Leadership Team

J. Todd Stone, CCIM

Todd is a Certified Commercial Investment Member, licensed California Real Estate Broker, and President/CEO of the firm. He is a graduate of the University of California at Berkeley and Past President of: the Northern California CCIM Chapter; the Family Service Agency; River City Food Bank; and the Sacramento Active 20/30 Club. Additionally, he has served on the boards of many business and civic organizations. Mr. Stone heads investor relations and acquisitions, strategic planning, and operations for the firm. He is an owner and managing partner for many of RSI's senior living, multifamily and retail investments in Northern California, and for our retail properties in New Mexico, and Texas. He is an active member with ASHA and ICSC, and has been with RSI since 1984. CA BRE Broker License #00792653

Candice Burney, Ph.D. 

Candice is the Chief Operating Officer and joined the Ray Stone Inc. team in February of 2023. For over two decades Candice has held a variety of leadership positions in the property management industry from smaller multifamily companies to tech-enabled and publicly traded organizations. Her well-rounded experience in leasing, selling residential real estate, managing multiple multifamily communities, and knowledge of standard operating procedures, provides her with a solid understanding of the Ray Stone Inc. portfolio. In 2019, Candice earned her Ph.D. in Industrial-Organizational Psychology, focusing on applying research to increasing workplace productivity, employee selection, work-life balance, emotional intelligence, and helping with organizational growth. Besides her experience and accomplishments, Candice is known for her energetic and caring approach to leadership, making her an excellent match for Ray Stone Inc.’s mission, culture, and collaborative approach to management. CA DRE #01359297

Keith Johnson, CPA

Keith is our Chief Financial Officer and joined the team in February, 2024. Longtime resident of the Sacramento region, Keith most recently served as Controller of USA Properties Fund, Inc.. In that role he supported the development and implementation of the company’s strategic direction, as well as managed all aspects of the company’s accounting department. He also arranged for financing, supervised risk management and compliance, and oversaw internal control systems to meet the company’s requirements, as well as those of government agencies associated with affordable housing. Prior to USA Properties, Keith worked as a Development Coordinator for Panattoni Development Company and Audit Manager for a CPA firm.
Community involvement has long been one of Keith’s priorities, which aligns well with RSI’s culture. In support of Carmichael’s HART program (Homeless Assistance Resource Team), he spearheaded the renovation of two single-family homes to serve as transitional housing for women experiencing homelessness. A graduate of University of San Francisco, Keith maintains certification as a Certified Public Accountant and California Real Estate Broker. Keith’s broad experience in financial management of commercial and multi-family investment real estate, combined with his investor relations and strategic skills, make him a great addition to the RSI team.

Carol Sitzenstatter

Carol has been with Ray Stone Incorporated since 2019 and is the Vice President of Commercial Services. In her role, Carol leads her team in property management, leasing and sales of commercial investment properties.  She brings over 40 years of experience in commerical real estate working with a wide range of assets - from grocery-anchored shopping centers to multi-tenant office and industrial properties. Her extensive background in Commercial Real Estate and Property Management have brought continued growth and development to RSI. CA DRE #00892998

Matthieu Pelpel

Matt is the Vice President of Investments and joined the Ray Stone team in March 2026.

A Northern California native, Matt grew up in the East Bay and graduated from UC Davis with a B.S. in Managerial Economics. He began his career in commercial banking at Wells Fargo, covering the North Bay, where he built a strong analytical foundation and developed an early interest in real estate investing, drawn to its tangible and operational nature. He later transitioned from banking to commercial real estate with HFF (now JLL) in San Francisco, where he focused on debt and equity placement. With a long-term goal of being on the investments side of the business, Matt then joined Stockbridge’s West Coast acquisitions team in 2020 where he worked on multifamily, industrial, retail, and office acquisitions throughout Western U.S. markets. 

He joined Ray Stone Inc. alongside moving to the Sacramento area to be closer to family. His wife is a dentist at her family’s practice in Roseville, and both of their families now reside in the foothills. Outside of work, Matt enjoys traveling, managing Airbnbs, home renovation projects, and spending time with family and friends.

Aubrey Jones

Aubrey Jones is the Vice President of Residential Services and oversees RSI’s multifamily and senior living portfolios. She started in property management in 1999. She has an extensive background of experience managing a range of portfolios, including market rate, senior housing, student housing and affordable low-income. Aubrey is a licensed Real Estate Agent and joined Ray Stone Inc. in 2017 as our Director of Marketing. She is passionate about employee training, development and management. CA BRE #02028292.

Terri Howell

Terri is the Director of Senior Living for Ray Stone Incorporated. Terri began her journey with RSI in 2014. She has since worked a variety of Senior Living roles that include Marketing Director, Resident Relations, Assistant Manager and Community Administrator. Terri was most recently the Regional Manager for our Senior Living Division before being promoted to Director of Senior Living in 2024.  Terri's enthusiasm, leadership skills, positive attitude and willingness to learn are just a few of the attributes that make her successful in her current position. 

Scherrie Hardy

Scherrie is the Director of Multifamily for Ray Stone Incorporated. She began her career with RSI in 2010 as a Leasing Consultant and advanced through key leadership roles, including Community Manager and Regional Manager. In her current role, Scherrie provides strategic oversight of the Multifamily portfolio, with a focus on financial performance, operational consistency, and driving sustainable growth across all communities. She is recognized for her hands-on leadership style and her commitment to team development, accountability, and strong operational execution. Prior to her career in property management, Scherrie served in the United States Air Force. She holds a bachelor's degree in business with a concentration in Entrepreneurship.

Crystal Marcus

Crystal is the Director of Sales & Marketing for Ray Stone Inc. and oversees the Multifamily and Senior Living divisions. She has been active in the Multifamily industry since 2004. Her experience includes acquisitions, due diligence, on-boarding new properties, repositioning and stabilizing assets through operational efficiencies and team development. Crystal joined Ray Stone Incorporated in 2015 and was promoted to Director of Sales & Marketing in 2024. Crystal is passionate about employee development, building cohesive teams and enhancing property performance. CA BRE #02074674

Charlie Howery

Charlie is our Director of Maintenance and brings a wealth of experience to the RSI team. With an extensive background in project management, restoration, mitigation, and Team Leadership, Charlie is no stranger to large-scale operations. His extensive skill set includes interior renovations, Maintenance Tech Training, field and leadership training, and inventory maintenance shop management. As the Director of Maintenance, Charlie oversees all maintenance operations and works closely with the Maintenance teams across our Multifamily and Senior Living communities. His leadership ensures that projects and operations run smoothly and efficiently, with his deep knowledge playing a key role in maintaining the quality of our communities.

Nicole Wells

Nicole Wells joined Ray Stone Inc. as our Human Resources Manager. She has an expansive background in HR, particularly from her previous experience in the restaurant industry. Throughout her career, Nicole has honed her ability to effectively manage employee relations, recruitment, training, and performance management, always prioritizing the growth and well-being of the team. Known for her integrity, strong ethics, and respectful approach, Nicole excels in fostering positive work environments and supporting the well-being of our team. Her dedication to fairness and effective communication ensures that our HR processes are not only efficient but also grounded in mutual respect. Nicole has a natural ability to create a positive, inclusive work culture where every individual feels valued and heard. She works diligently to ensure our HR processes run smoothly, aligning with both the company’s goals and the needs of our employees. Nicole's expertise and values make her a key asset to our organization.

Natalie Hinkel

Natalie brings nearly three decades of commercial real estate experience, working with both private and institutional landlords as well as tenants across retail, office, and industrial properties. With a background in brokerage, asset management, and property management, she offers a well‑rounded perspective on how to increase NOI, enhance asset performance, and support long‑term value. Whether it’s value‑add projects, ground‑up leasing, or stabilized portfolios, Natalie approaches every assignment with collaboration, clarity, and genuine care for her clients’ goals.

Over the past decade, she has completed transactions with a wide range of national and regional brands, including Raley’s, Ace Hardware, Wells Fargo, Coldstone Creamery, Jersey Mike’s, Round Table Pizza, Dollar Tree, Anytime Fitness, Staples, H&R Block, Joann Fabrics, Hotworx, Huckleberry’s, Domino’s Pizza, Stanton Optical, Temple Coffee, Mr. Pickle’s, Mancini’s Sleepworld, and many others.

Known for her long‑standing relationships and her ability to understand both landlord and tenant needs, Natalie is a trusted advocate who strives for solutions that work for everyone. She is a graduate of California State University, Sacramento, an active member of ACRE and ICSC, Co‑Chair of Special Events for CREW, and serves on the Jesuit High School Booster Club Board. She is also pursuing her CCIM designation to deepen her expertise in investment and strategic analysis. CA DRE#01346275