The UNC Real Estate Development Challenge

The UNC Real Estate Development Challenge is a case competition founded by the Center for Real Estate Development at Kenan-Flagler Business School. An invitation-only event, each spring the Challenge convenes 16 teams from the nation’s top-20 MBA and Real Estate programs to compete. Each school sends one team with four members. This annual event is the first business school case competition to focus solely on real estate development. In the past, the event has challenged teams to propose uses for an actual site, devise a development program and site plan, and work through project financials. We invite teams in the early fall for this early spring event.

The Event Schedule

We begin the event when we provide the case by email to all team members at noon on Tuesday in the Challenge week. Once we distribute the case, there can be no outside help from anyone including faculty members. Teams may use only public research that they find on the Internet.

By Thursday evening, teams gather in Chapel Hill for a welcome reception and dinner. The next day, the competition begins in earnest. Teams gather at the school for breakfast and the drawing of the morning presentation times. We use four presentation rooms at the same time; teams present their case solutions in a 20-minute presentation, followed by 5 minutes of questions from judges who are experts in the real estate industry. The all the teams present in the morning and after lunch they learn which four teams will move to the finals in the afternoon. The “Final Four” present again in the afternoon to the entire judging pool and the remaining teams. By afternoon’s end, the judges select the team that they believe has given the best solution to the Challenge case. Cash prizes go to first, second and third-place teams. We host a social Friday night to celebrate in Chapel Hill for those teams that can remain until Saturday.

UNC Real Estate Case Competition Timeline, Rules
and Guidelines 2010

Challenge Trivia:

• The 2009 Challenge case was inspired by a two-year old transaction known to two of our European alumni, one at Blackrock in London and one in Spain. A case with multiple parts and elements, the case focused on a municipally owned undeveloped property northwest of Madrid. Several financing options were given along with constraints and elements needed to “win” the right to develop the land.
• The winning teams for the 2009 Challenge were UNC Kenan-Flagler, first place, UCLA Anderson, second place and a tie for third place, Columbia Business School and Tuck School of Business at Dartmouth.
• Our Platinum Sponsor in 2009 was Wood Partners.
• Companies represented on our 2009 panel of judges: AvalonBay Communities, Inc., Aviva Investors, Banc of America Securities, BioMed Realty Trust, BPG Properties, Ltd., Edgemoor Real Estate Services, Elm Street Development, Gables Residential Trust, GLJ Partners, Greystar, Highwoods Properties, Hyde Street Holdings, LLC, Landquest, McCraney Property Company, Northwood Investors, Prologis, Denver CO, The Young Group, Washington Real Estate Investment Trust, and Wood Partners.