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McGregor Square assessment a chance for career-changers to validate what excites them about real estate.

In taking first place in a nationwide real estate case competition, three MBAs at the Leeds School of Business at University of Colorado Boulder realized a grad degree is much more than what you learn in class.

鈥淥ne thing you鈥檙e told in the MBA program is that when you鈥檙e a graduate student, you make sure to use that to your advantage to get a foot in the door,鈥� said Michael Mendoza, a second-year MBA student on the team. 鈥淎nd we definitely did that鈥攁nd whether it was architects, brokers or executives, people took the time to share their insights with us.鈥澨�

That comfort relying on industry insiders was key for Mendoza and his teammates鈥擜mber Hughes and Ezra McPhail鈥攊n securing first place in the prestigious Colvin Case Study Challenge, held at the University of Maryland.

The competition is unique in that it is a report and documentation of a completed鈥攏ot proposed鈥攔eal estate project. The Leeds team chose McGregor Square, adjacent to Denver鈥檚 Coors Field, for its entry; formerly a parking lot, McGregor Square is now a mixed-use complex of restaurants, residences, retail and a hotel.听

Doing their homework

Entries in the Colvin competition are judged blindly by real estate professionals on criteria such as project valuation, finance, urban design and sustainability, entitlement processes, and operational issues.

The team members researched the project intensely, combing through public records to find pricing for the units and other minutia, and checked their figures with players on the project and experts in their own networks to ensure they did their homework right. Hughes recalled a message she left with a broker on a Friday afternoon, 鈥渁nd he called me right back and talked with me for a half hour. It was one of those things where people were willing to help us, because this was a learning experience.鈥澨�

鈥淲e were able to interview the CEO and COO of McGregor Square, and better understand how it developed from a back-of-a-napkin plan to what you see today,鈥� Mendoza said.听

Each of the students is transitioning into the real estate industry鈥擧ughes and McPhail from marketing roles; Mendoza, a veteran, is moving to a post-Marine Corps career鈥攁nd said the competition was an invaluable way to apply their knowledge and new networks in a real-life setting.

鈥淪omething I think we all felt, in choosing to do our MBAs at CU, is that the CU Real Estate Center is well known in the industry,鈥� Hughes said. 鈥淎nd everyone here really cares about placing students and supporting them in being successful.鈥�

That extended to the competition, where Leeds faculty and staff provided guidance and feedback that the team said helped key their success.听

鈥淥ur advisors were amazing,鈥� McPhail said. 鈥淲hen we sent our reports over, they gave us really good, constructive criticism that we were able to build off of and continue improving our project as we went along.鈥澨�

Teamwork works

The MBAs also said their team dynamic played a big role in their performance. The students divided up tasks, supported one another, maintained constant communication and trusted that key deadlines would be met.听

Katie Latier, associate director of CUREC, said the team鈥檚 success also came from the combination of backgrounds and skills the students brought to the table.听

鈥淓ach of these students have a quest for knowledge and strong drive to compete鈥攅specially during the tail end of the semester, when juggling final exams and other responsibilities,鈥� Latier said.听

Optional challenges like Colvin are just one way CUREC supports students鈥� ambitions. The center offers specialized networking events, mentorship, skills development opportunities, timely panel discussions, and business treks to real estate companies domestic and international.听

Hughes said the experience reminded her of a lesson for an internship she completed with Palisade Partners, in which her manager offered to show her 鈥渢he diagram of how development works.鈥� Naturally, there isn鈥檛 one.听

鈥淒evelopment and real estate do not follow linear paths,鈥� she said. 鈥淔or instance, in this project, it was more like the architects took the lead, instead of the developers, based on their knowledge of the market and these types of projects. That was the real value in this competition, the ability to validate what we鈥檝e learned so far and be able to apply it in a real-world scenario.鈥�

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