Overview
The Real Estate Concentration at UNC Kenan-Flagler Business School is designed to provide MBA students with a broad background in all aspects of the real estate industry. In the past several years, 10-15% of students in the MBA Program have been real estate concentrators. Students from the Real Estate Concentration have taken jobs in real estate investment, finance, development, consulting, investment banking, corporate real estate, and in most other possible fields within the real estate industry. The courses that are required in the concentration are designed to develop exposure, intuition and technical ability that can be applied to a wide array of real estate decision making.
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Concentration Requirements
Students in the Real Estate concentration have two options: a development track or a finance/investments track. Additional electives are taken depending on the individual student's area of interest.
Development Track
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Real Estate Process
This course provides students with the foundation required to be successful in the highly competitive summer internship job market. The course introduces students to fundamental concepts of real estate, and provides a foundation for analysis of markets, valuation, real estate law, development, capital markets and investment analysis. The course takes a “bottom-up” approach to real estate decision-making, focusing on property level decision making. The course is largely case-based, providing an opportunity to make decisions with the same quality and amount of information as practitioners in the field.
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Real Estate Law
This class covers the practical essentials of legal issues and documents in all aspects of development, finance and investments, focusing on key negotiations points and their economic impact for participants on both sides of the transaction. . Included are letters of intent, purchase and sale contracts, joint venture and partnership agreements, and construction and construction loan documents. In addition, current topics in real estate law that are essential for real estate practitioners will be discussed, including eminent domain, green building, and regulatory requirements in development, finance and investment.
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Real Estate Development Process
Coursework on real estate development is bifurcated into two courses: Real Estate Development, MBA 854A (3 credits) for investment and finance track students, and Real Estate Development Process, MBA 854 (6 credits) for development track students. Students enrolled in either MBA 854A or 854 participate in a lecture-based course that provides students with an overview of the development process and creates a framework for deal analysis. Students enrolled in MBA 854 participate in an additional 3 hours of classroom time each week, intended to supplement the topics and lectures covered in the lecture part of the course with more practical detail about investigating development ideas. Students enrolled in MBA 854 are also required to be part of a team that pursues a real estate development project.
In sum, this course is designed to introduce students to the multi-faceted world of real estate development. The real estate development process is analyzed from the perspective of the developer, but all other stakeholder perspectives are also considered. The most important stakeholders include the land seller, public sector and prospective tenants (or owners), as well as debt and equity providers. The course focuses on the feasibility of real estate development, and allows students to master both simple and more complex analytical skills necessary to create, construct and operate economically viable real estate products. The course also demands “hands on” analysis requiring subjective inputs.
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Real Estate Capital Markets
This course gives students an understanding of real estate finance, real estate investment, and real estate capital markets. Unlike Real Estate Process, this course looks at real estate from the “top-down.” It examines the role of capital markets in facilitating development and investment in commercial real estate markets. Topics covered include commercial mortgage-backed securities and structured finance, Real Estate Investment Trust valuation and financial analysis, real estate in the institutional investor’s portfolio, and real options applied to real estate.
Finance/Investments Track
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Real Estate Process
This course provides students with the foundation required to be successful in the highly competitive summer internship job market. The course introduces students to fundamental concepts of real estate, and provides a foundation for analysis of markets, valuation, real estate law, development, capital markets and investment analysis. The course takes a “bottom-up” approach to real estate decision-making, focusing on property level decision making. The course is largely case-based, providing an opportunity to make decisions with the same quality and amount of information as practitioners in the field.
-
Real Estate Law
This class covers the practical essentials of legal issues and documents in all aspects of development, finance and investments, focusing on key negotiations points and their economic impact for participants on both sides of the transaction. . Included are letters of intent, purchase and sale contracts, joint venture and partnership agreements, and construction and construction loan documents. In addition, current topics in real estate law that are essential for real estate practitioners will be discussed, including eminent domain, green building, and regulatory requirements in development, finance and investment.
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International Real Estate Investment
This course will focus on investment fundamentals and vehicles around the world. The focus will be on public and private equity vehicles, and the investment benefits they provide to investors. Students will be exposed to the development of public and private global portfolios, tax considerations, currency issues and related issues to global investors.
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Real Estate Development
Coursework on real estate development is bifurcated into two courses: Real Estate Development, MBA 854A (3 credits) for investment and finance track students, and Real Estate Development Process, MBA 854 (6 credits) for development track students. Students enrolled in either MBA 854A or 854 participate in a lecture-based course that provides students with an overview of the development process and creates a framework for deal analysis. Students enrolled in MBA 854 participate in an additional 3 hours of classroom time each week, intended to supplement the topics and lectures covered in the lecture part of the course with more practical detail about investigating development ideas. Students enrolled in MBA 854 are also required to be part of a team that pursues a real estate development project.
In sum, this course is designed to introduce students to the multi-faceted world of real estate development. The real estate development process is analyzed from the perspective of the developer, but all other stakeholder perspectives are also considered. The most important stakeholders include the land seller, public sector and prospective tenants (or owners), as well as debt and equity providers. The course focuses on the feasibility of real estate development, and allows students to master both simple and more complex analytical skills necessary to create, construct and operate economically viable real estate products. The course also demands “hands on” analysis requiring subjective inputs.
-
Real Estate Capital Markets
This course gives students an understanding of real estate finance, real estate investment, and real estate capital markets. Unlike Real Estate Process, this course looks at real estate from the “top-down.” It examines the role of capital markets in facilitating development and investment in commercial real estate markets. Topics covered include commercial mortgage-backed securities and structured finance, Real Estate Investment Trust valuation and financial analysis, real estate in the institutional investor’s portfolio, and real options applied to real estate.
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ARGUS Certification Training
ARGUS Certification Training in ARGUS Valuation - DCF™ is the industry standard commercial real estate cash flow projection, transaction analysis and asset valuation solution. ARGUS Valuation - DCF is the recognized standard for national and international developers, lenders, asset managers, pension advisors, and investors. For over 20 years, ARGUS Valuation - DCF has empowered appraisers, brokers, developers, managers, investors, lenders and other real estate professionals to spend more of their valuable time building fortunes, not spreadsheets.
This full three-day course and subsequent certification exam provides our students an industry tool which distinguishes them in the marketplace. Credit for the concentration is only given to students who receive certification.
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