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FALL 2013


The Equity Kicker is the official newsletter of the Wisconsin Real Estate Alumni Association, Inc. It is published biannually by the Wisconsin Real Estate Alumni Association, Inc. for the benefit of its membership.

SEE MORE PHOTOS ON PAGE 6 Photo by e3 Photography, Inc.

David Schanock (right) and Brendan McEntegart. President

Robert Perry

CarVal Investors, LLC Minnetonka, MN Executive Director and Editor

Christine Dicks WREAA, Inc. Pewaukee, WI GOLD PARTNER

‘Power of Transformation’ on display at annual conference Hundreds attend trends talk in Chicago


wo hundred alumni, friends and a contingent of UW students gathered in downtown Chicago September 18th in anticipation of an informative Wisconsin Real Estate Trends conference. A welcome reception at John Barleycorn on Wednesday evening, sponsored by Annual Gold Partner Eastdil

Secured, provided a first chance for attendees to network. Thursday morning, Program Chair Andrew Weir introduced a captivating speaker line-up, focused on the theme “The Power of Transformation,” to those convened at the Mid-American Club. Keynote speaker James Rickards, author of Currency Wars, opened the conference with a provocative presentation. Rickards explained the historical and economic context see TRANSFORMATION on Page 6



Say hello to our new Board Member ...


The latest from the Real Estate Club ...


Guess who’s No. 1 ...


Names in the News ...

MEMBERS Cornerstone Members Stuart Ackerberg, Friend of Program | Michael Arneson, MS 1982 | Brian Berry, BBA 1989 | Jonathan Block, BBA 1999 | Stephen Bye, MBA 1974 | Jeffrey Cavanaugh, MS 1983 | Susan Chapman, MBA 1998 | Derek Chen, MBA 1991 | Jim Cope, MS 1989 | Tyler Downs, MS 2002 | Brian Eisendrath, BBA 2000 | Rod Engel, MS 1989 | William Evans, MS 1984 | Michael Feiner, MS 1970 | Jerome Fink, MBA 1990 | Ryan Freedman, BBA 2004 | Marc Freschl, BBA 2001 | Paul Gilbert, MS 1974 | Peter Gloodt, MS 1982 | Dale Gruen, MS 1980 |Scott Haskins, MS 1993 | Michael Hoffmann, MBA 1985 | Nicholas Howard, Friend of Program | Ron Hubbard, MS 1995 | David Kim, BBA 1989 | Stewart Kirkham, MBA 2003 | Thomas Klein, MS 1974 | David Lenz, BBA 1973 | Duane Lund, MS 1993 | James Martell, BBA 1974 | Paul Melkus, MS 1995 | Charles Murphy, MS 1987 | Brian Mutchler, BBA 1998 | Kevin Page, BBA 2000 | Arthur Pasquarella, MS 1980 | Howard Paster, BA 1991 | Robert Perry, MS 1992 | Milo Pinkerton, MS 1979 | Arif Qureshi, MS 2004 | Gregory Reed, MS 1988 | Paul Rezents, MS 1986 | Brenton Rogers, BBA 2000 | Jeffrey Rotter, MS 1988 | Alan Rudikoff, BA 1991 | Susan Schnoll, MS 1985 | Roger Simsiman, MS 1992 | Malcolm Sina, MS 1979 | Roy Splansky, MS 1986 | Jon Spoerri, MS 1983 | John Stathas, MS 1987 | Warner Stone, MS 1970 | Patrick Waite, MS 1992 | Andrew Weir, MBA 1997

Sustaining Members Robert Aldrich, MS 1982 | Ray Anilionis, MS 1971 | Samuel Ankin, BBA 2002 | Bret Backus, MS 1994 | Christopher Barnes, BBA 2000 | Shannon Bauer, BBA 2000 | Michelle Bella, MS 1992 | Arun Bhatia, MS 1974 | Shampa Bhattacharya, MS 2002 | Robert Bond, MS 1983 | Steven Buss, MS 1994 | Brandon Buza, MS 1997 | Brad Calbert, BBA 1975 | Michael Cantwell, BA 1972 | Charles Carpenter, MS 1982 | Christopher Casey, MS 1984 | Marc Cella, MS 1982 | Chris Charnas, MS 1990 | David Clark, MS 1975 | Kevin Coffey, MS 1987 | Michael Conaghan, MS 1991 |Stephen Cortese, MS 1986 | Thomas Craig, MS 1994 | Shari Crivello, MS 1996 | Jeffrey Davis, MS 1976 | Peter Deanovic II, BBA 2006 | Patrick Dempsey, MS 1988 | Robert Derse, MS 1989 | David Desforges, MBA 1995 | Fredric DeVillers, MBA 1998 | Scott Dixon, MS 1987 | Mark Ebacher, MS 1986 | Tyler Edgarton, BBA 1987 | Jane Endres, BBA 1984 | Matthew Ewig, BBA 1996 | Jaime Fink, MS 1997 | Daniel Fitzgerald, BBA 1992 | Andy Goetz, BBA 2001 | Aaron Goldman, BBA 1990 | James Graham, MS 2002 | Jon Hammes, MS 1974 | Jill Hatton, MS 1982 | Charles Heath, MS 1983 | Terry Heilman, BBA 1997 | Allen Hill, BS 1979 | Michael Hines, BA 1986 | Wenzel Hoberg, MS 1995 | John Hoffman, MBA 2003 | William Huberty, MS 1987 | Bruce Johnson, MS 1972 | Robert Karner, MS 1989 | Andrew Kerwin, BBA 1987 | Geoffrey Kieffer, BBA 1971 | John Kiernan, MS 1987 | V. Michael Komppa, MS 1975 | David Krueger, BS 1997 | Lawrence Krueger, MS 1980 | Cody Langeness, BBA 2006 | Robert LeFeber, MS 1985 | Christopher Leff, BBA 2000 | Jeff Lenz, MS 1997 | Howard Levy, MS 1988 | Matthew Lund, MS 1998 | Sean Malaney, BBA 2005 | Ryan Mallery, BBA 1999 | Craig Manske, MS 1981 | Steven Mathison, MS 1998 | Brett Matzek, BBA 1995 | James Mazzarelli, MS 1989 | Sharon McCabe, MS 1992 | Thomas McCahill, MS 1980 | Brandon Megal, BBA 1998 | Daniel Metzger, BBA 1998 | Scott H. Miller, MS 1988 | Martin O’Connor, BBA 2003 | Matthew Olson, BBA 2006 | Kristine O’Meara, BBA 1980 | Michael Pfaff, MBA 2008 | Timothy Pire, MS 1990 | Gabriel Pozo, BBA 2001 | Janine Punzel, BBA 1995 | Jeff Raymond, MS 1972 | Timothy Richey, MS 1988 | Daniel Rikkers, BBA 1999 | Jim Ring, MS 1988 | Jeffrey Robbins, BBA 2005 | Eric Rogers, BBA 2003 | Stephen Rozga, BS 1983 | Robert Ryan, Jr., MS 1989 | Scott San Filippo, BBA 2007 | Richard Schaller, MS 1981 | Mark Schmidt, MS 1976 | Gregory Schmitt, BBA 1973 | Alan Schwartz, MS 1966 | Aaron Siegel, BBA 1999 | Joseph Solarte, BS 1981 | Robert Soules, BBA 1969 | Edward Suharski, MS 1979 | Sunny Tong, MS 1979 | Dominic Visconsi, Jr., MBA 1988 | Joseph Walsh, MS 1992 | Marc Warren, BBA 1985 | Jonathan Weerts, BBA 2000 | Stuart Zadra, MS 1985


Say Hello to



he WREAA Board of Directors welcomes its newest board member, Cody Langeness, who has been elected to serve on the Board as a At-Large Director. Cody is a Managing Director of Red Stone Partners out of New York City, where since joining the firm in 2006, he has played a leading role in the origination, structuring and underwriting of over $1 billion in multifamily loans and equity investments. Red Stone is unique in that it is the only firm still offering low-income multifamily housing financing in first mortgage lending with private capital. Cody grew up near Superior, Wisconsin and has always been a Badger fan. His brother attended UW-Madison and it seemed natural that Cody would as well. The diversity of the real estate field attracted Cody, who was originally a math major. He enjoys the fact that every transaction presents a different set of challenges. While at UW Madison, Cody was a very active member in the University’s Real Estate Club and was elected co‐President of the club in the spring of 2005. Cody received his Bachelor’s degrees in Real Estate and Urban Land Economics as well as Finance, Investment, and Banking from the University of Wisconsin‐Madison in 2006. Since graduating, the Wisconsin Real Estate Alumni network has been essential to Cody. He has met clients through the network and it was also invaluable as a source of social connections when he moved from Wisconsin to New York City. In fact, Cody frequently joins other UW alumni in New York to cheer on the Badgers. He has also been actively involved in the network, serving as WREAA’s New York City Market Representative since 2010 and hiring several UW alumni to work with him at Red Stone Partners.

In his own words ... What tips, advice or lessons to live by would you give to students or recent grads? Be as proactive as possible, never be reactive. In the real estate field, it is crucial to be outgoing, social and not afraid to ask questions. What was the best advice you ever received? “You’ll never get anywhere waiting to have things handed to you. You have to go out and go after what you want.” - Rod Matthews


Much to celebrate, many to recognize


e’re Number One” ­­­­— that’s the chant recently overheard echoing throughout Grainger Hall as US News and World Report reported in September that the UW real estate program is ranked top in the nation for its undergraduate course of study. This is a terrific accomplishment for our Program and sincere congratulations are in order for the academic and professional staff, the students and alumni, and the business school at large. I suspect the recent elevation of “one of our own,” François Ortalo-Magné, to Dean of the Wisconsin School of Business didn’t hurt matters! Please help me in broadcasting this exciting news to our industry. In September, we held our annual Trends Conference in Chicago. Elsewhere in this letter you will read about the excellent speakers and panels that presented on many topical and thoughtprovoking subjects throughout the day. As a veteran of almost every conference and event held across our industry, I can tell you the breadth and depth of our content leads the pack in terms of delivering real value to our members and attendees. I encourage you to consider attending our conference events, and I especially thank conference chairman Andrew Weir, Chris Dicks and the WREAA Staff for putting together our best Trends Conference to date. We also thank our many generous sponsors who make it possible for us to offer an event of this



advantage of these local programs, you’re missing out. You have a devoted and diverse Board comprised of members who really care about the future direction and reputation of the Program, its students, and graduates. Accordingly, we are helping to support the development of several initiatives to augment the student classroom experience. From assisting the online course work championed by the Dean, to additional Argus casework and instruction, we hope to help develop top caliber students who become the future leaders of our business. We will continue to search for ways of augmenting the classroom experience with further ‘real world’ applications. The real estate market is improving, and so too are employment prospects for our students. If your firm is considering hiring, you might want to attend the Real Estate Career Fair to be held on campus February 10, 2014. You will be impressed by the quality, enthusiasm and professionalism of our students. I want to acknowledge the many contributions over the years of our departing board members, Brian Eisendrath and Jonathan Block. As we thank them for their service, we welcome incoming board members Steve Buss (serving as Secretary/ Treasurer and Minnesota Regional Director) and Cody Langeness (At Large). We are fortunate to

Our members tell us there are few organizations that offer both valuable professional content and fun social networking opportunities as effectively as we do. quality. As an Association we are always searching for effective means of staying connected to our membership, as well as fostering connections amongst our members. Our members tell us there are few organizations that offer both valuable professional content and fun social networking opportunities as effectively as we do. Our local chapters have numerous industry and social events planned for your region — if you’re not taking

have such high-caliber and committed graduates who are interested in serving the longer term goals of WREAA. We are very grateful for all our corporate sponsors, with special recognition to Eastdil Secured, our annual Gold Partner. Eastdil has been a consistent partner for many years, and we are tremendously thankful for their support and proud of our association with them.




UW Real Estate Program Named Best in Nation By Abdullah Yavas Department Chair


n my first update on the real estate program as the department chair last year, I shared the good news with you that US News and World Report had ranked our undergraduate program as the #2 real estate program in the nation. However, I also added that “this is quite an achievement, but it still falls short of where we want to be. It certainly sets a very clear target for us!” I am delighted to report that this year we have achieved that target: US News and World Report released its 2013 undergraduate business education rankings last month and listed our Real Estate Program as the top real estate program in the United States. We celebrate these rankings as a clear indication that our program is producing some of the best and brightest young real estate professionals, ready and eager to make a positive impact in the world. We have been striving for this outcome for quite some time and your support and enthusiasm has helped make it possible. We will continue to remain focused on improving the quality of our education, outreach, and research so we can maintain our leadership for years to come. One of the great strengths of our program – along with great students and terrific alums – has been the depth and breadth of our faculty. We have added to that strength by hiring a new faculty member this fall. We now have more faculty than we have ever had in the past and more faculty than any other real estate program in the country. Our new colleague, Professor Moussa Diop, has a Ph.D. in business administration from Penn State University. He has taught courses in real estate finance, analysis of real estate markets, and real estate capital markets. Before earning his Ph.D., Moussa was vice president of corporate banking and structured trade finance at HSBC Bank. He also worked as a senior consultant at Ernst & Young. Moussa’s research interests include real estate investment and finance with a special emphasis on commercial and corporate real estate. In his recent research, Moussa examines the impact of product market competition and real estate ownership on stock returns. In particular, he studies how corporate real estate ownership affects shareholder value and whether this relationship varies with industry structure. Moussa is also interested in international real estate markets. Moussa will be teaching our real estate finance and real estate capital market classes. His research interests complement the research interests of the current faculty and significantly improve the research and teaching portfolio of our department. We continue to conduct cutting edge research and publish our research in the leading journals in real estate, finance and economics. Since the fall of 2009, we have been organizing the Housing-Urban-Labor-Macro (HULM) Conference, hosted at one of the Federal Reserve Banks. This October, we will be joining our colleagues from

around the world to share the findings of our research at the Atlanta Fed. This semi-annual conference is now well known for facilitating the presentation and discussion of the cutting edge real estate and urban research. This conference continues to contribute significantly to the visibility of our program and our School. On June 6th and 7th, the Graaskamp Center hosted over 90 board members and guests at the American Club in Kohler, Wisconsin at a special conference and golf event in memory of “The Chief,” our namesake James Graaskamp, and his passing nearly 25 years ago. In the spirit of Jim Graaskamp, the conference featured the collective ideas of innovators across disciplines who shared their ideas for revolutionary transformations in real estate, education, science and the global economy. I am also happy to report that the 2013 Wisconsin Real Estate and Economic Outlook Conference was a huge success. Charles L. Evans, President and Chief Executive Officer of the Federal Reserve Bank of Chicago, and Gregory K. Ingram, President and CEO of the Lincoln Institute of Land Policy, were our keynote speakers and the conference covered a number of interesting topics. As always, it was great to see so many of our alumni and friends back on campus. Speaking of conferences, our Global Real Estate Markets conference, which was a great success last year, will be held again at the New York Stock Exchange on November 22nd. Once again, we have put together a great program and we look forward to seeing you there. I am pleased to announce that we have added a new partner to our Global Real Estate Master (GREM) program. The partnership agreement between the Wisconsin School of Business and the Shanghai Advanced Institute of Finance (SAIF) will be bringing some of the brightest students from Shanghai to Madison to study in our innovative GREM program. We have also moved GREM to the fall this year, to accommodate job search efforts of our GREM students. GREM is gaining traction and the enrollment is on an increasing trajectory. We offer a world class education to our students and engage in cutting edge research and outreach activities. This could not be done without the help and support of our alumni and friends. I want to take this opportunity to thank each and every one of you for making it possible for us to become #1.


Busy, fun semester filled with speakers, trips, and service By Jonathan Brown & Anthony Huerta

Fall Semester Outlook This has been a banner semester for the Real Estate Club: membership is quickly approaching 150. The recent #1 ranking bestowed upon our program by US News and World Report has clearly stimulated enthusiasm for active participation. We are focused on channeling this enthusiasm into activities that strengthen internal and external connections, and position our members as compelling job candidates. Initiatives include the mentorship program where many MBA/BBA connections have been formed, and Argus training sessions that provide our members key technical skills that differentiate them during recruiting. Fall Speaker Series We kicked off our series with a standing room only crowd who enjoyed our guests from Prudential, specifically Richard Flohr and Matt Bertram (BBA ’02), who presented on the commercial mortgage backed securities (CMBS) market. The added benefit was they are actively recruiting for full-time positions on both the BBA and MBA level! On October 3, Michael Brennan presented the annual Innovator Award to Jay Shidler, Managing Partner of The Shidler Group and a Graaskamp Center Board Member. To date, we have also welcomed Kristin Bertram (BBA ’06) and Jonathan Weerts (BBA ’00) of Hudson Advisors to discuss distressed assets. Fall Semester Club Trips Our first club trip was a day trip to Milwaukee on Friday, September 13. Conor McCahill (MBA ’14), also the club’s Co-Vice President, put together a great itinerary which included site visits to Alterra Bayview, Northwestern Mutual, Mandel Group’s latest multifamily development project, The Global Water Facility, and a behind the scenes tour of Miller Park before taking in that night’s ballgame. A special thanks to Kris

O’Meara for all of her help on the trip. The club just returned from its first ever trip to Miami arranged by co-Presidents Jonathan Brown and Anthony Huerta. Through the generous support of WREAA and local alumni including Jared Brunnabend, Felipe Izquierdo, and Robbie Karver, over 30 students including BBAs, GREM students, and MBAs, enjoyed touring the best Miami has to offer, including Swire’s Brickell CityCentre, DACRA’s Design District (including an exclusive talk with the famous Craig Robins), the Art Deco District, PortMiami, and lunch at Versailles, the world-renowned Cuban restaurant in Little Havana. Community Service and Charitable Work We take a tremendous amount of pride in our community outreach initiatives. In true real estate fashion, we sent a group of members to Habitat for Humanity Dane County in October to help build houses for local people in need of shelter. We are also gearing up to participate in two upcoming charitable events: Movember where participants grow mustaches for a men’s health charity and the Polar Plunge which benefits Special Olympics Wisconsin. And yes, that means we will be jumping in the lake in December! Please visit our Facebook page or website to see how you can contribute with us to these causes. Finally, we would like to thank Chris Dicks and the WREAA staff for their unwavering support, our fearless faculty advisor Sharon McCabe, the tireless Alison Zuba, to all faculty members who have attended club meetings, and all of those alumni who have interfaced. The dedication and support of our faculty and alumni network never ceases to amaze us, and we wouldn’t be where we are without you! On Wisconsin!

“this has been

a banner semester for the Real Estate Club”



Standing TALL in

Chicago this is TRANSFORMATION from Page 1

behind the currency wars and offered a forecast of the financial markets. The keynote was followed by the panel “A View from the Top: A Conversation with Leading Industry Leaders” moderated by Michael Brennan, Executive Director of UW-Madison Graaskamp Center for Real Estate. The three CEO’s discussed transformations in the real estate industry over the past twenty-five years and the impact of those transformations on the markets now and in the future. Following the morning Network Break, cosponsored by CBRE and Waterton Associates, Kevin Crummy of Eastdil Secured, led the panel “A New Capital Market Era: The Global Search for Yield in a Low Growth World.” The discussion with industry leaders concentrated on the current capital and credit markets environment, risks and opportunities. At the luncheon, Daniel Shapiro, Harvard Professor, negotiation expert, and author of Beyond Reason: Using Emotions as You Negotiate, gave an energetic keynote speech covering the mechanics of his well-researched negotiation methods. The afternoon opened with Cara Houser’s Case Study “Micro Unit Apartments,” moderated by Brandon Buza of Northwestern Mutual Real Estate Investments. Houser, of Panoramic Interests in Berkeley, California, talked about the process of developing the micro-unit concept. Project leaders considered the complications of the recent housing and employment markets. Creative problem solving resulted in an inventive housing solution inspired by Airstream travel trailers. The final panel of the day, “The Shifting Deal Landscape: Navigating the Road Ahead” was led by Brian Berry of Oakpoint Investors. Berry and his panel members engaged in an informative discussion of the markets and deals, and trends that will drive commercial real estate investment and development activity. The conference culminated with attendees networking at a closing reception, sponsored by HFF. The slate of prestigious and knowledgeable speakers and panel members, as well as the outstanding networking opportunities, drew high praise from participants.

All photos by e3 Photography, Inc.

Top: Brian Berry and panel members Vince Cozzi, Casey Wold & Alan George Middle: Networking at the Welcome Reception Bottom:Gearing up for a great conference


All photos by e3 Photography, Inc.

Top: Connecting at John Barleycorn Middle: A packed house for the morning keynote Bottom: John Barleycorn gets thumbs up from UW-Madison GREM Students


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NAMES IN THE NEWS Eric Hansch (MBA 2012) has joined Raymond Management Co. in Middleton, Wisconsin and can be reached at Owen Hull (BBA 2013) has joined Duff & Phelps as an analyst in Chicago, Illinois and can be reached at Cheryl Charnas (Affiliate) has joined RREEF as vice president in Chicago, Illinois and can be reached at Megan May (BBA 2009) has joined Cole Real Estate Investments as a senior analyst/ underwriting in Phoenix, Arizona and can be reached at Jackson Brissette (BBA 2013) has joined Heitman as an acquisitions associate in Chicago, Illinois and can be reached at James Choi (BBA 2008) has joined Harrison Street Real Estate Capital as an associate in Chicago, Illinois and can be reached at Lindsey Rongstad (BBA 2005) has joined Harrison Street Real Estate Capital as assistant vice president in Chicago, Illinois and can be reached at Luke Porath (MBA 2009) has been promoted to finance director with Continental Properties Company, Inc. in Menomonee Falls, Wisconsin and can be reached at Brandon Winter (BBA 2010) has joined AEW Capital Management as an analyst in Los Angeles, California and can be reached at Louis DeFino (BBA 2011) has joined Henderson Global Investors as a US property transactions analyst in Chicago, Illinois and can be reached at louis.defino@henderson. com. Josh Mesner (MBA 2010) has joined CapitalSource Bank, in Chevy Chase, Maryland, as an Investment Associate and can be reached at jmesner2003@yahoo. com. Names in the News is a regular feature of the Equity Kicker. Please submit news of your promotion, change in employer, or address change for inclusion to WREAA, Inc., P.O. Box 307, Pewaukee,

WREEA Newsletter PROOF  


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