Related Affordable
Related's affordable housing developer group.
Does anyone have experience working for them or with them on deals? What was your experience like? How's the group's overall reputation?
bump this, also interested
Anecdotal, but I hear it is a big money maker for Related and is a bigger part of their business than they want to give it credit for. They’d rather have the press focus on trophy office buildings in Hudson Yards.
Why would they not want the press to focus on their affordable portfolio?
Why would they not want the press to focus on their affordable portfolio?
Lots of reasons. Ego is a big one. It's a lot sexier to say "we're the guys building what amounts to an entirely new city in the middle of Manhattan" than "we're the guys who resyndicate a bunch of crappy garden style duplexes in the suburbs of Atlanta". A lot of these guys come to believe their own hype, too. Which, incidentally, is why many get in trouble, but the human psyche is a fascinating thing. Moreover, at a place like Related, you've got decades of expansion and success and deviation from what the original business was, which means lots of the senior personnel there may have backgrounds in the new development side of the business and not the legacy affordable stuff. Which means it helps their careers to keep the press pumping out puff pieces to make what they're doing seem more important or profitable. If you want to attract talented newcomers, you tell them about all the exciting new skyscrapers they'll be building, not that they'll be slaving away over providing due diligence to regulatory agencies in order to get another cookie cutter Yr 15 LIHTC syndication done.
I’ve worked on a number of deals with their affordable team. All pretty sharp guys and very lean deal teams. Usually was just a SVP and Associate - if there was an analyst they didn’t interact with the debt team at all. They bought out AIMCOs entire affordable portfolio a year or two ago and are one of the top players in the space. Definitely a lot of opportunities in the space both at Related and elsewhere as affordable really grows. As someone else in the comments above alluded to though, while a major part of their strategy and a major revenue driver, the Class A dev projects like Hudson Yards get touted much more and definitely still have outsize influence as to a certain extent affordable is still a dirty word so to speak even though over the last 3-5 years the space has exploded and a lot more deals are being done.
Exactly this, spoke to someone in their affordable group who said they own properties all over the US. Seems to be a stable revenue generator for the company and makes sure they're diversified, not just focused luxury assets.
I would argue that the opposite is the case. From a revenue standpoint they're an affordable housing company that now also does some very large, very high profile development jobs that they prefer to have in the press.
can anyone comment on Related Affordable as a place to start your career? I'm more so interested in market rate or mixed use development, but realize it is very early in my career.
Take this with a grain on salt but this is not a fun space to work in. Affordable housing is a dirty business and I've seen many people go into it hoping to do something positive only to leave with a bad taste in their mouth. There are firms that care about doing good for people but make no mistake Related is here to make money.
Could you elaborate on the bad taste?
I can’t speak for OP but I’m guessing he’s referring to the service provided to residents...affordable landlords can’t push rents beyond the % AMI max, so you end up pinching pennies on opex and capex which can lead to poor customer service, living conditions, etc. Also, the resident base can be pretty tough sometimes which can change your perspective.
Echoing the comment above that Related has one of the absolute worst cultures in the business.
What’s considered bad culture?
Can you expand?
Basically imagine a group of 30/40-something year old guys who think they're characters in the Wolf of Wall Street. They absolutely have some chill, down-to earth personalities in there too, and they're obviously all really sharp people, but it just seems like it would be an absolutely exhausting place to work. And that's before accounting for the hours and having to dress like you're a 1980's banker.
I'm only familiar with the NYC office.
In terms of culture, is there a difference in culture between Related Companies (NYC) and Related Group (Florida)?
Related's regional offices are effectively JVs. They have their own principals and the only common denominator across the offices is that Ross owns a piece and they all fly the Related flag. I know for example there is a Related CA, and Related Affordable CA. Two totally separate business. Culture will be office dependent.
I’ve heard from multiple people who have worked at Related in general is, Related is obviously an amazing resume grabber, however, it is not the best place to actually learn and get experience at a young level. The firm is so big and so many different departments that being in “development” you will likely not get anywhere near the hands on experience you would expect. Related is a firm you jump to later in your career for a pay day.
I knew an absolute idiot that worked in this group.
Accusamus ducimus recusandae vero consequatur nihil soluta tenetur ut. Ipsum voluptatum praesentium omnis labore perferendis saepe quibusdam. Eligendi quo exercitationem qui porro asperiores. Non eum maxime molestiae corporis et doloribus iusto.
See All Comments - 100% Free
WSO depends on everyone being able to pitch in when they know something. Unlock with your email and get bonus: 6 financial modeling lessons free ($199 value)
or Unlock with your social account...