Real Estate at the Knauss School of Business

real estate AT THE KN AUS S SCH OO L O F BUSI N ES S

KNAUS S C E NTE R F O R BUSI N ES S E DUCAT IO N

INNOVATING BUSINESS FOR The Knauss School of Business is dedicated to developing ethical and compassionate leaders prepared to confront humanity’s urgent challenges through innovation. We embrace values-driven free enterprise that creates wealth on a fair and equitable playing field to lift the standard of living for all citizens and preserve the planet for future generations.

Our approach to education is holistic. We invest in hiring and retaining a diverse faculty, both researchers

good

and practitioners, who are passionate about teaching and mentoring. The school crafts a personalized purpose of studies that builds on each student’s existing skill set, enhances core business skills and empowers students to become ethical and compassionate leaders. Through faculty support and mentorship, extra-curricular and study abroad programs and internships, students build extensive relationship “highways” to guide them on their career journey toward a life well-lived.

real estate THE WORLD’S LARGEST AND MOST ASSET CLASS MASTERING KNOWLEDGE IN

ubiquitous

“Real estate touches every facet of our lives—where we live, where we work, where we shop, where goods we consume are manufactured and so on,” says Charles Tu, Daniel F. Mulvihill Endowed Chair, Real Estate Department. “The best real estate professionals need to be properly educated, they must be good negotiators and presenters, and they must have a good understanding of economics, marketing, design, law, regulations, environmental impacts, construction, management, logistics and more. This is the kind of education we provide to students at the Knauss School of Business.”

Knowing that real estate was a growing asset class, USD was a pioneer in establishing a real estate program in 1993. A decade later, a $5 million gift named and endowed the Burnham-Moores Center for Real Estate (BMC), followed by a Master of Science in Real Estate (MSRE) in 2004 and a real estate major in 2009. The student experience and the preparedness for a career in real estate was the focus of the program from the outset.

“Student-centricity has been a mainstay for us since the beginning,” says Tu. “The support, services and resources we deliver to real estate students through the BMC are unparalleled. This support is funded entirely through the real estate industry.”

Real estate is offered as a BBA undergraduate major and a minor. At the graduate level, the Master of Science in Real Estate is offered two ways, full-time for 10 months (two semesters) or part-time for 22 months (four semesters). There are also two intra-University dual degree

options available. The MSRE can be paired with a Juris Doctor from USD’s School of Law for a JD/MSRE or paired with the Masters in Business Administration for an MBA/MSRE option. The Knauss School of Business also offers a Real Estate Finance, Investments and Development Certificate for industry professionals seeking to expand their knowledge base.

There are many choices for a student’s educational path, but one constant is the BMC’s dedication to students via its mission to help recruit, educate and mentor a diverse group of real estate students with the goal of facilitating their career pursuits in collaboration with the real estate industry.

“We accomplish this mission through the support of outstanding faculty and professional staff, dedicated career services, scholarship offerings, active industry involvement and outreach and cutting-edge research,” says Stath Karras, executive director of the Burnham-Moores Center for Real Estate.

The Knauss School of Business employs a holistic, comprehensive, integrated and personalized approach to ensure that each graduate and undergraduate real estate student is both well connected with our industry partners and well prepared in a functional area of real estate best aligned with their strengths. In doing so, each student is set up for success as they build a future in real estate. This approach has led to USD’s real estate program being ranked as one of the top programs in the country by U.S. News & World Report and College Factual.

a stellar ACADEMIC and APPLIED EDUCATION In 2022, more than 400 students enrolled as undergraduate real estate students within the Knauss School of Business, either as a major or minor. Growth in enrollment for the Master of Science in Real Estate program stems largely from the program’s full and part-time options and the learning advantage provided by small classes.

ALL STUDENTS ENJOY EASY ACCESS TO FACULTY, MOST OF WHOM HAVE IN-THE-FIELD EXPERTISE. THEY ALSO GAIN PERSONALIZED ATTENTION THROUGH THE BURNHAM-MOORES CENTER FOR REAL ESTATE, WHERE THEY FIND A DEDICATED CAREER ADVISOR, INDUSTRY MENTORS, ONE-ON-ONE COACHING, INTERNSHIPS AND CAREER OPPORTUNITIES. Students also benefit from scholarships—more than $500,000 is available for undergraduate and graduate real estate students. The McQuaig behavioral assessment is also offered to help students determine their strengths and match them to the area of real estate that can best lead to career success.

Not only does a real estate degree provide a solid academic education, but other opportunities also help

round out students' skillsets. Students can participate in challenging competitions, backed by excellent coaching.

Undergraduates gain real-world practice analyzing a local project through the NAIOP Challenge, where they compete against teams locally. At the graduate level, the Altus Group’s annual ARGUS University Challenge calls for teams around the world to compete in analyzing a fictitious real estate opportunity and reporting their strategies and recommendations. Industry experts guide both undergraduate and graduate students at the Knauss School of Business toward success in each competition.

The Real Estate Society, an undergraduate student organization, provides resources and information to students interested in or pursuing a career in real estate.

Meetings feature real estate industry speakers and representatives from professional associations and provide exposure to real-time industry conditions, prospects and careers. Students can also attend conferences offered by the BMC annually which allows students the opportunity to learn while simultaneously building relationships with industry leaders. The conferences focus on forward-thinking, topical items and the annual spring conference in downtown San Diego attracts nearly 700 industry professionals.

The wealth of opportunities offered by the Knauss School’s real estate programs provide expert guidance for the journey toward an enriching career in the world of real estate and a life well-lived.

RESOURCES FOR SUCCESS:

Although much of a Knauss School of Business’ real estate education takes place in the classroom, the foundational space for student success is located within the Burnham-Moores Center of Real Estate. Here, students, alumni and community members can find experts and helpful resources. The center offers career development tools and opportunities, student scholarship support, relationship building with industry professionals and much more.

“At the Knauss School of Business we provide both an academic and applied education,” says Karras. “We have the best in academia with our faculty members and, at any given time, we employ five to 10 adjunct professionals who are experienced practitioners. We also offer a wide variety of resources to help our students succeed. Our solid connection to the real estate industry forms a strong foundation for the resources we offer.”

The BMC forms strong bonds with both industry and alumni by utilizing them in leadership roles that support students and maintain academic excellence. A policy advisory board composed of the best minds in real estate

provides guidance and financial support for the real estate program within the Knauss School of Business.

Composed of forward-thinking professionals, board members include real estate entrepreneurs, company founders and experienced executives.

The Burnham-Moores Center’s Real Estate Committee also partners with real estate professionals from varied areas to provide input on curriculum development, programming and conferences, applied research projects and ways to strengthen industry relationships.

Strong bonds with industry professionals enable the real estate program to stay on the cutting-edge of real estate education.

The BMC also develops and hosts five annual educational conferences which USD students are encouraged to attend. These events provide opportunities for students to build relationships with real estate professionals and establish a foothold on the path toward a successful career. Each conference features guest speakers, topical information and enlightening perspectives.

The BMC is a must-visit for students seeking one-on-one career coaching, mentorship, internship information, resume reviews, mock interviews and a comprehensive career assessment program that includes McQuaig, an assessment that effectively points students to career paths that best match their talents and interests.

When the family returned to San Diego, Muñiz decided to take her career to the next level. She was particularly concerned about the growing homeless population within the city and wanted to understand the causes and conditions behind it.

“I wanted to do something that would impact the community in a positive way,” says Muñiz. “I wanted to be a part of a solution that would make a difference here.”

MICHELLE MUÑIZ ’16 Director of Multi-Family Underwriting and Special Assets, San Diego Housing Commission

During her 2800-mile road trip from Long Island to San Diego, 21-year-old Michelle Muñiz had a lot of time to contemplate her future.

“I didn’t know exactly where I was headed, but I felt strongly that when I found where I needed to be, I’d know it, and San Diego was that place,” says Muñiz. She landed a job and purchased a condo in Mission Valley—a real estate transaction that ignited a passion for a lifelong career.

In San Diego, Muñiz reunited with her high school sweetheart, married and began moving all over the country as a military wife and busy mom of three young children. During this time, her passion for real estate propelled her to obtain a license and begin her career in earnest. Not only did she begin selling houses, but she also began buying them. By the time her husband Jorge returned from a tour of duty in Iraq, Muñiz owned eight properties. With each family move, she purchased more homes. Today, Muñiz manages 20 properties across the country.

She turned to the Master of Science in Real Estate program at the University of San Diego’s Knauss School of Business to find answers and bolster her career.

RISING TO THE CHALLENGE Returning to school after almost 20 years was intimidating, but her instructors and the team at the Burnham-Moores Center for Real Estate provided plenty of encouragement.

“Their passion, leadership and mentorship made me want to learn more so I could accomplish more,” says Muñiz.

In addition to juggling a busy family schedule with a full academic load, Muñiz also took on an assistantship under Professor Norm Miller, PhD, Ernest W. Hahn Chair of Real Estate Finance, Emeritus. She served as an editor for Miller’s book on real estate sustainability and was chosen as a USD team blogger at the annual Marché International des Professionnels d'Immobilier (MIPIM) conference in Cannes, France, based on the quality of her writing.

In 2016, Michelle Muñiz was selected for the Daniel B. Woodruff Memorial Scholarship, which is awarded to the most outstanding student pursuing a career in real estate.

Muñiz was selected for her positive qualities of academic excellence, warmth, determination, intellectual curiosity and unabashed love for humankind.

She used the scholarship money to create the Khalid Mohammed Memorial Scholarship, an annual $4,000 award named for her inspiring uncle. Muñiz also raised an additional $50,000 to create an endowed scholarship in her uncle’s name that provides scholarship awards in perpetuity to women enrolled in the MSRE program.

“I want to encourage and inspire women—I want women who enter this program to have the confidence and affirmation that they can accomplish great things,” says Muñiz.

WORKING WITH PURPOSE Muñiz’s MSRE degree, combined with the industry connections she developed through the Burnham-Moores Center for Real Estate, enabled her to secure an internship with the San Diego Housing Commission. Muñiz gained valuable hands-on experience there before moving to the Affirmed Housing Group in San Diego where she worked securing millions of dollars in private and government sources to build hundreds of units of affordable housing.

Muñiz moved to Community HousingWorks in San Diego next. She and a staff of eight project managers were responsible for the financing and planning of multiple projects in various stages of development.

Today, Muñiz continues as owner and managing partner of JMX Investments LLC, the company she created in 2006, and has returned to the San Diego Housing Commission as the director of multi-family underwriting and special assets where she will oversee and evaluate the financial analysis of affordable multi-family projects.

“When I think about my journey, it’s not about what I’ve accomplished, it’s about how others have impacted me and how I’ve impacted other people,” says Muñiz. “I’m ready to continue to take my career to the next level.”

APPLIED LEARNING ENSURES A BETTER STUDENT EXPERIENCE AND 1ST PLACE IN MULTIPLE REAL ESTATE COMPETITIONS In 2022, for the third time in the past six years, undergraduate students from the Knauss School of Business real estate program took first place in the annual San Diego NAIOP University Challenge, a semester-long class that culminates in a competition involving three local universities.

USD real estate students benefit from coaching by three highly experienced instructors: Stath Karras; Jake Schwartz ’02, lecturer and president of Urban Coastal Development and vice president of Urban Housing Partners; and Casey Engelman ’18, development and acquisitions manager at Urban Housing Partners.

“The real estate program at USD prepared our team with the necessary skills to create a strong real estate development project,” says Madelyn Hofele ’22. “Each team member contributed different areas of strength and we were fully supported by three dedicated advisors throughout the entire semester.”

The latest project analyzed the 24-acre La Jolla Village Square Retail Center. Student teams examined a wide range of factors, including financing, transportation access, sustainable development, traffic patterns, Professor of Operations and Supply Chain Management

community impact, feasibility and investment returns.

Entitled “Plexus,” the USD student project encompassed 611 multi-family apartment units, over 200 square feet of innovative Class-A office space, 296 units of short-term stay hospitality, more than 105,000 square feet of experiential retail and a children’s museum. After four months of planning and investigation, the team submitted its recommendations. Teams earn points through a written proposal, an oral presentation and through their performance in a Q&A interview with real estate industry professionals who serve as judges.

“The proposed redevelopment by our students was incredibly innovative, yet very practical,” says Karras.

“The NAIOP Challenge allows our students to take the academic and applied learning they have received in our program and apply it to a hypothetical redevelopment of significant property in San Diego County.”

At the graduate level, the Altus Group’s annual ARGUS University Challenge calls for teams around the world to compete in analyzing a fictitious real estate opportunity and reporting their strategies and recommendations.

Industry experts guide both undergraduate and graduate students at the Knauss School of Business toward success in each competition. Over the years, USD teams have been awarded first place, seven times; second place on four occasions; and third place, once.

RECENT COMPETITION

winners

2017 ARGUS UNIVERSITY CHALLENGE WINNERS

2019 ARGUS UNIVERSITY CHALLENGE WINNERS

2019 NAIOP CHALLENGE WINNERS

2022 NAIOP CHALLENGE WINNERS

MEET OUR

experts

Made up of highly respected faculty, clinical professors, lecturers and industry professionals, our real estate faculty bring a wealth of industry expertise and industry connections into the classroom.

CHARLES TU, PHD Daniel F. Mulvihill Endowed Chair, Real Estate Department

JEREMY GABE, PHD Assistant Professor

LARRY MURNANE, ESQ ’85 JD Professor of Practice and President and Founder at Regal Properties

Charles Tu is the chair of the Real Estate Department and the academic director of the Master of Science in Real Estate program. Tu teaches courses in applied research in a wide variety of areas that affect real estate and business decision-making. Business reporters regularly contact him for up-to-date economic information and insights. Tu has published articles in many leading academic journals and major newspapers.

Jeremy Gabe’s applied research addresses urban design, adoption of sustainable building practices and housing affordability. He teaches both undergraduate and graduate real estate courses in real estate finance, sustainability, market analysis and housing policy. Jeremy is a founding member of the Future Leaders of ARES and currently serves as director of the American Real Estate Society Doctoral Program.

Larry Murnane is an attorney and real estate broker with extensive practical experience in commercial and residential real estate transactions and investments. As an investor, he understands the specific objectives of the various stakeholders involved in successful real estate transactions and profitable investments. He teaches the Principles of Real Estate and Legal Aspects of Real Estate courses.

NORM MILLER, PHD Ernest W. Hahn Chair of Real Estate Finance, Emeritus

JOHN DEMAS, ESQ ’13 LLM Professor of Practice

ROGER SIMSIMAN Professor of Practice and President at Mataas Partners

Norm Miller is the Ernest W. Hahn Chair of Real Estate Finance, Emeritus.

He works with the FDIC, DOJ, and Collateral Analytics developing real estate analytic products and tools to support financial institutions and investors.

Norm has published numerous academic articles and books on housing, brokerage, mortgage risk, valuation, sustainable real estate and many other topics. His most recent book Commercial Real Estate Analysis and Investment with David Geltner at MIT, is the world’s leading graduate-level real estate textbook.

John Demas teaches undergraduate and graduate courses in real estate tax law, asset management, estate planning and sustainability. He is a practicing attorney licensed before the U.S. Supreme Court, U.S. Tax Court, U.S. Court of Federal Claims, the Federal, 9th and 10th Federal Courts of Appeal, and several state and federal district courts. He is also certified as LEED AP BD+C by the U.S. Green Building Council.

Roger has more than 25 years of experience in the real estate industry, primarily in acquisitions, financing, capital markets, management, leasing, and development of office, industrial, retail, life science and self-storage properties. He is a member of the BMC Real Estate Committee at the University of San Diego in addition to serving as a clinical professor.

JOSEPH (JOE) C. ANFUSO ’84

Joseph (Joe) Anfuso directs the financial and fiscal management of MG Properties Group. He holds a bachelor’s in accounting and an MBA from the Knauss School of Business and is a certified public accountant (CPA), a licensed California Real Estate Broker and a licensed general contractor. He is recognized as an industry expert on housing and real estate markets.

Lecturer and Chief Financial Officer at MG Properties Group

NICOLE FORREST Lecturer and Founder at White Forrest

IAN M. GILL

Lecturer and Senior Review Appraiser at U.S. Navy and Marine Corps Nicole Forrest has been a real estate executive leading a variety of asset types, from affordable to ultra-luxury, and valued up to $300M. She has consulted private equity and development companies throughout the East Coast and California. Nicole earned a degree in political economy from Princeton University and an MBA from Harvard University.

Ian has vast experience in real estate development, homebuilding, and general contracting, all of which qualified him as an inductee into the California Homebuilding Foundation Hall of Fame in 2016. Ian chairs the policy advisory board of the Burnham Moore’s Center for Real Estate and is an instructor for the MSRE program.

Lecturer, Burnham-Moores Center Policy Advisory Board Emeritus, Founder of Highland Partnership and Principal at Silvergate Development

WHITNEY HODGES Lecturer and Partner at Sheppard Mullin

TREVOR HUBBARD ’O5 MSRE

Whitney Hodges is a partner at Sheppard Mullin in the Real Estate, Land Use and Natural Resources practice group. Her practice focuses on the representation of developers in all real estate asset classes through all phases of the land use regulatory process, environmental compliance and litigation. Whitney teaches real estate law at the University of San Diego's undergraduate real estate program.

STATH KARRAS Lecturer and Executive Director at Burnham-Moores Center for Real Estate

RENEE SAVAGE ’88

Trevor Hubbard is a senior review appraiser and co-manages the appraisal requirements of a multi-billion-dollar real estate portfolio. He teaches graduate and undergraduate real estate valuation courses and is an approved instructor at the Appraisal Institute. He earned MAI, SRA and AI-GRS designations from the institute and pursues scholarly research in environmental protection, ground leases and governmental policy.

Stath Karras works with faculty and the Burnham-Moores Center's team to create a meaningful learning experience for real estate students and enhance their career opportunities. Karras is responsible for cultivating relationships with key stakeholders to create fund-raising strategies, activities and programs to sustain Burnham-Moores Center operations. Stath is very active in the San Diego community where he has served as chairperson and/or board member of many community organizations.

Renee Savage manages approximately 30 apartment communities in San Diego County through Casavida and serves as an asset manager at CFI, a commercial management company overseeing 3.5 million square feet of retail, office and industrial space. Renee teaches the Property Management course in the MSRE program.

Lecturer and President at Savage CRE

JACOB SCHWARTZ ’02 Lecturer, President at Urban Coastal Development and Vice President at Urban Housing Partners

Jacob "Jake" Schwartz has a solid understanding of mixed-use developments, including hotel, senior housing, retail, office and parking. He understands capital markets and is actively involved in raising debt and equity. Jake teaches classes in development and real estate finance.

student gateway

INTO THE REAL ESTATE INDUSTRY “I’m still learning every day,” says Ian Gill, USD real estate lecturer, chair of the Burnham-Moores Center for Real Estate’s Policy Advisory Board, managing partner of Silvergate Development and founder of Highland Partnership general contracting.

Gill’s diverse real estate career spans 50 years and includes U.S. and international experience in real estate development, homebuilding and general contracting in all sectors, including: residential, commercial, industrial, institutional and mixed-use projects with an emphasis on urban redevelopment. He has developed and built more than 5,000 multi-family residential units.

IAN M. GILL Lecturer, Burnham-Moores Center Policy Advisory Board Emeritus, Founder of Highland Partnership and Principal at Silvergate Development

have provided years of learning experiences. He shares his wisdom and experiences as a lecturer to Knauss School of Business real estate students.

“I bring a unique perspective as a practitioner,” says Gill.

“I offer students a balanced view of what it takes to get people to collaborate on developing a project toward common goals and it’s still fun to me.”

Gill says the Knauss School of Business’s real estate program has a lot to offer the industry, notably its distinction as a values-oriented, Catholic university.

Prior to Silvergate, Gill was a project executive for Centre City Development Corporation’s Downtown San Diego Ballpark District. He coordinated the agency’s activities with city staff, the San Diego Padres and the master developer on all aspects of the 52-block project, including PETCO Park.

“There is a thread of integrity that goes into all of the programs and students graduate as ethical leaders,” says Gill. “Companies value employees who have high integrity and have a great work ethic. The fact that a job candidate [USD student] chose a program where ethics is normally expected is a bonus and those characteristics will be critical components throughout their careers.”

His work on planning and developing multiple projects, combined with his work in England and his connection to San Diego since 1978 as its first British homebuilder,

Gill also stressed the importance of relationship building.

“It’s important to students that they know they have job opportunities upon graduation,” says Gill.

“OUR POLICY ADVISORY BOARD MEMBERS OFFER SCHOLARSHIPS, SERVE AS MENTORS, PROVIDE INTERNSHIPS AND HIRE USD STUDENTS. ABOUT HALF OF THE CLASSES ARE TAUGHT BY SOME OF THE BEST REAL ESTATE INDUSTRY PROFESSIONALS IN THE REGION.” Gill has hired many USD real estate alumni. One in particular, Tommy Edmunds, Jr., is a 2016 graduate of the full-time MSRE program. Edmunds was a student in one of Gill’s classes, and today, he serves as president of Silvergate Development.

“There’s a reason we hired him,” says Gill. “I knew he had tremendous potential and now it’s fun to have him in the class as a guest lecturer, presenting a case study because it is one of the most challenging assignments for students.”

“I give back to the real estate program financially and donate my time whenever I can because I bonded to the people and the school as a student and I want to continue that relationship into the future,” says Edmunds.

Gill has joined USD real estate students on study abroad excursions, most recently to Asia and has participated in classroom learning, where MSRE students learn the ARGUS software.

Even with decades of experience under his belt, Gill admits that he’s still learning and learning by teaching is pure fun.

“I’m proud of the growth in our programs and of the great talent in our faculty,” says Gill. “Our undergraduate and graduate programs have an unparalleled reputation that is well deserved and I am proud to be part of it.”

impact real world

APPLIED RESEARCH'S ON THE

After three years as an assistant professor of real estate, Jeremy Gabe, PhD, couldn’t be happier being involved with the Knauss School of Business real estate program.

“Real estate occupies a rare space as a program here, with excellent track records in both research and student success,” says Gabe. “Coming from a research background, I learned about USD’s real estate program through the excellent work of Professors Norm Miller—Ernest W. Hahn Chair of Real Estate Finance, Emeritus—and Charles Tu. I am grateful for their support of my research and for the collegial nature of my faculty colleagues and of the Burnham-Moores Center’s team.”

Gabe teaches undergraduate and graduate real estate courses in real estate finance, sustainability, market analysis and housing policy. He is currently running models on the relationship between green-certified apartments and tenant turnover/vacancies and shares his research findings with his students.

“Aligning academic research with what's happening in the boardroom is a refreshing return on my interest in understanding how real estate markets can be designed to deliver solutions to major global challenges,” says Gabe.

“We all want to hear the latest news on any subject, so when my research interests overlap with student studies, I can add a lot of value to their experience.

My active engagement with research institutions and methodologies allows me to curate "smackdown" classroom content where I discuss the complexity (and often nonsense) of seemingly simple popular concepts.”

Gabe’s current research project is examining tenant turnover in green-certified apartments. An analysis of leasing data will test the validity of a popular marketing claim that renters prefer environmentally friendly design and are more likely to renew leases in green building apartments. If proven valid, the study could provide an additional incentive for investors and developers to design

and build apartments that adhere to green building standards. This finding could make a significant difference towards our collective goal of a more sustainable future given that buildings are responsible for 13 percent of all greenhouse gas emissions in the U.S. Prior to USD, Gabe lectured on real estate at the University of Auckland, where he specialized in research intersecting with urban economics, environmental economics and urban planning. Gabe applies 15 years of international experience in the New Zealand real estate and architecture research community with his masters and PhD degree knowledge from the University of Auckland to his real estate classes at the Knauss School of Business.

“Our students are highly ambitious and motivated to solve some of today’s biggest global challenges—housing affordability, climate change, social inequality and more,” says Gabe. “Having nearly all of my professional experience outside the U.S., I stimulate a lot of discussion and thinking with firsthand knowledge of different institutional structures, tax policies, business models and different roles the state can play in real estate markets to address major challenges.”

JEREMY GABE, PHD

Assistant Professor of Real Estate

what sets #1 us apart OUR PROGRAM OFFERINGS: Real Estate Major Real Estate Minor Master of Science in Real Estate (MSRE) MSRE/JD MSRE/MBA Real Estate Finance, Investments and Development Certificate

2022 2023

Best Real Estate College in the U.S.

Best Undergraduate Real Estate Program

College Factual, 2018, 2019, 2020

U.S. News & World Report

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110

Dedicated faculty

Industry partners

98%

100%

UG students employed within 90 days of graduation

KNAUSS SCHOOL OF BUSINESS REAL ESTATE STUDENTS HAVE BEEN HIRED BY:

#11 #15

MSRE students employed within 90 days of graduation