Transition Follows a Banner Year for Chelsea
Carlsbad, CA – May 8, 2023 – Chelsea Investment Corporation (“Chelsea”) announced a number of executive leadership changes following an exceptional year for the corporation. After nearly 40 years at the helm, Chelsea Founder, Jim Schmid, has retired as CEO. He will continue in leadership as Chairman of the Board. As owner of the company, Mr. Schmid will remain active in major strategic decisions, execution and promotion of the business. During his 45-year career, Schmid’s responsibilities have included project acquisition, financing, design, construction, marketing, and property management of commercial, industrial, and residential projects throughout the United States. Since 1992, he has focused on the development of affordable housing.
A respected authority in all aspects of real estate development and management, Jim is a former lecturer for the MSRE degree program at the University of San Diego, past chairman of the San Diego Building Industry Association, and a sought-after panelist and speaker.
Charles Schmid will transition from Chief Operating Officer to Chief Executive Officer, replacing his father who founded the company. Charles will be responsible for over 100 employees and a development portfolio of $2.5 billion. Charles has been with Chelsea since 1986, and also serves as President of Chelsea’s affiliated general contractor, Emmerson Construction. Charles applies experience with real estate finance, development, and management to facilitate the needs of both companies. As a licensed general contractor, Charles has supervised the construction of more than 8,500 apartments in California and Arizona.
Cheri Hoffman will continue to serve in her position as President of Chelsea Investment Corporation and has also been appointed to serve as Chief Investment Officer. Cheri has been a part of the Chelsea team since 1994 and has participated in the development of over 125 affordable apartment communities involving over $2 billion in financing. She is an authority in financial modeling, incorporating tax credits and tax-exempt bonds, and has extensive experience securing multiple forms of local, state, federal and private funding sources. Cheri will continue to lead the finance team. Cheri received her degree in accounting from California State University in Fullerton and continued her education with finance studies at California Polytechnic University in Pomona.
“Charles and Cheri have worked together with me for over 25 years and have grown the company from when they were the only employees to outstanding leaders of the company,” said Jim Schmid. “As founder of Chelsea, I have complete confidence in Charles and Cheri’s ability to take the company that is so close to my heart to the next level of success.”
The strategic plan to grow the Chelsea leadership team includes the addition of a new Chief Operating Officer, Jimmy Ayala, to replace Charles Schmid as he has transitioned into the CEO position. Mr. Ayala is a 25-year respected residential development leader and has served as Division President for Pardee/Tri Pointe Homes San Diego. He oversaw the day-to-day operations including land acquisition, entitlements, marketing, sales, construction and purchasing departments, while setting a long-range vision for the company. Jimmy is a member of the Federal Reserve Bank of San Francisco Board of Directors, Los Angeles Branch, and is a member of the San Diego County Water Authority Board of Directors. Jimmy received his Bachelor of Science degree in Urban and Regional Planning from Cal Poly, Pomona, and his MBA from San Diego State University.
“Jimmy’s recognition and history as a true leader in the real estate business makes his appointment as Chief Operating Officer at Chelsea a tremendous asset to our Executive Team and the direction we want to move forward from here,” said Charles Schmid, CEO.
Jim Schmid said: “We are doing larger and more complex projects and welcome the opportunity to add his skills in the market rate world to ours. We have developed a relationship with Jimmy over many years of developing affordable projects with Tri Pointe as a client. We look forward to a long future with Jimmy on our management team.”
To assist with the overall vision and implementation of strategic initiatives that will take Chelsea to the next level, an Advisory Board has been established consisting of a group of five industry leaders with a deep well of knowledge and experience. Chelsea’s Advisory Board will facilitate the successful transition by providing support to the incoming CEO and Executive Team and strategic guidance on long- and short-term objectives.
“The Advisory Board will truly be an asset for Chelsea as we navigate through these executive changes,” said Jim Schmid. “There are so many ways the Advisory Board will be able to help us by sharing their expertise. Regardless of what or how the Advisory Board will share with Chelsea, we recognize that we don’t have all the answers, and that visions and solutions lie not in commonality, but in diversity. Welcoming a broad range of thinkers, creators and doers is just another element toward what will make our company thrive.”
About Chelsea Investment Corporation
Since 1984, Chelsea has invested over $3 billion to develop over 15,000 units of affordable housing for populations including low-income seniors and families, farmworkers, individuals at risk for homelessness, and homeless veterans. Chelsea Investment Corporation was named the largest California-based affordable housing developer in 2021. Chelsea’s expertise includes urban infill, mixed-use, suburban inclusionary, renovation, and rural properties. The company is the first in California to deliver affordable apartments set aside for people with a developmental disability, such as autism, epilepsy, Down Syndrome, or cerebral palsy. Chelsea is a fully integrated affordable housing developer and offers turnkey finance, development, general contracting, and property/asset management services.
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