UConn Real Estate students took first-place in a national \u2018future of housing\u2019 competition, presenting a detailed proposal for a 42-unit residential building, with a commercial kitchen and computer center, that would allow residents to participate in workforce development and cooking and nutritional courses.<\/p>\n
They also conducted extensive research on how to implement a complex, multi-tiered funding system that would allow some of the apartments to rent well below market value. <\/p>\n
Competition judges remarked that the presentation was so thorough that it was real-world ready.<\/p>\n
The winning team included: Aidan Jubb \u201826, Peter \u2018Sam\u2019 Cimini \u201826, Krishna Benzy \u201927 and Grayson Glasgow \u201926, who competed under the name Whiteoak Development. <\/p>\n
Their first-place victory at the 8th Annual Boston College Joseph E. Corcoran Center for Real Estate and Urban Action\u2019s \u201cFuture of Housing\u2019\u2019 Case Competition included a $5,000 cash prize. Some 68 teams and 270 students took part in the competition, which concluded in November.<\/p>\n
\u201cOur team distinguished itself by treating the competition as if we were preparing a real investment committee memo\u2014something we learned from the Hillside Real Estate Investment Fund\u2014rather than a classroom assignment,\u2019\u2019 said Jubb, who plans to pursue a career in real estate law.<\/p>\n
\u201cWe built our full pro forma carefully, and balanced stabilized returns with meaningful social impact, proving not only that the project was mission-aligned, but that it was financially functional in the real world,\u2019\u2019 he said.<\/p>\n
\u201cThis competition affirmed that the work I hope to do really can produce tangible and achievable solutions for residents and citizens who need both safe and stable housing,\u2019\u2019 Jubb said.
\nBenzy agreed.<\/p>\n
\u201cThis competition helped me truly appreciate how powerful real estate can be in shaping the lives of people and communities. Seeing how strategic financing, thoughtful design, and mission-driven planning can create a development that changes a neighborhood for the better was incredibly inspiring,\u2019\u2019 Benzy said. \u201cIt reinforced my drive to pursue a career in real estate finance, where I can help deliver projects that are both profitable and profoundly impactful to the communities they serve.\u2019\u2019 <\/p>\n
The challenge revolved around proposals for affordable housing in Columbus, Ohio, that could bring as much value to the local area as possible. The design and function of the building wasn\u2019t difficult. But the students had to conduct extensive research of Ohio financial systems opportunities and regulations, before proposing a multi-tiered financing plan that included tax-exempt bonds, low-income housing tax credits, a rent voucher program, and more. They devised a plan that would offer rents for people on very limited incomes.<\/p>\n
\u201cThis experience was a valuable opportunity to broaden my horizon on real estate development in the affordable-housing area,\u2019\u2019 Glasgow said. \u201cI believe the skills used in this competition, along with what we learn in Hillside Real Estate Investment Fund, will be very beneficial moving forward while I pursue a career in commercial real estate.\u2019\u2019<\/p>\n
\u201cWe are so proud of our students,\u2019\u2019 said professor David Wharmby, Director of the Center for Real Estate and Urban Economic Development. \u201cIn addition to their excellence in the classroom, this was a very involved group. They took advantage of all of the opportunities provided by the real estate program, from the Real Estate Society Speaker Series to a host of workshops that prepares teams for case competitions. These students also all participated in Hillside Real Estate Investment Fund, a student-run experiential learning program where students make real investment decisions, which helped them practice critical assessment and sharpen their presentations.\u2019\u2019<\/p>\n
For Cimini, who is pursuing a path in real-estate development, the victory reinforced his belief that this is the career for him. <\/p>\n
\u201cThis case deepened my understanding of the complexities involved in affordable housing and reinforced my commitment to pursuing a career in this field,\u2019\u2019 he said.<\/p>\n","protected":false},"excerpt":{"rendered":"
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