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Real estate concentration
Shape the future of real estate development with the W. P. Carey Full-time MBA concentration in real estate. This concentration immerses you in every aspect of real estate development — from property development to financial analysis and project management — equipping you to lead transformative projects that resonate with communities and drive industry innovation.
The Full-time MBA concentration in real estate will help prepare you to excel in a competitive field while balancing profitability with social responsibility. With insights drawn from the W. P. Carey School’s renowned master’s degree in real estate development, you’ll master the skills to tackle complex development challenges and lead projects that are environmentally respectful, socially responsible, and artfully designed.
Note: The RED classes are part of a full immersion, block class cohort Master of Real Estate Development program. As such, class times may vary depending upon program scheduling. Please be aware that not all electives will be available in person due to conflicts with MBA core courses; MBA students who select this concentration will take their REA courses online.
Required capstone
RED 514: Synthesis Project #2 Income Property Development
Through application to a specific problem given by faculty, students analyze and seek solutions to real estate problems. This is an individual project that requires students to investigate a specific property, performing due diligence, preparing a market and segmentation analysis, defining highest and best use(s), designing a solution, preparing residual land value analysis, defining a product offering, pricing points, building design, site planning and comparative valuation analysis.
Electives
Full-time MBA students who select the concentration in real estate will take 9 credit hours of electives. A variety of options are available to add depth to your MBA program.
REA 594: REIT Portfolio Practicum
Students will work together on interdependent investment teams each focusing on different real estate sectors. Class size is limited to maintain opportunities for peer interaction and great access to industry executives. There are team and individual assignments and mini-projects throughout the year. The class covers a wide array of financial statement analysis, fundamental real estate analysis, macroeconomic effects on revenues and net operating income, and REIT-specific underwriting and valuation metrics. The course will focus on both qualitative and quantitative analysis to enable students to make carefully crafted investment decisions. Students must complete both semesters (Fall & Spring) to earn a grade for the course.
This class is limited in size and an application is required. A proficiency in financial analysis is necessary.
REA 594: Real Estate Law
Covers federal and state statutes and local ordinances dealing with real estate, real property, property rights and interests, contracts, buying and selling real property, and more.
REA 594: Real Estate Investments
This course introduces real estate as an investment asset with a focus on investment and financing issues. The course includes terminology, basic investment principles, methods for evaluation of real estate investment opportunities, financing strategies, investment decision making and real estate capital markets.
REA 594: Real Estate Land Development
Course explores the real estate development process of residential, commercial, industrial, and special purpose properties. Covers topics of immediate or special interest to a faculty member and students. Focus on development process, management, organization, and feasibility as well as relationship to neighborhood and city growth.
RED 502: Real Estate Valuation, Finance, and Capital Markets
Addresses the wide variety of capital sources typically used in real estate along with the concepts of valuation applied to real estate and teaches students how real estate capital markets function, creating detailed financial models, decision making, risk analysis and measures of financial performance.
RED 503: Real Estate Market Analysis
Focuses on market analysis and market data gathering methods, means and techniques necessary in finding market opportunities and developing specific market strategies for successful real estate development.
RED 516: Real Estate Capital Markets
Covers capital markets on a macro level with an emphasis on real estate. Real estate is a capital-intensive business that necessitates investors and developers regularly securing significant amounts of debt and equity through capital markets. The real estate capital market consists of public, private, individuals and institutional investors that invest money, either directly or indirectly, into real estate. Explores sources of capital for the purchase, development and ownership of real property by evaluating the interaction of real estate space markets with the real estate capital markets. Students gain an understanding of the historic and current capital market participants of the public and private, debt and equity, commercial real estate capital markets. Also explores the use of capital in various real estate investment strategies and defines the major indices that measure public and private real estate investment returns over time.
RED 517: Real Estate Financial Decision Making
This is a case study based class that explores risk, its meaning and measurement associated with real estate investment and development. The class introduces how these are incorporated into real estate business decision making including capital market, valuation, market growth, operating, construction, leasing/sales, finance/leverage and tax risks. Explores how to apply these risks to financial analysis and decision making. Students learn the various typical risks incurred when buying, owning, operating, redeveloping and developing real estate and how to identify and incorporate known and unknown risks into real estate business decision making process. Covers the fundamentals of decision theory and various models of judgment used in real estate business including use of factors outside the parameters of the normal financial model. Introduces concepts such as real options analysis, trade-offs, opportunity costs, risk/return trade-offs, as well as various models used for risk measurement and assessment including the capital asset pricing and arbitrage pricing theory and tools option pricing models.