This course provides a hands-on introduction to commercial real estate investment as taught from theoretical and applied perspectives. You will gain an understanding of the demand and supply shaping the value of living in a city, the economic benefits or proximity and costs of congestion, and the causes and consequences of city growth and decline.

These concepts, explored through a mix of theoretical discussions and case studies of several cities in the world, establish the underpinning of real estate values. An applied understanding of the real estate investment process is paired with this theoretical understanding through an easily understandable text that focuses on the principles of real estate investment.

As a result, you will learn how to evaluate an investment from a financial and physical perspective through the eyes of an institutional investor with a heavy focus on learning the language of real estate.

This course provides an introduction to the world of private equity real estate investment with a particular focus on answering the question, “What is the real estate asset worth?” Lectures will consider the thought process and mechanics implicit in establishing an asset’s value via proforma statement construction and discounted cash flow methodology. Lectures will be delivered from the perspective of an equity investor with the intention of instructing each student on the proper approach to measuring the return-generating potential and risk associated with a real estate transaction.

For those who successfully complete the Real Estate Finance course, you will have the opportunity to enroll in a series of graduate-level real estate courses to significantly increase your exposure to Steers Center curriculum. These courses count toward finance elective requirements for the undergraduate degree.