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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 and III are fully invested and Fund IV (established in 2018) 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 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 the 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.

 

2022-23 Investment Team

(Select photo to view full profile.)

Vishaal Desai

Fund Manager, MBA Class of 2024

Vishaal Desai

Vishaal Desai is a class of 2024 MBA student concentrating in consulting. Vishaal has over four years of experience working in residential real estate at Pulte Homes. Prior to attending UNC Kenan-Flagler Business School, Vishaal worked in a startup fund focusing on food franchises and worked both on the fund and operational sides of the business. Vishaal graduated from Auburn University in with a Bachelor of Science in Finance.

Cole Duffey

Fund Manager, MBA Class of 2024

Cole Duffey

Cole Duffey is a class of 2024 MBA student concentrating in Real Estate and Corporate Finance. Prior to attending UNC Kenan-Flagler Business School, Cole spent six years in the insurance industry, most recently as an Associate at Ryan Specialty Group (NYSE: RYAN), where he provided excess liability insurance solutions for large-cap and mid-cap clients. Cole graduated from the University of Georgia in 2015 with a Bachelor of Business Administration in Risk Management & Insurance.

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Robert Elder

Fund Manager, MBA Class of 2024

Robert Elder

Robert Elder is a class of 2024 MBA student concentrating in Real Estate and Entrepreneurship. Prior to attending UNC Kenan-Flagler Business School, Robert spent four years in investment banking, most recently as an Associate at Stephens Inc., where he provided M&A and capital raising solutions to Aerospace & Defense clients. Additionally, Robert also spent a year on the Financial Planning & Analysis team at Abbott. Robert graduated from the University of Virginia in 2017 with a Bachelor of Science in Commerce with concentrations in Finance and Accounting.

Natalie Flesher headshot

Natalie Flesher

Fund Manager, MBA Class of 2025

Natalie Flesher

Natalie Flesher headshot

Natalie is a class of 2025 MBA student concentrating in Real Estate at UNC Kenan-Flagler Business School, where she is also a Dearborn Family Real Estate Fellow and a Vetter Dean’s Fellow. Natalie previously spent four years in corporate finance at AvalonBay Communities, a multifamily REIT based in Arlington, VA. Prior to that, Natalie spent a year in corporate strategy at Agilysys, an Atlanta-based hospitality software firm. Natalie graduated from the University of Georgia in 2017 with a Bachelor of Arts in Economics and International Affairs.

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Jason Hull

Fund Manager, MBA Class of 2024

Jason Hull

Jason Hull is a class of 2024 MBA student concentrating in Real Estate and Corporate Finance. Jason has over seven years of experience working in real estate development and acquisitions across different firms. Prior to attending UNC Kenan Flagler Business School, Jason was an Investment Associate at Terwilliger Pappas where he focused on the capital raising and investment actives of the company. Jason graduated from UNC Chapel Hill in with a Bachelor of Arts in Economics and Political Science.

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Patrick Levandoski

Fund Manager, MBA Class of 2025

Patrick Levandoski

Patrick Levandoski headshot

Patrick Levandoski is a class of 2025 MBA student concentrating in Real Estate and Corporate Finance. Prior to attending UNC Kenan-Flagler Business School, Patrick spent 4.5 years at CBRE working across both the Debt & Structured Finance and Investment Sales platforms focusing on institutional properties at the asset and portfolio levels. Patrick brings approximately $3B of transaction experience to the team and holds two Bachelor of Business Administration degrees from the University of Georgia.

Jackson Loeb headshot

Jackson Loeb

Fund Manager, MBA Class of 2025

Jackson Loeb

Jackson Loeb headshot

Jackson Loeb is a class of 2025 MBA student concentrating in Real Estate. Prior to attending UNC Kenan-Flagler Business School, Jackson spent 6 years in the commercial real estate industry, most recently as VP of Brokerage & Development at LPI Memphis. Prior to working for LPI Memphis, Jackson worked as a Debt & Equity Analyst for JLL’s Capital Markets Team. Jackson graduated from the University of South Carolina in 2017 with a Bachelor of Science in Finance.

Aidan McConnell

Fund Manager, MBA Class of 2024

Aidan McConnell

Aidan McConnell is a Class of 2024 MBA student and Richard H. Jenrette MBA Fellow concentrating in Real Estate and Entrepreneurship. Over the summer, Aidan worked in transaction advisory and investment sales capacities for First & Early Partners, a Charlotte-based full service commercial real estate firm. While in Charlotte, he specialized in challenging sale-leaseback transactions, build-to-suit development opportunities, and dispositions of distressed office assets. Aidan graduated from the University of Pennsylvania in 2016 and brings 7+ years of general finance experience to the Fund.

Wes Mize

Fund Manager, MBA Class of 2024

Wes Mize

Wes Mize is a class of 2024 MBA student concentrating in Real Estate. During his summer internship, Wes worked for Trammell Crow Residential on multifamily development projects in Charlotte and the Triangle. Prior to attending UNC Kenan-Flagler Business School, he was a Site/Civil Project Manager and Engineer at VHB in Boston and Raleigh working on a range of asset classes including single-family, multifamily, mixed-use, retail, senior living, medical office, industrial, and life science. Wes graduated from Virginia Tech with a MS/BS in Civil Engineering and is a licensed Professional Engineer in MA, NC, and SC.

Jacob Nelson headshot

Jacob Nelson

Fund Manager, MBA Class of 2025

Jacob Nelson

Jacob Nelson headshot

Jake Nelson is a class of 2025 MBA student and Jane and Lucien Ellison MBA Fellow concentrating in Real Estate and Entrepreneurship. Before attending UNC Kenan-Flagler Business School, Jake was an Acquisitions Associate at Havenpark Communities, an Orem, UT-based owner/operator of manufactured housing communities. Before that, Jake started his real estate career in Cincinnati, OH by co-founding Nelson Restoration Properties, a single-family home renovation company. Jake graduated from Brigham Young University in 2017 with a Bachelor of Science in Business Management-Strategy and brings 6+ years of real estate experience to the Fund.

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Ashley Ulrich

Fund Manager, MBA Class of 2024

Ashley Ulrich

Ashley is a class of 2024 MBA student and Bromley Real Estate Fellow, concentrating in Real Estate and Corporate Finance. Prior to enrolling in UNC Kenan-Flagler Business School, Ashley was a graduate student at the School of the Art Institute of Chicago pursing studies in architecture and historic preservation.  Before that, Ashley worked in corporate finance in both FP&A and the controller division and in financial services at Fitch Ratings as a lead credit analyst in both Corporates and Global Infrastructure and Project Finance. Ashley holds a Bachelor of Science in Finance from Illinois State University and a Historic Preservation Graduate Certificate from the School of the Art Institute of Chicago.  Ashley will be spending her summer at Crescent Communities in Charlotte, NC working as a capital markets summer associate.

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Hampton Young

Fund Manager, MBA Class of 2024

Hampton Young

Hampton Young is a class of 2024 MBA student concentrating in Real Estate. Prior to attending UNC Kenan-Flagler Business School, Hampton was a Project Manager for Seamon Whiteside & Associates, a land planning and civil engineering firm headquartered in Charleston, SC, where he worked on development projects across a variety of asset types, including multifamily, office, hospitality, and retail. Hampton graduated from Clemson University in 2017 with a Bachelor of Science degree in Civil Engineering and a Minor in Architecture. Hampton is licensed as a Professional Engineer by the State of South Carolina.

Selden Baldwin headshot

Selden Baldwin

Fund Manager, Undergraduate Class of 2025

Selden Baldwin

Selden Baldwin headshot

Selden Baldwin is a member of the Undergraduate Business Program class of 2025, with an emphasis in Real Estate and a minor in History. Previously, Selden worked as a development analysis intern with Evolve Companies in Wilmington, North Carolina. Selden will be joining Greystar this summer as an investments intern on their acquisitions team in Charleston, South Carolina.

Ben Boone

Fund Manager, Undergraduate Class of 2024

Ben Boone

Ben Boone is a member of the undergraduate business school program class of 2024 with an emphasis in real estate and a minor in entrepreneurship. Last summer, Ben worked as an investments intern in the portfolio management group of Greystar in Charleston, SC. Ben will be returning to Greystar after graduation as an investments analyst in their Charleston headquarters.

Sarah Crow headshot

Sarah Crow

Fund Manager, Undergraduate Class of 2025

Sarah Crow

Sarah Crow headshot

Sarah Crow is a member of the Undergraduate Business Program class of 2025, concentrating in Real Estate Finance, as well as a minor in Philosophy, Politics and Economics (PPE). Last summer, Sarah worked as an investments intern in the portfolio management group of Greystar in London, UK. This summer, Sarah will be interning at Eastdil Secured in their New York City Office.

William Garcia headshot

William Garcia

Fund Manager, Undergraduate Class of 2024

William Garcia

William Garcia is a member of the Undergraduate Business Program class of 2024, concentrating in Real Estate Finance, as well as a double major in History. Previously, William interned with VW Multifamily in Charleston as an Investment Analyst and will be joining Blackstone this summer as an Asset Management Analyst in their New York City Office.

Madison Ross

Fund Manager, Undergraduate Class of 2024

Madison Ross

Madison Ross is a member of the Undergraduate Business Program class of 2024, minoring in Real Estate. This past summer, she was a Real Estate Analyst Intern at Medalist Capital in their Charlotte, NC office.

William Saye Headshot

William Saye

Fund Manager, Undergraduate Class of 2024

William Saye

William Saye is a member of the undergraduate business program with a concentration in Real Estate as well as a minor in Urban Studies and Planning. Previously, William has worked as a Land Development Intern at the Legion Company and will be joining Montgomery Street Partners as an Investments Analyst in their Dallas, TX office this upcoming summer.

Portfolio overview

 

Portfolio summary

Capital raised in millions 18.65
Total funds 5
Fully invested funds 4
Total investments funded 56
Years of investing 15
States in which we invested 18
Unique LPs 147
Fund managers since inception 145

Portfolio by property type

43% Multifamily
18% Office
7% Self storage
6% Senior housing
6% Retail
5% Hospitality
5% Industrial
3% Mixed-use
3% Condo
1% Land

Assets by geography

16% North Carolina
13% Georgia
13% Texas
7% Pennsylvania
6% Florida
6% Maryland
6% New York
5% Colorado
4% South Carolina
4% Illinois
4% Tennessee
4% District of Columbia
3% Wisconsin
3% Virginia
2% Minnesota
2% New Mexico
2% Oregon
1% New Jersey