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Posted By Natalie Corbett,
Thursday, December 5, 2024
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Student housing is evolving into a dynamic and strategic sector within commercial real estate, driven by shifting market demands, innovative partnerships, and the ongoing need for universities to adapt. Industry professionals Austin Mose (BBA 2020) and David Walsh (BBA 2018), both with Greystar, shared insights into this transformation and the promising opportunities it presents for aspiring professionals.
The Changing Landscape of Student Housing
Traditionally dominated by university-provided dormitories, the student housing market has seen a surge in private development over the past decade. Private developers, backed by institutional capital, have emerged as key players, offering innovative solutions that alleviate financial burdens on universities.
“It is unique that the ‘Student Housing’ industry has both on-campus and off-campus markets and while both undergo similar due diligence and screening, on-campus development through a P3 (public-private partnership) truly aligns with the Developer and the University,” shared Austin Mose, Senior Analyst for University Partnerships at Greystar. Greystar’s Partnership with the University of Kentucky has delivered 6,850 beds, 137 active learning centers, 46 multipurpose rooms, and 18 classrooms. This multi-phase development and partnership has truly transformed the residential experience, all while delivering on the University’s affordability goals.
David Walsh, Director of Development for Greystar in Austin, Texas, noted the shift from universities being the sole housing providers. “Student housing wasn’t an institutional asset class until relatively recently”, David remarked. “The arrival of institutional capital allowed private developers to step in and provide the scale required for large projects. Some universities welcome this shift, focusing on education while leveraging developers to handle housing. However, most still have an interest in keeping housing prices affordable for their students, and that’s where you see P3 opportunities with many options for financing.”
Evolving Student Expectations
Today’s students expect more than just a place to sleep—they want spaces that enhance their lifestyle, wellness, and academic performance.
“One of our most-used amenities in a student housing community we just delivered is our golf simulator,” said Walsh. “Also, I think the staples are almost a requirement, such as a well-equipped gym so students can workout at any hour without leaving the community. In Texas, a pool is a must. Lastly, at UT-Austin, the campus is in an urban environment, so we see a lot of use of our green, outdoor spaces such as our sky garden on the rooftop.”
Austin Mose emphasized the evolving landscape of student housing and what amenities are most sought after by students. “Across the board, Universities are experiencing increasing housing application volume with more students choosing, or forced based on limited space, to double, triple, or even quadruple up. With more students living on-campus, Universities are rethinking what students desire in their housing options and are even looking to create similar luxury amenities that would typically appear in off-campus projects. In a few design charrettes with university clients, they have even considered rooftop pools. While those amenities certainly grab attention, it’s important to balance the cost implications of such amenities and the impact to rental rates in order to remain affordable, and a discount to what is offered off-campus.”
Resilient and Strategic Investments
Student housing has demonstrated resilience, even during economic downturns, due to steady enrollment at top-tier universities.
“I believe at least one reason student housing has proven to be resilient at top universities during broader economic headwinds is the more consistent demand than traditional multifamily housing,” said Walsh. Whereas job growth and net in migration are critical for multifamily occupancies and rent growth, we see steady or increasing college applications during the times when job growth traditionally slows.
Mose pointed to the importance of creating diversified portfolios that cater to various student demographics. “Universities have always invested in athletics to recruit the best athletes and now, Universities are starting down that path with housing and the residential experience. Traditionally, Universities have only focused on first-year housing, but are now looking to provide a variety of options designed to serve Sophomores, Juniors & Seniors, graduate students, and even faculty/staff. Overall, it’s about creating a diversified housing stock that is designed to still meet the needs of students 10 years from now.”
Opportunities for Aspiring Professionals
The evolving nature of student housing presents exciting career opportunities, and preparation is key. Both Mose and Walsh emphasized the importance of hard and soft skills, as well as leveraging Wisconsin’s resources.
“Don’t be afraid to reach out to alumni,” Mose advised. “A lot of us were in similar positions and more than willing to share insights. Take as many real estate oriented courses as you can and try to utilize that knowledge in case competitions - they are one of the best ways to get hands-on experience at a young age.”
Walsh added, “For developing student housing, students can best prepare themselves by becoming the best financial analyst possible. That comes down to cash flow modeling, analyzing supply and demand information, finding necessary information such as in the Common Data Sets, and internalizing the impact of different input assumption changes to key return metrics like yield on cost and IRR. Much of a developer’s role, such as navigating entitlements, is so municipality specific that I recommend students use their time to become proficient in the hard skills.”
Both professionals stressed the importance of passion and curiosity. “The number one soft skill is demonstrating a desire to learn,” said Mose. “For me, taking urban planning classes during my senior year was a game-changer—it gave me a new perspective on development.”
A Bright Future for Student Housing
As universities rethink their housing strategies and private developers bring innovative solutions to the table, the future of student housing looks promising. Whether through enhancing affordability or offering state-of-the-art amenities, the sector is poised for continued growth.
For Wisconsin real estate students, the combination of a robust curriculum, strong alumni network, and abundant industry resources creates unparalleled opportunities. As Walsh put it, “The student housing sector is evolving, and there’s no better time to get involved. It’s an exciting field for those who want to shape the next generation of campus living.”
As the student housing sector continues to grow and evolve, there has never been a better time to get involved. Whether you’re looking to network with industry professionals, secure an internship, or deepen your knowledge, the opportunities are vast. Start preparing today and be part of shaping the future of campus living. A special thanks to Austin Mose and David Walsh for sharing their valuable insights and experiences, which have helped shape this post and provide a deeper understanding of the evolving student housing landscape. Additionally, the Wisconsin Real Estate Alumni Association (WREAA) is an excellent resource for students, offering access to a strong network of professionals, mentorship opportunities, and events to help guide your career preparation in commercial real estate.
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Posted By Natalie Corbett,
Tuesday, November 12, 2024
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The Wisconsin Real Estate Alumni Association (WREAA) recently hosted an engaging Badger Deal Fund Series webinar featuring two distinguished real estate experts, Mike Acton, Head of AEW Research, and Jacques Gordon, the newly appointed Director of the
Graaskamp Center for Real Estate. WREAA Board President Katie Bergen, Senior Vice President at AEW, opened the session, welcoming attendees and introducing the speakers, whose combined expertise offered attendees valuable insights into the evolving
landscape of real estate investment.
This session, titled “Real Estate at the Crossroads,” tackled the complexities of the current market environment and highlighted potential opportunities on the horizon. With nearly three years of declining returns beginning to show signs of reversal,
the conversation focused on how recent data indicates a potential turning point. The NAREIT index, for instance, has shifted back into positive territory after several quarters of negative performance, suggesting that the market may be on the path
to recovery. Acton and Gordon emphasized that this unique downturn, which took place without a recession, brings new challenges and opportunities for industry participants as they navigate heightened capital pressures, maturing loans, and changing
property valuations.
Interest rate dynamics also took center stage, with Acton cautioning that while the Federal Reserve’s recent rate cuts are fueling optimism, real estate values are more closely tied to long-term yields like the 10-year Treasury than short-term rates.
This distinction is critical, as high long-term rates could temper the speed of recovery in property values. However, some sectors, such as senior housing, are showing signs of a rebound fueled by pent-up demand and structural growth drivers. Acton
highlighted that market troughs often present prime investment opportunities, though these periods typically test investors’ confidence. Indicators such as the Green Street CPPI (commercial property price index) signal a positive outlook, hinting
that valuations may soon recover, encouraging renewed interest in core investment strategies.
Another pressing topic was the wave of debt refinancing challenges facing the industry. Approximately $2 trillion in commercial property debt is set to mature over the next few years, yet lending standards are tighter now than they were just a few years
ago. with bank lending remaining tight. This tightening, while not as severe as during the 2008 financial crisis, is nonetheless affecting transaction activity and creating funding gaps as properties struggle to refinance at prior valuations. In addition,
industrial properties are benefiting from strong net operating income growth, while multifamily properties, particularly in high-growth markets, are encountering an oversupply of new construction that could make the achievement of rent growth projections
challenging.
In closing, the Badger Deal Fund event provided a nuanced overview of today’s real estate landscape, shaped by evolving investor sentiment, interest rate adjustments, and capital availability. As Acton and Gordon illustrated, the real estate market is
at a crossroads where informed decision-making, historical insight, and strategic flexibility are more important than ever. In the Q&A portion of the call, alumni asked about the impact of the election on interest rates and inflation as well as different
scenarios to consider if the economy starts to heat up. The insights shared as attendees navigate this dynamic environment and position themselves to capitalize on the next phase of the real estate cycle.
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Posted By Natalie Corbett,
Wednesday, October 23, 2024
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We recently had the pleasure of speaking with Micah Nelson, a second-year MBA student at the Wisconsin School of Business and the co-president of the Wisconsin Real Estate Club (REC). Micah shared insights about his background, experiences, and vision for the club.
Tell me about your background.
I’m currently a second-year MBA student at the Wisconsin School of Business, participating in both the real estate private equity and REIT tracks. Originally from Rochester, MN, I completed my undergraduate studies at Babson College, where I majored in Mathematical and Computational Finance. Earlier in my career, I worked as a sell-side M&A analyst and at two registered investment advisors. At one of the RIA’s we managed money for ultra-high-net-worth individuals and invested in nearly every alternative asset class available, including private real estate. This was where I first became interested in real estate investing. Most recently, I worked in corporate finance, as the VP of Finance at an autonomous vehicle company. Here I led financial planning and analysis, managing a team of five, and co-led investor relations alongside our CEO, which gave me valuable experience communicating with investors, executives, and board members. Between all of that, I also used to own an ice cream shop in Boulder, Colorado. It was the only ice cream shop in the state that made ice cream entirely from scratch, starting with raw ingredients sourced from local dairy farms.
What do you like to do in your free time?
In my free time, I enjoy cycling, cross-country skiing, cooking, and spending time with family.
What skills do you uniquely bring to Real Estate?
I believe I bring a unique combination of analytical and interpersonal skills to Real Estate. My background allows me to not only perform detailed financial analyses, but to also effectively communicate the narrative behind real estate investments or strategies. This dual skillset enables me to engage effectively with all parties involved in the investment process, fostering stronger relationships and more informed decision-making.
How have you enjoyed your time at UW-Madison in the MBA program?
My experience at UW-Madison has been great so far. I appreciate how engaged everyone is, especially the alumni. The support network here is invaluable, and I’ve had the opportunity to meet individuals from all corners of the program. It really enhances the overall learning experience.
What are some of your favorite things to do in Madison?
Madison is a great city for cycling, which I really enjoy. I also like spending time with my classmates and have been known to occasionally enjoy the local ice cream scene. Being that we are in America’s Dairyland, there’s no shortage of quality ice cream here.
What made you run for co-president of Real Estate Club (REC)?
My decision to run for co-president stemmed from a conversation with Bryan during a trek sponsored by the Graaskamp Center to Minneapolis. We discussed the significance of the club within the UW real estate program and how essential it is for student development. We wanted to continue improving this important aspect of our program and were particularly interested in improving networking and educational opportunities for students, outside of the classroom. Bryan and I were eager to uphold the legacy of the club, and his experience with career services at UW has been incredibly beneficial for our initiatives.
Tell me about your experience as co-president of REC.
Being co-president is not an easy task, but it has certainly been rewarding. Bryan and I have received tremendous support from alumni, and there’s been a lot of interest in both the club speaker series and trek, which I believe speaks to the strength of our alumni network. It’s great to see so many people engaged and excited about what the club is doing.
Why should students get involved with REC?
Getting involved with REC is an excellent way to connect with classmates and expand your network. We host events once a month during the semester that are both social and educational. With over 800 students in the Real Estate program, it’s a fantastic opportunity to meet new people you might not encounter otherwise. Our events provide phenomenal educational and networking opportunities.
Do you have post-graduation plans?
My career aspirations are focused on real estate investment management. I have particular interests in portfolio strategy, investment product design & distribution, and investor relations. Whether on the public or private side, I’m happy to work anywhere where I can help improve how capital is allocated to real estate.
Is there anything else you would like to add?
I’d also like to take a moment to appreciate my fellow executive board members at REC. Bryan and I couldn’t manage the club alone. Alongside us is a dedicated team of 15 students, including diverse roles such as treasurer, class representatives, career fair coordinators, and social chairs that help us to make the club a great experience for our members. Our advisor, Greg Reed, also plays a crucial role in supporting our efforts and making the club better for everyone involved. I am grateful to work with such a wonderful team.
We thank Micah for sharing his insights and dedication to the Wisconsin Real Estate Club and Program. The achievements of the Wisconsin Real Estate Program reflect the commitment and effort of its alumni, faculty, and student leaders, including Micah.
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Posted By Natalie Corbett,
Wednesday, October 16, 2024
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Last Thursday, October 10, students and faculty members gathered at the Pyle Center for the second Real Estate Club meeting of the semester, featuring Centerspace Homes, a prominent real estate investment trust (REIT) focused on multifamily properties. Josh Klaetsch, Centerspace Homes’ Director of Investor Relations and former portfolio manager at Securian, provided valuable insights into the world of REITs and his perspective on the important role they play within the commercial real estate industry. Josh started his career as an analyst, managing REITs and typically concentrating on just one or two sectors, usually retail and multifamily, at a time. As he advanced to the role of portfolio manager, he gained more authority to choose sectors based on where he could find the most alpha for clients. This new responsibility naturally drew Josh’s attention toward sector allocation rather than stock allocation as his career progressed. REITs offer a unique and tax-efficient way to invest in real estate. Unlike traditional corporate structures, REITs pass the tax burden directly to individual investors, resulting in lower overall taxation due to the elimination of double taxation. This structure makes REITs an attractive option for those looking to diversify their real estate portfolio. Although Centerspace is a publicly traded REIT, allowing investors to buy shares like any other stock, private REITs also operate as funds. Public REITs offer several advantages, including greater liquidity compared to direct real estate investments. They can also raise capital through public markets, providing flexibility for funding acquisitions and developments. The largest investors in public REITs are typically funds, both passively and actively managed. Institutional investors, such as pension funds, also play a significant role. For instance, the State of Wisconsin Investment Board (SWIB) is a major investor in Centerspace. Centerspace employs a range of capital-raising strategies, including at-the-market facilities for issuing stock and an UPReit structure that enables property owners to exchange assets for operating partnership units. Additionally, they utilize unsecured debt, which offers greater flexibility in property transactions. Josh’s team at Centerspace has often been nicknamed the “REIT Mafia”. When asked about this term, Josh explained, “we are a special, unique group”, meaning that unlike other investors, he is a REIT dedicated investor. REITs are the only type of investment in his portfolio. Centerspace mainly invests in multifamily properties, concentrating on the Minneapolis and Denver markets, which together contribute nearly 60% of the company’s Net Operating Income. The REIT's leadership holds a positive outlook on the multifamily sector, highlighting the structural undersupply in the U.S. housing market, the tough development landscape driven by rising interest rates, and the advantageous supply-demand dynamics compared to other real estate sectors. When evaluating REITs like Centerspace, Josh suggests investors consider factors such as relative performance against benchmarks, net asset value, cash flow multiples, and discounted cash flow analysis. The Centerspace team emphasizes the importance of total return, which includes both dividends and Adjusted Funds from Operations. The October 10th Real Estate Club meeting was a resounding success, providing members with valuable insights into the operations of Centerspace Homes and the broader real estate market. Thank you to Josh Klaetsch for his time and insights. We encourage everyone to stay engaged and keep an eye out for the next REC meeting, which will feature representatives from Northwestern Mutual and Mortensen.
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Posted By Mandy Kaegy,
Tuesday, October 15, 2024
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Hello Fellow Badger Alumni and Friends,
After seeing many of you at our Wisconsin Real Estate Trends Conference in Chicago, I am reminded once again of what makes our alumni, students, and program faculty such a remarkable community. I have heard our Wisconsin Real Estate Alumni Association network referred to as many things. One reference was that we are like a secret society, an unparalleled network of professionals that span the industry. Maybe there is a secret handshake or a codeword I am not aware of, but it does seem that the secret is out as evidenced by our #1 real estate undergraduate program, 700+ students majoring in real estate, and our 1,600+ active alumni within the industry. Clearly though, there is something intangible we feel that goes beyond a program or an alumni association that we are proud to be a part of.
So where does this come from and what are the intangible qualities that make our Wisconsin Real Estate Alumni Network so renowned? I have come to find that many of us have our own stories as to why we feel such a bond to the program, our professors, and our fellow alumni. As a sophomore, I experienced firsthand the excitement around the program while taking my first course, taught by Sharon McCabe, and through the events held by the Real Estate Club. All of the alumni and industry veterans who spoke to the club seemed to have one theme in common, they loved their work, and it was more than a job to them. As a young woman trying to figure out my future career, seeing intelligent people passionate about what they do for a living inspired me to pursue my own path in real estate. Finding the real estate program coincided with another defining point in my life. As a sophomore in 2007, my whole world stopped when my mom, Patty Mason, passed away suddenly and unexpectedly. Entirely devastated, I trudged through the rest of sophomore year, a lost daughter whose life was forever changed. Luckily for me, I found a safe haven among my classmates, professors, and mentors within the program that made me feel a little less lost. Being from Madison originally, I had the close support of my family, and I used my schoolwork and the pursuit of figuring out my career path as a welcome distraction from my grief. It gave me a sense of belonging and community when I really needed one and I continue to feel that connectivity today. We all have stories on what this program has given to us which for many creates an eagerness to give back.
In trying to figure out what our ‘certain something' is, I did a little research on badgers.
I found out a badger’s den is called a sett, thanks to fellow alumni Lamar Newburn and his new company, Sett Properties. Badger setts are an extensive underground network of expansive tunnels much like our own deep network. In addition, Badgers are social animals that are known to be playful which is fitting and can be seen and experienced if you have attended any one of the 35+ events hosted by the alumni association in the last year. Another interesting fact is what a group of badgers is called. You may be familiar with a murder of crows, a pack of wolves, or a pride of lions but are you aware that a group of badgers is known as a clan? In a clan, people are all descendants of the same group. This also seemed fitting for the alumni association as we are all descendants of Graaskamp's teachings and legacy.
We all have our personal stories of what this network means to us. When I am with our clan of Badgers, I feel that I am among friends. It’s always a warm atmosphere where people connect with others who have a similar sense of belonging to something more. While we all are descendants of Graaskamp’s legacy, the program continues to be guided by extraordinary leadership and a strong alumni base. This past spring, the program announced a transition of leadership with the retirement of the Irgens Executive Director of the Graaskamp Center, Michael Brennan and Mark Eppli, stepping down as the Director of the Graaskamp Center, but staying on in a teaching capacity. The implementation of programs and curriculum that both brought to the program over their tenure is something truly remarkable and will remain woven into our collective fabric.
Earlier this fall, the Graaskamp Center announced the appointment of Jacques Gordon, as the new Director of the Graaskamp Center for Real Estate at the University of Wisconsin-Madison’s Wisconsin School of Business. WREAA is thrilled to welcome Jacques into our community and look forward to this next evolution of leadership.
Our sett is alive and well. It is enriched by each of us - classmates, professors, students, alumni, colleagues, and friends. I am grateful to be part of the Wisconsin Real Estate Alumni Board, with so many hard-working board members, market representatives and dedicated staff under the incredible leadership of our Executive Director, Christine Dicks.
So, cheers to you all, kindred spirits in this clan of Badgers. May we continue to embody this legacy. We look forward to seeing many of you in Madison next fall at the Biennial.
On Wisconsin,
Katie Johnson Bergen
WREAA President
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Posted By Natalie Corbett,
Monday, October 14, 2024
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The 2024 Wisconsin Real Estate Trends Conference, themed Revitalizing Urban Spaces: Cultivating Vibrant Cities for Tomorrow, was co-chaired by UW Real Estate Alumni Chad Messer (MBA 2015), of Sagard Real Estate and Mitesh Patel (MBA 2014), of Northwestern Mutual Investment Management. The Conference brought together industry professionals, alumni, and experts for a dynamic two-day event in the heart of Chicago. The conference kicked off with a series of industry forums, offering attendees a unique opportunity to engage in deep-dive discussions on critical market trends in a variety of property types. Attendees then came together for the Welcome Reception on the rooftop deck at One Pru to network and enjoy stunning views of Millennium Park, Lake Michigan, and the Chicago skyline.
Conference Highlights
Friday, September 13th, kicked off with a networking breakfast at Convene Willis Tower. Conference attendees had the opportunity to converse with speakers and other industry professionals before the program began. As the breakfast came to a close, everyone filed into the forum room for a series of engaging panels discussions.
Attendees of the Inclusionary Housing panel heard insights shared by panel moderator Nik Brunick, Attorney at Applegate & Thorne-Thomsen, PC and panel members Lisette Castenada, Chicago Department of Housing Commissioner, Leon
Walker, CEO & Founder of DL3 Realty Advisors and Sarah Wick, Senior Vice President at Related Midwest on affordable and sustainable housing initiatives, drawing from their experiences in the industry. The pressing
need for large scale affordable housing projects in Chicago is addressed by the Illinois Affordable Housing Special Assessment Program. Through this program, developers receive property tax assessment reductions for multifamily
rental developments that meet certain rent, tenant income, and related restrictions. The panel discussed notable new multifamily developments in Chicago that include ARO units including The Row in Fulton Market, 400 Lake Shore
Drive, and Thrive in Englewood.
In a subsequent panel, Redeveloping Obsolete Real Estate into Industrial, Mike Powers, CIO of Molto Properties lead a discussion with Kevin Brennan, CIO Brennan Investment Group, Doug Kiersey, President and CEO of Dermody Properties and Aaron Martel, Executive Vice President - Central Region of Logistics Property Company. The discussion focused on the impact of the unprecedented growth in demand in the industrial sector seen over the past several years, and the creative approaches developers are taking to meet demand in optimal areas. Project overviews of Chicago developments included the Logistics Campus by Dermody, 1237 W. Division by Logistics Property Company and 3800 Golf Road - Rolling Meadows by Brennan Investment Group.
The final panel of the conference, Whale Hunting: Hooking Anchor Tenants in Today’s Office Market moderated by Todd Mintz, Senior Managing Director of JLL Chicago featured Jeff Shapack, founder and CEO of Shapack Partners, and Brandon Winter, a Real Estate Portfolio Executive at Google. With both panelists focusing on the office asset class, they highlighted attributes of office culture that could help the industry thrive again, such as DEIB (Diversity, Equity, Inclusion, and Belonging) initiatives, ergonomic adjustments, and hospitality features. The panel discussed vacancy rates and a decrease in overall sales volume as well as a decline in remote work trends. Jeff and Brandon discussed specific office spaces their organizations have been involved with. Jeff shared information on 167 Green, and Brandon gave an overview of the Thompson Center which is currently under construction. 
Keynote Speaker Insights Emi Adachi, Managing Director and Co-Head of Global Investment Research at Heitman, provided conference participants with her outlook on future investments in the real estate market. She opened with optimistic remarks about easing inflation and an anticipated drop in interest rates by the end of the year. Emi identified various asset classes, highlighting those her team at Heitman believes are most favorable for lending opportunities, including multifamily, retail, and student housing. Another asset class, data centers, is slowly gaining traction as they shift from being tenant-friendly to more landlord-friendly, largely due to the growth and development of AI. Emi mentioned that while Heitman is still looking to enter the data center space, they are focusing on student housing opportunities and monitoring the future plans of a select group of strong universities. In contrast, office space remains the least competitive asset class for investment opportunities, facing valuation and liquidation concerns—even among well-performing assets. Currently, one in four square feet of office space is vacant, indicating an oversupply of inventory that no longer meets tenant needs. Emi also noted that rent growth in the Northeastern and Midwestern U.S. is currently outpacing that in the booming Sunbelt, which is experiencing an oversupply of multifamily properties. However, the Sunbelt has been more successful in industrial development compared to other regions. In closing, Emi offered these final remarks: “Distress is on the horizon, but it won’t be an avalanche. Capitalize on market dislocation—distressed sponsors, preferred equity, and debt. The long-term sector outlook remains mostly unchanged, so stay the course, and remember that diversification is crucial in an environment with heightened risks.”
University of Toronto Professor Richard Florida joined the Trends Conference to discuss his book, The Rise of the Creative Class, and its relevance to today’s real estate market. Florida highlighted the significant power shift occurring in the market, moving from large organizations to individuals at a rapid pace. Since 1980, over 40 million creative jobs have been added, resulting in 40% of the labor force being classified as “creative.” Changes in the economy have enabled a workforce increasingly driven by talent and creativity. Americans are choosing to delay family formation in favor of pursuing careers that align with their skills and talents, a trend that may have been accelerated by COVID-19, which prompted many families to move from cities to suburbs. Florida noted that 65% of moves in the U.S. occur within the same county, and 70% within the same metropolitan area. He is currently serving as a guest speaker at Vanderbilt University, where he will spend the semester imparting similar insights to students.
Throughout the conference, attendees gained fresh insights into the real estate industry's challenges and opportunities, from inclusionary housing to post-pandemic office spaces. The 2024 Wisconsin Real Estate Trends Conference sparked key discussions and strengthened connections. WREAA is proud to host events that empower alumni and industry leaders as they shape the future of real estate. Thank you to the speakers and sponsors for making this event a success! Save the date for the 2025 Biennial Wisconsin Real Estate Conference, scheduled for September 11-12, in Madison, Wisconsin.
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Posted By Mandy Kaegy,
Thursday, October 10, 2024
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WREAA is pleased to introduce Tim Slater (BBA 2013) as the new WREAA Director for the Colorado and Texas region. Tim is a Senior Vice President at Amstar, a private equity real estate investment firm based in Denver. Since joining the company in 2017, Tim has been instrumental in sourcing new acquisitions and overseeing asset management across key markets, including Southern California, the Midwest, Denver, and Texas.
Before his role at Amstar, Tim worked with LaSalle Investment Management’s Acquisitions group and Wells Fargo’s Real Estate Debt Originations team in Chicago, gaining valuable experience across multiple aspects of the industry.
A proud UW-Madison graduate, Tim earned his BBA in Real Estate and Finance with distinction. He’s also actively involved with NAIOP and brings a wealth of expertise and enthusiasm to his new board role with WREAA. Dive deeper into Tim’s experiences and insights in the Q&A below! How did you first get involved with WREAA?
I’ve been a member since 2013 (starting in Chicago) but in 2020 I started planning events for the Colorado chapter after chatting with WREAA board member Chad Messer about ways to increase engagement from the local alumni in the Denver metro.
What might someone be surprised to know about you?
Despite growing up in Minnesota I never played organized hockey as a kid, but I’ve been playing Men’s League Hockey (aka Beer League) for six years now in Denver.
What’s the most important lesson you’ve learned since your graduation from UW-Madison? Take as many calls and meetings as you can, you never know where those conversations might lead. Not every new meeting is fun or leads to a deal, but I’ve been surprised many times by how the work I’m doing now or who I’m working with was influenced by a coffee or lunch meeting that went “nowhere” a few years ago.
Who inspires you?
My parents and ski movie pioneer Warren Miller.
What advice would you give to someone who wants to enter real estate?
Real estate is a big industry, my advice to new grads is to seek out a job with a lot of variety so you get exposure to lots of areas of real estate in a short amount of time so you can find what area you like most. That could mean a job working on multiple product types or geographies, or a job where you see and underwrite lots of properties in one market, like a broker or an active developer.
What’s the last book you read?
I’m currently reading Frostbite by Nicola Twilley. It is the story of refrigeration and its evolution into the “cold” supply chain we know today that provides us abundant food of all kinds, all year round, anywhere in the world. Interesting for those in real estate, particularly those who work in the industrial sector.
Anything else that you’d like people to know about you?
I love skiing, so if anyone is traveling through Colorado during the winter and wants a ski partner, give me a call!
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Posted By Mandy Kaegy,
Thursday, October 10, 2024
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WREAA is excited to introduce one of our new board members, Caity Tirakian (BBA 2020)! Caity will serve as the At-Large – Recent Grad Director. She currently works as a Senior Analyst at Jones Lang LaSalle’s Capital Markets office in Chicago, where she focuses on Retail Investment Sales across the Midwest.
Before her current role, Caity spent nearly two years with ShopCore Properties as a National Accounts Research Analyst, where she sharpened her skills in market research and national accounts, contributing to their Chicago-based team.
We’re pleased to welcome Caity’s energy, talent, and dedication to the board, and look forward to all that she’ll bring to the WREAA community. Read on to learn more about Caity! How did you first get involved with WREAA? I got involved with WREAA when I joined JLL a few years ago. Around half of our Capital Markets Chicago office is Badger alums so the word on how wonderful WREAA is quickly spread!
What might surprise people to learn about you? I’ve been to 25+ countries. Having been born in Singapore, travel has been a huge passion of mine for as long as I can remember. I’m hoping to hit 30 countries by 30 years old!
What’s the most important lesson you’ve learned since graduating from UW-Madison? That in-person connection is an integral at the beginning of your career. Having graduated in 2020, extra effort was required to get to know colleagues and clients. I would not be where I am without the face-to-face interactions I have in the office and industry events.
Who inspires you? Amy Sands! Amy was my boss for the first year of my role at JLL. She taught me so much about not only my job, but how to conduct yourself and advocate for yourself. Her story is extremely impressive and her professionalism, yet approachability is inspiring.
What advice would you give to someone looking to enter the real estate field? To learn how to fail gracefully. It is inevitable that you will make mistakes as you start your career, but how you handle and learn from those mistakes will be remembered more than the mistakes will be.
What’s the last book you read? The Perfect Couple by Elin Hilderbrand. Now I just need to watch the show!
Anything else that you’d like people to know about you? That I’d love to connect on all things real estate, concerts, travel, and more!
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Posted By Mandy Kaegy,
Thursday, October 10, 2024
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Hello Wisconsin Real Estate Alumni and Friends,
It’s our privilege to provide you with a Fall 2024 Wisconsin Real Estate Club update. Our objectives for the fall semester were to uphold the club’s mission of providing educational and networking opportunities to Wisconsin real estate students and to improve the club from an organizational and administrative perspective. To that end, we believe that the semester is off to an excellent start.
Highlights of the year so far include our first tailgate, our biannual career fair, and our first general meeting.
The career fair set record attendance from both an employer and student perspective. Over 400 student attendees were eager to speak with representatives from 65 employers, including such prestigious firms as Heitman, Hines, CBRE, Cushman & Wakefield, Colliers, JLL, EQT Exeter, Greystar, and Eastdil, to name just a few. A huge thank you to Career Fair Coordinators Luke Truog (MSRE 2025) and Gin Du (MBA 2026) for playing key roles in the fair’s success!
Our first general meeting was also a success. More than 200 Badgers gathered to hear insights from a Brokerage & Transactions panel, which included Alissa Adler (Colliers), Steve Disse (Colliers), Caroline Draver (Boerke Group), and Dan Palec (Boerke Group). These four alumni shared experiences from over 65 combined years in the CRE brokerage community. Attendance was more than either of us can ever recall and enough to have us considering whether we have outgrown the beloved Pyle Center. Even standing room was limited! Upcoming meetings will focus on the REIT industry, the role insurance companies play in financing CRE, and the current state of the office market.
In addition to the remainder of our speaker series, we’re also looking forward to the semester trek. This semester, the club will travel to Charlotte, NC, for what is certain to be a phenomenal experience thanks to help from WREAA alumni including Dave Chandler, Mike Pfaff, and others. The Charlotte Trek has been designed to educate students on a variety of career paths within CRE and will include stops hosted by CBRE, Wells Fargo, Crescent Communities, and Riverside Development & Investment. We couldn’t be more excited for this trip and encourage any badgers in the Charlotte area to attend the WREAA Happy Hour on Wednesday, November 6th!
Beyond these and other events, the semester has also seen a number of improvements to the club’s organization. We have streamlined the process for enrolling members, updated the Club’s bylaws, and undertaken an enormous reorganization of the club’s documentation and leadership transition materials, among other initiatives. Although perhaps less exciting than brokerage panels and trips to Charlotte, the club’s entire executive board has dedicated significant effort to these improvements. We view them as critical for ensuring that the growing club, which reached over 300 members in early October, will continue to provide an experience for real estate students that is second-to-none. We truly believe that this club is part of what makes Wisconsin the top real estate program in the nation, and that is in no small part due to support from alumni like yourselves.
So, on that note, a huge thank you!
On, Wisconsin,
Bryan Zaramba and Micah Nelson
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Posted By Natalie Corbett,
Tuesday, October 1, 2024
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Social Media Intern, Natalie Corbett (BBA 2026), recently talked with Real Estate Club President Bryan Zaramba. Bryan's journey into real estate has been shaped by his diverse background in relationship management and project coordination. Growing up
in the Boston area and now pursuing his MBA at UW-Madison, Bryan has always had a keen interest in the built environment. With extensive experience as the industry liaison within Career Services at the Wisconsin School of Business, he’s developed strong connections with
top firms while gaining valuable insights into the Wisconsin Real Estate Program’s impact and reputation.
In their conversation, Bryan shared his insights on how his unique experiences have shaped his approach to real estate and leadership within the Wisconsin Real Estate Club. Read on to find out more about Bryan!
Tell me about your background.
I grew up in the Boston area and graduated from Boston University in 2012 with a double major in International Relations and Linguistics. Before beginning my MBA program, I worked in university career services. I held an administrative and project management
position at the Massachusetts Institute of Technology and, for the past five years, I've been in a relationship management role at the Wisconsin School of Business. In this position, I served as the industry liaison for financial services, professional
services, and real estate firms seeking to hire undergraduate students. This experience provided me with valuable insights into these industries and highlighted the positive reputation of the Wisconsin Real Estate program among professionals.
Why did you choose Real Estate?
I've always been intrigued by the built environment and its profound impact on our mood and productivity. As a child, I dreamed of becoming an architect, and after college, I seriously considered graduate school for urban planning but never took that step. However, my interest in real estate was reignited while working at the Wisconsin School of Business. Conversations with real estate professionals revealed that the field offers a compelling blend of intellectual stimulation and a collegial, lighthearted culture. It requires both strategic and tactical thinking, as you must analyze demographic trends alongside factors like sidewalk frontage to determine property value. This combination captivated me and deepened my appreciation for the industry.
What skills do you uniquely bring to Real Estate?
My experience in relationship management for large institutions has given me a unique appreciation for both the personal and institutional aspects of professional relationships. At the Wisconsin School of Business, I was responsible for building and maintaining personal connections with recruiters and alumni eager to hire Wisconsin graduates. At the same time, I focused on institutionalizing these relationships to ensure that the hiring pipelines would endure beyond my tenure or that of my industry contacts. Similarly, while real estate is certainly a people-oriented industry where personal relationships matter, it’s also essential to establish the necessary documentation and knowledge infrastructure. This ensures that beneficial partnerships can continue even if key contacts leave their roles.
How have you enjoyed your time at UW-Madison in the MBA program?
The most enjoyable aspect of the MBA program has been meeting so many people from diverse backgrounds. It's been some time since I was last in school, and the experience of connecting with new classmates and learning together has been exhilarating. While I felt comfortable in my professional role and network, the MBA program has pushed me out of my comfort zone in exciting ways.
What are some of your favorite things to do in Madison?
I love the lakes. In the summer, one of my greatest joys is drifting down the Yahara River in a flotilla of inflatable tubes with friends. In the winter, you can often find me playing pond hockey in Tenney Park or skating on Lake Monona. Regardless of the season, there's nothing quite like sitting on the Memorial Union Terrace to watch the sunset. The Terrace certainly sold me on Madison when I first interviewed for my job at the School of Business.
What made you run for co-president of Real Estate Club (REC)?
Having worked with the Real Estate Club for nearly five years as the industry liaison for real estate companies, I have developed a deep appreciation for its significance within the Wisconsin Real Estate Program. Alumni often highlighted the club during discussions about hiring students, and my colleagues at the Graaskamp Center proudly regarded it as a cornerstone of the program. Last year, as one of the Career Fair Coordinators, I organized the club’s largest career fair to date, which boosted my confidence in my leadership abilities. I knew I wanted to take on a more active role, and after discussing his plans for the club with Micah during a Graaskamp Center trip to Minneapolis, I realized I had found a partner whose skills and experiences complemented my own.
Tell me about your experience as co-president of REC.
Being co-president of the Real Estate Club has been incredibly rewarding. Micah and I decided early on to divide the marquee events between us: he took charge of the speaker series, which he has organized brilliantly, while I focused on coordinating our semester trek to Charlotte, marking our first trip to the city. Our collaboration with WREAA has been especially meaningful. Through WREAA, I connected with Dave Chandler (MSRE 1989) and Mike Pfaff (MBA 2008), who have been invaluable partners in bringing the Charlotte trek to fruition. The WREAA network is an exceptional resource; I don’t think students fully appreciate its uniqueness or the willingness of alumni to support fellow Badgers.
What are some of those ideas that you want to bring into REC?
The tremendous growth of the Real Estate program over the past few years has brought both opportunities and challenges for the Real Estate Club. We need to expand our offerings and introduce new types of programming, which requires us to shift our focus away from smaller tasks. Having worked at the School of Business for five years prior to starting my MBA, I collaborated with over a dozen former presidents. While each of them was smart, driven, and organized, they often got bogged down by administrative details. Drawing on my experience in process improvement, I’ve prioritized operational efficiency during my tenure as Co-President. We’ve developed a comprehensive set of documentation and practices to ensure future leaders have the resources they need to thrive. My goal is to enable upcoming presidents to focus more on strategic thinking and executing complex programs and events. I’m confident that our efforts have positioned the Real Estate Club for future success.
What do you like to do in your free time?
I enjoy learning foreign languages, so I dedicate some time each day to practicing those I've studied. I took French in middle and high school, German and Hebrew in college, and I'm currently studying Danish this semester, so I try to engage with at least a couple of them each day. Recently, I also took up golf to participate in the WREAA annual golf outing, and visiting the driving range has become a fun way to take a break from my classwork.
Why should students get involved with REC?
Real estate is fundamentally a people-driven industry, and building and maintaining relationships is crucial for success. The Real Estate Club provides an unparalleled opportunity for Badgers interested in real estate to connect with one another. Our speaker series events mimic the networking opportunities found at ULI or NAIOP, allowing students to practice their networking skills and meet like-minded peers in a friendly environment. Additionally, these events often feature alumni who share unfiltered advice, offering insights that simply can’t be replicated in a classroom setting.
Do you have post-graduation plans?
At this point, I’m open to new opportunities within the real estate industry, which is incredibly broad. While I’m trying to avoid pigeonholing myself, I have a particular interest in the asset management space. My skill lends itself to taking things that work and making them work better, so I see strong alignment there.
We appreciate Bryan for taking the time for this interview and for his commitment to the Wisconsin Real Estate Club and Program. The success of the Wisconsin Real Estate Program is a testament to the dedication and hard work of its alumni, faculty, and student leaders, including Bryan.
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