Building for the future

Leo Horey (MBA ’90) knows buildings.

The real estate veteran’s career culminated with his role as chief administrative officer at AvalonBay Communities, the multifamily real estate investment trust that develops, redevelops, acquires and manages apartment communities across 12 states and Washington, D.C. Before he retired, he was responsible for corporate functions and operations for hundreds of multifamily communities across the U.S and was a member of the management investment committee for almost 20 years.

Horey credits his success to UNC Kenan-Flagler Business School, where he graduated from the Full-Time MBA Program as a Richard H. Jenrette Fellow. He received the Alumni Leadership Award in 2023 in recognition of his significant commitment and service to UNC Kenan-Flagler and the Leonard W. Wood Center for Real Estate Studies.

His most recent contribution was helping make the vision for a new building become a reality: Steven D. Bell Hall opened for classes in January 2026.

Horey led a committee that advised the University on the design, budget and construction of Bell Hall. When asked to lead the project, he agreed to join on the condition that his involvement would focus on design and construction in addition to philanthropy. He also wanted to help select the committee members, which was composed of real estate and development experts: Ryan Dearborn (MBA ’96), Kai Reynolds (MBA ’00) and Frank Sutton (BSBA ’82). They partnered with Dave Moore, director of facilities at UNC Kenan-Flagler.

“The new building allows the Undergraduate Business Program to expand, accommodate even more qualified students and bring all resources for all of our great programs onto one campus,” says Horey. “It incorporates advanced technology and wellness spaces and will help meet the needs of North Carolina’s growing economy.”

Horey encouraged that the best practices in sustainable design and construction were used.

Bell Hall features energy-efficient systems, renewable materials and water conservation, significantly reducing the carbon footprint and operational costs. It is the first UNC building to target all three of the University’s Three Zeros initiative: net-zero water, zero waste to landfills and net-zero greenhouse gas emissions. In addition, the goal is to earn a Leadership in Energy and Environment Design (LEED) Platinum rating from the U.S. Green Building Council, the highest rating and certification standard available and compliance with the Fitwel global standard for healthy buildings.

Leo Horey (MBA ’90) and Professor Dave Hartzell (PhD ’85)

The power of alumni engagement

Horey is grateful for his experience at UNC Kenan-Flagler and the mentors who led him into the real estate industry.

• Mike Miles, managing principal and portfolio manager at Guggenheim Real Estate LLC, was instrumental in putting an emphasis on real estate at UNC Kenan-Flagler and helped convince Horey to take advantage of those opportunities.
• His professor Dave Hartzell, the Steven D. Bell and Leonard W. Wood Distinguished Professor of Finance, was critical to the development and growth in building the most comprehensive real estate curriculum in the U.S. He guided Horey during both his academic program and his career and remains a close personal friend.
• Richard L. Michaux (MBA ’73), AvalonBay Communities CEO and chairman emeritus, offered him his first real estate job. He also mentored Horey, both personally and professionally, throughout his almost 30 years at the company. “Dick told me that we don’t own any assets: We are stewards of assets for a period of time, and if you’re being a good steward, you need to share with others,” says Horey.

“I’ve thought about it over time and, after my family, the greatest asset I have is my Carolina education and the career it produced. So, when I think about engagement and getting involved, it’s because I feel I need to be a good steward.”

As a steward of his UNC education, Horey serves on the UNC Kenan-Flagler board to provide counsel to the dean, serves as an ambassador and helps secure private resources needed to achieve excellence. He served as chair of the Wood Center advisory board from 2019-2025 and remains a member.

His leadership and dedication to the Wood Center have been critical to the Wood Center’s success, says Jeff Tucker (MBA ’00), executive director.

“Leo guided us through a period of remarkable growth and transformation,” says Tucker. “Among his numerous contributions, Leo led a $35 million capital campaign, institutionalized our board and center operations, oversaw the creation and implementation of the Housing Affordability Initiative and expanded the advisory board.”

Alumni engagement is about more than financial support, says Horey. “It includes hiring students, mentoring, participating in classes, supporting conferences and advocating for high-quality students. Philanthropy includes annual giving, capital campaigns and planned gifts. True engagement is about giving time and talents as well as treasure. Engaged alumni lead to greater philanthropy and UNC Kenan-Flagler excels at fostering this engagement.”

Building the next generation of leaders

People ask Horey, whose many contributions will serve future generations of UNC Kenan-Flagler students, why Carolina is so special.

“The difference is UNC Kenan-Flagler is an unbelievable place with a secret sauce that separates it from other places: it’s the Carolina Way,” says Horey. “To me that means all the alumni, all the students, all the faculty and staff – they care deeply about others. They listen well and are interested in others’ perspectives. They focus on doing the right thing, sharing wisdom and experience and giving back. The environment is collaborative, not self-absorbed and people work together positively.”

The Carolina Way is a defining aspect of the School’s culture, says Horey. “I feel strongly about the ‘confident humility’ at UNC Kenan-Flagler – people are both humble and confident in making decisions and moving things forward.”

As others start their journeys at UNC Kenan-Flagler, Horey shares advice as he reflects on his experience.

“Enjoy the moment – don’t get too caught up in what’s next,” he says. “Be intentional and focused, but also open-minded. Embrace confident humility, listen to others, be collaborative and pay it forward. Always provide a helping hand, answer calls, make connections and perpetuate the unique culture of Carolina.”