The review was multi-dimensional, beginning in the classroom.  Many faculty in the George Mason University Masters in Real Estate Development are successful real estate professionals who draw on their real world experiences to enhance classroom learning. The two professionals who teach this course are Mark Hassinger of West Dulles Properties and Brian Palmer of Duke Reality. By partnering with business leaders who bring relevant research and fresh insight into the classroom, students have the opportunity to gain more than a text book understanding of the development process.

The Masters in Real Estate Development students at George Mason University receive a unique learning experience within the classroom because of the type of instructors within the program.  Experiential learning is an important part of a real estate graduate degree experience, and George Mason University provides students the opportunity to engage outside of the classroom and experience real dirt development.

The Masters in Real Estate Development students began the day with a presentation by the lead architect on the project, Manoj Dalaya, of KGD Architecture. Mr. Dalaya spent over an hour reviewing the multiple interactions between the building owner and the design team as they narrowed down the design solutions that best matched the owner’s needs. He explained the final plans were a happy marriage between client requirements and architectural creativity.  Manoj is a Mason Alumnus of the MBA program (Class of ’99).  Seeing first hand his success demonstrated the academic and business collaboration promoted by the graduate programs in the School of Management at George Mason University.

The final portion of the review was an on-site tour which gave the students an opportunity to apply classroom theories to a real-life example.  The tour was hosted by Duke Realty’s on-site project management team. They allowed the class to see some of the architectural features discussed in class, as well as some of the unique site features that required ingenious solutions by the project team.

Many thanks to the participants who made the classroom and site review possible!

Written by Paul Apostolakis, Masters in Real Estate Development Student

Below you’ll find concise comparisons of George Mason University and other higher education bodies. While each of these universities are within the greater Washington, D.C. area, each school is unique and offers their own specialized approach to providing students with the necessary skills to advance within their sought-after career in real estate development.

George Mason University

George Mason University offers a master’s degree in real estate development. Their academic program prepares students to develop professional and relevant networking connections to help them achieve success in the real estate industry. Located in Fairfax, Virginia, its master’s program in real estate development offers classes taught by expert faculty in the School of Management, School of Public Policy, and School of Engineering. The program spans disciplines in management, development, civil engineering, and public policy, allowing students to create current and future alliances in endeavors that will challenge them to pursue innovative and creative ways to address the needs of the community. The total cost of a master’s program for in-state students is $28,244 while out-of-state students pay $32,004. Students are not expected to complete courses in tandem with other students, so a combined approach of individual coursework and team collaboration takes place throughout the program. Students are required to complete 18 core units and 18 elective units to graduate.

George Washington University

George Washington University, located in Washington D. C., offers a concentration within the Global MBA program in Real Estate and Urban Development. The theories provided in the classroom are applied practically in professional settings. Although a cohort structure is required the first year in core subjects, students take electives in analytical strategies and entrepreneurship the second year with an emphasis on customization so that students can take courses that appeal to their overall goals. The full time program requires completion of 24 core credits and 33 elective credits and is offered for $53,500 per year total and $1,114 per credit.

Carey Business School

Carey Business School is a private institute at John Hopkins University in the Baltimore-Washington D. C. area and offers a cohort-structured master’s degree in real estate. The one-year, all-inclusive program is taught by faculty and executives of local firms offering students an internship for practical experience and allowing them to shadow a professional. A 40-credit program is offered for working professionals who are already mavens in real estate. As of 2013, the cost of the one-year program for full time students is $56,200 and part time students pay $1,170 per unit.

University of Maryland

The real estate development master’s program at the University of Maryland in College Park, Maryland is in the School of Architecture, Planning and Preservation. It addresses all aspects of the real estate industry, including teaching students the importance of finances as they relate to design, social and environmental responsibility. A cohort structure is in place, so students work in tandem with others in their class and develop relationships with local trade associations for personal and professional enrichment. The cost of the full program, which consists of 24 core subjects and 9 electives, for in-state students is $77,000 and $106,600 for out-of-state students. The program employs a paradigm shift to the Quadruple Bottom Line Concept in which social, cultural, environmental and economic factors are considered for future generations to sustain what has been built. Both master’s degrees and certificates of professional studies are available.

American University

American University in Washington, D. C. offers a master’s degree in real estate through the Kogod School of Business and prepares its students for successful careers in commercial real estate. The full or part time program ranges from 30-37.5 units. Any elective can be used to complement what you have already done or to specialize in a specific area. The cost per unit is $1260 with a total for the program at $37,800. There is no cohort structure, so students are free to set their own individualized time to complete full time study in one year or part time in three years.

Georgetown University

Georgetown University, in Washington, D. C., has no cohort structure and requires 30 units to complete a Master of Professional Studies in real estate in the School of Continuing Studies. One of the few programs to offer study in corporate and international real estate, it addresses every aspect of the industry and emphasizes environmental and green issues. The cost is $905 per unit totaling $27,150.

While real estate is often thought of as simply listing and selling properties to earn a commission, in actuality it is so much more. Whether your desired work is in development, engineering, management, or real estate entrepreneurial pursuits, you need a thorough knowledge of your specific area with a diverse set of interdisciplinary, supportive skills. Some of the required skills are inherent, but others are realized by diligently learning the craft, with success resting upon your knowledge, skill, dedication, and mindset.

Acquiring a master’s degree in real estate can be the beginning of an extremely rewarding career, both professionally and personally. It not only affords you essential skills, but it also conveys a feeling of confidence in your ability to develop, manage, buy, or sell properties. Therefore it is absolutely vital that you select the right degree program for you. We hope the above information proves to be an informative comparison of master’s degree real estate programs, and that it will serve as a solid starting point as you begin researching the university perfectly suited to your needs.

A Masters in Real Estate is a degree program designed for those people wanting to develop and manage properties as well as buy, sell and appraise both residential and commercial properties. Students are instructed in such topics as:

• Real Estate Law
• Real Estate Marketing
• Property Inspection
• Property Management
• Appraisal
• Real Estate Investments

Commercial real estate is currently seeing a revival, and students in a masters program learn a great deal about the specifics of leasing commercial space as well as other forms of rental properties. Most programs can be completed within two years of full-time study, and are designed for those professionals in the beginning stages of their careers.

What Can I Do With This Degree?

Students who graduate with this degree can look forward to employment with a variety of companies including:

• Mortgage underwriters
• Banks
• Consulting firms
• Insurance companies
• Accounting firms
• Real estate development firms

These degrees usually combine teaching the technical and business skills needed for success in real estate. Students learn a variety of skills needed for success as real estate professionals including:

• Oral and written communication skills
• Evaluation and Analysis skills
• Financial and Quantitative skills
• GIS and other technology skills

Students interested in pursuing this degree can find it offered at many schools throughout the country including George Mason University, the University of Florida, Texas A&M University, University of Denver and the University of Cincinnati. This gives students the chance to earn their degree in locations where the real estate market is thriving, enabling them to put their skills to the test in dynamic environments. Most programs have faculty who have many years of real estate experience as agents, brokers and developers in markets throughout the country.

Whether a student is seeking career advancement, a career change or wanting to assume a leadership role within a company, earning a Masters in Real Estate is a decision that can lead to a wide range of career options.

A few weeks ago, I wrote a post about GMU Masters in Real Estate Development Program competing in the 2013 NAIOP Capital Challenge.  After weeks of hard work, one very long written report and two presentations later, the winner of this year’s competition was unveiled.  And the winner is….(drum roll)… George Mason University!

This experience is the best part of my education in the GMU Real Estate Development program so far.  First, I simply don’t get to do this in my day job.  Being a small time real estate investor, I do not get to work on any project of this scale and complexity.  Second, we always say that real estate is an interdisciplinary sport, no one can be an expert in all things real estate.  This competition allowed all of us to work collaboratively and play to our individual strengths and learn from each other.  Third, we worked with world class consultants who generously gave us crash courses on a variety of subjects.  For me personally, I learned more than I ever imagined knowing about market analyses of hotels and integrated amenity retail.  Finally, the level of support and guidance from our faculty advisors Bob Wulff and Mark Hassinger was simply invaluable.  Their commitment to the team carried us through those late night meetings.

All of that would have been enough for me.  The Mason Team (we called ourselves Patriot Consulting) competed against three of the best graduate real estate programs in the region, Johns Hopkins University, University of Maryland and Georgetown University.  The award celebration was the first time all the teams were allowed to get a glimpse of the development plans the other teams came up with.  When we heard the presentations from the other teams, we knew that the competition was fierce and every team had creative and well-thought-out plans.  When George Mason was announced as the winner of the Competition, the Mason table just erupted!

In a competition featuring the best and brightest of the area’s masters in real estate students, Mason’s MS in Real Estate Development team has taken home the grand prize. They are the winners of the Capital Challenge Real Estate Case Competition sponsored by NAIOP Maryland/DC. Competing against teams from Johns Hopkins, Georgetown and the University of Maryland, the Mason team—who branded themselves Patriot Consulting– was awarded the 2013 Capital Challenge Cup—and a $10,000 cash prize.

All teams were given the task of developing two unimproved parcels in the District’s Capitol Riverfront neighborhood, adjacent to National’s Park.The land is owned by WC Smith, a DC-based multi-disciplinary real estate firm. The Mason masters in real estate team’s strategic vision included recommendations for multifamily rental units (including 450 sq. ft. “micro-units”), ground level retail and a Hilton Garden Hotel.  Their presentation featured a dramatic bird’s-eye video overview of their development proposal.

Sponsoring consultants for the Mason masters in real estate team included WDG, Balfour Beatty, Trammell Crow, Cassidy Turley, Eagle Bank and CPJ Associates.  MS in Real Estate Development Program Director Bob Wulff acted as team mentor. 

“This was a terrific opportunity for our masters in real estate students to get hands-on experience in every facet of commercial real estate development,” said Wulff.  “It was a real-world project and we are proud of the viable, real-world solution that the Mason team designed.”

From left to right— Mason masters in real estate students with mentor Bob Wulff (center) and Mark Hassinger, WestDulles Properties (far right)

Ken Jonmarie, Project Manager, Merritt Properties
Parks Underdown, Regional Manager, Avalon Bay
Malcolm Van De Riet, Vice President, Development, Jefferson Apartment Group
Bob Wulff, Director, Master of Science in Real Estate Development, George Mason University
Alexandra Bettius, Assistant Vice President, Cardinal Bank
John Zemlan, Architect, Grimm and Parker
Roger Lin, Owner, Kinsey Properties LLC
Mark Hassinger, WestDulles Properties, Inc.

Missing from the photo: team member Erik Taylor

If you are looking to enter a customizable degree program involving a range of subjects, an interdisciplinary studies degree program is a great option. It will allow you to choose courses from multiple departments, forming a program of study that most effectively supports your desired goals. Real estate course work offered at George Mason University draws upon several fields, including but not limited to, investment, finance, architecture, civil engineering, project management, land use, policy, and marketing.  George Mason University has a 36 course credit program and is structured to draw from these interrelated disciplines, also offering concentrations in real estate development and real estate finance.

According to The New York Times, “the number of students earning master’s degrees has nearly doubled since 1980.”  A master’s degree can lead to a greater range of career opportunities, as well as provide a means of self-advancement.  An increasing number of professions recommend and even require a master’s degree, due to the wide range of experience a master’s degree offers.

While students attend interdisciplinary degree programs such as, George Mason University’s Masters in Real Estate Development, students learn from industry experts who have already studied and achieved revered careers in the real estate industry.  Learning from the experiences of industry professionals is instrumental in a student’s development and their future in the real estate industry.  Masters students are constantly networking with their fellow classmates who have established connections with many of their peers.  Mutually beneficial relationships can lead to future employment and business opportunities. Networking with alumni is another great advantage.  It allows students to grow relationships and use alumni as professional mentors.  Many times, if an alumna cannot directly assist a student, the alumna will send the student in the direction of another industry professional that can help.  This help from the alumni can guide students in the direction of their desired careers, helping them with their early professional life, which can greatly and positively affect their future career paths.

If smart growth is the solution to land use and real estate development in urban areas, what is the solution for rural and outer suburban communities?  Conservation Development may be one of the solutions that show some promise.

Conventional Subdivisions

Since the construction of Levittown in New York in the 1950s, America has been on a suburban building binge; according to David Rusk’s Inside Game/Outside Game, urban footprint in the United States expanded from 208,000 square miles to 585,000 square miles from 1950 to 1990.  While urban population grew 128 percent during that period these communities ate up land at an even faster pace.  Some of these suburbs eventually transformed from bedroom communities into “Edge Cities” that had its own business, shopping and entertainment districts that rival the city centers.  Tysons Corner is a prime example of such an Edge City.

Levittown NY.  Image from www.nytimes.com

Tysons Corner, VA.  Image from www.city-data.com

Going a few more miles out from these closer-in suburbs are the “Exurbs” or “commuter towns” which mainly function as bedroom communities for the various regional economic centers.  Over the last few decades, many of these towns experienced rapid population growth employing conventional subdivision.  Residential land development in northern Virginia is the perfect example of this.  All over Loudoun and Prince William counties, large tracts of land consisting of very large newly constructed housing subdivisions line the landscape.  In many communities, low density zoning also play a role.  In districts that only permit one residence per acre or more, you see large swaths of land cut up into over-sized lots with single family homes on them.  Each of the homes is surrounded by large lawns of no practical purpose.

There are many problems with this type of development pattern.  First, it is extremely wasteful.  Land is a finite resource, having a large lawn is probably the least practical of all uses.  Second, forests or farmland had to be cleared for this type of development.  The result is loss of trees, natural habitats and valuable farmland.  Third, developments like this require the home owners to perpetually waste water and fertilizer on lawns.  While the grass remains unnaturally green, enormous amounts of pollutants are released into important bodies of water like the Chesapeake Bay.

Conservation Development

An Example of a Conservation Development.  Image from http://www.dem.ri.gov/programs/bpoladm/suswshed/condev2.htm

Conservation development is an approach to land development that first, accepts the premise that development will continue to occur.  It then takes measures to protect an area’s natural environment by preserving open space landscape, vista, farm land and natural habitats for wildlife and maintaining the community’s rural character.  The approach promises to create communities while protecting species and ecosystems against further habitat fragmentation and loss.  A 2008 study of 10 conservation development projects in the eastern United States showed that these developments greatly outperform conventional subdivisions in protection of biodiversity and ecosystems[1].

Economically, homes in these developments command higher prices.  Colorado State University observed 20-29 percent higher sale prices for homes in conservation developments than homes in conventional subdivisions.  Home value also tends to appreciate faster in these developments than conventional subdivisions.

We know from George Mason University’s Center for Regional Analysis that population growth and housing needs will continue to put pressure on all the 21 local jurisdictions in the region.  As we embrace growth, we need to be mindful of the impact on the natural environment.  By using conservation development as one of the approaches to land development, we build higher value communities while preserving the fragile ecosystem around us.

Next time, we will talk about how zoning ordinances have evolved to encourage conservation development.

Key findings from the research study indicated a reported 7% increase in women from the organizations responding to the survey.  This 7% increase came primarily from industry veterans with 20+ years experience and new entrants with less than five years work experience.  A higher percentage of women also moved into the $100,000 – $250,000 annual compensation range since the last survey in 2005.  The study also reported that, “Even though men significantly outnumber women in the commercial real estate industry, a remarkable 62% of female managers’ direct reports were women, whereas only 45% of direct reports to male managers were women.”

The evening also included networking, an overview of CREW Network’s groundbreaking industry research, and information on CREW Network Foundation and scholarship opportunities for undergraduate and graduate college students pursuing a degree in a commercial real estate focused program.  As a platinum sponsor of CREW Northern Virginia this year, the George Mason University School of Management  distributed passes to five students from the masters in Real Estate Development degree program.

Masters in Real Estate Development Students: Cassie Schupp, Rhett Butler, and Mariana Sonu

In collaboration with the School of Public Policy and Volgenau School of Engineering, the School of Management at George Mason University offers an interdisciplinary masters in real estate development program drawing on the expertise of faculty members within all of these departments.  The program consists of carefully designed curriculum bringing together the three main elements of real estate development: civil engineering, finance, and public policy.

Image Courtesy of NAIOP Maryland/DC

The NAIOP Capital Challenge has always seen fierce competition amongst the schools.  This year, along with the usual suspects: University of Maryland, Georgetown University and Johns Hopkins University, you guessed it, George Mason University’s MS in Real Estate Development program is also a contender.

William C. Smith Company, a prominent real estate developer deeply rooted in the Washington D.C. area provided two sites in the booming Capitol Riverfront area in South East D.C. for the teams to work on.  During the competition, students get to step into the shoes of a major developer, use their imagination and analytical skills to devise a project that is both creative and economically viable.  In return, WC Smith will benefit from the focused and creative efforts of all the competing teams.

South East River Front

The Washington Nationals Baseball Park

Real estate development is an interdisciplinary sport.  In addition to playing developer, each team is provided with a group of world-class consultants in the various fields that are necessary to making any real estate development project successful.  Working with the George Mason team are WDG Architecture, Cassidy Turley (Brokerage), Charles P. Johnson & Associates (Civil Engineering), Balfour Beatty Construction (Construction), Trammell Crow Company (Development) and Eagle Bank (Finance).  In addition to these consultants, each team also reaches out to experts in retail, marketing, hospitality, urban planning and government to gain specialized knowledge in order to develop a project that is creative yet grounded in economic reality.

The Yards Project

The Project Site

This intense competition is already underway.  On March 29^th, after reviewing written submittals and oral presentations, a panel of distinguished judges selected from the region’s real estate industry will pick a winner.

Students representing George Mason University are Alexandra Bettius, Ken Jonmaire, Roger Lin, Jeanne Skinner, Erik Taylor, Parks Underdown, Malcolm VanDeRiet and  John Zemlan.  The team is advised by faculty members Mark Hassinger and Robert Wulff.

Go Mason!

]]> http://som.gmu.edu/blog/realestate/2013/03/07/mason-to-compete-in-naiop-capital-challenge-2013/feed/ 0 http://som.gmu.edu/blog/realestate/2012/07/24/from-the-silver-line-to-h-street-mason-real-estate-grad-students-tackle-hot-topics/ http://som.gmu.edu/blog/realestate/2012/07/24/from-the-silver-line-to-h-street-mason-real-estate-grad-students-tackle-hot-topics/#comments Tue, 24 Jul 2012 19:14:45 +0000 jpalmisa http://som.gmu.edu/blog/realestate/?p=191 The searing summer heat had nothing on the sizzle in Room 173 of Enterprise Hall as the MS in Real Estate Development grad students in Professor Mark Hassinger’s real estate leadership class made their final presentations last week.  Their topics were among the hottest on the local real estate landscape.

Malcom Van de Riet (Vice President of Development at Jefferson Apartment Group), Meghan Logan (Specialist, Real Estate Operations at Verizon),  Bryan James (Bond Release Project Manager at Bohler Engineering) and David Brown (Associate at Booz Allen Hamilton)  explored the effects of Silver Line development on Reston (VA), tracing the complex relationship of financial, regulatory and urban planning objectives.  Bottom line—look for more mixed use development and higher tolls as master planners struggle to balance Metro’s arrival with Reston’s founding principles of inclusiveness, aesthetics and self-determination.

Roger Lin (Managing Partner at Southern Exposure Homes ), Huong Van ( Vice President of First Virginia Community Bank), and  Andre Chachere  (Principal at C Six Architecture, LLC) reported on the work of the 2030 Group, an organization of Washington Metropolitan area business leaders focused on advancing regional decision making with the goal of strengthening the regional economy, employment opportunities and economic development.

“What we took away from our interviews with people like 2030 Group President Bob Buchanan (Principal, Buchanan Partners) and Dr. Stephen Fuller (Mason’s Center for Regional Analysis) was an understanding of the larger problem at hand and the tremendous opportunity in the Washington Metropolitan Region. Housing, transportation infrastructure, and work force education needs will be staggering. As students and professionals in real estate development, this research project has turned into a call to arms for us and our colleagues as we prepare for the future.”

You can read more about these student research findings on the 2030 Group web page.

Shadi Sendi (former development consultant in Saudi Arabia) and Erik Taylor (full-time Mason grad student) took the class into the District for an enthusiastic look at how government, philanthropic, business and community interests—along with a $50million infrastructure infusion—have aligned to transform the once blighted area into a new hub of urban living and entertainment.

“I really was passionate about this research project, ” said Taylor.  “It’s exactly the kind of work I hope to be involved in someday.”