MBA Track in Real Estate Development Management
Dan Ivanoff (MBA ’86, MS ’87), Managing Partner of Schnitzer West, made a generous investment to establish the new Dan & Laurie Ivanoff MBA Real Estate Development Management track. This program spans business and engineering in both academic and professional settings. We are excited to enroll our inaugural class of Real Estate Development students.
Jump start your real estate career with the MBA Real Estate Development Management track. Our program fosters skill development and knowledge creation in the areas of real estate, finance, and engineering—the combination of which promotes a more robust understanding of construction management.
Our curriculum is specially designed and our network of professional mentors is unlike any in the nation. We offer MBA students an experiential learning program that gives them a decided advantage when competing for highly sought-after real estate positions. We’re proud of our 90% placement rate for MBA students affiliated with the real estate program.
Meet Dan Ivanoff
Dan Ivanoff is the founder and managing investment partner of Schnitzer West LLC, one of the region’s premier fastest growing real estate investment, development and property management companies. “Outperform The Expected” is Schnitzer West’s philosophy, which is reflected in a unique combination of research and analytics, highly disciplined management and entrepreneurial spirit. Under his leadership, Schnitzer West has become recognized for creating innovative workplaces and living spaces, for delivering superior-to-market returns and for its value-creation approach to investment management.
Students interested in being a part of the Real Estate Development track must meet admissions guidelines as set by the Leeds MBA Program. Applications for admission are accepted for the fall semester only.
Our Real Estate Development Management faculty includes Tom Thibodeau, one of the nation’s top real estate finance professors and academic researchers, and Amy Javernick-Will, renowned researcher in the area of project-based organizations in the architecture, engineering and construction industry.
Thomas G. Thibodeau
Department of Finance
Department of Civil, Environmental and Architectural Engineering
The Leeds MBA program presents robust offerings in the functional areas of business - finance, management, marketing, and operations and information management. Specializing in Real Estate Development Management provides industry expertise and networking opportunities that place you at the leading edge of real estate. In addition to core MBA classes, the Real Estate Development Management track includes the following coursework:
MBAX 6600: Principles of Real Estate
The course will introduce MBA students to real estate, with an emphasis on the commercial sector. The lectures will survey topics in real estate development, economics, finance, valuation, law, planning, brokerage, management, investment, deal structure, and sustainability. The course begins with broad overviews of real estate property and capital markets. It will then explore the subject areas of planning and development, market research, acquisitions, law, brokerage and asset management. We will cover major real estate topics, including office, retail, industrial, multifamily and mixed use. Included in our study will be the increasingly important aspect of sustainability. Other key aspects we will study will be the public sector’s regulatory role, and capital and financing requirements and execution. Additionally, if requested by the class, the instructor will make himself available either before or after class to discuss other aspects of real estate, business, careers, and so forth.
MBAX 6640: Real Estate (Transactions) Law
This course is intended to cover many of the basic legal concepts relevant to, and inherent in, the real estate business. While many traditional real property law concepts will be covered in the course, the course is intended to introduce the student to the transactional legal aspects of the real estate business, including acquisition, disposition, development, investment, management, leasing, and workouts, including tax implications. At the conclusion of the course, students are expected to have acquired a basic understanding of these principles so they will have the ability to function with respect to these matters in many of the various aspects of the real estate business. In order to facilitate this process, examples and cases will be utilized in order to illustrate the principles being covered.
MBAX 6610: Real Estate Finance and Investments
The primary objectives of this course are to: (1) conduct income property investment analyses; (2) develop the technical competence necessary to structure real estate transactions; and (3) understand the financial assets securitized by real estate. The student will analyze income properties using Excel and ARGUS-DCF®. Techniques for structuring real estate transactions examined in this course include lender participations, sale-leasebacks, joint ventures, and real estate syndications. Students are required to use ARGUS-DCF® in this class. ARGUS-DCF® is widely used throughout the real estate industry by equity investors, lenders, commercial brokers, appraisers, and property managers to analyze and manage income-producing (e.g., apartments and commercial) properties. The students will receive instruction on how to use ARGUS-DCF® during class. The instructor is also willing to schedule additional sessions for ARGUS-DCF® training. The take-home portion of the mid-term exam will require students to use ARGUS-DCF® to analyze an income-producing property. The secondary market for mortgages and mortgage backed securities (MBSs) will be examined in some detail. Topics covered include a survey of the private and public institutions that participate in the secondary mortgage market; pooling mortgages to create a MBS; and pricing MBSs. The course will examine both single-family property MBSs and commercial property mortgage backed securities (CMBSs). The homogeneity of the mortgage pool, prepayment risk, and default risk are examined in some detail. The course will also examine real estate investment trusts (REITs) and returns to real estate investments.
MBAX 6630: Real Estate Economics
The course begins with an overview of residential and commercial property markets. We will identify the underlying economic determinants of real estate supply and demand, market equilibrium and short- and long-run adjustments to disequilibrium (e.g., cycles). The course then describes the three major approaches to estimating real property value: market (or sales) comparison, the income approach, and the cost approach. These techniques will be used to estimate market values for both residential and commercial properties. The course will then examine real estate market behavior. We will examine various theories of land price determination and use these models to understand how the private market allocates land to competing residential, office, retail, industrial/warehouse, hotel, and other end users. This course draws heavily from topics taught in traditional urban and regional economics courses and treats real estate like any other scarce resource allocated in a market-oriented economy. The student will examine how factors influencing the demand for real estate interact with the factors influencing the supply of real estate to determine market rents and how the flow of future expected income is capitalized to yield the market price of the property. The course will also examine the roles that local, state, and federal governments have in real estate market outcomes. Finally, the course includes an examination of three special topics: affordable housing, resort markets, and transit-oriented development.
CVEN 52XX: Construction Project Management
This course provides a graduate-level overview of construction engineering and management. It summarizes the construction industry and practice through an exploration of specific concepts and issues involved in contracts, project delivery, project planning, scheduling, cost estimating, and project controls. It introduces procurement, value engineering, quality assurance, and safety and health in construction.
One of: MBAX 6500: Management of Organization Change, MBAX 6530: Negotiating and Conflict Management, or Elective
MBAX 6620: Real Estate Project Competition
Develops skills in real estate decision making. Teams design, complete, and present a real estate project in a competition forum. Team members organize and assign responsibilities, interact with real estate professionals, and apply appropriate quantitative and qualitative tools and procedures.
CVEN 5206: Design Development
Investigates the interrelationship between design decisions and building costs, and the impact of each major building system and building trade on project budgets and schedules. Gives students the opportunity to prepare technical, marketing, and financial packages for investors, as well as regulatory and financial institutions. Culminates with detailed presentations of student-developed project prospectuses.
CVEN 5246: Legal Aspects of Construction
Applies law in engineering practice; contracts, construction contract documents, construction specification writing, agency, partnership, and property; types of construction contracts; and legal responsibilities and ethical requirements of the professional engineer. Prerequisite: graduate standing or instructor consent.
In partnership with the U.S. Green Building Council Colorado Chapter, the CU Real Estate Center offers students a unique opportunity to prepare for and take the Leadership in Energy and Environmental Design, or LEED, Green Associate exam.
We're serious about sustainable real estate development practices. So are our students. Regardless of the role a graduate student will play in the broader real estate industry, becoming LEED certified is a significant plus for our graduates and speaks to their commitment to sustainable practices.
ARGUS-DCF® is a widely used income property investment/valuation real estate software package. We are proud to offer the ARGUS-DCF® Certification class to our MBAs, undergraduates and members of the CUREC community. According to ARGUS®, our high pass rates are unprecedented among ARGUS-DCF® Certification classes offered by either ARGUS or other universities.
Prerequisite: MBA students must be currently enrolled (or have completed) MBAX 6610: Real Estate Finance and Investments or have obtained instructor permission.