The Alumni Association of the MIT Center for Real Estate (AACRE) is hosting a graduate real estate case competition at the Prudential Center in Boston, MA on April 15 from 6:00‐7:30pm. Registered teams composed of three to four full time graduate students will receive a brokers packet for a building or development site in Boston, MA and will spend the next 48 hours creating an excel based proforma and determining an acquisition price based on a combination of pre‐prepared market data as well as the teams own due diligence and assumptions.
According to Competition Chair, Michael Lam (MSRED ‘09), “this case competition is designed to allow students to use their financial underwriting and modeling skills on a real world asset under conditions that they are likely to encounter at any private equity or real estate development firm. As a financial analyst or acquisitions online pharmacy professional, you don’t always get the time or information you want but you still need to provide a defined acquisition strategy and a price.”
After the 48 hours, judges will review all submissions and select three finalist teams based on the clarity and functionality of their models, accuracy of their assumptions and likelihood that their proposal would actually be accepted by an investment committee in today’s market. Three finalist teams will present at The Prudential Center on April 15 between 6:00‐7:30. The event will be followed by a cocktail reception. The winning team will receive $1250, the second place team will receive $750 and the third place team will receive $500.
Unlike other invitation only events, the MIT competition is open to graduate students of any accredited MSRED, MBA or MFIN program. “We felt that it was important to open the competition to anyone who thinks they can compete” said Lam.
This year’s competition is sponsored by Credit Tenant Capital Realty, Boston Properties, The Bulfinch Companies, Cabot Cabot and Forbes and Cushman & Wakefield.
“We are extremely thankful for the support of our corporate sponsors” says Michael Tilford (MSRED’09), President of the MIT Center for Real Estate Alumni Association. “These firms acknowledge the importance of supporting the industry’s next generation of acquisition and development professionals and we appreciate their foresight and generosity especially in these difficult times.”
For more information or to register for the competition, email aacre@mit.edu.
*I think this is a great opportunity for students at respective programs to put teams together and get some great experience. With a historically difficult job environment, participating in such events can separate you from your competition. Unfortunately I won’t be able to attend, but I know the NYU Schack Institute of Real Estate will be well-represented. Don’t let this opportunity pass you by.
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