This course provides foundational concepts, terminology, and skills for the real estate sector. To understand the value of real estate, students learn the roles of investors, debt, and government – including land use regulation. Students build fundamental skills for valuation, financial analysis, market analysis, and risk assessment, and gain an understanding of how real estate investments are capitalized using a combination of leverage and ownership structures.

This course focuses on ground-up and value-add development projects for real estate. Students learn the development process, including site selection, design, cost analysis, market feasibility, capitalization, construction, marketing, leasing, and stabilization or sale. Students gain an understanding of the economic fundamentals that affect development feasibility, which are distinct for each property type. Topics include land development, multifamily, industrial, office, and retail projects.

This course covers the theory and techniques of appraising residential real estate by examining the principles of appraising, the appraisal process, and standards of performance. Elements of the Freddie Mac and Fannie Mae Uniform Residential Appraisal Report will be treated. The residential sales comparison, cost, and gross income capitalization approaches to valuing residential properties are presented. Methods of collecting and analyzing primary and secondary data from a variety of sources such as the internet are presented and used in preparing a demonstration appraisal report. The student is prepared to challenge beginning professional designation examinations.

This course covers all aspects of financing real estate from both the lender and borrower perspectives. Students examine capital structures in real estate, and gain an understanding of positive and negative impacts from the use of leverage in risk analysis and investment decisions. Students evaluate the major types of financing available to the real estate sector and develop a framework for understanding how to align the asset and investment strategy with the appropriate financing structure.

This course focuses on investment analysis for real estate. Students learn about real estate’s positioning as an alternative asset class in the context of the broader investment universe, and how this affects capital sourcing. Students gain an understanding of the real estate investment process, including underwriting deals, financial analysis, and due diligence. Students learn about different investment strategies in real estate, and develop tools to evaluate whether the asset risk aligns with an investment thesis.

The focus of this course is on the market valuation of income producing real estate stressing the market, cost, and income approaches to value. Of importance is the evolving relevance of real estate valuation information to corporate financial reporting and the needs and functions of corporate and investment fiduciaries. Both normative and actual models of valuation are presented and contrasted. Sources of appraisal error and bias are also examined.

This course focuses on the application of concepts learned in the courses in the real estate major. Students may analyze comprehensive cases, work on integrated projects, and study current issues in the real estate industry. Assignments will provide experience in critical thinking and problem solving using both mathematical analysis and writing with the support of appropriate technology.

This course focuses on analyzing market supply and demand models to evaluate the feasibility of a proposed real estate project. Students examine the role of location and market area within the context of economic cycles. Students develop skills for sourcing market data, applying research techniques, forecasting market capture and project absorption. Topics include market analysis for multifamily, industrial, office, and retail projects.

This course focuses on the ownership and operation of real estate assets. Students acquire a framework for evaluating the major asset management decisions faced by a property owner over the holding period. Topics include the acquisition decision, capital and ownership structures, leasing and property management, corporate real estate, asset enhancement, dispositions, and portfolio management.

This course focuses on the implementation of land use regulation by local governments, from the perspectives of both real estate developers and community stakeholders. Students learn the motivation behind government controls such as planning, zoning, easements, property taxes, and environmental regulation, as well as gain an understanding of the process for navigating such constraints in order to pursue entitlements for new development and adaptive reuse projects.