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Real Estate and the Macro-Economy
Students are introduced to the links between real estate and the broader economy. Key metrics of economic performance are highlighted, as well as the individuals and entities that influence policy, such as the Federal Reserve.
Industry Structure and the Development Process
Students are provided with the foundational principles and concepts of real estate, including an overview of the real estate development process from deal structuring, identifying and analyzing risks and rewards, and joint ventures.
Finance I: Fundamentals
Students are instructed in the general concepts of finance, such as time value of money, net present value, and internal rate of return, laying the groundwork for the in-depth lectures that follow.
Finance II: Finance of Real Estate Development
The finance lectures continue with investment analysis and valuation, leases and corporate real estate, and the finance of real estate development and distressed real estate, as well as analysis of income-producing property.
Finance III: Financial Modeling
Through the creation of Excel-based financial models, students are trained in quantitative problem solving and decision making. Topics include absorption and lease-up, revenues and cost projections, complex debt and equity financing, modeling of land development, home building, and mixed-use projects.
Finance IV: Highest and Best-Use Analysis
Students refine their valuation skills and learn to apply them to decisions about the highest and best use of a land parcel. In this process, students learn how to reconcile varying value indicators and interpret present income streams and future projections.
Guest speakers and panel discussions expose students to the broad range of skills, product types, and tools that influence successful development projects. These sessions feature experienced industry practitioners who draw from their many years of working in real estate development to offer insights and guidance. Specialized sessions may include:
- Architecture Design Charrette
- Urban Infill
- Construction Cost and Management
- Entitlement Process
- Presentation and Communication
- Affordable Housing
- Transit-Oriented Development
- Retail Development
- Real Estate Law
- ADU Development
Final Case Study Project
The session concludes with a team development project allowing students to apply and integrate what they’ve learned in a challenging “real world” project. Teams are tasked with creating a real estate proposal for presentation and as a competition amongst the students. The winning team with "Best Development Proposal" is determined and awarded trophies.