UNC Kenan-Flagler Business School

Shaping Leaders, Driving Results

UNC Kenan-Flagler Business School

David J. Hartzell

Steven D. Bell and Leonard W. Wood Distinguished Professor in Real Estate; Professor of Finance

McColl 4413
CB #3490
Chapel Hill, NC

 office: (919) 962-3160

David Hartzell examines issues related to the construction of institutional real estate portfolios, real estate finance and mortgage-backed securities.

He has collaborated on an index of development restrictiveness across large metropolitan statistical areas with a professor from UNC's Department of City and Regional Planning. His work looks at the time series behavior of measures of volatility for publicly traded real estate securities.

Dr. Hartzell teaches courses in real estate and finance, and he teaches executives about issues related to capital budgeting and corporate investment decisions. An award-winning teacher, he also received the 2005 Gerald Barrett Award, which is awarded to the faculty member who has contributed the most to the student experience.

He brings valuable experience as a former vice president at Salomon Brothers Inc. in New York, where his primary focus was on institutional real estate finance and investments. His group was the first to bring commercial mortgage backed securities (CMBS) to market. He also worked as a research associate for The Urban Institute and as a financial economist for the U.S. Office of the Comptroller of Currency. He served as president of the American Real Estate and Urban Economics Association, the leading group of academic and practicing researchers and teachers, in 2000.

He has worked with numerous companies on a consulting basis, notably Heitman Capital Management in Chicago, with which he consults on issues related to institutional real estate investing. Additional consulting engagements have included CB Richard Ellis, Weil Gottschall, Cornerstone Research, Henderson Asset Management (U.K.), PRA Securities, Heitman/JMB Advisory Corp., JMB Institutional Realty Corp., Salomon Brothers Inc, Prudential Real Estate Investors, American Council of Life Insurance, Travelers Realty Investment Corporation, GE Capital, Metropolitan Life, ABP (Dutch Public Employees Pension Fund) and others. 

He also serves on the Board of Highwood Properties, Inc. (ticker HIW), a Raleigh-based Real Estate Investment Trust (REIT) with a market capitalization of $4 billion. In this role, he serves on the Investment Committee and the Audit Committee.

He received his PhD from UNC-Chapel Hill and his MA and BS from the University of Delaware.