Timeline & Schedule

Spring semester (January)
or
Fall semester (August)

Courses in the program are delivered via web conferencing technology on weekday evenings

Complete this program part-time in just two years

Courses focus on how to create social and economic impact through real estate innovation

All Courses

This course is the gateway to the other courses within the real estate master’s program and provides the fundamental building blocks of knowledge and technical skills needed to understand the finance of real estate. Concepts and applications will include time value of money, discounted cash flow analysis and investment forecasting and returns. Using a live case study format, we use an actual real estate investment to apply the knowledge.  Students will prepare a Discounted Cash Flow analysis to report both an unleveraged and leveraged returns analysis and joint venture returns. Complete a working financial model that will then be used for future courses in the program.

This course focuses on the theory and techniques of real estate valuation with an in-depth exposure to market analysis, highest and best, and contemporary valuation models including the three traditional to valuation: Cost, Sales Comparison, and Income Approaches. Market analysis will include the study of commercial and residential property with special emphasis on the decision matrices and processes used in feasibility studies, site selection, and marketability studies. Perform individual and group case study assignments, with guest speakers complementing traditional lectures.

Real estate as an asset is comprised of various estates and interests which have their origins in common law. Understanding the distinction between real property, real estate interests, encumbrances, security interests, possessory and non-possessory estates are critical to the practice of real estate in any form, albeit brokerage, valuation, property and asset management, finance, development and land use, investment management, capital markets, and taxation.

This course is designed to take the language of real estate as the foundation to the business of real estate to provide students with an overview of the legal aspects associated with key underpinnings and conditions that are part of the real estate investment process.  Due to its large unit value, and tax ramifications, real estate is usually associated with financing through debt and equity.

Covered in this course are understanding the use of mortgages, loans, joint venture agreements, lease structures, legal conditions which impact distressed assets and partnerships, land use processes, public and government processes to create value, legal cases which affect the use and development of real estate, and laws around taxation, 1031 exchanges, and property taxes and their domain. To this end, you will also enhance your ability to better read and understand key documents for any real estate transaction. Each type of document will be presented in a format that will provide you with the over-arching terms (both legal and business) that are then used to form the basis for the impact of same on the performance of an investment.

Gain an introduction to the complex world of real estate development. Understanding commercial real estate property and capital markets, financing, and development dynamics requires learning about types of real estate assets and interests, conveyances, government regulations on land use and zoning, highest and best use, public and private finance, mortgage markets, and valuation and marketing of space in the context of highly competitive localized and segmented markets.

This course evaluates development on vacant sites as well as rehabilitation, redevelopment, and acquisition investments. Examine raw and developed land and the similarities and differences of traditional real estate product types including office, R & D, retail, warehouses, single family and multi-family residential, mixed use, and land as well as specialty uses like golf courses, assisted living, and fractional share ownership. Emphasis is placed on concise analysis and decision-making.

The course discusses the development process with topics including market analysis, site acquisition, due diligence, zoning, entitlements, approvals, site planning, building design, construction, financing, leasing, and ongoing management and disposition. Special topics like urban redevelopment, affordable housing, place-making economic development, infrastructure, sustainability, innovation districts, public-private partnerships (P3’s), project finance, and running a development company will also be discussed.

Learn the concepts and discipline of Real Estate Institutional Investment Management incorporating theory, practice and outcomes executed by Real Estate Investment Managers. The course focuses on sources of capital, investment strategy and risk, return expectations and measurement, manager due diligence, documentation, and regulatory oversight. Access to organizations, publications and research in the field is an integral part of this course offering. The past several decades have seen significant growth in the real estate investment management field including the offerings brought to market by real estate managers. This course intends to demonstrate how investment managers raise capital for real estate investment and how they oversee the vehicles in which investors participate.

An enterprise’s real estate assets are either the first or second largest balance sheet item and operating expense. Despite this reality, public and private enterprises often overlook the optimization potential of their capital dedicated to real estate. Business leaders who synchronize the dynamic, ever-changing landscape of enterprise strategy with their real estate holdings enhance liquidity and shareholder value, and insure that scarce corporate capital remains dedicated to “mission critical” activities.

The course is designed to provide business and real estate students with an understanding of how real estate can be optimized within enterprises through the synthesis of all the various corporate management functions and strategic planning.  The course is set up as an interactive learning and classroom experience designed to create strategic insights for business students to enhance the value of real estate assets owned and leased by public and private enterprises.

This course provides an overview of the multi-family rental housing segment within the real estate industry. Topics covered will include market and demand analysis and their impact on product and product characteristics such as unit mix, size and amenities, construction, and development sequencing; how product influences design, construction, financing/capital stack, ownership structure; and regulations governing operations of low income housing, alternative financing and sources, and property operations. Perform individual and group case study assignments, and guest speakers will complement traditional lectures.

Real estate is the “currency for economic development”, and reimagining underutilized real estate assets and neighborhoods is among the most under-appreciated subject areas in the real estate industry. Place-making is the process of teaching communities and their stakeholders how to “tell their market story” and create inclusive economic development and jobs through real estate innovation. This process requires a plethora of activities that includes implementing an asset optimization plan and interacting with residents in a way that creates future demand for the commercial real estate assets within a particular location.

This experiential-based course centers on the roles of various stakeholders in the place-making process, and how they can collaborate to transform neighborhoods, anchor properties in communities which are underutilized, or explore overall economic development strategies through real estate innovation.

This course provides an understanding of the demand for, and supply of, sustainable infrastructure related to the pace of urbanization across the globe. The challenges for both developing and developed countries is examined from the perspective of potential new strategies, new technologies, new business models, and new financing techniques that could make a difference in addressing a full range of infrastructure needs while addressing sustainability objectives. In terms of sustainability, this will include an understanding of the demand and supply side, cultural factors, the policy framework, and the potential impact of technology and innovation.

The capstone course is designed to provide an integrative experience in real estate finance.  To this end, business cases and a capstone project reinforce and unify the tools that have been developed in prior classes through practical application and a full exploration of real finance as it is applied in investment scenarios.

This class will involve detailed study of asset valuation and investment characteristics of commercial real estate using lecture, case study analysis techniques, a capstone project paper, and formal presentation. Topics covered include acquisition and investment analysis, discounted cash flow analysis, enterprise asset optimization, financing, strategic disposition, risk mitigation, community revitalization, market analysis, and valuation techniques for commercial real estate.  Class time will be spent reviewing key real estate valuation, finance, and development topics interspersed with selected group case studies that supplement the in-class discussions. Class time will also include student interaction, presentations, and team assignments.