REPE --> Some kind of altruistic RE related role?
My background is doing acquisitions/AM for a REPE fund but am looking to transition into something a bit more rewarding than just flipping commercial buildings between funds. Having trouble finding a good type of role/company that could fit with my skillset. Does anybody have any recommendations? When I think of a more "altrustic" type RE company I think of Habitat, but not sure if there are others out there I should look into. Don't really care if I take a pay cut as long as its somewhat chill with a good mission.
Affordable housing?
Contrarian take: capital-A Affordable Housing, in the formal, deed-restricted sense, is not necessarily a net positive contributor to problem of expensive housing. The process of creating it is too complicated and slow, too many bureaucrats are involved, and the NOI hit it creates kills too many deals.
Most of the people who are trying to solve the expensive housing problem by advocating for more Affordable Housing should switch to advocating for upzoning that allows for more market-rate housing.
100% agree. I work in the affordable housing space. An unpopular opinion is that most affordable acquisitions shops don’t really help alleviate the crisis. They typically buy already affordable assets and just either preserve affordability, renew Sec 8 contract, or they come in to do rehab and increase rents to max LIHTC. A main example of this strategy is Related Affordable. So in all, they don’t actually create new affordable housing supply. Also, they typically own/buy deals in places where people typically wouldn’t live if they had a choice (i.e. outskirts of town, high crime area, poor building/community conditions, etc. )
Renewable Energy PE & Dev isn't that far from RE
I’d say affordable housing. See if there are any non profit real estate companies. I don’t know of any. Or find a company that is building workforce housing like my group is.
Development. At the end of the day, it is development.
Either pension funds (you'd be more removed from individual assets but benefiting everyday people's retirement ability) or affordable housing developers. Those are the investment equity side, but you could work at a lender also focusing on community development through affordable housing.
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