Our Team

Michael S. Adler – MAI, CPM


Mr. Adler, as President and CEO of Adler Realty Investments, Inc., is actively involved in a broad spectrum of real estate investment and development projects. His market insight, analysis and leadership skills enable the firm to consistently exceed market returns on its investments.

While serving as President of the Adler companies, Mr. Adler has acted as general partner, manager, and investor in a multitude of real estate projects valued at over $1 billion. Most of these projects are development, re-development and “value added opportunities”. Mr. Adler guides his team through the development, redevelopment, or renovation required to maximize return on investment while providing high quality service to the end users. Additional projects include the acquisition and management of institutional grade properties.

Mr. Adler is a graduate from the University of Denver with a degree in Business Administration, majoring in Real Estate and Finance. He obtained an MAI designation from the Appraisal Institute, and a CPM designation from the Institute of Real Estate Management. Mr. Adler is a member of the Urban Land Institute, (Idaho Chapter), the Boise Metro Chamber of Commerce, and is a board member of the Boise Valley Economic Partnership.

Bill Hoffenberg

Chief Operating Officer and Chief Financial Officer

Mr. Hoffenberg joined the Adler companies in March 2021 as Chief Operating Officer and Chief Financial Officer. He provides leadership, strategic oversight, and financial expertise for the broad spectrum of Adler’s activities, including finance, accounting, development, property management, acquisitions and investor relations, as well as being one of the three members of the firm’s Investment Committee.

Mr. Hoffenberg has over thirty-five years of commercial real estate experience, including significant experience developing on ground leased land. Before joining Adler, he was Chief Financial Officer for The Sobrato Organization, a family-owned developer, owner and operator of commercial and multifamily real estate in Mountain View, California, with a commercial portfolio of over 8 million square feet and a multifamily portfolio of over 7,000 units. Prior to that, he was the Chief Financial Officer at Amstar, a private equity firm in Denver, Colorado, the Chief Financial Officer for ten years at Sunroad Enterprises in San Diego, California, and the Chief Financial Officer for ten years at The Koll Company, in Newport Beach, California. Mr. Hoffenberg graduated from Stanford University with a bachelor’s degree in Economics and in Human Biology and received his MBA from Harvard Business School.

Richard S. Gable

Managing Director, Acquisitions & Investor Relations

Mr. Gable directs the acquisition team and secures the debt and equity financing for Adler Realty’s investments. In addition, with Michael Adler, he serves as the primary contact to the firm’s institutional and private investors. During the last twenty years at Adler, Mr. Gable has negotiated a billion dollars of debt and supervised $800 million in acquisitions.

In his role as Managing Director, Mr. Gable provides leadership, strategies, and finance expertise for the acquisition of investments, as well as being one of the three members of the firm’s Investment Committee. Mr. Gable is also responsible for investor relations, which includes presenting and interpreting investment opportunities, and updating equity partners on their investments.

Mr. Gable has over twenty-five years of commercial real estate experience, with a focus on the financing, leasing and sale of office, industrial, and retail properties. Prior to joining Adler Realty Investments, he was President and Chief Operating Officer for a successful start-up internet service provider which grew to 125+ employees. Mr. Gable was instrumental in its growth and eventual sale for $450 million dollars. Mr. Gable graduated from the University of Pennsylvania and is a licensed real estate agent in California and Pennsylvania.

Alan D. Sher – CPA

Senior Director, Asset Management

Mr. Sher is responsible for overseeing property operations for the company. In this capacity, he performs asset management functions of the company which include: developing, implementing and monitoring investment business plans, negotiating leases and the renovation, repositioning and disposition of the portfolios. In his previous position as CFO of Pacifica Capital Group, Mr. Sher was responsible for financial reporting to principals and investors on over $400 million of commercial and industrial real estate investments.

Mr. Sher has over 20 years experience in financial reporting, public accounting and property management disciplines. He holds a degree in accounting from the University of Cape Town and is a licensed Certified Public Accountant and California Real Estate Broker.

Tracy Tuong


Ms. Tuong is responsible for managing and leading the accounting teams of the Adler companies as well as all accounting and reporting functions of the organizations.

Ms. Tuong has over 20 years of experience in accounting; of which 15 are in commercial and residential real estate asset management and development. Ms. Tuong is a seasoned professional with a wealth of public and private organization accounting management. Notably, she is an expert in finance and accounting, with asset types including major market warehouses, offices, retail centers, mixed-use developments, and single/multi-family housing.

Before joining the Adler team, Ms. Tuong excelled in roles at California Pizza Kitchen Inc., Westfield Group, Storm Industries Inc., Vintage Capital Group, and most recently, as interim VP of Accounting at Unibail Rodamco Westfield. Her responsibilities included all aspects of accounting operations & reporting, contract management, treasury, system conversions, obtaining constructions loans, mortgage refinancing, joint venture reporting, strategic planning, risk & cost management, acquisition and disposition of assets, CAM recs., job costing, lead internal and external audits, tax planning and oversight of human resources and information technology.

Ms. Tuong earned a Bachelor of Science degree in Accounting with a minor in Economics from California State University, Los Angeles.

Mandana Tarr

Asset Manager

As Asset Manager, Mrs. Tarr oversees property operations for ten office, industrial, and retail assets across the country. Her responsibilities include the development, implementation and monitoring of investment business plans, lease negotiation, renovation, repositioning and disposition of assets, and the development of energy efficiency and solar projects across the entire Adler portfolio. Mrs. Tarr has been with Adler Realty Investments since 2013. She began as an Acquisitions Analyst, preparing cash flow projections and investment offering materials, as well as assisting in due diligence analysis for new projects. Mrs. Tarr earned a Bachelor of Arts degree from Temple University, in Philadelphia. She joined the Adler team after working for over 11 years as a Certified General Real Estate Appraiser, providing valuation consulting services to numerous clients in Southern California.

Jennifer Heckendorf

Regional Property Manager

As Regional Property Manager, Ms. Heckendorf oversees the Northern Los Angeles Region and is responsible for all day to day operational and financial functions for the portfolio, which consists of Office, Industrial, and Residential properties. Prior to joining Adler Realty in 2011, Ms. Heckendorf was employed by Caruso Affiliated since 2003, her experience provides over 10 years of knowledge in the real estate management field. She holds a B.S. in Business Management from California Lutheran University.

Peggy Weaver

Senior Property Manager

As a Senior Property Manager, Ms. Weaver brings a wealth of experience to her position in the real estate management field having managed office and retail properties in the Los Angeles region for over 20 years. She is currently in charge of our Calabasas and Agoura Hills portfolio, responsible for all day to day operations and financial functions. The portfolio consists of both office and retail properties. Prior to joining the company in 2015, Ms. Weaver was employed by Century National Properties for almost 20 years as their Regional Property Manager.

Andrea Myers

Transaction Manager

As Transaction Manager, Ms. Myers manages the acquisition, due diligence and closing processes, ensuring that all parties are fully informed at each stage of the critical paths of these functions. In this capacity, Ms. Myers manages the communications, data and critical paths required to achieve a successful transaction. Ms. Myers joined Adler Realty in 2001 and received her Bachelor’s Degree in Business Administration at the University of Missouri, Kansas City; and is a licensed California Real Estate Broker; and Notary Public.

Angelito Eusebio

Senior Accountant

As a Senior Accountant for Adler Reality Investments, Mr. Eusebio is responsible for managing and reporting of financial data for a portfolio of the company’s projects. Mr. Eusebio has over 25 years of accounting experience in commercial real estate. Prior to joining Adler Realty in 2012, he has been employed by CBRE, Prentiss Properties, Jones Lang LaSalle and New Mark Merrill. Mr. Eusebio has a BSBA degree with a major in accounting from University of The East, Manila, Philippines.

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