Executive Education

Real Estate Investing

Live Online:

  • October 1st–November 5th (6 consecutive Fridays, 10am–1pm ET)

Real Estate Investing

Overview

The last few decades have seen rising capital allocations to real estate as bond yields have compressed. With financing attributes beneficial to institutional investors, fund managers, and entrepreneurs alike, real estate has become an avenue to wealth building and a source of portfolio diversification for a wide range of investment entities.

More recently, the COVID-19 pandemic has had a profound impact on the real estate industry across the globe that could last for years. The disruption to financial markets and the global economy presents unique challenges for all aspects of real estate dealmaking, including fair valuation of real estate assets, decision making under uncertainty, regulatory changes, long-run implications of work from home, and risk to tenants whose ability to pay rent has been impeded. Yet, the dislocation also presents tremendous opportunities not seen since at least the great financial crisis of 2008–2010. Hotels and retail properties in particular are ripe targets for distressed-asset investors.

Taught by Columbia Business School’s top real estate faculty from the School’s esteemed Paul Milstein Center for Real Estate, the Real Estate Investing program provides participants with a deep understanding of real estate valuation and investments — sharpening their acumen of real estate principles, teaching them how to mitigate risk in real estate investing, and strengthening their strategic decision-making capabilities in the field. Most recent program participants included, among others, private wealth individuals interested in investing in real estate, private wealth advisors, and senior executives from global venture capital and private equity firms, sovereign wealth funds, consulting companies, investment banks, and real estate development, management, and advisory firms.

While touching on residential housing, the six-session program primarily focuses on the acquisition and management of income-producing commercial properties.

Impact

  • This program is designed to provide a deep dive into the changing fundamentals and emerging opportunities in real estate. Participants build on their existing business knowledge and learn how to apply it to the real estate investment market. Specifically, participants will:
  • Solidify their understanding of key real estate investment fundamentals and metrics
  • Using real-world case studies, examine determinants of successful real estate investing
  • Learn how to analyze the distressed real estate investment opportunities
  • Consider the perspectives of investors and investment management firms
  • Understand factors that are disrupting the business and explore strategies to improve buying, renting, selling, and managing real estate assets

For a complete program schedule, download the agenda.  For questions contact: Alberto Cruz

***Columbia Alumni are eligible for a 25 % tuition benefit that you can use and share with up to four colleagues. You may also use remaining bidding points as tuition dollars.

*** Preferred pricing is available for groups of two or more. To inquire, email Alberto Cruz

Participant Testimonials

“The program was tremendous. I finished with a great understanding of the fundamentals of real estate and the various ways in which investors work in the asset class. Anyone who works in related fields will benefit and increase their knowledge of real estate investing. The professors are tremendous, and each of them brought their expertise and energy to make each session valuable. This was an experience that I was able to participate in virtually and would have had a hard time doing in-person, given that I live in Los Angeles.&”

Spring 2021 Participant, Private Wealth Advisor 

“I found the Real Estate Investing program at the Columbia Business School to be incredibly valuable and highly recommend the course to anyone looking to enter the commercial real estate field or looking to broaden their understanding of valuation across multiple sectors. The professors were engaging and provided varied perspectives while analyzing trends and touching on real-time information, including the present-day impact of the global pandemic. I appreciated the virtual format of the course which allowed me to fully participate while balancing my full-time workload.”

Katie Jacoby, EVP Strategy and Development, Anchor Health Properties

Video


 

For a complete program schedule, download the agenda.

For more information

Please contact Executive Education Learning Solutions Specialists at +1 212-854-3395 for a personal conversation to learn more.


Faculty

Christopher MayerChristopher J. Mayer, Faculty Co-Director
Paul Milstein Professor of Real Estate; Professor of Finance
Co-Director, Paul Milstein Center for Real Estate, Columbia Business School

Christopher Mayer’s research explores a variety of topics in real estate and financial markets, including housing cycles, mortgage markets, debt securitization, and commercial real estate valuation. Professor Mayer is also CEO of Longbridge Financial, an innovative reverse mortgage company focused on delivering responsible home equity products to older Americans to help finance retirement. Mayer serves as a research associate at the National Bureau of Economic Research, a director of the National Reverse Mortgage Lenders Association, and a member of the Academic Advisory Boards for Standard and Poor's and the Housing Policy Center at the Urban Institute.

Mayer is active in the media and advising policymakers, testifying six times before committees of the U.S. Senate and House of Representatives, writing a paper for the Financial Crisis Inquiry Commission, and authoring numerous op-ed articles in major publications. He previously served as senior vice dean at Columbia Business School and held positions at the Wharton School, the University of Michigan, Harvard Business School, and the Federal Reserve Bank of Boston. He earned a BS in Math and Economics from the University of Rochester with highest honors and a PhD in Economics from MIT.

Hear more from Christopher Mayer in this video:

Tomasz PIskorskiTomasz Piskorski, Faculty Co-Director
Edward S. Gordon Professor of Real Estate, Columbia Business School

Tomasz Piskorski is also a research associate at the National Bureau of Economic Research and serves on the Academic Research Council of the Housing Finance Policy Center at the Urban Institute. Professor Piskorski’s research explores issues in real estate finance, securities and mortgage markets, financial intermediation and banking, market structure and regulation, and housing policy. His recent work centers on inefficiencies in credit markets, financial technology, shadow banking, financial regulation, mortgage market reform, and the impact of consumer credit markets on the broader economy.

His research and market views have been presented at an array of academic, governmental, and financial institutions, including the U.S. Congress, the U.S. Treasury, the U.S. Department of Housing and Urban Development, the Federal Deposit Insurance Corporation, the Securities and Exchange Commission, the London Stock Exchange, the Federal Reserve Banks, the European Central Bank, the National Association of Home Builders, the Brookings Institution, the Cato Institute, and the Woodrow Wilson Center. He received the AQR Insight Distinguished Paper Award that recognizes research that provides the most significant, new practical insights for tax-exempt institutional or taxable investor portfolios.

Hear more from Tomasz Piskorski in this video:

David Sherman '82David M. Sherman, Faculty Co-Director
Senior Advisor and Co-Founder, Metropolitan Real Estate
Co-Director, Paul Milstein Center for Real Estate, Columbia Business School

David Sherman is senior advisor and chairman of the Investment Committee at Metropolitan, a real estate investment management company that he co-founded in 2002. Sherman has more than 30 years of real estate investment, finance and analytical experience. In 2000, Sherman founded D. Sherman & Company, Inc., an advisory firm focused on strategic issues and transactions in the real estate securities industry.

Previously, Sherman was managing director of Salomon Smith Barney’s REIT research team, which covered more than 60 stocks and supported the firm’s $15 billion of REIT offering activity. At Smith Barney, Sherman created a new approach to evaluate global real estate securities and initiated global coverage of the sector. Sherman also held other positions in real estate finance, investment banking, and strategic planning at Smith Barney, The Harlan Company, First Boston, and Paine Webber, including acting as the Chief Financial Officer of Paine Webber Properties, a family of real estate funds with over $500 million in property investments.

For seven years, Sherman was an adjunct professor of Real Estate Finance at Columbia Business School. He is also the former chairman of the Pension Real Estate Association (PREA) Institute Committee. He received an AB in Mathematical Economics (magna cum laude) from Brown University and an MBA in Finance from Columbia Business School.

Hear more from David Sherman in this video:

Stijn Van NieuwerburghStijn G. Van Nieuwerburgh, Faculty Co-Director
Earle W. Kazis and Benjamin Schore Professor of Real Estate and Professor of Finance

Professor Van Nieuwerburgh’s research lies in the intersection of housing, asset pricing, and macroeconomics. One strand of his work studies how financial market liberalization in the mortgage market relaxed households' down payment constraints, and how that affected the macro-economy, and the prices of stocks and bonds. In this area, he has also worked on regional housing prices, households’ mortgage choice, commercial real estate price formation, the impact of foreign buyers on the housing market, and mortgage market design.

Van Nieuwerburgh is editor at the Review of Financial Studies and a faculty research associate at the National Bureau of Economic Research and at the Center for European Policy Research. He has served as an advisor to the Norwegian Minister of Finance, and has been a visiting scholar at to the Central Bank of Belgium, the New York and Minneapolis Federal Reserve Banks, the Swedish House of Finance, the International Center for Housing Risk, and has contributed to the World Economic Forum project on real estate price dynamics.

Professor Van Nieuwerburgh was awarded the 15th Edition of the Bérnácer Prize for his research on the transmission of shocks in the housing market on the macro-economy and the prices of financial assets. The Bérnácer Prize is awarded annually to a European economist under the age of 40 who has made significant contributions in the fields of macroeconomics and finance.

Hear more from Stijn Van Nieuwerburgh in this video:

Along with Professors Mayer, Piskorski, Sherman, and Van Nieuwerburgh, additional Columbia Business School faculty contribute to and teach in the program.