As with the last 100 meters the 400-meter dash, the conclusion of the 2011 fall semester marks the beginning of the end of my time at Mason. As I race towards the finish line in May 2012, good thoughts come to mind, especially of the Real Estate CAM taught by Prof. Ben Bolger. The course exposed me to the nuances of an industry where success is not necessarily about reality, but your ability to create a perception, in which people want to participate. In the CAM, we covered cases analyzing the future of real estate at academic institutions using Harvard and W&M as examples; urban development in Brazil; and the redevelopment of the World Trade Center.

However, this CAM was especially effective because of what I like to call the “now” factor that Prof. Ben Bolger, brings in his instruction. For most class session we had speakers from industry to discuss what they were doing “right now”. We entertained people such as:

• Dexter Klock, whose family manages the most sought after business address in Washington DC: 1700 Penn Avenue (right next to the White House). Among many things, he taught us much about FAR (floor to area ratios) and how developers use sky rights to circumvent municipal construction regulations;

• Peter S. Eckert, an apartment appraiser and Andrew Nelson, a real estate broker (also an Executive Partner at Mason), taught us about real estate appraisals; the process of buying a home; becoming a real estate broker; and the differences between the real estate markets in the US and UK;

• Chuck Roadley, who came in to tell us about regulations governing environmental site assessments and how getting the right environmental permits are essential to the success of any project; and

• Bruna Dajlani: An entrepreneur with real estate investments in Italy and Albania. She discussed real estate practices in some of the most historic regions of Europe; and showed us plans for an ultra-exclusive property on the Albanian coast.

We had two Mason alumni come by to tell us about what they were doing. Justin Konz of Restoration Capital gave what I believe was the best session on real estate as an entrepreneurial exercise. His company specializes in providing bridge capital to “flippers” – real estate investors, who purchase depressed or underperforming properties, refurbish them to attract a better valuation, and sell them to realize substantial profits. Anna Perry from Apartment Realty Advisors (ARA) briefed us about her job as an analyst at the company’s DC office. In her time at Mason, Anna took the Real Estate CAM. She got a job at ARA after one of the principals, Drew White, visited the CAM. Drew came back this year with and Jeff Pritchard, another principal. Both gentlemen used every opportunity to let us know that they would be hiring again – and many of us gladly exchanged our contact information with them. Having Justin and Anna in class made a strong impression on me. It showed some career possibilities after I graduate from Mason.

On occasions when we did not have a speaker for class, we left Miller Hall to visit the likes of:

• John Hopke - A local architect in Williamsburg who has worked on many familiar projects including the Fresh Market structure on Monticello Avenue; and

• Dan Aston – A partner at Roseland Properties, a real estate development and management company specializing in luxury apartments and homes in the Northeast region of the US. We visited High Street, a mixed-use development, and got to hear about the company’s tradition of creating excellent properties that garner some of the best rents in their regions.

The crowning delight of the course was our trip to New York City. We had two days and three nights of great fun with visits to:

• Port Imperial, NJ (a Roseland Properties site) where Formula One will be hosted in 2013. Marshall Tycher, partner at Roseland gave us a VIP tour of the property, with historical references to real estate development in New York;

• Google’s offices in the Chelsea district where we learned about how horizontal work spaces aid collaboration; and

• The Related Group where alum, Kenneth Himmel is President and CEO of Related Urban. We got an exclusive tour of the Time Warner building, discussed the company’s current projects, and had numerous opportunities to interact with people that are hiring MBAs.

The learning never stopped. On one of our evenings in NYC, Prof. Bolger took some students to an evening of jazz music from the Julliard Jazz Ensemble at the Harvard Club. After the music, we went on a tour of the Yale and University of Pennsylvania social clubs for a quick lesson on interior design and architecture. Our visit to NY ended at the 9/11 Memorial where we saw some of the on-going construction of the new towers being built by Larry Silverstein. It was a moving experience to see how real estate has been used to translate both the grief of loss and the strength of the indomitable human spirit.

One of the three tower being built by Larry Silverstein at Ground Zero

One of two pools at the 9/11 Memorial, NYC

As a final project, we were put into teams to come up with innovative real estate concepts. Aside from one idea to create outdoor environments inside buildings, the majority of the class believes that the future of hospitality lies in smaller and simpler accommodations for a trendier and mobile clientele. It was tougher to figure out if the hotel opportunity lies in the low, mid, or upscale end of the market.

At its core, real estate is an entrepreneurial venture, where you have to leverage your networking, negotiation, selling, and analytical skills. In the same vein, real estate provides a creative outlet to solve problems and realize your visions of building houses and creating cities. Where the “rubber meets the road” is in being able to convince multiple stakeholders to believe in your vision. Prof. Bolger’s assignments got me thinking about how I can incorporate real estate in my future. After all, people will always need luxurious accommodations.

I can’t do justice in conveying all the great things I learned in class and in New York. It’s an experience you just have to be a part of, and I strongly advise the first years to consider taking this course in their second year of the MBA program.