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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.

 

2021-22 Investment Team

(Select photo to view full profile.)

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Justin Cohen

Fund Manager, MBA Class of 2022

Justin Cohen

Justin Cohen is a class of 2022 MBA candidate concentrating in Real Estate. Justin spent his summer as a Development Associate with EDENS, a retail focused privately-held REIT, in Washington, DC. Prior to attending Kenan-Flagler, Justin worked at Civic Financial in Los Angeles, where he originated secured debt through collateral and sponsor underwriting, investment analysis, asset valuation modeling, and relationship management. Taking note of the increased transactional volume and flow of capital into the Southeast, Justin decided to return to business school at Kenan-Flagler to expand his existing career in real estate investments. Justin graduated from Drexel University in 2016 with a Bachelor of Arts in Business Administration.

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Marco Eberth

Fund Manager, MBA Class of 2022

Marco Eberth

Marco Eberth is a class of 2022 MBA student concentrating in Real Estate and Corporate Finance. Marco spent his summer at Wells Fargo in New York, NY where he worked as an Investment Banking Summer Associate on their Real Estate, Gaming and Lodging team. Prior to attending Kenan-Flagler Business School, Marco spent four years working in Construction Management at Suffolk Construction and John Moriarty & Associates, managing $800M of multi-family projects in Boston, MA and Los Angeles, CA. Marco also spent two years working in Real Estate Development for Redgate, managing $300M in ground up developments in Boston, MA and Cambridge, MA. Marco graduated from Trinity College in 2014 with a Bachelor of Science in Mechanical Engineering.

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Elliott Farmer

Fund Manager, MBA Class of 2022

Elliott Farmer

Elliott Farmer is a class of 2022 MBA candidate concentrating in Real Estate. Elliott spent his summer at USAA Real Estate in San Antonio, TX where he focused on Multifamily and Senior Housing Development. Prior to attending Kenan-Flagler Business School, Elliott spent four years working for Bell Partners in Atlanta, GA, a multifamily investment and management firm with 63,000+ units. While at Bell, Elliott worked within Asset Management and Business Development. Prior to Bell, Elliott worked in Charlotte, NC as a commercial real estate broker representing both tenants and landlords in retail, industrial and office lease transactions. Elliott graduated from Wofford College in 2012 with a Bachelor of Arts in Finance as well as a minor in Accounting.

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Brittain Hughes

Fund Manager, MBA Class of 2022

Brittain Hughes

Brittain Hughes is a class of 2022 MBA candidate concentrating in Real Estate. Brittain spent her summer as an Associate with Crescent Communities in Charlotte, NC where she assisted the Industrial, Life Science, and Office finance and development teams. Prior to attending Kenan-Flagler, Brittain worked in financial services at Gerson Lehrman Group (GLG) in Austin, TX, running due diligence research for top global investment banks. Brittain earned her Bachelor of Arts from Duke University in 2018.

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Edwin Kuhn

Fund Manager, MBA Class of 2022

Edwin Kuhn

Edwin Kuhn is a class of 2022 MBA candidate concentrating in Real Estate. Edwin spent his summer as an Acquisitions Associate with American Real Estate Partners (AREP) in Washington, D.C. Prior to attending Kenan-Flagler Business School, Edwin spent five years in the Multifamily Debt & Structured Finance group at CBRE in Charlotte, NC where he supported the production and closing of over $3.8 billion in debt financing transactions across multiple geographics, asset types, and investment strategies. Edwin graduated from the University of Georgia in 2015 with a Bachelor of Business Administration in both Real Estate and Finance.

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Nick Lindsay

Fund Manager, MBA Class of 2022

Nick Lindsay

Nick Lindsay is a class of 2022 MBA candidate concentrating in Real Estate. Nick spent his summer working for Jack Lingo Asset Management, a real estate developer, investor, and operator in Rehoboth Beach, DE. Prior to attending Kenan-Flagler, Nick spent two years working for H.I.G. Capital in Miami, FL, a global alternative investment firm with over $40 billion of equity capital under management. While at H.I.G., Nick focused on leveraged buyouts of small and mid-sized companies. Prior to H.I.G., Nick worked in investment banking for Harris Williams in Richmond, VA. Nick graduated from the University of Virginia’s McIntire School of Commerce in 2016 with a Bachelor of Science in Commerce and Track in Real Estate.

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Trevor McMillin

Fund Manager, MBA Class of 2022

Trevor McMillin

Trevor McMillin is a class of 2022 MBA candidate concentrating in Real Estate and Corporate Finance. Trevor spent his summer at J.P. Morgan in New York, NY where he worked as an Investment Banking Summer Associate on their Real Estate, Gaming and Lodging team. Prior to attending Kenan-Flagler Business School, Trevor spent 4 years working in commercial real estate development in Fort Myers, Florida. As a Project Manager, Trevor oversaw the development of grocery-anchored shopping centers across the state of Florida for North American Properties, a multi-regional real estate investment and development company. Trevor graduated from the University of Florida in 2016 with a Bachelor of Science in Construction Management and a minor in Real Estate.

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Daniel Olsen

Fund Manager, MBA Class of 2022

Daniel Olsen

Dan Olsen is a class of 2022 MBA candidate concentrating in Real Estate and Corporate Finance. This past summer, he worked at CP Capital US (formerly HQ Capital Real Estate) where he assisted in underwriting and structuring private equity investments in multifamily development opportunities across the US. Prior to attending Kenan-Flagler Business School, Dan spent four years working in commercial real estate lending in Minneapolis, Minnesota. Most recently, Dan was a senior analyst at U.S. Bank where he was responsible for the origination and portfolio management of over $500M in development and acquisition loans to real estate developers and investors across asset types and markets. Dan graduated from the University of Minnesota, Twin Cities in 2016 with a Bachelor of Science in Finance and a minor in Accounting.

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Georgia Burkard

Associate, Undergraduate Business Program Class of 2022

Georgia Burkard

Georgia Burkard is a member of the Undergraduate Business Program class of 2022, concentrating in Real Estate and Finance. Georgia spent this past summer with Goldman Sachs’ Real Estate Asset Management team in Dallas, TX. She has also held past internships with JLL doing brokerage and research in the Carolinas, and Cumming Corporation performing hotel construction management in New York City and Los Angeles, CA. After graduation, Georgia will be joining Starwood Capital Group’s Real Estate Asset Management team in Atlanta, GA.

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Jack Demarest

Associate, Undergraduate Business Program Class of 2022

Jack Demarest

Jack Demarest is a member of the Undergraduate Business Program class of 2022, concentrating in Real Estate Finance with a double minor in Urban Planning and Mandarin Chinese. Jack spent his summer with JLL Capital Markets in Atlanta, GA. Previously, he interned with TPA Group in Atlanta where he worked in retail and industrial development. After graduation, Jack will return to Atlanta to work with JLL Capital Markets.

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Jake Gordon

Associate, Undergraduate Business Program Class of 2022

Jake Gordon

Jake Gordon is a member of the Undergraduate Business Program class of 2022 and is minoring in Statistics. Jake spent his summer with Wells Fargo Securities in New York City, where he was an investment banking intern within the REGAL coverage group. Previously, he held internships in private equity and venture capital. After graduation, Jake will be returning to Wells as a full-time analyst within the REGAL group.

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James Wiley

Associate, Undergraduate Business Program Class of 2022

James Wiley

James Wiley is an undergraduate in the class of 2022, studying Management and Society. James spent his summer interning for Medalist Capital, a real estate financial services company in Raleigh, NC. Previously, he interned with JLL on the capital markets team, Kane Realty Corporation, and Cherokee Investment Partners.

Portfolio Overview

 

Portfolio Summary

Capital Raised in Millions 12.2
Total Funds 4
Fully Invested Funds 3
Total Investments Funded 51
Years of Investing 13
States in Which We Invested 18
Unique LPs 120
Fund Managers Since Inception 139

Portfolio by Property Type

44% MULTIFAMILY
18% OFFICE
8% SELF-STORAGE
7% SENIOR HOUSING
6% RETAIL
5% INDUSTRIAL
5% HOSPITALITY
4% MIXED-USE
4% CONDO
2% MEDICAL OFFICE
1% LAND

Assets by Geography

15% NORTH CAROLINA
14% GEORGIA
12% TEXAS
7% PENNSYLVANIA
6% FLORIDA
5% ILLINOIS
4% COLORADO
4% SOUTH CAROLINA
4% TENNESSEE
4% DISTRICT OF COLUMBIA
4% WISCONSIN
4% MARYLAND
3% NEW YORK
3% OREGON
3% VIRGINIA
3% MINNESOTA
2% NEW MEXICO
1% NEW JERSEY