of Directors and Investment Committee. Prior to joining Bonaventure, Trey served as Chief Financial Officer of the Stonebridge Companies, a privately held hospitality owner, operator, and developer. At Stonebridge he led all property, corporate, and tax accounting functions in addition to raising debt and equity capital. Prior to Stonebridge Trey held various finance, treasury, and capital markets roles at UDR (NYSE: UDR) and AIMCO (NYSE: AIV).

Trey received his BSBA International Business from the University of Denver, and an MBA in Finance from the University of Colorado. 

In his free time, Trey enjoys spending time with his wife and 3 nearly grown children, watching his daughters compete in national cheer competitions, visiting his son at OU, and exploring the DMV area.

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 enjoys skiing, playing golf, Peloton cycling and eating Tex-Mex cuisine. On weekends, he likes to watch the NY Giants and read The Sunday Times.

Steve has more than 30 years of experience acquiring, leasing, managing, developing and redeveloping more than 2.5MM 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

Development Executive

Richard joined PRP in 2014. He’s responsible for sourcing and executing multifamily investments and serves as a member of PRP’s Investment Committee. Richard has two daughters — Sarah and Eliza — both recent college grads now working in Nashville and Washington, DC. He likes to spend time sailing, skiing, cycling, playing tennis and hiking and camping with his two dogs. He’s also renovated a number of old houses and boats and has a home for retired horses on his farm in Virginia.

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 $240MM.

Prior to joining PRP, Richard was Senior Vice President for Vornado/Charles E. Smith, where he directed DC residential development and planning. He also founded Piedmont Ventures and worked as Managing Director at 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.

Jake Ying


Jake joined PRP in 2015 and is responsible for the firm's acquisitions, development and asset management activities. In his free time, he enjoys playing soccer and hanging out with his pug.

Prior to joining PRP, Jake was an Analyst at Greysteel, a commercial real estate brokerage firm. Jake was responsible for underwriting more than 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.

Richard Drummond


Richard is responsible for making strategic investments for ground up multifamily developments as well as conversions to multifamily in Opportunity Zones throughout the United States. With over 30 years of experience in the real estate and construction industry Richard has developed and built single family homes, offices, hotels, data centers and multifamily projects. Prior to joining PRP Richard spent the last 20 years as an Executive with various Clark organizations including Clark Global, Clark Realty Capital and CRC Companies.  During that time, Richard developed over 10 state of the art data centers throughout the United States as well as internationally; and over 4,000 multifamily units. 

Richard is active in the Izzac Walton League, a national water and land conservation group and is a member of the Urban Land Institute.  He earned an undergraduate degree from the College of Architecture at the University of Florida and an MBA from The Mason School of Business at William and Mary. Richard is a native Washingtonian and lives in Potomac with his wife and 2 kids.  He enjoys driving his kids to various sporting practices and games and when time permits a round of golf. 

Chris Riley

Director, Asset Management

Chris joined PRP in 2020 and is primarily responsible for the asset management activities of the firm’s office portfolio. When he’s not working, he enjoys soccer, running, biking, skiing and spending time with his wife and three kids.

Prior to joining PRP, Chris worked as an Associate in Cushman & Wakefield’s Capital Markets Group, where he participated in over $3 billion worth of investment sales transactions. Prior to Cushman & Wakefield, Chris was a Senior Associate in the audit and assurance practice at PricewaterhouseCoopers.

Chris received his BS in Accounting from the University of Maryland. He holds his Real Estate License in DC, MD and VA and is a Certified Public Accountant.

Bjarki Juliusson


Bjarki joined PRP in 2019 and is responsible for the reporting and analysis of the firm’s office and residential portfolio. Bjarki enjoys playing golf and playing guitar. He’s a close follower of the English Premier League and is working on reading his way through the entire Stephen King bibliography.

Prior to PRP, Bjarki worked as Project Accountant for JBG Smith, where he prepared and reviewed monthly financial statement reporting packages for Legacy Vornado assets. Before JBG Smith, Bjarki oversaw residential portfolios as a Portfolio Accountant at Pinnacle Property Management Services.

Bjarki received his BS in Accounting from the Florida Institute of Technology in Melbourne, Florida.

Landon McKenzie


Landon joined PRP in 2020 and is responsible for the firm’s acquisitions and asset management activities. Outside the office, Landon likes to play golf, surf and snowboard.

Prior to joining PRP, Landon interned as an analyst for Atollogy, an integrated technology start-up company in Silicon Valley. Landon was responsible for analyzing market expansion opportunities. While working with Atollogy, he participated in deals which resulted in doubling the company’s valuation. 

Landon has a BA from Dartmouth College, where he was also a member of the men’s lacrosse team.

Colleen Ramsey

Office Manager

The newest member of the PRP team, Colleen joined the firm in September of 2020 as Office Manager. She brings more than 20 years of executive experience to the firm and is responsible for overseeing the day-to-day functions of the office as well as supporting all team members in their varied roles.

When Colleen isn’t working, she enjoys watching her son play baseball for the University of Maryland. She loves reading mystery novels and motivational books — usually alongside a big cup of coffee on weekends. Colleen credits her passion and motivation to her daily morning fitness routine, and she tries to start every day with fresh air. Above all, her family is her support system, and she values the time she spends with them walking, exploring new places and eating meals — as well as the occasional post-dinner Scrabble game.

Prior to joining PRP, Colleen managed a tax law firm and worked as an account manager for Pacific Life Wholesalers.

Our Community

PRP is committed to being a positive force in the communities in which we live and operate. Our employees are proud to give their time, talents and resources to local and national causes, and PRP helps to provide tools and programs to support this 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.
We are a cross-disciplined team with an average of 25 years in institutional capital management.
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