Carlo C. Mormorunni


Prior to forming Ridge Capital with Mike Diepenbrock, Carlo Mormorunni established fund management and real estate operating firm Balboa Funds in 2002. Since then, he established two blind pool investment funds, the Balboa Income & Growth Fund, LP and Balboa Value Fund II, LP, investing capital on behalf of 60+ family offices, high net worth individuals and trusts. Over the past 9 years, Carlo acted as the Managing Partner of those funds, and was directly responsible for the sourcing, acquisition, repositioning and disposition of over 1.7 million square feet of office and industrial projects. Carlo began his professional career as a tax and business attorney, spending the majority of that time at Howard Rice in San Francisco. He is a graduate of Stanford University's Graduate School of Business (Masters, Sloan Fellow), the University of Virginia (Bachelors) and the University of San Francisco School of Law (J.D., Cum Laude). He is member of the State Bar of California, member of the Urban Land Institute, a licensed California real estate broker and has passed the Series 65 (Registered Investment Adviser) exam. Email:

Michael E. Diepenbrock


Michael Diepenbrock has been involved in commercial real estate investment and development in the Western United States for over 25 years. Michael spent 14 years as a Partner at Panattoni Development Company, Inc. where he was directly responsible for the development of more than 3.5 million square feet of commercial buildings, including build-to-suit projects for CalSTRS, Kaiser Permanente, The Hartford, Health Net, Nationwide Insurance, Raley’s, Slakey Brothers, Valspar, and Snap-On Tools. During 2005, 2006 and 2007, Michael was a Regional Partner for Panattoni overseeing the company’s development operations in the Western United States, which included 9 local offices and annual development volumes in excess of $500 million. Michael also served on the company’s Management and Investment Committees. Before joining Panattoni, Michael served as Senior Vice President and Managing Officer for CB Richard Ellis overseeing brokerage, mortgage banking, and property management functions for the company’s Sacramento, Roseville, Stockton and Reno offices. Michael attended Santa Clara University where he graduated with honors in History. Email:

Michelle Azevedo

executive vice president

Michelle Azevedo has extensive experience in the design and construction of complex commercial real estate projects. Michelle spent over 11 years at Panattoni Development Company, where she successfully oversaw many significant development projects for major corporate users including Health Net, The Hartford, Nationwide Insurance, AllData (Autozone) and, most recently, Kaiser Permanente. Among her most notable achievements was the successful completion of the $260 million, 409,000 square foot, LEED Gold NC, headquarters facility for CalSTRS. Prior to joining Panattoni, she spent over 10 years with Spieker Properties (formerly Spieker Partners) where, in addition to the design and construction of development projects, she was involved with property acquisitions and dispositions, leasing, tenant improvement design, and property management of office and industrial projects totaling in excess of 5 million square feet. Michelle attended Cal Poly San Luis Obispo where she graduated with a Bachelors degree in Business Administration. Michelle is a LEED accredited professional (LEED AP BD+C), and a licensed California general contractor. Email:

Dave Higgins, Jr., LEED AP

Construction Manager

Dave Higgins, Jr. is a second generation builder and a Sacramento native, with 33 years managing notable construction projects in Northern California. Dave has recently joined Ridge Capital, Inc. after working for the past three years at Aditazz, Inc. a silicon valley based startup focused on leveraging techniques utilized by the semiconductor industry to enable data driven design automation utilizing prefabricated building components. During his tenure at Aditazz Dave gained valuable insight into the design process and how to translate conceptual building designs into accurate construction documents. Prior to his work with Aditazz, Dave spent 30 years at HMH Builders, rising to the position of President, where he led the firm through a period of unprecedented growth in volume and profitability, while maintaining its core values of high quality construction and customer satisfaction. While at HMH, Dave oversaw the construction of several notable projects in California, including the Intel Folsom Campus, Kaiser South Sacramento Campus Expansion, Meridian Plaza in downtown Sacramento, the renovation of the Cathedral of the Blessed Sacrament, 2020 El Camino office building in South Natomas, and served as Principal in Charge of the construction of the new headquarters facility for the California State Teachers Retirement Fund (CalSTRS). Dave is a well-established leader in the construction industry, having served on the Sacramento Builders Exchange Board of Directors, the Associated General Contractors of California Board of Directors, and is currently serving as a National Governor of the Associate General Contractors of America. Dave has been a long time volunteer with local charitable organizations and currently serves as a Trustee at Jesuit High School of Sacramento and serves as facilities manager for Saint John’s Shelter Program for Women and Children. Dave attended Santa Clara University where he graduated with a Bachelor’s degree in Civil Engineering. Dave is a LEED accredited professional and a licensed California General Contractor.

Susan Doris

Director of Leasing

Susan Doris brings over 25 years of commercial real estate and marketing experience to the Ridge Capital team. With extensive experience as an owner’s representative, Susan has achieved results for both private regional and national institutional quality owners. Susan has development experience with William Wilson & Associates working on a premier 30 story class A, high-rise. Responsible for the project marketing and leasing she achieved the area’s highest rents and a premier tenant roster. As Managing Director of National Leasing, Susan implemented a national strategic broker platform for Equity Office Properties. She successfully coordinated broker relationships and transactions across a 125,000,000 square foot portfolio developing over 560,000 square feet of potential new transactions for Equity Office. As Leasing Director for Equity Office and Cornerstone Properties, Susan was responsible for oversight of marketing, leasing and management for the company’s properties in Sacramento, the East Bay and suburban Seattle, Washington totaling over 2,000,0000 square feet. Susan was an industrial and R&D broker with CB in both San Jose and Sacramento. Email:

Sandra L. Conway, CPA


Sandra Conway has more than 25 years of experience in providing real estate accounting and consulting advisory services to clients throughout California and Western Nevada. For the past 11 years, Sandra has served as a Regional Controller for Panattoni Development Company, Inc. where she was responsible for financial reporting and management of real estate assets held nationwide and in Canada. Sandra has managed investments jointly held with institutional investors such as CalPERS, CalSTRS, Pennsylvania SERS, Ohio PERS, ING, ADIA and Granite. In addition, Sandra is experienced in tax reporting for LLC’s, S Corps, and C Corps. Prior to her roles at Ridge Capital, Inc. and Panattoni, Sandra worked for KPMG and Gallina LLP for 15 years where she specialized in construction accounting. She also performed due diligence procedures across the nation for a publicly held corporation to assist in their roll-up acquisition decisions. Sandra attended California Baptist University where she received her Bachelors in Business Administration/Accounting, Magna Cum Laude. Sandra also works as an Adjunct Accounting Professor and teaches accounting courses in the Los Rios Community College District. Email:

Ron Hirai

Assistant Controller

Ron Hirai has 30 years of accounting experience in a variety of industries. Prior to joining Ridge Capital, Ron worked as an Accountant with Panattoni Development Company, where he prepared financial reports for numerous office, retail and industrial developments. Ron also worked at Colliers International, where he prepared property management financial reports. Prior to moving to Sacramento, Ron worked as an Accounting Manager for several internet based companies in the Los Angeles area. Ron graduated with a Bachelors Degree in Finance/Real Estate from California State University, Northridge. Email:

Joseph Kozina, MBA

Real Estate Analyst

Joseph Kozina has extensive experience in complex and sophisticated valuation and cash flow pro forma analysis for the investment and development of commercial real estate assets. In addition, Joe provides analytical support on a wide variety of assignments including market research, review of property operating statements, property underwriting, cash flow modeling, property valuation, tenant credit review and preparation of investor communication documents. Since joining Ridge Capital, Inc., Joe has underwritten over 6 million square feet of office and industrial projects. Prior to Ridge Capital, Inc., Joe attended University of California at Davis where he received his Masters in Business Administration. Joe also attended California Polytechnic State University, San Luis Obispo where he received his Bachelors in Construction Management.
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