Master of Land & Property Development at Texas A&M University

MASTER OF LAND & PROPERTY DEVELOPMENT

CONTENTS 02 OVERVIEW 04 CAREERS 06 PROGRAM COMPONENTS 10 BEYOND THE CLASSROOM 16 STUDENTS & FACULTY 20 THE COMMUNITY 24 ADMISSIONS & RESOURCES master of land & property development

01

PROGRAM OVERVIEW 18 MONTH DURATION

WHERE DESIGN MEETS BUSINESS: The MLPD program at Texas A&M University dissolves the boundaries between planning, construction, and environment and between finance, accounting, and market.

FLEXIBLE SCHEDULE

MASTER’S DEGREE

02

master of land & property development

The Master of Land and Property Development (MLPD) is an entrepreneurship-oriented program of study which combines business and finance with physical planning, design and construction.

One of only a handful of Land and Real Estate Development programs in the United States, the program attracts students from practically every academic discipline. The MLPD utilizes a current and comprehensive curriculum, provided by experienced practitioners, As Texas A&M University’s Real Estate Devel- to teach how ecologically sensible, socially opment degree, the program provides acceptable, and financially feasible developstudents the full range of real estate, financial, ment ventures are created. and management skills they need to succeed in the highly competitive real estate development industry.

master of land & property development

03

CAREER OPPORTUNITIES The unique curriculum of the MLPD program prepares students for a variety of roles across real estate, finance, design, and management industries: •

project manager

•

real estate development analyst

•

marketing representative

•

site developer

•

financial analyst

•

construction loan administrator

•

development coordinator

•

construction manager

•

appraiser

•

municipal development director

•

broker

•

acquisitions analyst

REAL ESTATE

04

FIRMS Many of the primary employers of MLPD graduates are land development firms, from full-service international operations to specialists in hospitality, industrial, commercial, residential, multi-family, and public housing development.

Beyond land development, graduates also find themselves with skills that have made them invaluable for home builders, interdisciplinary consulting firms, mortgage banking companies, city governments, brokerage firms, and title companies.

FINANCE

master of land & property development

DESIGN

MANAGEMENT

A UNIQUE & PRACTICAL APPROACH TO EDUCATION The majority of graduate real estate programs in the U.S. and abroad prepare students to become appraisers, financial analysts, brokers or lenders. In these programs, commercial real estate development is the primary focus with an emphasis on investment and redevelopment or development on a prepared site.

In addition to those objectives, the MLPD program at Texas A&M University prepares students to become site developers. Financial feasibility and valuation are only part of the skills required to create sustainable value in a real estate project. Successful developers must also know how to acquire property, create a development program involving site-specific analyses, assemble a multi-disciplinary team of consultants, obtain regulatory approval, design, build and operate a real estate enterprise.

This program provides specific training in all these areas but with a particular emphasis on land development. Unique to this program, students also learn the land subdivision process, negotiating development agreements, infrastructure design and financing (including the creation of municipal utility districts), venture structuring, single-unit sales financial modeling and all manner of land, lot and construction contracts.

In part due to this practical and unique approach to curriculum development, former students working in the real estate industry soundly agree that they use what they learned in this program every day.

master of land & property development

05

PROGRAM CONCEPTS 01

02

03

REAL ESTATE & PLANNING LAW

REAL ESTATE ECONOMICS

REAL ESTATE VALUATION

Ownership rights, interests, property conveyance, title insurance, easements and encumbrances, deed restrictions, eminent domain, land use regulation

Supply and demand for space, market and capital cycles, real estate characteristics

Appraisal techniques and importance, highest and best use

Bid rent curves, impact of policy on value, types of markets

Three approaches to valuation, developer and lender reliance in financing

07

08

09

IDENTIFICATION & QUALIFICATION OF A DEVELOPMENT OPPORTUNITY

DEVELOPMENT CONCEPTUALIZATION & DESIGN

DEVELOPMENT ENTITLEMENT & REGULATION

Development programs, deal sourcing, idea inception techniques, site evaluation, situs, due diligence, and public/private partnerships

Site analysis, conceptual, preliminary and final design techniques, design efficiency, land planning and infrastructure design, emerging sustainable design concepts

Comprehensive planning, zoning, annexation, PDs and PUDs, plan and plat approvals, infrastructure finance

Development program requirements, value creation, development timing, location analysis, accessibility, legal, physical, environmental, social, and financial considerations

Soils, slope, floodplains, wetlands, grading, utilities and paving design, conservation easements, parks, amenity and product designs and sustainability innovations

LOIs, purchase and sale contracts, options, contingency contracts, specific performance, subordination and assignment, leases; takings, due process, zoning case law, and court rulings

06

master of land & property development

Entitlement process and procedures, neighborhood approval, exactions, impact fees, facilities agreements, proportionality fees, pro rata agreements, and rezoning

Throughout its course, the Land & Property Development program imbues students with a set of core knowledge and competencies. These concepts form the development process, from project conceptualization to management.

04

05

06

REAL ESTATE FINANCE, FEASIBILITY ANALYSIS & PROJECT FUNDING

DEVELOPMENT ORGANIZATIONS & AGREEMENTS

MARKET ANALYSIS

Deal structuring, debt and equity markets, project performance measures, return expectations, loan agreements and closing Pro formas, computer DCF modeling, capital stacking, term sheets, types of loans, carve-outs, guarantees/enhancements, risk reduction, loan and investor packages

Development operating companies, project ownership entities, development agreements, business plans Creation, operation and advantages of LLCs, Limited Partnerships and Joint Ventures

Commissioning, critiquing, and using market studies Market segmentation, marketability analysis, demographics, standards and differentials, absorption and capture rates, target markets

Operating agreements and partnership agreements

10

11

12

DEVELOPMENT BUDGETING, PROCESS & DELIVERY

MARKETING, LEASING & SALES

PROPERTY MANAGEMENT & PROJECT TERMINATION

Capital budgeting, cash management, construction scheduling, final acceptance and plat filing Construction contracts, bids, awards, time-lines, invoicing, progress payments, bank draws, substantial completion, lien releases, performance bonds, record plats and plans

Establishing marketing strategies, employing marketing companies, negotiating contracts Managing marketing companies, leasing and sales agents, establishing performance goals, time-lines and budgets

Engaging property management companies, establishing property owners associations, asset management techniques and strategies DCCRs, HOAs, property governance strategies, positioning the project in the marketplace, asset management strategy, property reversion and dissolution of ownership

master of land & property development

07

PROGRAM COURSES

LDEV 689 Financial Modeling for Real Estate is a summer leveling course for MLPD candidates who do not possess the prerequisite knowledge and proficiency in real estate finance.

SPRING SEMESTER II LDEV 661 Site & Infrastructure Development LDEV 668 Residential Land Development

FALL SEMESTER I LDEV 664 Market Analysis for Development LDEV 667

LDEV 671 Sustainable Development FINC 676 Commercial Real Estate Law

Intro to Real Estate Development LDEV 687 Due Diligence in Real Estate Development

SUMMER SEMESTER III

FINC 670

LDEV 684

Real Property Analysis

Professional Internship

08

master of land & property development

The MLPD program can be suited for Fall or Spring semester admission. The recommended course progression begins with a summer leveling course (LDEV 689) and concludes with the final defense of an online portfolio.

Capstone Project As a program culmination, the Capstone course tests the ability to conceptualize, design, document, and present the delivery, activation, and management of a real-world development project.

FALL SEMESTER IV LDEV 663 Intro to Project Management LDEV 669 Income Property Development

Online Portfolio Rather than a thesis, final defense is presented in the form of an online portfolio and demonstration of core knowledge and core competencies.

LDEV 688 Development Feasibility & Design (Capstone) LDEV 685 Directed Studies (Online Portfolio & Seminar)

Development Internship Professional practice with an approved land or real estate development agency provides students with the real-world experience and networking necessary for success beyond graduation.

master of land & property development

09

10

master of land & property development

BEYOND THE CLASSROOM

Beyond the classroom, student organizations such as the Real Estate Development Association (REDA) provide direct connections to industry professionals and create meaningful opportunities for professional growth.

Through site visits, speaker series, conferences, and career fairs, students are able to access a wide range of top-notch development projects and the minds that helped create them.

master of land & property development

11

REAL ESTATE DEVELOPMENT ASSOCIATION (REDA) The Real Estate Development Association (REDA) is a student-led professional development organization at Texas A&M University.

PURPOSE The goal of REDA is to strengthen the relationship between students, faculty, alumni, and real estate professionals. Its members create opportunities for MLPD students to access enhanced leadership training, a deeper understanding of the real estate development industry, and professional exposure and networking.

EVENTS Every semester, REDA works to coordinate field trips, site visits, guest lectures, social events, and professional conferences. They even host a tailgate at Aggie football games, because can an organization truly claim to facilitate networking if they don’t set up a tent outside of Kyle Field most autumn Saturdays?

12

master of land & property development

MEMBERSHIP

FIND REDA ONLINE:

The Real Estate Development Association https://www.facebook.com/TAMUREDA/ membership is open to all students at Texas A&M University. While REDA is closely tied https://twitter.com/tamureda with the Master of Land and Property Develhttps://maroonlink.tamu.edu/organizations opment program, it is not exclusive.

master of land & property development

13

SITE VISITS One of the strongest experiences of the MLPD program is the opportunity to attend site visits across the state of Texas. Site visits have covered territory in Houston, San Antonio, Austin, and the Dallas Metroplex, as well as within Bryan and College Station. Whether the projects are under construction, well established, or multi-phased, these in-depth explorations give students a chance to experience real places alongside the developers who are making them happen.

From residential neighborhoods to mixed-use urban redevelopment to suburban town centers, this broad base of exposure suits the range of knowledge inherent in the development process.

14

master of land & property development

GUEST SPEAKERS From academia to industry to public policy, the infamous “Aggie Network” yields experts in real estate development and a host of interrelated fields. This network is tapped every year to gather guest speakers for REDA-organized lecture series and conferences.

Past guest speakers for the REDA lecture series have represented a wide range of professions and fields of expertise: • real estate broker • property manager • city manager • architect • capital markets expert • construction science expert • retail strategy and marketing • real estate investment firm VP • residential home builder • Municipal Utiliy District attorney • historic preservation • real estate employment consultant

master of land & property development

15

OUR STUDENTS

Students have come to the MLPD program from different universities around the country, different countries, different continents, and within Texas A&M University itself.

From decades of professional experience to military service to the simultaneous completion of an additional degree, the stories of our Master’s Degree candidates are as varied as the students themselves. The richness of collaboEvery semester, candidates come together ration offered in this environment continues with educational backgrounds which range to strengthen the quality of its graduates. from construction science, architecture, and urban planning to aerospace engineering, philosophy, and marketing.

16

master of land & property development

DUAL DEGREES

The Department of Landscape Architecture and Urban Planning at Texas A&M University offers a series of dual degrees for students interested in pairing undergraduate or graduate level coursework with a Master of Land and Property Development degree.

MLPD & BS-URPN Bachelor of Science in Urban & Regional Planning

MLPD & BLA Bachelor of Landscape Architecture

MLPD & MUP Master of Urban Planning

MLPD & MARCH Master of Architecture

MLPD & MSCM Master of Science in Construction Management

master of land & property development

17

OUR FACULTY

Our exceptional Land Development faculty bring a variety of backgrounds and perspectives to the classroom. These MLPD faculty members are joined by outstanding faculty from the Landscape Architecture and Urban Planning Department as well as other departments across the Texas A&M University campus.

Additionally, guest lectures from developers, lawyers, architects, planners, and other prominent professionals bring cutting-edge relevance to the classroom and bridge learning with practice.

18

master of land & property development

DR. KENT ANDERSON Dr. Anderson serves as both an instructor and Program Coordinator for the MLPD program. His scholarly interests include Land Development, site analysis and infrastructure, residential land development, and commercial development, with extensive work experience in the field of residential development.

GEOFFREY BOOTH Geoffrey’s work experience covers a range of urban planning, public policy, development and investment projects, with research interests in planning law and development entitlement reform, the definition of the Sustainability Dividend, and the application of technology in the improved design of place and creation of real estate value.

DR. YOUNGRE NOH With a background in urban planning, Dr. Noh’s interests include environmental valuation, urban design, impact of urban planning and policy decisions, and land and property development.

DR. RUSSELL PETERSON As a member of the Mays Business School, Dr. Peterson is a Clinical Professor of Finance and is the Graduate Advisor for Real Estate Programs. His research interests include real estate finance, investments, and development.

master of land & property development

19

THE COMMUNITY

Texas A&M University is located in the center of the “Texas Triangle” (between Dallas/Fort Worth, Houston, San Antonio, and Austin) - the nation’s fastest growing mega-region.

This proximity allows students the ease of tapping into a massive, historically strong real estate market.

Even more critically, the MLPD program is one piece of an extensive community of students, alumni, educators, and professionals. From the College of Architecture to the University to the surrounding community, students have no shortage of opportunities for support and engagement.

20

master of land & property development

College Station, Texas

master of land & property development

21

THE COMMUNITY As a part of the College of Architecture’s Department of Landscape Architecture and Urban Planning, the MLPD is a member of an established community dedicated to designing and improving the built environment. In addition to a passionate culture of learning, existence within the College of Architecture brings access to innovative technologies and unique student organizations.

Beyond the college, Texas A&M University as a whole has a long-standing tradition of fostering a level of engagement which makes its impressive size feel much more personal.

Located in College Station, A&M benefits from the camaraderie of a college town and the convenience of being only a short drive away from many of Texas’ largest, most vibrant cities.

COLLABORATIVE

INVOLVED

WELCOMING

Situated within the College of Architecture, proximal to renowned engineering programs, and with ties in the Mays Business School, the MLPD program is as much a crossroads as the field of development itself.

Boasting over 800 student organizations, Texas A&M offers students more opportunities to engage with campus and the surrounding community than a single human could exhaust in a lifetime.

The core values of the university (excellence, integrity, leadership, loyalty, respect, and selfless service) are deeply ingrained to the point that the resounding friendliness continuously baffles campus visitors.

22

master of land & property development

RESPECTED

AFFORDABLE

CONNECTED

With a long history as a military school and the prestige of a Tier One research institution, degrees from Texas A&M carry recognition and weight not only in Texas, but around the world.

Texas A&M University consistently ranks among the top universities in the nation in terms of the value of the degrees it offers. It combines the affordability of public university with top-tier academics and hire-ability.

To study at Texas A&M is to become a member of the “Aggie Network�, an oftencited and deeply rooted link between students, former students, and academics across the globe.

master of land & property development

23

HOW TO APPLY All of our applicants are required to apply online through our Applicant Information System (AIS). You will have the ability to upload all of your required documents into the AIS system.

Be sure to provide the following: Application (http://admissions.tamu.edu/graduate/apply) Application Fee Statement of Purpose Official Transcripts Letters of Recommendation Resume Graduate Record Exam (GRE) scores For international students: Test of English as a Foreign Language (TOEFL) scores

While online is the preferred method of delivery, documentation can be mailed to the university if necessary. Ensure documents are sent to the appropriate address if you are a domestic or international student: Graduate Admissions Texas A&M University PO Box 40001 College Station, TX 77842

24

master of land & property development

International Graduate Admissions Texas A&M University PO Box 40002 College Station, TX 77842-4002, USA

All applicants must meet the requirements for graduate admission to Texas A&M University and the Department of Landscape Architecture & Urban Planning.

The deadlines for submission can be found on the Department of Landscape Architecture & Urban Planning website.

WANT TO KNOW MORE?... ...about the MLPD program or the application process (or anything you’ve read so far)? Feel free to check out the MLPD website, take a look at the additional resources listed on the next page, or contact Demetria Davis: drdavis@arch.tamu.edu Langford A 318

master of land & property development

25

ADDITIONAL RESOURCES COLLEGE STATION, TEXAS https://www.experiencebcs.com/

TEXAS A&M UNIVERSITY https://www.tamu.edu/

COLLEGE OF ARCHITECTURE http://www.arch.tamu.edu/

DEPARTMENT OF LANDSCAPE ARCHITECTURE & URBAN PLANNING https://laup.arch.tamu.edu/index.html

MASTER OF LAND & PROPERTY DEVELOPMENT https://laup.arch.tamu.edu/academics/graduate/mlpd/index.html

REAL ESTATE DEVELOPMENT ASSOCIATION (REDA) https://www.facebook.com/TAMUREDA/ https://twitter.com/tamureda https://maroonlink.tamu.edu/organizations

26

master of land & property development

Texas A&M’s endowment of $5 billion ranks it as the fourth largest among public universities in the United States. This provides ample resources for students. Some resources available to students in the Land and Property Development program include:

TEXAS A&M UNIVERSITY CAREER CENTER

THE REAL ESTATE CENTER AT TEXAS A&M UNIVERSITY

The Career Center is home of one of the largest campus recruiting programs in the United States. The Career Center has received National and Regional recognition for its many best practices, including the mock interview program, career coordinators, and former student career services. They provide assistance with resume/cover letter writing, networking opportunities, workshops, and job/internship searching.

The Center is the nation's largest publicly funded organization devoted to real estate research. The Center's staff conducts research on financial, socioeconomic, public policy, trade, legal, land use and local market analysis issues related to real estate.

TEXAS A&M UNIVERSITY SCHOLARSHIPS & FINANCIAL AID OFFICE The Scholarships & Financial Aid office provides information regarding outside and university related scholarship opportunities, applying for financial aid, finding a job on or off campus, managing finances, among other resources.

AGGIE REAL ESTATE NETWORK Professional organization comprised of Texas A&M graduates spread throughout the country, who are leaders in their particular facet of the real estate industry, ranging from valuation professionals to financial advisers and lenders, feasibility experts, developers and managers and owners of real estate, just to name a few.

The group frequently holds networking events and seminars to support A&M’s real estate professionals.

master of land & property development

27