Course Outline:
Click on each week to see its contents.
+ Week 1 - The Institutional Real Estate Ecosystem and Why It Matters
Learning Objectives:
- What is institutional real estate investment/development?
- Who are the stakeholders in large-scale real estate investments?
- What is a real estate investor, developer, manager, owner, or operator?
- What are the drivers of the real estate capital markets?
+ Bonus Class: (Jan 21 @ 5pm) Optional Session - Operation Miami VC
Interview with Miami Mayor Francis Suarez on the Dec 2020 Twitter Storm that led to the Miami Tech Boom
+ Week 2 (18 - 22) University Holiday (No Live Session)
Recorded Lecture + Activity
- Online Interactive Activity: Show Me Your City - Link & Photo Share
+ Week 3 (Jan 25) Building a Foundation: Real Estate Strategies, Metrics and Jargon
Readings:
- Introduction - Other People’s Money: Inside the Housing Crisis and the Demise of the Greatest Real Estate Deal Ever Made; Bagli, Charles V., 2013
- Chaper 1 - Commercial Real Estate Analysis and Investments, Geltner (2010)
Learning Objectives:
- What are the major real estate product types and driving characteristics for each?
- What is core, opportunistic, and value add investing?
- How are real estate investment outcomes measured?
+ Week 4 (Feb 1 - 5) Markets, Cycles, and Trendlines [ Commentary 1 Assigned]
Readings:
- ULI Case Study - BG Group Place - Houston, Texas
- [Article] Lee, Christopher - Real Estate Cycles: They Exist...and Are Predictable, 2011
Learning Objectives:
- What are the phases, characteristics, and driving indicators of a real estate cycle?
- What are the key patterns of real estate markets?
- What are cyclical vs. secular shifts?
- How are buildings valued and how does this relate to / interact with the cycle?
+ Week 5 (Feb 8 - 12) Building Anatomy and Operations
Reading:
- ULI Case Study: Market Square, San Francisco - Shorenstein
- [Industry White Paper] Purpose of Place: The History and Future of the Office - David Smith, 2020
Learning Objectives:
- What are the basics of building anatomy?
- What is the role of property management in value creation?
- What are the basics of leasing, tenant services, and asset management?
+ Week 6 (Feb 15 - 19) University Holiday (No Live Session)
Recorded Lecture + Activity
- Online Interactive Assignment: We Are Living in an Institutional Real Estate World - Link & Photo Share
+ Week 7 (Feb 22 - 26) Evaluating Opportunity: Underwriting + Valuation Overview [Commentary 2 Assigned]
Reading:
- Discounted Cashflow Guide for Commercial Real Estate; Property Metrics, 2013
Learning Objectives:
- What are the basic metrics real estate professionals use to evaluate / measure opportunities?
+ Week 8 (Mar 1 - 5) Investment Funds / Partnerships
Reading:
- Technical Introduction: What You Should Know About Equity Waterfall Models in Commercial Real Estate; Schmidt, Robert, 2016
Learning Objectives:
- What are the different kinds of real estate funds / ventures?
- What are the key elements, structural components, and typical objectives of each structure?
- How is performance in institutional real estate investments measured / rewarded?
+ Week 9 (Mar 8 - 12) Tech and the Future of Institutional Real Estate
Reading:
- Innovations in Commercial Real Estate - Preparing for the City of the Future; Kejriwal, Mahajan, Sahjwani 2019
- [Article] Power of Proptech - Lockdown Fuels the Take-Up of Proptech; Creasy, 2020
- [Article] Proptech And Contech VCs Predict What Is In Store For 2021; Donati
Learning Objectives:
- What is proptech?
- What are examples of key trends driving change in real estate today?
- How could major shifts in technology impact how institutional real estate is used / evaluated?
+ Week 10 (Mar 15 - 19) Relative Value + Navigating the Real Estate Ecosystem
Reading:
- ULI Case Study: Over the Rhine, Cincinnati