After three generations of Tar Heels, the Michaux family chose to guarantee their legacy at Carolina by establishing the Michaux Family MBA Premier Fellowship for Real Estate Students at the Kenan-Flagler Business School.

The $500,000 gift to endow the fellowship, one of the most prestigious fellowship awards in Kenan-Flagler's history, will significantly enhance the school's visibility and enable it to attract the very best MBA students from all over the world. The fellowship will be awarded to exemplary candidates, covering tuition and fees and providing a stipend to the recipient. Premier fellowships such as the Michaux are designed to be comprehensive graduate fellowships comparable to the Morehead awards at the undergraduate level.

"Kenan-Flagler and our University are steeped in tradition, and it is only fitting that we have an endowment named for the Michaux family - a family that has continued the Carolina tradition across several generations," said Robert S. Sullivan, dean of the school. "Such familial commitment to a single university typifies this place, and the Michaux Family MBA Premier Fellowship for Real Estate Students stands as fitting testament and tribute to the ties the Michaux family has established with our academic community."

As a recipient of a graduate Morehead fellowship from UNC, Dick Michaux recognized the need for similar fellowships at Kenan-Flagler for current students. The fellowship that he was awarded (which is no longer offered) convinced him to attend Carolina. While studying in Chapel Hill, he met other students whose graduate fellowships enabled them to attend UNC
"Kenan-Flagler already has outstanding faculty, impressive facilities and an inviting location and atmosphere, but in order to attract the most outstanding students, the business school needs to establish premier fellowships," he said. Michaux hopes the creation of the fellowship will not only enable Kenan-Flagler to recruit world-class students, but will also allow him to give back to the real estate industry by bringing exemplary students into the real estate program.

The Michaux family established this endowment as Kenan-Flagler embarked on the creation of the new Center for Real Estate Development. The school also has a major initiative to create premier MBA fellowships. Both initiatives are part of Kenan-Flagler's major fund-raising goals for the Carolina First campaign. The Michaux endowment, specifically targeting real estate students, will significantly boost the visibility of the Center for Real Estate Development.

The center encompasses three primary functions: programs, research and outreach. Its aim is to evolve into an international center of real estate expertise. Kenan-Flagler's real estate initiative is the only business school program in real estate education in the country focused on the larger context of smart growth and sustainable development. Center director Tony Ciochetti said, "The Michaux Family MBA Premier Fellowship for Real Estate Students allows us to market our new initiative and position ourselves as a world leader in real estate education. Most importantly, this endowment enables Kenan-Flagler to competitively recruit students who might otherwise attend schools, such as Wharton, MIT and Berkeley, which are known for their nationally recognized real estate programs. We are honored and grateful the Michaux family has chosen to endow this important fellowship."

Dick Michaux enjoyed a successful career in real estate that spanned 30 years. He retired as CEO and chairman of AvalonBay Communities in December 2001. Prior to joining AvalonBay in 1993, he was a group managing partner of Trammell Crow Residential and was responsible for residential development in the Mid-Atlantic, Northeast and Midwest regions. He also served as a division manager of Ryan Homes in Virginia and in finance and general management with Sea Pines Company in Hilton Head Island, S.C.

Ginny Michaux, a retired psychotherapist, worked with the mentally ill for 20 years. She has been involved in environmental and conservation issues, has traveled to both the North and South Poles, and is currently drafting a book about the effects of global warming.
Dick Michaux believes that individuals should take the opportunity to give back to their alma maters, whether through gifts of time, talent or financial resources.

"We should be proud of UNC and Kenan-Flagler," he said, "and individuals should reflect and realize how much the school gave to them. Whether someone has benefited from an education or an association with Carolina, one should determine the right mix of giving back to the University."

Amy Keith '95