Mikhael Abebe is an associate on Related Affordable’s Acquisitions team in NYC. He focuses on the structuring and execution of acquisitions opportunities throughout the country in addition to communicating with project stakeholders such as residents, investors, lenders and elected officials. Click the link to read more about his career trajectory and what he loves about his job. As part of our ongoing Q&A series with Related Affordable team members, continue reading for a lightly edited transcript that features highlights from our conversation.Can you tell us a bit about yourself and your background?Absolutely! I’m originally from the Washington, DC, area and went to college at the University of Pennsylvania in Philly. Growing up, I always wanted to be a lawyer, so I was on the pre-law track for most of my adolescent life and it was part of why I chose Penn in the first place. I wasn't interested in finance or real estate back then. The only real estate professionals I had ever interacted with were real estate agents.After college, I started my career in regulatory compliance at Goldman Sachs, which seemed like a good stepping stone toward law school. Once I started working closely with lawyers, however, I realized a career in law would not be a good fit for me. I was interested in working in a dynamic, fast-paced environment where I could play a direct role in creating value as opposed to servicing clients. At Goldman, I had the opportunity to work with various real estate businesses, and that's where the industry started to pique my interest. I became intrigued with the idea of “doing deals.”You’ve lived in many major cities on the East Coast. How have these experiences shaped your approach to urban development and real estate?Yes, I've lived in DC, Philly and New York, and each city has shaped my perspective on how the built environment impacts people’s lives, both positively and negatively. Through my professional experiences, I witnessed how decisions made in conference rooms on Wall Street could affect the very neighborhoods that I and people like me lived in. Real estate stood out as a way for me to actively influence this process. After working at Goldman for a few years, I left New York to pursue an MBA at Berkeley with the aim of starting a career in real estate. I initially envisioned working in private equity, but life took an unexpected turn, and I found myself back in New York after graduation. I worked for the New York City Economic Development Corporation (NYCEDC), focusing on development for the public sector rather than private investment. This role in the public sector wasn’t what I envisioned for myself, but it offered valuable and unique experiences. I’m very grateful to have had the opportunity to lead large-scale, transformative projects like the ones I was involved in while at EDC.Was working at Related your first time dealing with affordable housing?Not exactly. My first real exposure to affordable housing was during my time with the NYCEDC. I worked on projects designed to improve neighborhoods and boost local economies, with housing always as a central theme. That experience was somewhat short-lived, however, as the pandemic hit after two years there, which coincided with me feeling the need to transition back to the private sector. I joined Morgan Stanley in structured finance, but it left me feeling unfulfilled and disconnected the tangible aspects of the real estate industry that I loved the most.One thing led to the next, and I was presented with an opportunity to join Related Affordable, where my diverse set of experiences in the industry and my desire to work on impactful projects aligned perfectly. I joined the acquisitions team, where I could work on complex and interesting transactions, focusing on affordable housing preservation.What does a typical day in acquisitions look like for you?It’s hard to describe a typical day because no two days are the same. Our acquisitions team is responsible for doing deals and executing business plans, which includes sourcing opportunities, underwriting and structuring projects, closing transactions and overseeing rehabs. We work closely with other teams within Related Affordable and engage with external partners, residents and community stakeholders.I spend a lot of time in front of a computer, performing detailed financial analysis and modeling to ensure our projects are viable and will meet our investment goals. This, in turn, requires communicating with community managers to identify the specific needs of a property and translating that into a feasible rehabilitation plan for the project, in close collaboration with our construction management team. In addition, a significant part of my job is interacting with residents to understand their needs. All of these inputs inform the development of the project, and this community engagement is crucial for our work and something I deeply enjoy.I also spend a considerable amount of time meeting with capital providers to secure the necessary funding for our projects. This involves negotiating terms, preparing presentations and ensuring all financial aspects are aligned with our business objectives. Throughout all these tasks, maintaining clear and effective communication with all stakeholders is key to keeping projects on track and ensuring successful outcomes.Is there anything else you'd like to share?I feel incredibly fortunate to work with such a diverse, talented, and driven team at Related Affordable. The work is challenging and can be frustrating at times, but the camaraderie and shared mission make it all worthwhile. We spend a lot of time together outside of the office, which is unique and essential for our work given the amount of time and commitment it requires. I’m excited about the future and what we can achieve together.
