Center for Real Estate Entrepreneurship

Master's in Real Estate Development Program

Press Releases

impact fall 2024

Fairfax City and Mason come together to spur economic growth and student success

Colleen Rich — Mon, 02 Oct 2023 14:06:58 +0000

Fairfax City and Mason come together to spur economic growth and student success Colleen Rich Mon, 10/02/2023 - 10:06

Fairfax City mayor and ��AV alumna Catherine S. Read, BA ’84, and Mason's School of Business Dean Ajay Vinzé signed a partnership agreement on Oct. 2 aimed at promoting economic growth in the city while giving students access to experiential learning opportunities that will benefit local businesses and students.

Students get hands-on retail management experience at Fairfax Ace Hardware. Photo provided

This partnership will extend the walls of the business school’s classrooms into the local business community, by affording business students with the opportunity to learn and practice leadership skills across several industries in the “classroom beyond the classroom.”

“Our collaboration with the ��AV School of Business is about investing in our future, and being open to change and innovation,” said Read. “By welcoming Mason students and faculty into our business community, we’re bringing fresh faces and new ideas to city planning in support of our vision for a vibrant commercial district.”

“The School of Business emphasizes student experience and career readiness via public, private, and academic partnerships,” said Vinzé. “We see Mason as your hometown university, and this partnership is an exciting opportunity for us to invest in the growth and economic development of this wonderful city, while providing our students with a hands-on learning experience that will prepare them for successful careers in business.”

Experiential learning opportunities in Fairfax are expected to draw Mason students from each of the business school’s four centers of excellence—Center for Innovation and Entrepreneurship (CIE), Center for Real Estate Entrepreneurship (CREE), Center for Retail Transformation (CRT), and the newly named Greg and Camille Baroni Center for Government Contracting.

a CIE-led vendor management experience for students with retailers in the Old Town Fairfax Business Association (OTFBA)/FCED “Wander In” retail incubator,
a CREE site plan analysis for determining best use options of commercial real estate sites in the Northfax Small Area Plan and other areas of Fairfax City,
an in-store retail management experience with CRT students and Fairfax City retailers, and
a study by students from the Greg and Camille Baroni Center for Government Contracting, in coordination with the Mason Enterprise Center, to identify ways to improve business outcomes for small business federal contractors.

“What makes this program unique among ‘classroom beyond the classroom’ partnerships is our collective focus on leveraging the short-term benefit of student employability into a longer-term relationship with our city and its business community,” said Christopher Bruno, executive director and CEO of FCED. “One of the reasons we decided to partner with Mason is its track record of driving economic growth in the region—close to 70% of its alumni live and work in a 50-mile radius of the Fairfax Campus—and the confidence that gives us that many of the relationships we form now with Mason students and alumni are going to serve as a magnet for new businesses in the future.”

People Mentioned in This Story

Ajay Vinzé

She has ideas to bring Mason and Fairfax City together

“You look at our downtown and where are the students, where is the activity, where is the energy?” said Catherine Read, the first Mason alum, and first woman, to be Fairfax mayor. "What kind of things can we do between the campus and the city? That’s what we should be asking ourselves."

Learn more about her plans >>

New Fairfax City Partnership with ��AV School of Business to Promote Economic Growth While Affording Student Access to Experiential Learning Opportunities

Marianne Klinker — Thu, 28 Sep 2023 12:42:44 +0000

New Fairfax City Partnership with ��AV School of Business to Promote Economic Growth While Affording Student Access to Experiential Learning Opportunities Marianne Klinker Thu, 09/28/2023 - 08:42

Fairfax City Economic Development and ��AV Come Together to Spur Economic Growth and Student Success Through Experiential Learning

Fairfax City, VA – Fairfax City mayor and ��AV alumna Catherine S. Read (BA ’84) and ��AV School of Business Dean Ajay Vinzé will sign a partnership agreement on October 2 aimed at promoting economic growth in the city while giving students access to experiential learning opportunities that will benefit local businesses and students.

Joining Mayor Read and Dean Vinzé for the signing ceremony, which will also include the presentation of a proclamation by the mayor, will be Fairfax City Government and Economic Development officials, along with ��AV School of Business leaders, faculty, staff, students, and alumni. “Our collaboration with the ��AV School of Business is about investing in our future, and being open to change and innovation,” said Mayor Read. “By welcoming Mason students and faculty into our business community, we’re bringing fresh faces and new ideas to city planning in support of our vision for a vibrant commercial district.”

FCED officials and representatives from the business school review the conceptual layout of the Northfax West development project.

“The School of Business emphasizes student experience and career readiness via public, private, and academic partnerships,” said Dean Vinzé. “We see Mason as your hometown university, and this partnership is an exciting opportunity for us to invest in the growth and economic development of this wonderful city, while providing our students with a hands-on learning experience that will prepare them for successful careers in business.” Experiential learning opportunities in Fairfax are expected to draw Mason students from each of the business school’s four centers of excellence—Center for Innovation and Entrepreneurship (CIE), Center for Real Estate Entrepreneurship (CREE), Center for Retail Transformation (CRT), and the newly named Greg and Camille Baroni Center for Government Contracting.

Students get hands-on retail management experience at Fairfax Ace Hardware.

With some programs already underway and additional planning discussions on the horizon, both sides are looking forward to expanding the current collaboration in the spring. Among the projects slated to launch are a CIE-led vendor management experience for students with retailers in the Old Town Fairfax Business Association (OTFBA)/FCED “Wander In” retail incubator, a CREE site plan analysis for determining best use options of commercial real estate sites in the Northfax Small Area Plan and other areas of Fairfax City, an in-store retail management experience with CRT students and Fairfax City retailers, and a study by students from the Greg and Camille Baroni Center for Government Contracting, in coordination with the Mason Enterprise Center, to identify ways to improve business outcomes for small business federal contractors.

Fairfax City Economic Development is a collaboration between the Fairfax City Economic Development Office and the Fairfax City Economic Development Authority, an independent agency administered by a commission appointed by the City Council to promote economic development activity within Fairfax. Fairfax City Economic Development helps attract businesses to the city, encourages and develops programs that foster connections between businesses, residents, and visitors of Fairfax, and spearheads innovative programs and strategies devoted to positioning Fairfax City as an ideal location to start, grow, and scale a business. It is a founding member of the Northern Virginia Economic Development Alliance. Learn more at fairfaxcityconnected.com.

��AV is Virginia’s largest public research university. Located near Washington, D.C., Mason enrolled over 40,000 students from 130 countries and all 50 states for the fall 2023 semester. Mason has grown rapidly over the last half-century and is recognized for its innovation and entrepreneurship, remarkable diversity, and commitment to accessibility. Also in 2023, the university launched Mason Now: Power the Possible, a $1 billion comprehensive campaign to support student success, research, innovation, community, and sustainability. Learn more at gmu.edu.

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Center for Innovation and Entrepreneurship

Center for Retail Transformation

Center for Government Contracting

Press Releases

Media Contacts

Chris Bruno
(703) 638-8031
christopher.bruno@fairfaxva.gov

Duane Bailey
(703) 283-2073
dbaile8@gmu.edu

In This Story

Ajay Vinzé

Arlington Panel Mulls Hot ‘Missing Middle’ Issue

Marianne Klinker — Mon, 24 Oct 2022 12:28:39 +0000

Arlington Panel Mulls Hot ‘Missing Middle’ Issue Marianne Klinker Mon, 10/24/2022 - 08:28

In This Story

Costello College of Business Faculty Media Mentions

“Northern Virginia has been No. 1 for economic mobility in the past four decades,” said Center for Real Estate Entrepreneurship Director Eric Maribojoc. But the market is not producing enough housing for 60,000 new residents expected next decade. Not only are prices rising, there’s been a “60 percent hike in households without children and in one-person homes,” he reported.

Read the full article.

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Master’s in real estate alumni giving back through service on advisory board

Jennifer Anzaldi — Mon, 03 Oct 2022 16:02:56 +0000

Master’s in real estate alumni giving back through service on advisory board Jennifer Anzaldi Mon, 10/03/2022 - 12:02

In This Story

Greg Hoffman

Kristin Norris, '19

Roger S. Lin

Greg Hoffman, MRED ’16, chair of CREE advisory board

Since the Center for Real Estate Entrepreneurship’s (CREE) inception a dozen years ago, its advisory board, comprised of the region’s senior leaders from across the real estate industry, has been a staunch supporter of developing the next generation. “Our board members actively support programs across the university and they have been integral in funding and supporting student scholarship,” says Eric Maribojoc, CREE’s executive director. As both the center and the master’s in real estate development program (MRED) mature, former students who have advanced in their careers and become industry leaders themselves, are coming back to support the program that helped them along their way. Today, three CREE board members are MRED alumni from the School of Business, bringing with them their unique perspectives on strengths and areas for improvement in the program.

Vice President at Rooney Properties, Greg Hoffman, MRED ’16, is the new chair of the CREE advisory board and says he “joined the board when the opportunity arose to pay it forward for the next generation of students and share my perspective as an MRED alum serving on CREE to help guide future board endeavors. CREE was incredibly supportive to me as an MRED graduate student by providing access to scholarships, sponsoring industry events and supplemental learning opportunities, and cultivating the professional network I needed to launch my career in real estate development.”

Kristin Norris, MRED '19

Kristin Norris, who graduated from the MRED program in 2019, reflects on the program’s merits. “The MRED program was full of adjunct professors as well as students from all areas of the real estate industry,” she says. “This allowed for collaborative discussions with real professionals in a classroom setting, which helped me expand my knowledge of the industry as a whole, giving me an advantage as a lender when talking to clients and prospects.”

Societal and technological changes have led to a shift in priorities, but some things never change. The advisory board remains firm in its support of real estate education at ��AV. A few of the topics receiving more attention lately are sustainable development and affordable housing. Students educated in the MRED program leave prepared to address these issues and more. “My goals are for the CREE board to continue to enrich the MRED program by bringing industry insights and experience to the students in the MRED program and continuing to bring innovative programs that increase real estate understanding for the general public,” says Roger Lin, MRED ’16.

Roger Lin, MRED ’16

The leaders on the CREE board are incredibly valuable supporters of the university and their funding of scholarships and programs across disciplines places ��AV in a much more advantageous position. And as students learn how to engage in evolving real estate opportunities, they are fortunate to have real experts backing their moves.

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Costello College of Business Alumni

Master's in Real Estate Development Program

Missing Middle Housing Information Series: Housing Development and Economics

Marianne Klinker — Mon, 26 Sep 2022 11:26:44 +0000

Missing Middle Housing Information Series: Housing Development and Economics Marianne Klinker Mon, 09/26/2022 - 07:26

In This Story

Costello College of Business Faculty Media Mentions

Eric Maribojoc, executive director of the Center for Real Estate Entrepreneurship, joined Arlington Board Chair Katie Cristol and other housing researchers on Arlington TV for a wide-ranging discussion on housing, development, and zoning reform as part of Arlington County's missing middle housing Information series. Watch a recording of the show:

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Learning by experience: Students raise $1.25 million for Student-Managed Real Estate Fund

Jennifer Anzaldi — Tue, 23 Aug 2022 03:52:54 +0000

Learning by experience: Students raise $1.25 million for Student-Managed Real Estate Fund Jennifer Anzaldi Mon, 08/22/2022 - 23:52

In This Story

Learn more about the Master's in Real Estate Development program here.

While most students were taking a break from their studies this summer, the student managers of Patriot Real Estate Funds raised $1.25 million for the second student-managed real estate investment fund at ��AV.

The Center for Real Estate Entrepreneurship (CREE) at the School of Business established the initial student-managed real estate investment fund in 2018 to provide students of the Masters in Real Estate Development (MRED) program a unique experiential learning opportunity. With real money raised from outside investors, this is one of only a few similar programs offered at universities across the country, and allows students the chance to study, recommend, and manage investments in commercial real estate properties in the metropolitan Washington, D.C. area.

“The class is an education on the wide variety of risks and returns from different commercial real estate property types,” says Eric Maribojoc, the executive director of CREE. “The students have looked at apartment, office, retail, self-storage, and industrial deals. They learn investment and asset management skills. They have professional interactions with industry executives and professionals.”

The first fund, Patriot Real Estate Fund I, raised $750,000, and four years after launch, the 40 students who have gone through the program had fully invested the funds in ten properties, among them a

Hanna Picardi, MRED '22

medical office property in Gainesville, an apartment building under construction in Washington D.C., and an established shopping center in suburban Baltimore. This June, the current student managers raised the $1.25 million for a new fund, which will extend this experiential learning opportunity to the next generations of real estate students at Mason.

“The student fund has been one of my favorite experiences in the MRED program. Its real-world application is invaluable. It is an amazing educational tool and resume booster,” says Hanna Picardi, a recent graduate of the MRED program and one of this year’s fund managers. “I learned how to analyze a potential investment from A to Z, how to manage that investment over time, and how to determine if we’re getting paid for the risks we may take on. I learned not only from the professor, but also through my peers, through interviews with sponsors, through committee board members, and through visits to investment sites.”

Rod Alemi, MRED ’20

Rod Alemi, MRED ’20, agrees that the program’s educational benefits and impact on students’ careers is invaluable. “The student fund plays a vital role in cultivating up and coming real estate professionals going through the MRED program,” says Alemi. “It enhances the value of the MRED program by providing real world investment opportunities for students interested in pursuing the real estate investments and acquisitions career path.” After graduating from the MRED program, Alemi successfully moved from his job at a construction firm to a real estate investment company.

Tyler Kasak, MRED ’18

Tyler Kasak, MRED ’18, values the experiential learning opportunity. “The fact that we were dealing with real capital really forced us to be extremely thoughtful and thorough when looking at potential investment opportunities,” says Kasak. “Pitching a potential deal to the highly experienced investment committee taught me how to prepare and answer important questions. That experience was tough and a little nerve-wracking, but extremely rewarding. The experience had such a positive effect on me. I was pleased to hear about the second fund, which will continue to offer more students the amazing experience I was granted.”

For more information about the student-managed real estate investment fund, please contact Eric Maribojoc at rmariboj@gmu.edu .

Topics

Master's in Real Estate Development Program

Students

Impact Fall 2023

What Is the Homeownership Gender Gap?

Marianne Klinker — Fri, 05 Aug 2022 19:06:33 +0000

What Is the Homeownership Gender Gap? Marianne Klinker Fri, 08/05/2022 - 15:06

In This Story

Costello College of Business Faculty Media Mentions

“As women made gains in higher education, access to full-time employment, higher pay, and higher income positions—as well as with more households now identifying as led by women—this homeownership gap has shrunk over the last few decades,” says Eric Maribojoc, executive director of the Center for Real Estate Entrepreneurship, in an article on the home ownership gender gap in The Balance.

Read the full article.

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Center for Real Estate Entrepreneurship Enhances Diversity and Inclusion Efforts with Opportunity Scholarship

Jennifer Anzaldi — Tue, 14 Jun 2022 19:53:21 +0000

Center for Real Estate Entrepreneurship Enhances Diversity and Inclusion Efforts with Opportunity Scholarship Jennifer Anzaldi Tue, 06/14/2022 - 15:53

Funmi Obasohan

The Center for Real Estate Entrepreneurship in the School of Business at ��AV established the Opportunity Scholarship to support diversity and inclusion in the real estate industry during the COVID-19 pandemic.

Launched in August 2020, the Opportunity Scholarship is awarded each fall to one or more incoming first-year master’s in real estate development student(s) from groups underrepresented in the real estate industry and/or those contributing to diversity and inclusion in the real estate industry and ��AV.

The scholarship was created thanks to the efforts of the Center for Real Estate Entrepreneurship’s advisory board members, Brian Benninghoff, partner, Buchanan Partners; Bryan Layman, senior vice president, ECS Mid-Atlantic; and Ken Ryan, principal, The Van Metre Companies.

“The Opportunity Scholarship is a great example of support from the real estate industry for Mason’s mission of accessible quality education,” says Eric Maribojoc, executive director for the Center for Real Estate Entrepreneurship. “By helping develop diverse talent and professional perspectives, Mason strengthens the industry workforce and the impact for good in our communities.”

Real estate firms, Buchanan Partners, ECS Mid-Atlantic, and The Van Metre Companies funded the scholarship. “The Real Estate industry here in the Washington, D.C., area is a huge part of our community and it needs professionals from all backgrounds to thrive. The masters in real estate development program at Mason helps students become experts in Real Estate,” says Ryan. “We hope this scholarship will help bring students to the program, who might not otherwise choose Real Estate.”

The Opportunity Scholarship’s first recipient was Funmi Obasohan, a portfolio manager at John Marshall Bank. The awardee for 2021 was Malik Salifu, a project manager at Eichberg Construction.

“This scholarship award came as an answer to my prayers as it significantly reduces my financial burden and affords me the ability to focus on the important details of my program here at ��AV,” says Salifu.

Malik Salifu

Layman says the firms are committed to the Center and ensuring that highly qualified candidates have the opportunity to pursue their degree. “It is our hope that the scholarship reduces the financial burden of recipients and ultimately produces graduates that enhance the industry and represent the excellence and diversity of the region,” says Layman.

“Real estate will forever be a thriving industry and an intrinsic part of our communities, but a lot of groups have been marginalized from the benefits,” says Obasohan. “The MS in real estate development will give me the tools to not only improve my analytical skills but be better equipped to advise banks in how to support diverse ownership of assets by historically disadvantaged groups.”

With the knowledge he gains from the program, Salifu hopes to impact the next generation of construction and real estate professionals by teaching, and also becoming an entrepreneur in the construction and real estate industries.

For Obasohan, her long-term goal is to start her own development firm in her home country of Nigeria. “I would like to play an active role in combating homelessness and providing an affordable housing structure that will benefit all stakeholders,” says Obasohan. “Public housing in Nigeria is almost nonexistent and needs an innovative solution from the financing and development sides. I believe the MS in real estate development program at ��AV is the perfect environment to find that solution.”

To contribute to the Opportunity Scholarship, contact rmariboj@gmu.edu.

Bridging the gap between academia and practice, the Center for Real Estate Entrepreneurship addresses the issues affecting the real estate industry and the future of the built environment. Working in partnership with leading real estate developers, professionals, academics, and organizations in the Washington D.C. area, the Center develops relevant content for the business and education communities.

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Are CRE Price Drops Coming?

Rachel Chasin — Mon, 13 Jun 2022 01:44:10 +0000

Are CRE Price Drops Coming? Rachel Chasin Sun, 06/12/2022 - 21:44

In This Story

Costello College of Business Faculty Media Mentions

Eric Maribojoc, executive director of the Center for Real Estate Entrepreneurship, was interviewed by GlobeSt.com on upcoming CRE pricing trends.

Read the full article.

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