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Dec 06 2016

Kellogg Places 2nd (out of 19 teams) at the UT Austin National Real Estate Challenge

2016 saw Kellogg finish 1st or 2nd at each of the three major real estate competitions in which it competed

On Thursday, November 17, 2016, six members of the Kellogg Real Estate Program competed in the UT Austin National Real Estate Challenge. The finance-based competition charged teams with analyzing a real estate investment case and presenting their recommendation before a panel of industry leaders. This year’s case, sponsored by Invesco, asked teams to recommend whether they would invest in a suburban office complex, a boutique hotel, both, or neither on behalf of an opportunistic fund, and then to explain how they would structure the financing for each deal. Students were also asked to consider trending topics in the industry, such as the threat of Airbnb, the increase in soft-branding boutique hotels, and the growing space and location demands from office tenants.

Kellogg’s team, named Sheridan Capital, consisted of four second-years (Christine Bullock, Adam Hines, Josh Reichert, and Colin Sullivan) and two first-years (Alex Lichtenfeld and Mike Sullivan), who worked around-the-clock the previous weekend preparing their position and deck. With the support of the Guthrie Center for Real Estate, the team travelled to Austin to compete among 19 teams from other top MBA programs. Two other first-years (Raul Tamez and G. Michael Crowner) traveled to Austin as well to help the team practice and to gain familiarity with the competition in preparation for next year’s case.

After beating four other teams in its first round bracket, Kellogg moved to the finals where they presented before 45 industry professionals. The other three finalists were teams from Columbia, UNC, and UT Austin. Kellogg finished in 2nd place (behind the host team, UT Austin) and took home $7,500 in prize money. After two years of earning Honorable Mentions at UT Austin, Kellogg finally earned a place in the finals, the first time in more than five years. Additionally, a hard-fought 2nd place finish at the UT Austin National Real Estate Challenge concludes Kellogg’s impressive 2016 real estate case competition season, which also saw 1st place finishes in the UNC Real Estate Development Challenge in February and the Kellogg Real Estate Venture Competition in April.

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