Master's in Real Estate
On-Campus Course Schedule for Spring 2024

05 Mar 6-7pm ET
Real Estate Sample Class  
08 Apr 12-1pm ET
Master's in Real Estate Webinar  
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MPRE-7870-21

Conflict Resolution

This course will cover approaches for managing differences between individuals and groups as seen through the lens of negotiation. Students will investigate models of negotiation decision-making. The goal of the course is to provide students with both a conceptual and practical grasp of negotiating concepts which are applicable in their professional and personal lives. Principal focus will be on interest-based negotiation with consideration given to the psychological underpinnings of difficult conversations. This approach is now taught in business schools, law schools, and school of public policy and widely taught as a better business practice to profit and non-profit groups. It has also been the basis for resolving violent conflicts. Students will explore, through role exercises, two and multi-party negotiations. The focus will be both on the importance of substance and procedural considerations in complex negotiation. The conceptual framework is applicable in real estate negotiations as well as in other public policy and personal settings. Please Note: This course is based upon experiential learning. Thus a substantial amount of personal learning is accomplished through participation in and critique of class negotiation exercises. The value of the exercise is often dependent on the participation of your fellow students. Therefore, students should make every effort to attend all classes.

Note: This course meets synchronously through Zoom at the day and time listed.

  • Course #: MPRE-7870-21
  • CRN: 44513
  • Instructor: Hill, Q.
  • Dates: Mar 01 – Apr 30, 2024
  • Class Meetings:
    • Tue 5:20 PM - 7:50 PM

MPRE-7870-20

Conflict Resolution

This course will cover approaches for managing differences between individuals and groups as seen through the lens of negotiation. Students will investigate models of negotiation decision-making. The goal of the course is to provide students with both a conceptual and practical grasp of negotiating concepts which are applicable in their professional and personal lives. Principal focus will be on interest-based negotiation with consideration given to the psychological underpinnings of difficult conversations. This approach is now taught in business schools, law schools, and school of public policy and widely taught as a better business practice to profit and non-profit groups. It has also been the basis for resolving violent conflicts. Students will explore, through role exercises, two and multi-party negotiations. The focus will be both on the importance of substance and procedural considerations in complex negotiation. The conceptual framework is applicable in real estate negotiations as well as in other public policy and personal settings. Please Note: This course is based upon experiential learning. Thus a substantial amount of personal learning is accomplished through participation in and critique of class negotiation exercises. The value of the exercise is often dependent on the participation of your fellow students. Therefore, students should make every effort to attend all classes.

Note: This course meets in person at the day and time listed.

  • Course #: MPRE-7870-20
  • CRN: 44586
  • Instructor: Hill, Q.
  • Dates: Mar 01 – Apr 30, 2024
  • Class Meetings:
    • Tue 5:20 PM - 7:50 PM

MPRE-7400-20

Construction Estimating

Course Description: The goal of the course is to provide students with an in-depth understanding of how to prepare a basic line item budget for a development project. This will strengthen skills students can apply to their Capstone projects. The course will cover pre-construction analysis of basic site planning and design to maximize efficiencies for gross building area, parking, and net rentable areas. [Visibility, accessibility, green space, stormwater management, and solar opportunities will also be discussed and considered]. Course Objectives: Upon completion of the course, students should be able to evaluate the maximum buildable area for a site and calculate the basic construction costs for different options on the mix of uses including parking and amenities that could be accommodated on a given site. Having completed this analysis, students should be able to determine the best option from a construction standpoint for the most efficient type(s) of construction that would create the greatest potential value.

Note: This course meets online via Zoom at the day and time listed.

  • Course #: MPRE-7400-20
  • CRN: 40496
  • Instructor: Abrisham Kar, M.
  • Dates: Mar 01 – Apr 30, 2024
  • Class Meetings:
    • Wed 5:20 PM - 7:50 PM

MPRE-6330-01

Entitlements for Redevelopment

This seminar focuses on “entitlements” — the legal rights secured through government approvals to develop property for a certain use, intensity, building type or building location. Topics covered include property value creation through entitlements, the legal, institutional, and planning framework for redevelopment, analytical frameworks for selecting sites and assessing development risk, the role of building design in adding value to redevelopment projects and the negotiation of development agreements. Coursework is advanced through lectures, class discussions and exercises, and case studies.

Note: This course meets in-person at the day and time listed.

  • Course #: MPRE-6330-01
  • CRN: 46760
  • Instructor: Jackson Batties, L.
  • Dates: Jan 10 – May 11, 2024
  • Class Meetings:
    • Wed 5:20 PM - 7:50 PM

MPRE-5000-01

Ethics in Action

This course provides an introduction to multiple ethical choices that any real estate leader will encounter throughout his or her career. We will use readings, case studies and extensive class discussion to help students build an ethical framework for setting priorities and making good decisions, under pressure, from among imperfect alternatives. We will address confidentiality, marketing and disclosure, integrity of data, value of a reputation, fiduciary responsibility for “other people’s money” and management of potential conflicts of interest among investors, lenders, project managers, brokers and contractors. The course explores how to balance corporate responsibility in areas of economic development and environmental sustainability with the practical need to create shared value for a project’s owners and its surrounding communities. We will examine ethics in design and construction, and explore complexities that arise from working in multi-cultural and international real estate environments. Finally, we will look at how to ethically manage workouts and foreclosures based on personal experience during times of crisis such as the US financial crisis of 2008 and the Russian financial crisis of 1998. A minimum grade of "B" (3.00) or better is required in this core course for graduation.

Note: This course meets in person at the day and time listed. This course is a core requirement of the degree and requires a grade of "B" or better for successful completion. This course should be taken in a student's first two semesters of study.

  • Course #: MPRE-5000-01
  • CRN: 16414
  • Instructor: Williamson, G.
  • Dates: Jan 10 – May 11, 2024
  • Class Meetings:
    • Tue 5:20 PM - 7:50 PM

MPRE-5000-02

Ethics in Action

This course provides an introduction to multiple ethical choices that any real estate leader will encounter throughout his or her career. We will use readings, case studies and extensive class discussion to help students build an ethical framework for setting priorities and making good decisions, under pressure, from among imperfect alternatives. We will address confidentiality, marketing and disclosure, integrity of data, value of a reputation, fiduciary responsibility for “other people’s money” and management of potential conflicts of interest among investors, lenders, project managers, brokers and contractors. The course explores how to balance corporate responsibility in areas of economic development and environmental sustainability with the practical need to create shared value for a project’s owners and its surrounding communities. We will examine ethics in design and construction, and explore complexities that arise from working in multi-cultural and international real estate environments. Finally, we will look at how to ethically manage workouts and foreclosures based on personal experience during times of crisis such as the US financial crisis of 2008 and the Russian financial crisis of 1998. A minimum grade of "B" (3.00) or better is required in this core course for graduation.

Note: Registration requires Department Approval. This section meets synchronously online at the designated time.

  • Course #: MPRE-5000-02
  • CRN: 43304
  • Instructor: Williamson, G.
  • Dates: Jan 10 – May 11, 2024
  • Class Meetings:
    • Tue 5:20 PM - 7:50 PM

MPRE-5400-01

Found of Real Estate Accting

Foundations of Real Estate Accounting provides a graduate level introduction to real estate accounting, taxation concepts and equity incentives utilizing various tax credit and incentive programs. Topics include GAAP financial statements for real estate companies, financial analysis, fair value and impairment analysis, consolidation, joint venture accounting, Low Income Housing Tax Credits, Historic Tax Credits, New Markets Tax Credits, Energy Tax Credits, internal controls for real estate companies, and understanding operating and partnership agreements. Taxation topics include partnership tax concepts and tax-free exchanges. This course is designed to give you maximum exposure to the leaders in the real estate accounting industry. As a result, some sessions of this course will be taught by various real estate professionals. The objective of this course is to provide you with an understanding of the current financial accounting and taxation issues likely to be encountered in the real estate sector. At the end of this course, you will be able to analyze GAAP prepared accounting statements and identify potential financial and tax issues. Regular attendance is vital. Be sure to keep pace with the assigned work and class discussions. This course covers many different areas of accounting for real estate transactions. If you are not familiar with the subject area or do not understand the assigned material, please ask for clarification or assistance. Do not wait until the end of the course to obtain help. At the end of the course, students should: • Understand the principles and rules of real estate accounting • Be familiar with the accounting standards and pronouncements related to real estate accounting • Understand the principles for the capitalization of pre-acquisition costs • Be familiar with the costs incurred to sell or rent a real estate project and the accounting rules associated with those costs •Be familiar with the valuation process of real estate and how to account for acquisitions of real estate • Understand the principles of non-monetary exchanges of real estate; particularly the basic principles of section 1031: like-kind exchanges • Understand the process underlying a sale of real estate and the different accounting methods associated with profit recognition • Be familiar with other applicable methods for recording a sale of real estate • Understand the principles of a lease and be able to identify the key characteristics of and differences between a capital lease and an operating lease • Understand the accounting methods used by both the lessee and lessor • Understand the differences between the four methods of accounting for interests in real estate ventures: consolidation, equity method of accounting, pro rata consolidation, and the cost method • Understand what a variable and non-variable interest entity are and how to account for them • Be familiar with time-sharing transactions

Note: This course meets synchronously through Zoom at the day and time listed. Foundation course in the Real Estate program.

  • Course #: MPRE-5400-01
  • CRN: 18706
  • Instructor: Dalkin, J.
  • Dates: Jan 10 – May 11, 2024
  • Class Meetings:
    • Mon 5:20 PM - 7:50 PM

MPRE-5500-01

Found of Real Estate Finance

This introductory course provides students with the technical skills and business concepts of real estate finance. Mastering the basic and advanced concepts of real estate finance is essential to understanding other courses in the MPS curriculum, and to success in the real estate industry. Topics covered will include time value of money, discounted cash flow analysis, and investment returns. Through a case study format using an actual real estate investment as a guide, students will prepare a property-level pro forma to report both an unleveraged and leveraged returns analysis. In addition, the concepts of debt and equity (via a joint venture) will be included in the case study. The intended learning outcomes include a working financial model that students can use for future courses in the program. The primary text is Real Estate Finance & Investments: William B. Brueggeman and Jeffrey D. Fisher 15th edition; additional readings will supplement the book. Students will perform individual and group case study assignments to reinforce the intended learning outcomes.

Note: This course meets synchronously through Zoom at the day and time listed. Foundation course for the Real Estate program.

  • Course #: MPRE-5500-01
  • CRN: 23220
  • Instructors: Kelso, A. , Wood, B.
  • Dates: Jan 10 – May 11, 2024
  • Class Meetings:
    • Tue 8:00 PM - 10:30 PM

MPRE-5500-02

Found of Real Estate Finance

This introductory course provides students with the technical skills and business concepts of real estate finance. Mastering the basic and advanced concepts of real estate finance is essential to understanding other courses in the MPS curriculum, and to success in the real estate industry. Topics covered will include time value of money, discounted cash flow analysis, and investment returns. Through a case study format using an actual real estate investment as a guide, students will prepare a property-level pro forma to report both an unleveraged and leveraged returns analysis. In addition, the concepts of debt and equity (via a joint venture) will be included in the case study. The intended learning outcomes include a working financial model that students can use for future courses in the program. The primary text is Real Estate Finance & Investments: William B. Brueggeman and Jeffrey D. Fisher 15th edition; additional readings will supplement the book. Students will perform individual and group case study assignments to reinforce the intended learning outcomes.

Note: This course meets in person at the day and time listed. Foundation course for the Real Estate major.

  • Course #: MPRE-5500-02
  • CRN: 31947
  • Instructor: Wang, L.
  • Dates: Jan 10 – May 11, 2024
  • Class Meetings:
    • Thu 5:20 PM - 7:50 PM

MPRE-5200-01

Found of Real Estate Markets

This course will focus on how real estate practitioners analyze information to make informed market decisions. The class will cover a broad range of real estate disciplines from single-family and multifamily residential, retail, office, hospitality, and industrial, and introduce the perspectives of developers/builders, investors, lenders, landlords, tenants, planners, public officials, and end users/consumers. The class will offer a mix of theory, analytic tools, and practical experiences/real-life examples. The goal is a highly interactive class environment in which the students play an essential role in the education process. Active participation in class discussions is expected of every student and a key component of participant performance. The class is built around a final case study project that will consist of a case study report and presentation. This final project and presentation will build upon the work completed throughout the semester, including assignments given throughout the semester. The final presentation and report will be due on the final exam date (not the last day of class). Working in a team environment is a critical aspect of future success in the real estate environment. The class will be broken into smaller groups of 4-6 participants, depending on class size, which will act as your final project teams. Project teams will be expected to work with their project team outside of class time.

Note: This course meets in-person at the day and time listed. Foundation course for the Real Estate program.

  • Course #: MPRE-5200-01
  • CRN: 18703
  • Instructor: Beasley, C.
  • Dates: Jan 10 – May 11, 2024
  • Class Meetings:
    • Tue 4:00 PM - 6:30 PM

MPRE-5300-02

Foundations of Real Estate Law

The Foundations of Real Estate Law course will introduce students to substantive legal issues associated with commercial real estate acquisition, development, finance, leasing and related corporate governance matters. The course explores a practical understanding of legal principles from the perspective of real estate developers, construction companies, lenders, owners and investors while focusing on the following objectives: • Principles, Mechanisms and Conventions: The course will provide an overview of legal principles associated with real estate activities (the “What”), mechanisms by which the various legal principles may be implemented (the “How”) and conventions concerning the practical application of legal principles (the “Why”). • Issue Spotting: Students will develop an understanding of common legal themes that confront real estate professionals sufficient to enable them to identify and analyze critical issues before engaging the necessary legal or other real estate professionals necessary to tailor the final arrangements necessary to address the legal issues at hand. • Correlating Legal Risks: The course will promote a constructive approach to correlating legal risks within the prototypical legal enterprise – connecting possible and probable risks among a variety of real estate activities such as buying, selling, developing, financing and leasing associated with a variety of real estate products such as office buildings, shopping centers, residential buildings, hotels, industrial buildings and mixed-use projects..

Note: This course meets synchronously through Zoom at the day and time listed. Foundation course in the Real Estate program.

  • Course #: MPRE-5300-02
  • CRN: 44488
  • Instructor: Grindall, B.
  • Dates: Jan 10 – May 11, 2024
  • Class Meetings:
    • Wed 5:20 PM - 7:50 PM

MPRE-7951-01

Internships in Real Estate

This Real Estate Internship class is designated to maximize the students experience and examine the potential opportunities and information to be derived from their internship. The course is designed to guide the students through academic discussion and application. Assignments will be geared to enhance the intern’s Real Estate knowledge with an emphasis on relevance and utilization. Text/Bibliography: Course will be supplemented by relevant articles obtains from periodicals, internet websites, trade publications and real estate professionals. Schedule of meetings with student: -Weekly 1 hour meetings or phone conferences. -Five 2 hour consultations with representatives of selective case study and staff representatives of an organization. Assignments/Nature of Research: Identify the scope of the internship than produce weekly e-journals to be discussed in required independent study conferences. Produce a resume incorporating internship experience. Exams/Papers: -Midterm – presentation describing the content of their internship. -Final Presentation – Overview of the internship detailing obtained knowledge, benefits and application towards a real estate career. A presentation to the class utilizing power point demonstrating an overview of the internship experience and acquired knowledge of the real estate industry.

Note: Registration requires department approval.

  • Course #: MPRE-7951-01
  • CRN: 42841
  • Instructor: Josephs, J.
  • Dates: Jan 10 – May 11, 2024
  • Class Meetings:

MPRE-7100-10

Leasing

This course will give students a broad overview of leases and their importance to commercial real estate. We will discuss the various roles that leases play in commercial real estate, and the differences and similarities between different types of leases. Students will learn to parse out the true and complete economic terms of a lease transaction in a manner that permits meaningful comparisons. We will review the various elements of commercial leases, placing particular emphasis on construction, pass-through of expenses, flexibility and exit strategies, options, and the effect of the current economic situation. Throughout, we will discuss the roles and motivations of the various players, and how competing interests reach agreement. Finally, through one or more guest speakers, we will hear how leases are interpreted in the real world on a day-to-day basis. Course Objectives: Provide an understanding of leases as the economic underpinning of commercial real estate, impart a working knowledge of a broad array of lease types, teach students to analyze the full economic impact of a lease in a manner that facilitates comparisons across leases, and give students a full working knowledge of the key components of commercial leases and how they fit together, explore the motivations, similar and dissimilar, of the parties (landlord, tenant, lender) and the usual compromise positions. Students will leave the course with the ability to read a commercial lease and understand and extract its key terms, and with an understanding of how those terms are put into practice.

Note: This course meets in person at the day and time listed.

  • Course #: MPRE-7100-10
  • CRN: 26999
  • Instructor: Hetchkop, M.
  • Dates: Jan 10 – Feb 29, 2024
  • Class Meetings:
    • Wed 5:20 PM - 7:50 PM

MPRE-7270-01

Multifamily Invest and Dev

Multifamily Value-Add Investment and Development is a course designed to explain and explore how to source, develop, and execute value-added investing in multifamily real estate. This course will teach students the nuts and bolts of what it takes to successfully acquire, develop, and stabilize a multifamily property with a value-add strategy to create lucrative, risk-adjusted returns. Using the Washington DC metropolitan region as a backdrop, students will initially learn about the offering memorandum (OM), using the information it contains to develop a value-add strategy and create an accurate Sources & Uses statement and proforma model. The course will discuss the mindset, approach, and different creative avenues possible in creating value when purchasing multifamily properties. This course will also include a discussion of the different nuances needed to navigate the DC regulatory landscape controlling multifamily properties, such as rent control and the Tenant Opportunity to Purchase Act (TOPA). The class structure will include lectures, in-depth case studies, back-of-the-envelope proforma analysis, debt and equity structures, class discussions (participation required), readings, and guest speakers. Students will analyze actual, past, and present investment opportunities.

Note: This course meets in person at the day and time listed.

  • Course #: MPRE-7270-01
  • CRN: 42877
  • Instructor: Ernst, F.
  • Dates: Jan 10 – May 11, 2024
  • Class Meetings:
    • Tue 5:20 PM - 7:50 PM

MPRE-7860-10

Negotiations

Overview: This course will cover approaches for managing differences between individuals and groups as seen through the lens of negotiation. Students will investigate models of negotiation decision-making. The goal of the course is to provide students with both a conceptual and practical grasp of negotiating concepts that are applicable in their professional and personal lives. The principal focus will be on interest-based negotiation with consideration given to the psychological underpinnings of difficult conversations. This approach is now taught in business schools, law schools, and schools of public policy and is widely taught as a better business practice to profit and non-profit groups. It has also been the basis for resolving violent conflicts. Students will explore, through role exercises, two and multi-party negotiations. The focus will be both on the importance of substance and procedural considerations in complex negotiation. The conceptual framework is applicable in real estate negotiations as well as in other public policy and personal settings. Please Note: This course is based on experiential learning. Thus a substantial amount of personal learning is accomplished through participation in and critique of class negotiation exercises. The value of the exercise is often dependent on the participation of your fellow students. Therefore, students should make every effort to attend all classes.

Note: This course meets in person at the day and time listed.

  • Course #: MPRE-7860-10
  • CRN: 40497
  • Instructor: Hill, Q.
  • Dates: Jan 10 – Feb 29, 2024
  • Class Meetings:
    • Tue 5:20 PM - 7:50 PM

MPRE-7860-11

Negotiations

Overview: This course will cover approaches for managing differences between individuals and groups as seen through the lens of negotiation. Students will investigate models of negotiation decision-making. The goal of the course is to provide students with both a conceptual and practical grasp of negotiating concepts that are applicable in their professional and personal lives. The principal focus will be on interest-based negotiation with consideration given to the psychological underpinnings of difficult conversations. This approach is now taught in business schools, law schools, and schools of public policy and is widely taught as a better business practice to profit and non-profit groups. It has also been the basis for resolving violent conflicts. Students will explore, through role exercises, two and multi-party negotiations. The focus will be both on the importance of substance and procedural considerations in complex negotiation. The conceptual framework is applicable in real estate negotiations as well as in other public policy and personal settings. Please Note: This course is based on experiential learning. Thus a substantial amount of personal learning is accomplished through participation in and critique of class negotiation exercises. The value of the exercise is often dependent on the participation of your fellow students. Therefore, students should make every effort to attend all classes.

Note: This course meets synchronously through Zoom at the day and time listed.

  • Course #: MPRE-7860-11
  • CRN: 44512
  • Instructor: Hill, Q.
  • Dates: Jan 10 – Feb 29, 2024
  • Class Meetings:
    • Tue 5:20 PM - 7:50 PM

MPRE-7280-01

Private Equity

The Real Estate Private Equity course will introduce the broad universe of privately held, non-traded equity vehicles that invest in commercial real estate. Private equity real estate is a term used in investment finance to refer to a specific subset of the real estate investment asset class. Private equity real estate refers to one of the four quadrants of the real estate capital markets, which include private equity, private debt, public equity and public debt. Students will learn about the different types of private equity investment vehicles, their investment structure and capitalization, their required return and underwriting requirements, as well as the execution of investment business plans. The class will be taught through a heavy reliance on case studies where students will play the role of either an entrepreneur or an investment professional and evaluate the viability of investments through market analysis, development of acquisition pro forma and discounted cash flows, obtain and structure debt, structure equity investments from different investor perspectives and evaluate equity returns and waterfalls. Students should be comfortable and competent in computing and analyzing discounted cash flows, net present values, internal rates of return, acquisition and disposition sensitivity analyses, equity multiples, cash-on-cash returns, and waterfall structures. The class structure will include lectures, back-of-the-envelope case studies, in-depth case studies, class discussion (participation required), readings, and guest speakers. Students will analyze actual, past, and present investment and development opportunities.

Note: This course meets weekly via Zoom at the day and time listed.

  • Course #: MPRE-7280-01
  • CRN: 41039
  • Instructor: Parker, E.
  • Dates: Jan 10 – May 11, 2024
  • Class Meetings:
    • Thu 5:20 PM - 7:50 PM

MPRE-7370-01

Public Private Development

This course explores the growing and varied practice of public private development, discussing the mechanisms for control and financing, and the political environment for such developments, The course considers the perspectives and trade-offs between public benefits and costs, stakeholder involvement, and the developer’s and public’s return on investment. The course will examine methods used to encourage growth, such as development on public land, zoning, public investment and tax incentives, and the entitlement processes. The value of public benefits including job creation, affordable housing, public infrastructure, historic preservation and community facilities will be analyzed by utilizing fiscal and economic impact analyses. In addition, an in-depth understanding of public incentives will be analyzed using proforma modeling. A number of case studies of both large and small projects will be utilized to illustrate the potential and risks of such public private development projects.

Note: This course meets via Zoom at the day and time listed.

  • Course #: MPRE-7370-01
  • CRN: 46750
  • Instructor: Beasley, C.
  • Dates: Jan 10 – May 11, 2024
  • Class Meetings:
    • Mon 5:20 PM - 7:50 PM

MPRE-7990-02

Real Estate Capstone

The required Capstone Course marks the culmination of a student’s career in the Master of Professional Studies in Real Estate program, and the student’s transition from journeyman to advanced real estate professional. The Capstone Course offers the student the opportunity to explore a major real estate topic in significant depth and make a substantial contribution to knowledge in a selected sector of the real estate profession. Based upon previous courses and professional experience, the student formulates a Capstone Project topic. Under the tutelage of a senior real estate professional from Metropolitan Washington or beyond, the student researches the chosen topic, participates in any appropriate activities related to the topic, and produces a substantial work which constitutes a significant contribution to real estate knowledge. Because MPS/RE encompasses institutional, financial, legal, marketing, accounting, environmental, planning, design, engineering, and other disciplines, it is impossible to specify a single genre of Capstone Project, and the Capstone Project is thus defined chiefly by quality. With the fullest support of the entire MPS/RE program, the student has maximum freedom to pursue a real estate topic that embodies the very essence of the student’s professionalism, and should be one of the best pieces of work the student ever does. In addition to other requirements, students must earn a grade of "B" or higher in the Capstone course to qualify for graduation.

Note: This course meets synchronously through Zoom at the day and time listed. Registration in the class requires department approval. Core course for the Real Estate major. Minimum grade to pass is "B". Capstone proposals must be approved by course instructor.

  • Course #: MPRE-7990-02
  • CRN: 21378
  • Instructor: Cristiano, R.
  • Dates: Jan 10 – May 11, 2024
  • Class Meetings:
    • Mon 5:20 PM - 7:50 PM

MPRE-7990-01

Real Estate Capstone

The required Capstone Course marks the culmination of a student’s career in the Master of Professional Studies in Real Estate program, and the student’s transition from journeyman to advanced real estate professional. The Capstone Course offers the student the opportunity to explore a major real estate topic in significant depth and make a substantial contribution to knowledge in a selected sector of the real estate profession. Based upon previous courses and professional experience, the student formulates a Capstone Project topic. Under the tutelage of a senior real estate professional from Metropolitan Washington or beyond, the student researches the chosen topic, participates in any appropriate activities related to the topic, and produces a substantial work which constitutes a significant contribution to real estate knowledge. Because MPS/RE encompasses institutional, financial, legal, marketing, accounting, environmental, planning, design, engineering, and other disciplines, it is impossible to specify a single genre of Capstone Project, and the Capstone Project is thus defined chiefly by quality. With the fullest support of the entire MPS/RE program, the student has maximum freedom to pursue a real estate topic that embodies the very essence of the student’s professionalism, and should be one of the best pieces of work the student ever does. In addition to other requirements, students must earn a grade of "B" or higher in the Capstone course to qualify for graduation.

Note: This course meets in person at the day and time listed. Registration in the class requires department approval. Core course for the Real Estate major. Minimum grade required to pass is "B". Capstone proposals must be approved by course instructor.

  • Course #: MPRE-7990-01
  • CRN: 18728
  • Instructor: Cristiano, R.
  • Dates: Jan 10 – May 11, 2024
  • Class Meetings:
    • Mon 5:20 PM - 7:50 PM

MPRE-7990-03

Real Estate Capstone

The required Capstone Course marks the culmination of a student’s career in the Master of Professional Studies in Real Estate program, and the student’s transition from journeyman to advanced real estate professional. The Capstone Course offers the student the opportunity to explore a major real estate topic in significant depth and make a substantial contribution to knowledge in a selected sector of the real estate profession. Based upon previous courses and professional experience, the student formulates a Capstone Project topic. Under the tutelage of a senior real estate professional from Metropolitan Washington or beyond, the student researches the chosen topic, participates in any appropriate activities related to the topic, and produces a substantial work which constitutes a significant contribution to real estate knowledge. Because MPS/RE encompasses institutional, financial, legal, marketing, accounting, environmental, planning, design, engineering, and other disciplines, it is impossible to specify a single genre of Capstone Project, and the Capstone Project is thus defined chiefly by quality. With the fullest support of the entire MPS/RE program, the student has maximum freedom to pursue a real estate topic that embodies the very essence of the student’s professionalism, and should be one of the best pieces of work the student ever does. In addition to other requirements, students must earn a grade of "B" or higher in the Capstone course to qualify for graduation.

Note: This course meets via Zoom at the day and time listed. Registration in the class requires department approval. Core course for the Real Estate major. Minimum grade required to pass is "B". Capstone proposals must be approved by course instructor.

  • Course #: MPRE-7990-03
  • CRN: 47026
  • Instructor: Williamson, G.
  • Dates: Jan 10 – May 11, 2024
  • Class Meetings:
    • Mon 5:20 PM - 7:50 PM

MPRE-5100-01

Real Estate Fundamentals

This course concentrates on the fundamental details of income producing Commercial Real Estate in basic detail, focusing on the tools and processes required to make property evaluations and transaction decisions. It is intended to provide foundation level students with the real estate skills necessary to effectively keep pace and learn in elective courses, and to be effective real estate practitioners as program graduates. Topics which will be addressed in this course will include: cash flow and P&L; deal analysis in Excel and with the HP 12c, site selection, location strategy and land value, financing alternatives and leverage, entitlements and the development process, negotiation, transaction management and decision making, disposition, consolidation, re-positioning and financial restructuring, brokerage and leasing, plus the following concepts and techniques which support these topics: Absorption Inventory Vacancy Occupancy Availability Shadow Space Return Balance Sheet Income Statement Cash Flows DCS DCF IRR PV / NPV FV NOI OP-Ex Cap-Ex Cap Rate Discount Rate Lending Rate D/E Ratio Coverage LTV Debt Service Loan Const. Yield Multiple ROA ROI Margin USF/RSF/GA Coverage R FAR Residual Exit Strategy Expense Stop Base Year Gross Lease Net Lease IG Lease Ground Lease Rent Roll Stabilization Draw Retainage Take-out Commissioning Site Selection Due Diligence Percentage Rent Breakpoint Radius Limits Use Restriction. The course will focus on exploring these concepts and techniques, with field examples and a negotiation exercise to illustrate abstractions; so they can be put into practice. Course topics are sequenced according to an owner/investor viewpoint property (Portfolio Management) lifecycle to generate a real estate development and investment fabric. The class focuses on the capabilities necessary to be fundamentally effective in an income producing, commercial real estate business. Discussion will focus on office properties, however, residential, industrial and retail properties, and differences in their deal process will be referenced as well.

  • Course #: MPRE-5100-01
  • CRN: 26594
  • Instructor: Lambinicio, G.
  • Dates: Jan 10 – May 11, 2024
  • Class Meetings:
    • Wed 5:20 PM - 7:50 PM

MPRE-7940-01

Real Estate Independent Study

MPRE 901-01 is an Independent Study course consisting of a small team of students competing in the annual Capital Challenge Intercollegiate Real Estate Case Competition sponsored by Maryland/DC NAIOP. The Capital Challenge consists of a case study competition of a challenging development or redevelopment site within suburban Maryland or Washington, DC. The MPS-RE student team will compete against teams of graduate students from Johns Hopkins University, The University of Maryland, American University and George Mason University. All teams are assigned the same real estate case study and are provided essential information and assumptions about the project. Teams formulate a proposed investment strategy and develop a comprehensive analysis and recommendation of how to maximize the potential of the property from both a quantitative and qualitative standpoint. The Capital Challenge uniquely examines a “real life” case study and assigns each school a team of consultant sponsors from supporting disciplines to help them develop their solution. The winning school is awarded a Grand Prize Scholarship. In 2019, Georgetown won the competition and our team received a $10,000 prize for their proposal to redevelop the former Fannie Mae HQ, now part of Roadside's City Ridge development. Previous Challenges have examined W.C. Smith’s Riverfront Portfolio, First Potomac Realty Trust’s Greyhound Bus site (also won by Georgetown University’s team!), Akridge’s Buzzard Point, and a JBG-sponsored site in NoMa. The case preparation will begin at our kick-off in early January and culminate with a presentation event in April at which the winning team will be announced. The Capital Challenge is an exceptional and unique opportunity for team members to work with the leading developers and consultants in our industry. The Challenge also provides students with exposure to real world real estate development problem-solving, meaningful interaction with seasoned industry professionals, and the excitement of intercollegiate academic competition. The team is limited to 6 or 7 members, and students who wish to take MPRE 901 should approach the NAIOP challenge faculty advisor as early as possible to get permission to register for this course. This challenge is as close as you can get to an actual development project in an academic environment. Students are responsible for all the concept, programming, design, feasibility, and investment value decisions for an actual multi-million dollar development project. The team meets for 3 to 6 hours per week and each team member has significant additional work for his or her section of the presentation. Students should only volunteer for this team if they are certain they can meet the time requirements and compressed schedule challenges this competition demands. The upside benefits are unmatched experience in the development process and the exposure to the top leaders of the Washington development industry. A student may only take MPRE 901

Note: This course meets in person at the day and time listed. This course requires department approval for registration.

  • Course #: MPRE-7940-01
  • CRN: 45890
  • Instructor: White, T.
  • Dates: Jan 10 – May 11, 2024
  • Class Meetings:
    • Wed 8:00 PM - 10:30 PM

MPRE-7170-01

Real Estate Investment Trusts

This course is dedicated to gaining a comprehensive knowledge of both the structure of public REITs and the market for them. A public REIT is a fully- integrated operating real estate company yet differs in many ways from the private sector structure. The public REIT’s access to capital, both debt and equity, is profound especially in relation to the private sector model. We will explore these differences and much more throughout the semester.

Note: This course meets in person at the day and time listed.

  • Course #: MPRE-7170-01
  • CRN: 43381
  • Instructor: Morris, J.
  • Dates: Jan 10 – May 11, 2024
  • Class Meetings:
    • Thu 8:00 PM - 10:30 PM

MPRE-6700-01

Structured Finance

The Structured Finance Course examines how large commercial real estate financings are put together. The course will explore the evolution of the real estate finance transaction. Who the players were and who they are now. How have structures changed with the influence of Wall Street as a major player having entered the market in the early 90’s and the issues they faced during the credit crisis of late 2007? We will examine the options available and the problems currently facing both Borrowers and Lenders. The course will give a practical overview of how we finance the entire capital structure from senior loans to mezzanine tranches to equity. Guest lecturers, who are major forces in the business, will tell you their stories and impart their wisdom in this challenging time for structured finance. Upon completion of this course, students should have a full grasp of how deals are financed. As a result, the student should be an asset to their employer in this field. The course will include some lecturing, discussion and a significant amount of team projects designed to teach the student the anatomy of “the deal.” Class participation (20%), significant team projects including the creation of a finance memorandum, as well as specific research assignments to help train the real estate mind (30%), how well the professor feels you grasp the knowledge (20%), and a final examination (30%) will serve as the learning and assessment tools.

Note: This course meets synchronously through Zoom at the day and time listed.

  • Course #: MPRE-6700-01
  • CRN: 44509
  • Instructors: Kelso, A. , Wood, B.
  • Dates: Jan 10 – May 11, 2024
  • Class Meetings:
    • Thu 8:00 PM - 10:30 PM

MPRE-7230-01

Urban Real Estate Development

Development adds value to land by increasing income, mainly by increasing the density of revenue-producing units. Developers and capital sources are attracted today to urban mixed-use projects – multifamily, office, hotel, retail - because more value can be created with the same effort and capital than in suburban projects on similar-sized lots. Suburban success in the 1980’s – 90’s has been curbed by environmental concerns, the cost to extend public services, and large lot zoning restrictions. Urban mixed-use projects are studied to see how Developers decide where to locate projects, how equity partners and lenders assess risks, and how a project is designed, financed, leased, and built. Some projects are successful while others struggle. Disruptions and delays in the development sequence can be triggered by the market, government, neighbors, competition, or even the property itself, extending the timeline and increasing cost. Guest speakers will offer insights on how they overcame challenges. Examples include McMillan Park, Poplar Point, Capitol Riverfront, Buzzards Point, Union Market, and Entitlement rezoning battles to increase density are studied through private PUDs, Planned Unit Development, and public RFPs (Request for Proposals).

Note: This course meets synchronously through Zoom at the day and time listed.

  • Course #: MPRE-7230-01
  • CRN: 37916
  • Instructor: Bush, M.
  • Dates: Jan 10 – May 11, 2024
  • Class Meetings:
    • Wed 8:00 PM - 10:30 PM