Course Descriptions

RED 502

Real Estate Valuation, Finance and Capital Markets

This course addresses the concepts of valuation applied to real estate and teaches students how to apply these principals. Students learn how to create detailed financial models used to analyze real estate development and investment opportunities. The basic theories of real estate valuation are taught and applied including methods of valuation, decision making, risk analysis and measures of financial performance used for evaluation of opportunities. In addition, students are taught real estate capital markets, how they function, and their impact on individual real estate opportunities and how underwriting is performed.

RED 503

Real Estate Market Analysis

This course focuses on market analysis and market data gathering methods, means and techniques necessary in identifying market opportunities and developing specific market strategies for successful real estate development. Special attention will be placed on the art and science of market segmentation and the resultant strategies of for market positioning, competition, imitation and innovation. Students learn how market analysis applies to evaluation of opportunities, determining market demand and supply balance and predicting market movements as part of risk analysis.

RED 504

Real Estate Site Analysis, Master Planning and Design

This course teaches students how to analyze the physical characteristics of a property including the site and area physical, legal, political, economic and financial facts that impact the highest and best use of a property and what can be built upon the property. Students learn the planning and design process, its role in decision making and how developers should use the process to seek opportunity, reduce risk and achieve expected outcomes. The course teaches how to organize and manage a planning and design team for efficiency, problem solving and innovation.

RED 505

Land Use Law and Public Entitlement Process

This course teaches student the basics of US land use law, how these laws impact real estate use and development and how developers achieve necessary property rights and entitlements to allow implementation of a development proposal. This course covers general plan adoption and amendments, zoning/rezoning, subdivisions, special use permits, exactions, permits and fees. Students learn how to manage the process of identifying land use entitlements, working with jurisdictions, their staff and elected officials to secure needed rights.

RED 506

Real Estate Law for Developers

This course teaches students that aspect of US law covering federal and state statutes and local ordinances dealing with real estate, real property, property rights and interests, buying and selling real property, landlords and rental property, renters’ and tenants’ rights. It will focus on personal interests in property, such as rights of ownership, establishing property title, requirements in sales and transfers of property, real estate lending, and foreclosures and settlement of claims against property. Students will learn about purchase and sale agreements, property title, deeds, liens, escrow, purchase and sale and closings, leases, loans as well as handle disputes involving foreclosures, receiverships as well as boundary and title disputes.

RED 507

Synthesis Project #1 Residential Development

This course employs the students learning through application to a specific problem given by faculty. Students work in teams to analyze and seek solutions. Students investigate a specific parcel of land and are required to perform due diligence, prepare a market and segmentation analysis, define highest and best use(s), design a solution, prepare residual land value analysis, define a product offering, price points, building design, site planning and comparative valuation analysis.

RED 508

Real Estate Engineering and Construction

This course explores the basic principles of engineering and construction of real estate development projects. Students learn the basics of civil engineering, property survey, legal descriptions, topography, hydrology and soils. In addition they learn about community infrastructure system planning and design of water, sewer, electric, telephone and other dry utilities. Students learn about regulatory issues and agencies, how to work with agencies for approval. In addition, students learn the construction process and related issues.

RED 584

Real Estate Development Business, Leadership and Project Management Practicum 1

The Practicum Class provides a supplemental learning relationship where the student has the opportunity to engage with industry supporters and learn the real estate development business. Students have the opportunity to experience application of what they learned in class, discuss operations and decision making with industry leaders so that the students can learn to make better decisions about actual projects and discuss critical industry issues and trends. This relationship provides for both a formal and informal transmittal of knowledge, social capital, and support relevant to the student’s work, career, and/or professional development. This process entails face-to-face meetings with various industry leaders within the classroom setting. This is an academic experience and industry partners are providing valuable insight and serving in an advisory capacity only.

RED 594

Special Topics - Capital Markets

This course introduces students to capital markets on a macro level, with an emphasis on real estate. The course will explore the interaction of real estate space markets with the real estate capital markets. Students will gain an understanding of the current size and participants of the public and private, debt and equity, commercial real estate capital markets and will be able to define the types of real estate financed by the real estate capital markets. Students will also explore the various real estate investment strategies and define the major indices that measure public and private real estate investment returns over time. Because capital markets is a part of a financial system concerned with raising capital by through borrowings and/or investing dealing in shares, bonds, and other short and long-term investments. Real estate is a capital intensive business that necessitates investors and developers regularly securing significant amounts of debt and equity. This means investors and developers are heavily reliant on the capital market to finance their business and projects. The real estate capital market consists of public, private, individuals and institutional investors that invest money, either directly or indirectly, into real estate. 

RED 509

Advanced Financial Analysis for Commercial Real Estate

This course teaches students more complex financial analysis of income producing property including various decision making tools such as Monte Carlo, option pricing, assessing alternatives and how to build these into financial models. The course also teaches financial analysis of business structures to determine potential outcomes such as debt and equity structures, waterfalls, claw backs and other business and ownership concepts. A greater emphasis is placed on strategic alternatives, assessing risk and conversion events.

RED 510

Real Estate Development Business and Project Management

This course teaches students about the management of real estate development companies and process. The course emphasis various ownership structures, services and roles developers play, strategic positioning, company structure, investor relations, ethics and community focused responsible real estate development. Students learn the various aspects of project management, financial management and project accounting, lending relations and managing loans and pay applications as well as dispute resolution and strategic partnerships.

RED 511

Design of the Built Environment

This course teaches students about the built environment and how that applies to creation of places, market positioning, capturing value and the importance of good design to the business of real estate. Emphasis is placed on how developers should work with design teams to seek salient problems and solutions. Students learn to work with design professions through group work with students from the Design school.

RED 512

Real Estate Law for Developers - Special Topics

This course is a supplement to Real Estate Law for Developers. This course teaches students about issues faced by developers such as various types of financing structures including special districts, TIF and bond financing. It also deals with issues and process of raising capital and various forms of securing equity. Private Placement Memorandums, Limited Liability Companies, Partnerships and Public Private Partnerships are discussed. Students will also learn about environmental law, income tax issues, negotiation and alternative dispute resolution.

RED 513

Advanced Real Estate Engineering, Construction Management and Sustainable Development

This course expands upon what was learned in Real Estate Engineering and Construction. This course deals with various construction delivery methods, construction project management and scheduling, construction contracts, mechanics and materials man liens, and pay applications. Students also learn about sustainability and the built environment.

RED 514

Synthesis Project #2 Income Property Development

This course employs the students learning through application to a specific problem given by faculty. Students work in team to analyze and seek solutions to development of land for an income producing property. Students investigate a specific parcel of land and are required to perform due diligence, prepare a market and segmentation analysis, define highest and best use(s), design a solution, prepare residual land value analysis, define a product offering, price points, building design, site planning and comparative valuation analysis.

RED 515

Synthesis Project #3 Capstone Project Mixed Use Property Development

This is the student’s capstone project. This course employs all that the students have learned through application to a specific problem given by faculty. Students work in team to analyze and seek solutions to development of land for a complex, mixed use project. Students investigate a specific parcel of land and are required to perform due diligence, prepare a market and segmentation analysis, define highest and best use(s), design a solution, prepare residual land value analysis, define a product offering, price points, building design, site planning and comparative valuation analysis.

RED 594

Special Topics - Fiancial Decision Making

This class will explore the meaning and measurement of uncertainty and risk associated with real estate investment and development and how these are incorporated into decision making. Students will learn the various typical risks incurred when buying, operating, redeveloping and developing real estate and how to incorporate known and unknown risks into real estate business decision making. Students will learn the fundamentals of decision theory and models of judgement used in real estate business including use of factors outside the parameters of the normal financial model. Students will be introduced to concepts such as real options analysis, trade-offs, opportunity costs, risk/return trade-offs. Students will also be introduced to various models used for risk measurement and assessment including the capital asset pricing and arbitrage pricing theory and tools such as Black-Scholes and other option pricing models. Students will learn about various risks associated with real estate including capital market, valuation, market growth, operating, construction, leasing/sales, finance/leverage and tax and how to apply these to financial analysis and decision making.

RED 680

Real Estate Development Business and Project Management Practicum 2

This elective course is a continuation of the RED 580 (not a prerequisite) course offered in the Fall Semester. It is designed to enhance MRED student’s academic experience and to provide professional real estate industry experiences and exposure. This non-traditional course is a practicum type experience and it is not an traditional internship. This course is more of a management leadership experience whereby each student will spend 6 weeks at a real estate or development related company engaging with key leadership to learn the business and decision making processes. Each student will be at two companies each semester. The time commitment is dependent on the students and the company’s agreement with a minimum time of 6 hours per week in addition to some in class sessions. The students will be matched with available companies based on their areas of interest and career objectives and goals. This elective requires departmental permission to enroll.