Experiential learning is a central element of the education program offered through the Steers Center for Global Real Estate. Employers focus on experience, and we produce highly competitive students through hands-on learning that is consistent with the work they will perform once employed.
We offer three specific experiential learning environments:
Real Estate Clinic
A component of the MBA curriculum, the Real Estate Clinic gets students involved in live real estate projects. The Steers Center has partnered with Invesco Real Estate to give students experience underwriting live real estate investments across the four primary asset types (office, multi-family, industrial, and retail product) being considered by the firm.
Students who participate in the Real Estate Clinic:
Learn the most up-to-date real estate investment modeling techniques and processes
Develop real-world modeling assumptions and investment metrics
Evaluate new transactions from a pure real estate perspective
Develop an investment strategy and understand key risks and attributes
Gain extensive experience with Argus and Excel
Students have underwritten more than $1 billion of live real estate investments.
“Through the Real Estate Clinic, we get hands-on experience working on live deals. I assisted the acquisitions team of a real estate private equity firm and received exposure to four different property types. Thanks to the Clinic, I have tried every flavor of real estate.” – Laura Sanint Micolta (MBA ’16)
What is the Public Real Estate Fund (PREF)
The Public Real Estate Fund is an undergraduate student-led investment fund that invests exclusively in publicly traded REITs and CMBS. The students are trained and advised by a panel of experienced alumni and the fund is governed by the Steers Center. According to Matthew Cypher, director of the Steers Center, PREF is the only student-led investment group in the United States to invest in CMBS. This applied component to the student’s learning develops important real world skills and prepares its students for careers that can lead to better job opportunities in the real estate industry. The fund currently has $100,000 of assets under management.
Real Estate Laboratory
The Real Estate Laboratory was created through a relationship with Larry Botel (B’88), founding partner of JOSS Realty. The Lab is an office building at 2233 Wisconsin Ave NW in Washington, D.C. that allows students to study the physical and financial aspects of a large office building close to campus. Undergraduate and MBA students employ the building to better understand its physical nature – the mechanical systems, necessary capital improvements, and the relative attractiveness of space within the building – as well as its financial aspects – the appropriateness of rental rates by space, operating expense budgets and tenant credit analyses. You can read more in this article from the Spring, 2015 Georgetown Business magazine.
“Certain aspects of a building and the real estate process as a whole simply aren’t as meaningful unless you visit a property in person. Having a chance to tour the Wisconsin Avenue building, especially as an undergraduate student, was a unique opportunity.” – Aakash Bhatia (B’16)