Recent graduates make an impact with lessons from Housing Affordability Initiative

Three recent real estate graduates from the MBA Class of 2024 have accepted positions working in affordable housing development and investment after engaging with the Wood Center’s Housing Affordability Initiative during their time at UNC Kenan-Flagler.

The Wood Center’s Housing Affordability Initiative was launched in 2019 with the first Affordable Housing Symposium. In addition to the annual symposium, the initiative has added a Speaker Series that brings speakers with workforce housing expertise to campus each semester. Last semester, housing affordability courses taught by Professor Eric Maribojoc were also added to the real estate program offerings for both undergraduates and MBA students. The next goal for the initiative is to pilot an affordable housing internship fellowship for a student who chooses an internship focused on workforce housing solutions that may not pay as competitively as a traditional internship in commercial real estate.

Aidan McConnell, Marc Bertucci, and Tim Burke credit their experience with the initiative as part of their reasoning for pursuing an affordable housing career that will allow them to make an impact.

Aidan McConnell

Aidan McConnell accepted a position at Ascent Housing, a leader in the preservation of naturally occurring affordable housing based in Charlotte, NC. Ascent Housing has leveraged its social impact funds and partnerships to generate over $225 million towards the preservation of 1,800 affordable housing units.

In his role, McConnell provides asset management through property-level budgeting, operations, renovations and capital expenditures, and reporting for Ascent’s two closed-end funds, which collectively represent $125 million in deployed or committed capital. He also works on new acquisitions and market expansion opportunities.

McConnell said the experiences that he had as a part of the UNC Kenan-Flagler real estate program, as well as participating in the Wood Center’s housing affordability initiative, honed the knowledge and creative thinking he now uses to help Ascent Housing identify advantageous capital structures, lower cost basis, and maintain profitability and operational efficiency for properties with capped or constrained rent growth potential.

“I have deep conviction that dignified, affordable housing is a fundamental human right, but I also know that delivering affordable housing at scale requires significant public-private collaboration and attention to market dynamics,” he said.

Marc Bertucci

Following his graduation in May, Marc Bertucci joined Conifer Realty full-time, where he previously interned during the summer between his first and second year. Conifer is based in upstate New York and specializes in the development, construction, management, and ownership of affordable housing communities, with a portfolio of more than 15,000 multifamily apartment homes in 210 communities across the Northeast.

In his new role, Bertucci participates in all facets of the development process including the evaluation, planning, and implementation of multifamily housing developments from inception through construction.

Bertucci was drawn to the strong sense of purpose that working in affordable housing provides. “I heard first-hand from residents about the positive impact that Conifer’s work has had on their lives, which reinforced the importance of providing individuals and families with safe, stable, and high-quality housing options,” he said.

As a career switcher, Marc credits the real estate program at Kenan-Flagler for providing him with the time and resources to learn about the real estate industry as a whole and figure out that affordable housing development was exactly where he wanted to be. “I didn’t know much about affordable housing during my first year at UNC Kenan-Flagler, but through the program’s housing affordability initiative, there was plenty of course work, case studies and site visits to get a solid understanding,” he said.

Tim Burke

Tim Burke moved to Indianapolis, Indiana after graduation and is now a Development Associate at RealAmerica, a developer of both affordable and market-rate housing in Indiana and Colorado. In his position, Burke works closely with the Vice President of Development to ensure that RealAmerica projects, primarily federal low-income housing tax credit deals, are executed successfully from inception to completion.

Burke explained that his interest in working in affordable housing is driven by both professional and personal motivations. “RealAmerica’s focus on developments that serve people with disabilities resonated deeply with me. As the father of a daughter with Down Syndrome, I am acutely aware of the importance of creating inclusive, accessible housing options,” he said. “This personal connection to the mission of providing quality, affordable housing for all, including those with disabilities, made RealAmerica the perfect fit for my career aspirations.”

As a career-switcher from the Navy, Tim credits the UNC Kenan-Flagler real estate program’s practical approach, involving case studies, simulations, and real-world projects, for giving him the experience he needed to manage complex development projects in his role at RealAmerica.

“The MBA program, with its focus on real estate development and entrepreneurship, equipped me with essential skills in financial analysis, strategic planning, and project management,” he said. “The program’s new focus on affordable housing has been a great steppingstone, providing specialized knowledge and resources that are directly applicable to my current work in this field.”