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Approximately a dozen students observe a construction site from afar in hard hats and neon safety vests.

Real Estate Fund

KFBSF Real Estate Funds

KFBSF Real Estate Fund I was established in 2007 with the primary objective of providing a unique educational experience for student managers and secondarily to provide investment returns to its Limited Partners. Funds I, II, III and IV are fully invested and Fund V is currently being invested.

Tenure as a manager on the Real Estate Funds provides a select group of students with hands-on experience in the operation of a private investment fund. Concurrently, student managers have the opportunity to establish personal and professional relationships with national real estate developers and investors. The Funds’ managers work closely with the real estate faculty and friends of UNC Kenan-Flagler Business School to identify and evaluate investment opportunities for the Real Estate Funds. Once an investment is approved and placed, the student managers provide continued surveillance, reporting, and asset management.

The Funds are diversified both geographically and across property types. Each investment opportunity is analyzed and discussed thoroughly with faculty and advisers before approval.

KFBSF investor portal

For our KFBSF Fund investors, access your confidential portal. For investors who would like to arrange access to your portal, please contact KFBSF Real Estate by email.

Managing the fund

The student managers are responsible for the day-to-day operations and general management of the Real Estate Fund. The student management team reports to the Board of Directors of the Real Estate Fund General Partner. The Board of Directors consists of six members, four from UNC Kenan-Flagler Business School and two from outside the School. To oversee and approve each investment, the Real Estate Fund works closely with an Executive Committee formed from three of the Directors. In addition, a Faculty Committee and an Advisory Board also guide the student managers in their investment underwriting and analysis.

 

2024-25 Investment Team

(Select photo to view full profile.)

Nolan Cooney

Fund Manager, MBA Class of 2026

Nolan Cooney

Nolan Cooney is a Class of 2026 MBA student concentrating in Real Estate at UNC Kenan-Flagler Business School, where he is a Kenan-Flagler Fellow and Jay E. Klompmaker MBA Fellow. This past summer he interned with Trammell Crow Company (TCC) on the Development & Investments team in Phoenix, AZ working on both industrial and multifamily opportunities. Prior to UNC, Nolan spent 7 years in the San Francisco Bay Area managing large commercial construction projects for a general contractor and leading the construction team at a robotics startup. Nolan graduated from UCLA in 2017 with a Bachelor of Science in Civil Engineering.

McLean Fonvielle

McLean Fonvielle

Fund Manager, MBA Class of 2026

McLean Fonvielle

McLean Fonvielle

McLean Fonvielle is a Class of 2026 MBA student concentrating in Real Estate Investments and Development. Prior to attending UNC Kenan-Flagler Business School, McLean spent three years working for Willow Bridge Property Company (formerly Lincoln Property Company) doing multifamily development and acquisitions in their mid-Atlantic office. During his time at Willow Bridge, McLean underwrote 300+ deals and served as the development manager of two office to residential conversions in Washington, DC. He graduated from Washington and Lee University with a Bachelor of Science, majoring in Business Administration.

Felipe Gamerre

Fund Manager, MBA Class of 2026

Felipe Gamerre

Felipe Gamerre is a Class of 2026 MBA student concentrating on Corporate Finance and Real Estate. He recently finished his summer internship at Faison, a Real Estate Private Equity Firm investing across all asset classes in the Sunbelt. Before UNC, Felipe worked at Tottus Supermarket, the third-largest supermarket chain in Chile, as Operations Manager, overseeing the three main stores generating $55M+ USD in revenue. He earned his bachelor’s degree in Veterinary Medicine from Mayor University in 2020.

Locke Heberton headshot

Locke Heberton

Fund Manager, MBA Class of 2026

Locke Heberton

Locke Heberton headshot

Locke Heberton is a Class of 2026 MBA student concentrating in Corporate Finance and Real Estate. Before attending UNC Kenan-Flagler Business School, Locke spent five years in the commercial real estate industry, most recently in Underwriting at Arbor Realty Trust. During this time, he screened and underwrote more than $1B in real estate loans, focusing on multifamily properties and agency products. Locke holds a Bachelor of Science in Religious Studies from Wake Forest University and is a recipient of the Kenan-Flagler Fellowship Scholarship.

Tristan Kite

Tristan Kite

Fund Manager, MBA Class of 2026

Tristan Kite

Tristan Kite

Tristan is a Class of 2026 MBA student concentrating in Real Estate at UNC Kenan-Flagler Business School. Prior to business school, Tristan was an Officer in the U.S. Navy, leading teams on construction and infrastructure projects across Southeast Asia, Micronesia, and most recently Florida. His roles included managing complex horizontal and vertical construction efforts and coordinating with diverse stakeholders to achieve project success. Tristan graduated from the Virginia Military Institute in 2019 with a Bachelor of Science in Civil Engineering.

Chris Malone

Fund Manager, MBA Class of 2026

Chris Malone

Chris Malone is a Class of 2026 MBA at UNC, concentrating in Real Estate Investments and Development. Prior to business school, he spent five years managing over $300M in life sciences, healthcare, and commercial construction projects, most recently as a Project Manager with DPR Construction in Boston, MA. During his MBA, Chris interned with OTO Development, where he supported both the Acquisitions and Development teams on underwriting, market research, and pre-development for hospitality investments across the country. Chris earned a Bachelor of Science in Business Administration from Bucknell University in 2019.

Trevor Ring

Fund Manager, MBA Class of 2026

Trevor Ring

Trevor Ring is a Class of 2026 MBA student and Steve and Debbie Vetter Dean’s Fellow. He is concentrating in Real Estate Investments and Development. Trevor spent his summer internship with LIV Development working on their development team where he focused on ground up multifamily and BTR development projects across the sun belt. Prior to UNC, Trevor worked for his family’s healthcare communications and property management company, Voice Exchange, in his hometown of Memphis, Tennessee. Trevor graduated from Vanderbilt University in 2020 with a degree in Medicine, Health, and Society and Economics.

Charlie Shew

Fund Manager, MBA Class of 2026

Charlie Shew

Charlie Shew is a Class of 2026 MBA student at UNC Kenan-Flagler Business School, concentrating in Real Estate. Prior to business school, Charlie spent seven years in Colorado as a civil engineer for resort and mixed-use developers. Most recently, he worked as a development intern at The Davis Companies, a Boston-based private equity real estate firm, where he served on the residential vertical. Charlie is a licensed Professional Engineer and founder of a cohousing-focused development venture in Colorado.

William

William "Bill" Woods

Fund Manager, MBA Class of 2026

William "Bill" Woods

William

William “Bill” Woods is a member of the MBA Class of 2026 at UNC Kenan-Flagler Business School, where he is a Michaux-Reynolds Families Premier MBA Fellow and a Vetter Dean’s Fellow, concentrating in Real Estate and Entrepreneurship/Venture Capital. Before attending UNC, Bill worked for seven years on over $2 billion in transactions, advancing to the role of Associate in Acquisitions at STAG Industrial, Inc. (NYSE:STAG) in Boston, MA. Additionally, he works part-time in Asset Management for Woods Realty Associates, specializing in medical office spaces on Cape Cod, MA. Bill earned a Bachelor of Science degree from Fairfield University in 2017, double majoring in Finance and International Business with a minor in Economics.

Rachel Earnhardt

Fund Manager, Undergraduate Class of 2026

Rachel Earnhardt

Rachel Earnhardt is a member of the Undergraduate Business Class of 2026. She has prior experience as a Real Estate Investment Summer Analyst at The Dinerstein Companies in Houston, Texas, and most recently worked in New York City as an Investment Banking Summer Analyst in Deutsche Bank’s REGLL group. Upon graduation, she will return as a full-time Investment Banking Analyst in the REGLL group.

Holt Rogers

Holt Rogers

Fund Manager, Undergraduate Class of 2026

Holt Rogers

Holt Rogers

Holt Rogers is a member of the Undergraduate Business Program Class of 2026, with an emphasis in Real Estate and Investment Management. Last summer, Holt interned at Cameron Management in Wilmington, NC, alongside their Investments and Development teams. Holt will join Greystar this summer as an investments intern in their Charleston, South Carolina, headquarters.

Ainsley Sumner

Ainsley Sumner

Fund Manager, Undergraduate Class of 2026

Ainsley Sumner

Ainsley Sumner

Ainsley Sumner is a member of the Undergraduate Business Program Class of 2026, concentrating in Real Estate and Investment Banking, as well as a minor in History. This upcoming summer, Ainsley will be an investment banking analyst at Raymond James in their Real Estate group.

James Young

Fund Manager, Undergraduate Class of 2026

James Young

James Young is a member of the Class of 2026 Undergraduate Business Program, with an area of emphasis in Real Estate Finance and a minor in History. This past summer, James worked for JLL as a capital markets intern on their debt advisory team in New York City. After graduation, he will be returning full-time, working in analytical support for both their debt advisory and investment sales teams.

Portfolio overview

 

Portfolio summary

Capital raised in millions 18.6
Total funds 5
Fully invested funds 4
Total investments funded 68
Years of investing 16
States in which we invested 18
Unique LPs 147
Fund managers since inception 163

Portfolio by property type

45% Multifamily
12% Office
10% Self storage
7% Senior housing
7% Retail
5% Industrial
4% Hotel
4% Mixed-use
3% Condo
2% Medical Office
1% Build-For-Rent
1% Land
1% Townhome

Assets by geography

16% North Carolina
11% Texas
12% Georgia
9% Virginia
8% Florida
7% Maryland
6% New York
5% Pennsylvania
4% Colorado
4% Illinois
3% District of Columbia
3% South Carolina
3% Tennessee
3% Wisconsin
2% Minnesota
2% Oregon
1% New Mexico
1% New Jersey