We are pleased to announce that Sunstone Properties Trust and Two Tree Capital have combined to become Sunstone Two Tree.

Our Mission.

To protect investor capital and deliver compelling returns through every phase of the economic cycle.

To create and operate safe, clean and well-maintained residential rental communities for individuals and families.

Our Business

Sunstone Two Tree is a vertically integrated operator, developer and fund manager with deep expertise and a successful track record. Founded in 2012, Sunstone Two Tree’s investment thesis focuses on an asset class that provides attractive risk adjusted returns across several investment strategies. Sunstone Two Tree invests in workforce multifamily housing because of its durable performance during all phases of the economic cycle. The asset class also fulfills our mission to create a product that delivers much needed housing for working class individuals and families and improves the communities in which they live and work.

Starting in 2020, Sunstone Two Tree began developing medium to high density single-family home (attached and detached) communities. These projects combine many of the benefits of single-family living (larger units, dedicated parking, private yards, lower tenant turnover) with the operating efficiencies of multifamily communities and cater to millennials who are finally entering the household formation stage and baby boomers who are entering their empty nester years and are looking to simplify their lifestyle and downsize.

Our Team

With an average of 20 years of investment experience, Sunstone Two Tree’s management has refined its skills in creating value for investors throughout various economic cycles.

John Maddux


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John Maddux serves as the CEO of Sunstone Two Tree. John previously served as the President and COO of MMPI from 2005 to 2011. From 1998 to 2005, he practiced law at the law firm Nevers, Palazzo, Maddux & Packard. He practiced real estate law with O’Melveny & Myers from 1986 to 1996. Mr. Maddux earned his B.S. degree in business management-finance from Brigham Young University and his J.D. from Brigham Young University’s J. Reuben Clark Law School, where he graduated Cum Laude. He is married and has three sons.

Scott Maddux


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Scott Maddux serves as the President of Sunstone Two Tree. He was previously a senior vice president at Oaktree Capital in Los Angeles focused on real estate debt and equity investment opportunities. Before joining Oaktree, he worked on the real estate acquisitions team at the Blackstone Group in New York City. Before that, he worked as an investment banker at Goldman Sachs where he advised real estate companies on M&A and capital raising transactions. He received an M.B.A. from Harvard Business School and a B.S. in accounting from Brigham Young University.

Tanner Maddux

Chief Investment Officer

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Tanner Maddux serves as the Chief Investment Officer and focuses his efforts on acquisitions and development. He was previously on the acquisitions team at Rockpoint Group, a Boston-based real estate private equity company with $62B AUM, and personally worked on ~$1bn of multifamily, office, and hotel transactions. Prior to Rockpoint Group, Tanner was an investment banker in the Goldman Sachs Real Estate, Lodging, and Gaming Group in New York City where he worked on mergers, acquisitions, public and private debt and equity offerings. Tanner earned his bachelor’s degree in finance from Brigham Young University’s Marriott School of Management.

Elizabeth Fujino

Chief Operating Officer

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Elizabeth Fujino serves as the Chief Operating Officer of Sunstone Two Tree. She previously worked at Suburban Land Reserve, a land investment and development company. Elizabeth has experience in various types of real estate assets including master planned communities, condominium conversions, industrial parks and multifamily. She has worked on projects in various development stages ranging from entitlement, acquisition, management and disposition. Elizabeth received a B.A. in marketing and advertising from Brigham Young University and an MBA from Brigham Young University’s Marriott School of Management. She is married and has three sons.

Todd Nielsen

General Counsel

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Todd Nielsen is the General Counsel of Sunstone Two Tree. Todd has more than 27 years of experience in real estate and corporate law, both in private and public company practice. He began his private legal practice representing a Fortune 100 supermarket chain in shopping center development before joining Brobeck Phleger & Harrison LLP. Todd began working with one of the principals of Sunstone Two Tree more than 15 years ago, including in taking a private real estate company public. Todd graduated magna cum laude from the J. Reuben Clark Law School at Brigham Young University. Following law school, he served as law clerk to the Hon. Howard M. Kirshbaum of the Colorado Supreme Court. He is also a California licensed real estate broker.

Jonathan Sweet

Senior Vice President, Land Acquisition

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Jonathan Sweet is an industry veteran who specializes in acquiring and developing land. He has been directly involved with the acquisition and development of over 40,000 residential units over the course of his career. Prior to Sunstone Two Tree, Jonathan was vice president of land acquisition at American Homes for Rent where he oversaw markets in Arizona, Colorado, Idaho, Nevada, Utah, and Washington. Prior to that, he was vice president of real estate at SunCal where he led master plan acquisitions in Northern California and Nevada. In addition to his residential expertise, he has also acquired land for industrial, student housing and senior housing developments. Jon earned a B.S. in economics and urban planning from the University of Utah.

Tyson Williams

Senior Vice President, Development

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Tyson Williams serves as the Senior Vice President of Development at Sunstone Two Tree and oversees construction operations for all build-to-rent projects. He has over 18 years of residential homebuilding experience. Prior to Sunstone Two Tree, Tyson was the Regional Vice President of Operations for American Homes for Rent, where he managed horizontal and vertical construction in Arizona, Colorado, Idaho, Texas, Nevada, Utah, and Washington. Prior to that, Tyson was a Vice President of Operations for multiple publicly traded home builders, including Ryland Homes, CalAtlantic Homes, and Century Communities. Tyson earned his B.S. degree in business management and MBA from the University of Phoenix.

Lisa McClain


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Lisa McClain serves as the Controller of Sunstone Two Tree. She has over 15 years of accounting/finance experience and has previous real estate experience working at J.G. Management, a property management company. Prior to joining Sunstone Two Tree, Lisa worked at two software companies where she led the accounting team and at Amgen where she provided financial, analytical and budgetary decision support to the Information Systems organization. Lisa received a B.S. in Business Finance and minor in Psychology from California Lutheran University. She also has her CPA license.

Randall Sutton

Vice President, Asset Management

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Randall Sutton serves as the Vice President of Asset Management of Sunstone Two Tree where he oversees all major asset management functions across the portfolio. Randy previously worked for Bridge Investment Group, where he was responsible for acquisitions, asset management, and dispositions in major markets across the Western United States. During his time at Bridge, he led the asset management responsibilities over a 5,200+ unit and $840 million value-add multifamily portfolio. Randy earned a B.S. in finance from Brigham Young University’s Marriott School of Management.

Farnoush Dehghan

Vice President, Accounting

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Farnoush Dehghan serves as the Senior Vice President of Accounting of Sunstone Two Tree. She has over 18 years of accounting experience, of which 15 years have been focused on property management. Her experience with real estate accounting includes both residential & commercial property management. Previously, Farnoush worked at Polaris Property Management, where she led a team of eight as the Accounting Manager. Prior to that, Farnoush served as part of the Internal Controls team at IMT Residential. Farnoush received a B.S. in Accounting from Western Governors University and an Associate Degree in Accounting Management from Douglas College.

Ani Ward

Senior Associate, Accounting

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Ani Ward is a Senior Accountant at Sunstone Two Tree.  She is an accounting and property management specialist with more than 15 years of experience in delivering quality customer service and financial analysis. Ani previously spent 7 years working at Macerich, a real estate investment trust, as a Senior Property Accountant and Senior CAM Accountant. Her additional skills attained with other REIT companies are in the areas of property management and accounts receivables. Ani is a graduate of California State University Northridge and holds a B.S. in business administration with an emphasis in accounting.

Eduardo Borba

Associate, Architecture

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Eduardo Borba serves as an Architect Associate for Sunstone Two Tree with more than 20 years of international experience with low-rise and high-rise multifamily projects, including horizontal single-family subdivisions and townhomes to complex high-rise properties with multiple mixed-use buildings. His international experience includes projects in Sao Paulo and different cities in Brazil, Mexico and in Los Angeles. Prior to Sunstone Two Tree, Eduardo began his own architecture firm in Sao Paulo designing a variety of projects for several developers and also worked for Meruelo Maddux Properties Inc. designing high-rise residential buildings in downtown Los Angeles. Eduardo was also an assistant Professor for four years at FMU Architecture School in Sao Paulo. He received his bachelor’s and master’s degree from the Presbyterian University Mackenzie in Sao Paulo, receiving a commendation award for his graduation architecture project.

Rachel Schneider

Associate, Construction

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Rachel Schneider serves as an Associate on Sunstone Two Tree’s construction team. Rachel oversees all procurement and supply chain management and assists with managing the operations of the multifamily value-add projects. Prior to Sunstone Two Tree, she worked as a real estate agent and holds her real estate license in Hawaii.

Alyssa Stiff

Purchasing Manager

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Alyssa Stiff serves as a Purchasing Manager for Sunstone Two Tree. Prior to joining Sunstone Two Tree, Alyssa was Operations Manager at American Homes for Rent for 8 years where she oversaw the coordination of exterior maintenance for 60,000 homes and over 125 build-to-rent communities in 22 states. Before working for American Homes for Rent, Alyssa managed Nevada’s leading independently owned real estate brokerage managing over 40 support staff members and helped develop a web-based project management system for REO properties. Prior to working in real estate brokerage, she worked as part of three different leadership teams opening hotels and casinos in Las Vegas. Alyssa obtained a B.S. in Hotel Administration from the University of Nevada Las Vegas.

Hunter Gottfredson

Analyst, Acquisitions

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Hunter serves as an Acquisition Analyst for Sunstone Two Tree. Hunter earned a B.S. degree in finance from Brigham Young University’s Marriott School of Business where he was actively involved in the BYU Real Estate Association.

David Carr

Analyst, Construction

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David Carr serves as an Analyst on Sunstone Two Tree’s construction team. He works closely with senior management and the onsite construction teams to execute multifamily value-add renovation projects. Prior to Sunstone Two Tree, David worked for Capital West Homes as a superintendent on single-family build-to-rent projects. David earned his B.S. from Brigham Young University.

Core Values


We expect our people to maintain the highest ethical standards both professionally and personally. We place integrity before profit and reputation before returns. Integrity is the foundation of our business.


Our reputation is always on the line. Our mandate is to protect investor capital and deliver compelling returns through every phase of the economic cycle. We strive for excellence in all that we do. Anything less is never acceptable.


We use creativity, relationships, and wisdom drawn from many years of experience to find opportunities. We have an uncompromising determination to succeed at everything we undertake.

Good People

Our people determine the quality of our company. Our reputation and our people are our greatest assets. We expect our people to be hard-working, honorable, and to always treat others with dignity.

Constant Improvement

Our goal is to never become complacent. Our methods will evolve over time to adapt to ever-changing market conditions. We strive to learn from lessons past and present.

Community Service

We seek to make a positive impact wherever and with whomever we work through donating our time and resources.


We stress teamwork in everything we do. While individual creativity is always encouraged, the synergy realized in teamwork magnifies our efforts to levels beyond our individual capabilities.

Value Creation

We strive to be innovative and seek ways to create value in everything we do. We encourage creative problem-solving by soliciting many viewpoints to arrive at the best solution. We seek opportunities where we can apply our value creation talents.