׉?ׁB!בCט(u׉׉ 7cassandra://pYu9ETHmKOhT11JkrpZBUfRq_zZzEYn9f5LwIbsFneI`qi׉ 7cassandra://R8qFAiVitFZrNtFmF4RaAzwI_4lzWqY4b50QL-veP2ẃG`7׉ 7cassandra://1B9Kta62cP5IZqe5vftzpOsi5-_Vs8FplU6Y7SX3zeE,`̦i bԉ Zט((u׉׉ 7cassandra://1Ux7CQntGZI0zaY92GbCMdbmmxUSZyi4n-TDHIQ8yjM`׉ 7cassandra://pfycTXtYKijBPFgp9eDqmyri_jgsooQkrdUvPZgSvZw{;`s׉ 7cassandra://uM59hO9LxXxLshTCic0minazBtQNyNUw3CxIxG1hI50"`i bԉ Zטu׈Hlj׉E2024-25 Executive Summary Wisconsin Real Estate Program By the Numbers 2024 Job Placement BBA: $79,413 with 94% Placement MBA: $105,500 with 89% Placement MS: $80,000 with 80+% Placement* FIVE Real Estate Degrees BBA One-Year MS MBA Global Real Estate Master’s PhD $703,000 115 Amount of student support dollars given via the Wisconsin Real Estate Program in the form of scholarships and fellowships. # 1 Wisconsin Real Estat Undergraduate Progra U.S. News & World Report # 5 Wisconsin Real Estate MBA U.S. News & World Report, 170 Number of students supported via Real Estate Tutor Program and the Student Ambassador Progr Number of real estate leaders who are members of the Graaskamp Board of Advisors. WREAA Funds I and II Fund I: $3.0 million | Fund II: $4.6 million Dollars raised by alumni and friends for the investment funds for students in the Real Estate Private Equity graduate track. 769 Record Enrollment in all 5 Real Estate Degrees 664 93 19 12 BBA Students Graduate Students • 52 MS Students • 22 MBA Students Global Real Estate Master’s (GREM) PhD Students 4 Graduate Tracks • Commercial Real Estate Development • Applied Real Estate Investment Track (AREIT) • Real Estate Private Equity Investment (REPE) • Affordable and Sustainable Housing Development Track 13 Conferences and Events Across the U.S. 753 • London, England • Paris, France • Charlotte, NC • MInneapolis, MN • Los Angeles, CA • Milwaukee, WI • New York, NY • Las Vegas, NV • Denver, CO Donated by alumnus Gary Gorman to en Chair for new faculty member Chris Tim the innovative Affordable Housing and Development Track to launch in 2 $1,000,00 1,064 Number of active members of the W Real Estate Alumni Association (W 52 Student Field Trip Destinations Real Estate Stud Total number of attendees for Graaskam Center conferences and events, 2023-2 Conference an Event Location • Chicago, IL • Orlando, FL • Denver, CO • Madison, WI • Dallas, TX • New York, NY • Newport Beach, C 25 The number of faculty, faculty associates, and lecturers who are on the teaching staff of the Wisconsin Real Estate Program. Real Estate Club members 374 80 Women in Real Estate (WIRE) members Number of em participated Estate Club Spring Car 80 ׉ 7cassandra://1B9Kta62cP5IZqe5vftzpOsi5-_Vs8FplU6Y7SX3zeE,`̦i aԉ Zs׉E ate ram t, 2025 A Program , 2025 ia the new Real Estate ram. 00 endow a Faculty immins to lead nd Sustainable 2023-24. WIsconsin WREAA). dent Events mp 24. nd ns CA 0 mployers who d in the Real b’s Fall and reer Fairs. About the Graaskamp Center for Real Estate At the Wisconsin School of Business, real estate is an innovative pursuit, fueled by a century of research and education to prepare the next generation of passionate, talented and socially responsible stewards of the urban environment. The Graaskamp Center for Real Estate has its roots in the work of legendary economist Richard Ely and was renamed in 2007 from the Institute for Research in Land Economics to its current title in honor of the late James A. Graaskamp, a truly outstanding educator and ardent champion of the field. Affectionately known as “The Chief,” Graaskamp was a passionate believer in a multidiscipline approach to real estate academia, combining financial, environmental, and social elements into a comprehensive blend of theory and practice. This combination of academic study, applied learning, and global perspective gives our students a solid foundation worthy of the Graaskamp Center’s 100-year history and feeds the critical thinking skills and innovative spirit needed to take real estate forward. James A. Graaskamp Real Estate Professor 1964-1988 Today, the Graaskamp Center is setting the standard for real estate in a new millennium. We aim to instill in our students our core values and an understanding of the increasingly global nature of the field, as well as create a valuable, lifelong network for learning and professional growth. In essence, our goal is to educate and mentor socially responsible leaders of the real estate profession. MISSION, VISION AND VALUES Mission: Be the global leader in real estate education. Vision: Be the preeminent real estate program recognized for developing responsible professionals that address land use and social issues through critical thinking and applied learning, impactful and rigorous research, and collaborative policy and industry outreach. Values: Create an interdisciplinary learning environment that fosters innovative thinking and creative problem solving while respecting others and acting with integrity. • • Interdisciplinary learning Innovative thinking • Creative problem solving • Respect others • Act with Integrity COMPONENTS OF THE GRAASKAMP CENTER • Real Estate Undergraduate and Graduate Programs: Administer and support the Real Estate MBA and MS Programs, including three career tracks. Support expansion of undergraduate co-curricular and career activities. • Graaskamp Advisory Board: Recruit real estate industry leaders to foster reciprocal learning and innovation among students, faculty, fellow board members and the community. • Industry Outreach: Share our knowledge and innovations for the benefit of our communities. • Research Excellence: Support faculty research excellence. ׉ 7cassandra://uM59hO9LxXxLshTCic0minazBtQNyNUw3CxIxG1hI50"`i aԉ Zti aԉ Zs $בCט(u׉׉ 7cassandra://ILf8ew3wWv-0krCsgnsevx2D6Tzi62pfErI-19trkdM:V`׉ 7cassandra://tAPfnshdoylIN0Z6YF8eXo8bK1Algz4Nw_9Mje3BtKAt,`s׉ 7cassandra://Q-Y0uDTqT_otCnXqCMW8fSUsFpaJULR6FIcnTvXAcCY"k`i bԉ Zט(u׉׉ 7cassandra://kE1eY2cA9BlLpI9eI2zB2aSjgp2rKRXp0r1UVbQCLMUh{`׉ 7cassandra://FQjn3KRJcqbviLrQI89PBLSDcqYl7jjKvjxusfnY3tMw`s׉ 7cassandra://SFUSHH5Z0owMtUSBFWNUzHtmE6EzW7rIJIqAdL9E41Q$e`i bԉ Z׉Ei2024-25 Real Estate Undergraduate Program Milestones and Achievements The past year has been exceptionally productive for the Graaskamp Center for Real Estate and we are pleased to share our key achievements and highlights. • #1 Ranking: The Wisconsin Real Estate Undergraduate Program was ranked #1 for the third year in a row by U.S. News & World Report, 2025. • Record Enrollment: This year’s undergraduate real estate enrollment was at a record high of 664, making real estate the third largest major at the WSB. • 228 Real Estate Graduates in 2024/2025: Our highest number of Real Estate majors graduating ever. It is also the largest percentage increase in the number of students of any major in the WSB. • 94% Job Placement: 96% for the BBA Class of 2024, which also had the highest BBA Real Estate average starting salary of $79,413. • $79,413: Average Real Estate BBA Starting Salary New Undergraduate Capstone Course Elevates Undergraduate Curriculum to Meet Industry Demands As part of the Wisconsin Real Estate Program, all Real Estate majors complete a senior capstone course — an immersive, hands-on experience in real estate investment analysis. This course gives students exposure to live deals and real-world market challenges, providing applied experience that rivals many summer internships. Highlights from this year include: • Industry Engagement: Joseph Paskov, CPA, visited the classroom to share insights from his professional experience and guide students through a real-world case study. • Collaborative Learning: Students analyzed a deal prepared in collaboration with Bill Camp’s Real Estate Finance course, then compared their findings to the actual outcome. • Applied Skill Development: The experience offered practical lessons in deal evaluation, decisionmaking, and analytical thinking — bridging the gap between academia and the workplace. ׉ 7cassandra://Q-Y0uDTqT_otCnXqCMW8fSUsFpaJULR6FIcnTvXAcCY"k`i aԉ Zu׉EVReal Estate Undergraduate Program From Zero to 170: Graaskamp’s Tutor Program Makes Immediate Impact Building on the success of the Student Ambassador Program, the Graaskamp Center launched a new Real Estate Tutor Program last year. As enrollment grows across both undergraduate and graduate real estate programs, the need for additional academic support became clear — and the Tutor Program has already made a strong impact. This year, we’ll be partnering with the WSB Badger Study Cooperative to expand the reach and impact of the program. Key highlights include: • Rapid Adoption – 170 Students Tutored in 2024-25: In its first month, the program provided one-on-one tutoring across core real estate courses, including 306, 410/710, 411, 412, 415/715, and 661/750. • Comprehensive Support: Open to all students — majors and non-majors alike — the program offers tutoring, peer advising, resume and cover letter reviews, and job search guidance. • Positive Impact: Together with the Student Ambassador Program, these initiatives strengthen academic performance and career readiness, earning enthusiastic feedback from participants. James A. Curtis Experiential Learning Fund Unlocks New Field Trip Opportunities Thanks to the generosity of the James L. Curtis Student Experiential Learning Fund, we’ve significantly expanded the number of field trips offered to our undergraduate real estate students. Annual trips now include visits to Chicago, Minneapolis, and Milwaukee. These invaluable experiences deepen students’ understanding of career paths in real estate, foster connections with industry professionals, and strengthen essential professional skills. We’re especially grateful to our dedicated alumni and industry partners, whose enthusiastic support and involvement in hosting site visits and presentations make these opportunities possible. ׉ 7cassandra://SFUSHH5Z0owMtUSBFWNUzHtmE6EzW7rIJIqAdL9E41Q$e`i aԉ Zvi aԉ Zu(בCט(u׉׉ 7cassandra://Y_Of4djrB8gyCoqE-TpLJam8P9yQjlb7lWTZhQDrakU`׉ 7cassandra://bTWuQkc-T8W2HXxXI5tm2oBD80ibK1w8wcLo2FtJz3Yp`s׉ 7cassandra://x4oELts8jw5oNtek6t5QFpJ5o-UZhh47blJcy6x8zT8$M`i bԉ Zט(u׉׉ 7cassandra://GUEvZPq7tnugIwp8ck9cl5xbY7PhFpSaIIVca9LK1qs`׉ 7cassandra://qJ2moD_-Zkv75ltlxRum_pBsUxkVG0VgAGJOuO3E6uch`s׉ 7cassandra://odr4M-j6ff14bg3Pbhg_nM4gWYpfzVU7wala879tX_g `i bԉ Zנi bԉ Zҁ́9׉H3https://www.linkedin.com/in/brooke-hendry-257b971a/Gׁ ׁ rנi bԉ Zҁ̄9׉H,https://www.linkedin.com/in/mason-howard199/Gׁ ׁ rנi bԉ Z̪9׉H:https://www.linkedin.com/in/daniel-perez-pineda-91834a28b/Gׁ ׁ rנi bԉ Ẑ9׉H5https://www.linkedin.com/in/carson-possedi-a5b0a821b/Gׁ ׁ rנi bԉ Z̍9׉H,https://www.linkedin.com/in/macy-verhasselt/Gׁ ׁ rנi bԉ Z̅9׉H-https://www.linkedin.com/in/williambcastillo/Gׁ ׁ rנi bԉ Z#̪9׉HLhttps://www.linkedin.com/company/ferguson-centers-for-leadership-excellence/Gׁ ׁ rנi bԉ Z>9׉HLhttps://www.linkedin.com/company/ferguson-centers-for-leadership-excellence/Gׁ ׁ r׉E[Real Estate Undergraduate Program Real Estate Students Receive Distinguished Fellowships and Scholarships We’re proud to celebrate Connor Vance, Meelan Dessejour, and Bella Shim on being named 202526 ICSC Foundation Scholars! It’s inspiring to see our Real Estate Badgers recognized on a national stage for their talent, leadership, and passion for the real estate industry. We are so proud of Brooke Hendry, Mason Howard, Daniel Perez-Pineda, Carson Possedi, Macy Verhasselt, William Castillo who were selected among 150+ others applicants as Ferguson Fellows by the The Ferguson Centers for Leadership Excellence. Looking to the Future: Real Estate Undergraduate Programs 2025-26 Initiatives • Incorporate AI: Update and expand curriculum to include courses focused on AI in Real Estate. These additions will equip students with cutting-edge skills to analyze data, optimize decision-making, and stay competitive in a rapidly evolving industry. The Center also plans to collaborate with industry leaders to ensure course content remains relevant and forward-looking. • Expand Tutor Program: Collaborate with the Business Badger Study Cooperative to expand the Center’s highly successful Real Estate Tutor Program, launched last year, to increase access for a greater number of students. • New Real Estate in Rome Study Abroad Opportunities: Wisconsin students now have a new and unique option to study real estate abroad with a UW-Madison Real Estate professor in the historic city of Rome—an ideal setting to explore the foundations of urban development and ancient real estate principles in a global context. ׉ 7cassandra://x4oELts8jw5oNtek6t5QFpJ5o-UZhh47blJcy6x8zT8$M`i aԉ Z׉EReal Estate Graduate Program Milestones and Achievements The Graaskamp Center has significantly expanded its graduate portfolio, reactivating the one-year Master of Science in Real Estate (MSRE) in Fall 2019 alongside its long-standing Real Estate MBA. Thanks to our best-inclass curriculum, specialized track offerings, top-tier alumni network, and the nation’s premier applied learning experiences, MSRE and MBA enrollment has grown substantially in recent years. These programs cover the full spectrum of the real estate process — from finance to urban economics and market analysis — giving students a comprehensive foundation to become the next generation of industry leaders. MSRE students may pursue the general Core Real Estate track or focus on specialized areas of real estate:  Success Across Four Specialized Graduate Tracks o Core Real Estate Development Track o Applied Real Estate Investment Track (AREIT) o Real Estate Private Equity Investment (REPE) Track o Affordable and Sustainable Housing Track (ASHD) • Top Rankings: # 5 Real Estate MBA Program, US & World Report, 2025 (Real Estate MS Programs are not ranked.) • Real Estate Graduate Programs Continue on a Growth Trajectory 93 Graduate Students o 55 MS Students o 22 MBA Students o 16 Global Real Estate Master’s Students • Strong 2024 Job Placement o MBA: $105,500 with 89% Placement o MS: $80,000 with 80+% Placement* ׉ 7cassandra://odr4M-j6ff14bg3Pbhg_nM4gWYpfzVU7wala879tX_g `i aԉ Zi aԉ Z(בCט(u׉׉ 7cassandra://9G_-lb5EqGM-ndZ87w2p-xaQRvXvO8pZsbvmUAUoEZc`׉ 7cassandra://i5QXdG1pMpWedBkFUJ_PK3cH26nO7rB85ROmrkCMsCo]"`s׉ 7cassandra://3meb-lqTWMo1f5x7X2RpJ79OIFNIFCiKabmO4pIr_T8~`i cԉ Zט(u׉׉ 7cassandra://9xnD_C3DTGbFRj5N070F70j7abrYYF_8ZN5u8s9mKCE_`׉ 7cassandra://yP7z0Xj8NtLQr_eaKxAUYoXDGPUEwa-H-nZQIdNcOkE[`s׉ 7cassandra://jYCdRE6_k7aGggorXbxQTiPz5pa-Q3gi0uztqRlO-sA?`i cԉ Z׉EShaping a Market-Responsive Real Estate Graduate Portfolio New Graduate Seminar Offers Real-World Insights Students in Lecturer David Sliwicki’s new Real Estate Graduate Seminar Series enjoyed the opportunity to learn from and engage with leading real estate professionals. At the Wisconsin Real Estate Program, learning directly from industry experts and exploring real-world projects is a cornerstone of our applied learning experience. Fall 2024: Full Launch of New Sustainable Real Estate and Affordable Housing Graduate Track. Led by Professor Chris Timmins and Paul Alyesworth, the new Sustainable Real Estate and Affordable Housing track is fully launched. This track aims to equip future leaders with the skills and knowledge to tackle pressing global challenges, including affordable housing, the impacts of climate change, housing equity, and sustainable real estate practices. We anticipate this program will attract a diverse group of applicants committed to making a positive impact in these critical areas. Graduate Student Immerse Themselves into the Real Estate Markets of Paris and London A group of Wisconsin Real Estate Graduate students traveled to London and Paris for an immersive deep dive into two of the world’s most dynamic real estate markets. ׉ 7cassandra://3meb-lqTWMo1f5x7X2RpJ79OIFNIFCiKabmO4pIr_T8~`i aԉ Z׉EInnovative Applied Learning Opportunities Real Estate Club and Women in Real Estate (WIRE) Blend Learning, Leadership and Fun Outside of the Classroom Through speaker series and field trips, students in WIRE and REC gain valuable insights from industry professionals, connect with prominent UW alumni, and develop leadership skills. These experiences not only enhance their academic journey but also foster lasting friendships. The continued success of the clubs is made possible by the generous support of alumni—through their time, expertise, and financial contributions. Fall Career Fair 65 employers 400+ students Spring Caree Fair 35 employers 200+ students Real Estate Club and WIRE Field Trip Destinations: • Charlotte, NC • Denver, CO • Chicago, IL • Milwaukee, WI A sampling of Real Estate Club Career Fair employers: JLL Northmarq Ryan Companies The Commonwealth Companies Continental Properties Company, Inc. Colliers CEDARst Companies Northwestern Mutual Toll Brothers Wisconsin Housing and Economic Development Authority (WHEDA) BMOC Inc The Boldt Company Rialto Capital Peakstone Realty Trust Free Heel Capital Ventas, Inc. Steigerwaldt Land Services, Inc. KeyBank Forward Development Group Travelers Walton Street Capital Cushman & Wakefield Northwood Investors ICSC Stonelake Capital Partners Wells Fargo T. Wall Enterprises Mgt, LLC Altus Group Kinship Capital Subtext Real Estate Club (REC) and Women in Real Estate (WIRE) blend learning and fun outside of the classroom. ׉ 7cassandra://jYCdRE6_k7aGggorXbxQTiPz5pa-Q3gi0uztqRlO-sA?`i aԉ Zi aԉ Z(בCט(u׉׉ 7cassandra://EkG-sT45VqiM4S4TWTmgMbSlg3UIAoWg2LJBtkKv5ckז`׉ 7cassandra://sXv8HQ-uJCufD6nJc57woJ15bddLRjuzplATfNcsLnAo`s׉ 7cassandra://w5o1CuZeq36soAWek66bguQY7-8M_CcD_lX8kPJsPF0#`i cԉ Zט(u׉׉ 7cassandra://Dy95mcRlJ2U-BlWzML0dAqGlnk24GKphknJskyaaHVUK`׉ 7cassandra://iBwZguRzw4SnzJDwSm8arvWrDNu3BiSSVrJAVNwNHJ0_A`s׉ 7cassandra://pic0CoWdXJGQNiZvg8YofhdIeAFtnAFLGLAwn8C0rL8t`i cԉ Z׉EBest-in-Class Applied Learning Opportunities Badgers Finish Strong in Case Competitions Our students rose to the challenge in highly competitive national case competitions — and delivered outstanding results, with teams finishing first or second when their skills were put to the ultimate test. 2025 CREFC Real Estate Debt Case Competition BBA/MBA/MS Team: Grace Dempsey, Caleb Reddeman, Shane Faulkner, Abby Sindelar and Brenna Paul (left) Inaugural 2025 Boston University Hospitality Real Estate Competition BBA Real Estate Team: Alex Lortscher, Ethan Gomez, Nikhil Robinson, and Grant Atkinson 2024 Berkadia & NYU Stern School of Business Multifamily Investment Case Competition Real Estate MS Team: Stuart Webb, Samantha Lane, Morgan Meyer, and Mario Perez Garcia 2025 NAIOP Minnesota Chapter Development Case Competition Real Estate BBA Team: Mason Strain, Andrew Walsh, Sebastian Alcantar, Veeraj Luthra, and Will Vu Special thanks to Arif Qureshi for coaching and managing logistics for the external case competitions. Thank you to all of the hosting organizations for creating impactful educational experiences for the students. Thank You to The Bascom Group for Your Ongoing Supporting of our Student Case Competitions! ׉ 7cassandra://w5o1CuZeq36soAWek66bguQY7-8M_CcD_lX8kPJsPF0#`i aԉ Z׉E11 Years Strong: Global Real Estate Master’s (GREM) Program For the 2024 Fall Semester, we welcomed 17 Global Real Estate Master’s (GREM) students to Madison from across the globe. They quickly immersed themselves in orientation, coursework, and discovering all that the University of Wisconsin–Madison and the city have to offer. The program includes rigorous classroom instruction with dynamic, hands-on learning opportunities outside the classroom. The GREM studens were immersed in global real estate markets of Chicago and New York City during field trips that included industry meetings, connecting with alumni and visiting urban highlights in these two iconic cities. ׉ 7cassandra://pic0CoWdXJGQNiZvg8YofhdIeAFtnAFLGLAwn8C0rL8t`i aԉ Zi aԉ Z(בCט(u׉׉ 7cassandra://WKpTCk0zuahCTpUzPf4xKdZEwzRT5WmbI3mogQoJnQw`׉ 7cassandra://6P5v6LNRYe8rfr6K-F9ksKtpUVGD5WJSAt1ei8gJCDsqy`s׉ 7cassandra://odX5fPaVfIDX3T6t-AMwnIWLbbLOlyCD2PlCW45EASI!$`i cԉ Zט(u׉׉ 7cassandra://Q68HTsPL2w26_04dfwcZsXc-gZ9nSJv9RqPEK6rN3jk` `׉ 7cassandra://pgBPbbui_AR7iUR5z1vTGhySzSJyxEX7gEax-LuMfzkxZ`s׉ 7cassandra://ykYjgFXGTQgMdV8ijOvj8fTgzggDPZYZxwGrgvb0Mys"`i cԉ Z׉E5Graaskamp Center Advisory Board: Fostering Excellence in Industry Partnerships: Graaskamp Center board members are industry leaders and are among the Center’s greatest assets. Not only do they serve as a core advisory and support group for the Center, bringing a wealth of experience, resources, passion and commitment ensuring the Center’s best-in-class reputation. Board members’ advice and involvement with students is one of the features that sets our real estate program apart. Our Board Members: • Share their knowledge and expertise as guest lecturers in the classroom • Serve as student mentors • Recruit student for internships and full-time jobs • Participate in high-level learning and networking at the Graaskamp Center board conferences and events. 110 Graaskamp Board Members Membership Levels Board of Advisors • Corporate: $10,000 annual gift. Up to two official representatives at the corporate level to serve on the Board. • Sustaining Members: $6,000 annual gift. Up to two official representatives at the corporate level to serve on the Board. • Patron Members: $3,500 annual gift. One official representative to serve on the board. • Rising Leaders: $1,500 annual gift. One official representative to serve on the board. NEW! Center Launches Rising Leaders Group To Empower Emerging Professionals in Real Estate The Graaskamp Center Advisory Board is excited to introduce the Young Leaders Group, a new initiative launching this fall to empower emerging professionals in the real estate industry. This dynamic network will strengthen connections with the Advisory Board while offering mentorship, professional development, and peer relationship-building opportunities. Open to professionals across all sectors and career stages, the group will help shape the next generation of real estate leadership. ׉ 7cassandra://odX5fPaVfIDX3T6t-AMwnIWLbbLOlyCD2PlCW45EASI!$`i aԉ Z׉EFostering Excellence in Industry Partnerships At Wisconsin, forging industry collaborations is at the heart of what we do. It’s one of the many reasons the Wisconsin Real Estate Program is ranked #1 and a shining example of the Wisconsin Idea in action — extending knowledge beyond the classroom to address real-world challenges and opportunities. Keynote Presenter Christopher Kennedy, Chairman of Chicago-based Joseph P. Kennedy Enterprise Inc. (L) and Graaskamp Director Jacques Gordon (R) at the Graaskamp Center Spring Board Conference in Chicago, IL. 20th Annual Wisconsin Real Estate & Economic Outlook Conference: Addresses issues critical to the real estate and housing industries with a special focus on affordable housing. The conference featured speakers Sam Khatar, Chief Economist of Freddie Mac. Attendance (pictured right): 160+ New! Graaskamp Center – MIT Real Estate Center Real Estate Conference. Hosted in Santa Monica last December, the Massachusetts Institute of Technology/Graaskamp Center Real Estate Conference brought together an exceptional roster of thought leaders and industry experts for engaging discussions and innovative insights. Attendance: 140+ Sam Khatar, Chief Economist at Freddie Mac delivers the keynote at the Wisconsin Real Estate & Economic Outlook Conference. Annual Spring Board Dinner and Conference in Chicago: Over 150 industry leaders, alumni, grad students, and guests came together at the London House in Chicago to explore “Transforming Real Estate: Adapting to Change, Embracing Innovation.” In a time of economic uncertainty, the energy, collaboration, and insights shared were more valuable than ever. As one of our premier lifelong learning events, the spring dinner and conference provide great opportunities for board members, alumni, students and faculty to connect with one another, and featured an impressive array of industry thought leaders. Attendance: 150+ ׉ 7cassandra://ykYjgFXGTQgMdV8ijOvj8fTgzggDPZYZxwGrgvb0Mys"`i aԉ Zi aԉ Z(בCט(u׉׉ 7cassandra://BrEIoRDcg0kPZsib1qtIMKM8GbFZJjTeD7Pmt77wjd8Ӂ`׉ 7cassandra://ER0A34Vzmqwj7FXT6wZu8ihTmIWUrKigdLaL8Uh_ErQi`s׉ 7cassandra://X0MYaZrogjXl1SQRdusgXJbF9CTtoRqnYiyDi8FjTyo`i cԉ Zט(u׉׉ 7cassandra://Dagj_EaxuZfkL2mE7uJgO-la5jDXb9M1AAeZf3WFgsA`׉ 7cassandra://Ih8lv3lfxQ0horvDXxsLDZQCb5YCTHddDZxQLfKyVQ0_`s׉ 7cassandra://PTyWuL34QhRvmfIsOib7Dr0SaoVI3BbW7PWmelHwzbQo`i cԉ Zנi cԉ Z4|9׉H2https://www.linkedin.com/company/poets&quants.com/Gׁ ׁ r׉EFostering Excellence in Industry Partnerships New! Graaskamp Center Co-Hosts Prestigious PREA Institute with the University of Chicago Booth School of Business to Co-Host Real Estate Institute on June 3-4, 2025, in Chicago. Attendance: 60 Sarah Wick, Senior Vice President of Affordable Housing at Related Midwest Receives the Graaskamp/REC Innovator Award This prestigious award is presented annually on behalf of the Real Estate Club and the Center, and recipients are individuals who embody the spirit of the Wisconsin real estate tradition in innovation. This year’s recipient was presented to Sarah Wick (pictured left), Senior Vice President of Affordable Housing at Related Midwest. Attendance: 100-150 Graaskamp on the Road: Building Connections in Leading Markets Five times each year, the Graaskamp Center hosts exclusive, invitation-only gatherings in major real estate markets, bringing together Board members, alumni, prospective students, and industry guests. These dynamic events feature invaluable networking opportunities, insightful keynote speakers, and lively conversations on market trends and industry topics. Thank You, Michael Brennan and Brennan Investment Group for Sponsorship of the Graaskamp on the Road Roundtables! Graaskamp on the Road Locations Denver I October 24 Matthew Joblon, CEO & Founding Partner of BMC New York City I November 8 Ken Bernstein, President & CEO of Acadia Realty Trust Dallas I May 1 Jack Fraker, President, Global Head of Industrial & Logistics, Capital Markets Michael Brennan and Ryan Miller of GreenStreet. Atlanta I February 21 Brian Bailey, Atlanta Federal Reserve Orange County I March 6 Ryan Miller, Senior Analyst of Green Street ׉ 7cassandra://X0MYaZrogjXl1SQRdusgXJbF9CTtoRqnYiyDi8FjTyo`i aԉ Z׉E;Celebrating Badger Talent On Campus -In the Community and Beyond Championship Performance, On and Off the Ice Congratulations to the Wisconsin Badgers women's hockey team on their thrilling 4-3 overtime victory against Ohio State, securing their record eighth NCAA national championship. We are especially proud of goaltender Quinn Kuntz (MSRE '25), who is also excelling academically as she pursues her Master’s in Real Estate, demonstrating the same dedication and excellence in the classroom as she does in the rink. A Standout Badger: Aaron Kindle Earns National Recognition All of us at the Wisconsin Real Estate Program were proud to celebrate Real Estate MBA Student Aaron Kindle (BS '18, Real Estate MBA '25) — an amazing double Badger and U.S. Army veteran —named one of Poets&Quants' Best & Brightest MBAs of 2025! A native of West De Pere, Wisconsin, Aaron’s path from paratrooper — jumping out of planes in three different countries — to being named Paratrooper of the Year with the 82nd Airborne Division, reflects extraordinary resilience and drive. As a Wisconsin Real Estate MBA student, he’s carried that same tenacity when leading the Real Estate Tutor Program and investment teams and maintaining a 4.0 GPA — all while serving in the Army National Guard, raising a newborn, and balancing multiple roles. ׉ 7cassandra://PTyWuL34QhRvmfIsOib7Dr0SaoVI3BbW7PWmelHwzbQo`i aԉ Zi aԉ Z(בCט(u׉׉ 7cassandra://Pb8iC9U5Z_BvzBJIV-IniD03vZDKE5wADARGvbaoepo`׉ 7cassandra://KXz_shxfOVUxDIudi1pJWJpnDca9YGmVNXOiav0scv4̀`s׉ 7cassandra://d6cazQ88EjjoLJFFgmxwn0nbu0bavDm_lnAJEvhzlWg%`i dԉ Zט(u׉׉ 7cassandra://U7v9yEQnFZXNTkXEuJ9VJiD_oNPAVx2SSrZ39CaskyIF`׉ 7cassandra://7jUUKCZl3nGKvQFBrb9_3Or3xTW7RTS2_NYcJu-pOx4tD`s׉ 7cassandra://qE1x2s-EPqmcdK4RhvyETSdLxqTfflhPxXj5tmjW2Jk$@`i dԉ Zנi cԉ Z̡9׉Hhttp://univercity.wisc.edu/Gׁ ׁ r׉ECelebrating Badger Talent On Campus -In the Community and Beyond Partnering with the City of Madison for Real-World Impact Professor and Chair Yongheng Deng collaborated the UniverCity Alliance (UCA) and the City of Madison to pair students with tangible city topics. UCA Managing Director Gavin Luter said the relationship with Deng’s course is a “great example of how our role as a civic anchor institution can be activated on behalf of the city.” Real estate students presented their solutions and outcomes to Deputy Mayor Christie Baumel. Real Estate Badge Added to the Wisconsin Professional MBA Program 42 Professional MBA students at the Wisconsin School of Business added the new Real Estate Badge to their areas of expertise. The part-time, hybrid program offers working professionals the flexibility of online classes and in-person collaboration. Courses for the badge are developed and taught by faculty from the WSB’s renowned Real Estate Program. The Wisconsin Idea at Work: Real Estate Education for High School Scholars Tim Carr, Deputy Chair, taught “Real Estate 101” to a group of talented high school students from University of WisconsinMadison's PEOPLE Program (Precollege Enrichment Opportunity Program for Learning Excellence). Tim used real-world examples and case studies to share a fun day of learning about the many facets of real estate. This unique outreach initiative is a shining example of the Wisconsin Idea in action and we are grateful to the PEOPLE Program for this opportunity for students to expand their horizons to learn more about real estate and the urban environment. Thank you to Tim for sharing his expertise and knowledge with the PEOPLE students. ׉ 7cassandra://d6cazQ88EjjoLJFFgmxwn0nbu0bavDm_lnAJEvhzlWg%`i aԉ Z׉EFaculty and Staff Updates and Awards New Department Chair: Christopher Timmins has been appointed Chair of the Department of Real Estate & Urban Land Economics. Chris is the Gary J. Gorman Affordable Housing Professor and serves as the faculty director of the Affordable and Sustainable Housing Development (ASHD) Track. Since stepping into the role, Chris has hit the ground running — leading new faculty hires and actively reviewing initiatives to shape the department’s future. He succeeds Yongheng Deng, and we extend our sincere thanks to Yongheng for his steadfast leadership during a period of remarkable growth, new initiatives, and key faculty and staff additions. New Hire: Nick Adams, Administrative Program Manager: Nick Adams joined us as Administrative Program Manager from the College of Engineering, where he served as an academic advisor. He brings extensive experience in curriculum development, teaching, and student support, gained from his years as a high school teacher in the Madison Public Schools and in higher education advising. George Bloom Award: Professor Yongheng Deng received the George Bloom Award, American Real Estate and Urban Economic Association, the lifetime service award of the association. Faculty Research Cited in New York Times: The research of Dayin Zhang and Alina Arefeva were cited in two articles in The New York Times this year. Zhang and Arefeva are both Assistant Professors in the Department of Real Estate and Urban Land Economics at the Wisconsin School of Business. Articles: 𝗗𝗗𝗗𝗗𝗗𝗗𝗗𝗗𝗗𝗗 𝗭𝗭𝗭𝗭𝗗𝗗𝗗𝗗𝗭𝗭: 𝘗𝘗𝘗𝘗𝘗𝘗𝘗𝘗 𝘉𝘉𝘉𝘉𝘗𝘗𝘉𝘉𝘉𝘉 𝘕𝘕𝘕𝘕 𝘗𝘗𝘗𝘗𝘗𝘗𝘗𝘗; and 𝗔ð׉ 7cassandra://qE1x2s-EPqmcdK4RhvyETSdLxqTfflhPxXj5tmjW2Jk$@`i aԉ Zi aԉ Z(בCט(u׉׉ 7cassandra://gzYFQiIjkMe33JZWUYoZCL-c4erA7uUX0mkV7uGIUbY`׉ 7cassandra://EX8rNz3uKBPixVBfQp4tbJSGKS5puhaSvE9G8v7AfpQn`s׉ 7cassandra://KgpcdcfpxFlsHrQcGZBKkUkkFnfy7-yCo5kkLCP5cVk`i dԉ Zט(u׉׉ 7cassandra://8Cc9O_13ae4KKX5f7Bn_0WAxnyRkrJe30wgMqfqwHO4$`׉ 7cassandra://GmC4FkrTIAN2PW0wwm22g5tltA_F3P3NDpjJhvCR3-ol`s׉ 7cassandra://7SXHQw_MGVQ0PvR2Z3muFhuVODD40j4ErxLg6cmlXvU `i dԉ Z׉E sFaculty and Staff Updates and Awards PhD Student Heejin Yoon Receives Multiple Awards: In addition to the 2025 Wisconsin School of Business Henry C. Naiman Outstanding Teaching Award, PhD Student Heejin Yoon also received the 1st place Best Poster Session Paper Award at the ABFER (Asian Bureau of Finance and Economic Research) 12th Annual Conference in Singapore, 2025; and the Best Paper Award at the 11th Annual USC Marshall Ph.D. Conference in Finance, Los Angeles, 2025. Promoted: Tim Carr, Deputy Chair, Department of Real Estate & Urban Land Economics Tim Carr was recently named Deputy Chair, in addition to his Real Estate Program Director responsibilities. He will collaborate with the Department chair on faculty and curriculum initiatives, as well as on career initiatives focused on growing the major and improving the student experience. Tim will also serve as the Department’s pathways consultant in the Wisconsin School of Business (WSB)’s Career Forward initiatives. New Hire: Paul Melkus, Director, Real Estate Private Equity Graduate Track Paul Melkus earned his Master of Science in Real Estate Investment and Urban Economics from the University of Wisconsin-Madison, and his extensive career includes senior roles at companies such as Ernst & Young Consulting, GE Capital, Deutsche Bank Asset Management, and the Abu Dhabi Investment Authority, where he served as Global Head of Capital Markets. New Hire: Chris Kemp, Lecturer, Department of Real Estate & Urban Land Economics Chris earned his Master of Science in Real Estate Investment and Urban Economics from the University of Wisconsin-Madison and most recently worked as the owner of Development. Prior to this, he served as executive director of LISC Milwaukee and was a high school teacher in the Milwaukee Public Schools. Retired: Tim Riddiough, Professor, retired as of July 1, 2025. Beginning in 2004, he served three terms as Academic Director of the James A. Graaskamp Center for Real Estate, totaling 10 years of leadership over a 15-year period. Tim played a pivotal role in integrating the new MBA program, collaborated closely with the Dean’s Office on fundraising initiatives, and helped secure the endowed chair he currently holds. This period also saw the naming of the Real Estate Center in honor of James A. Graaskamp. His research, teaching and leadership service to the University has been extensive and influential. ׉ 7cassandra://KgpcdcfpxFlsHrQcGZBKkUkkFnfy7-yCo5kkLCP5cVk`i aԉ Z׉EWisconsin Real Estate Alumni Association (WREAA) Alumni Engagement Keeps Our Program Strong With one of the industry’s most engaged alumni networks, students have the opportunity to connect with over 2,000 alumni through the Wisconsin Real Estate Alumni Association (WREAA). The generous support of alumni, industry partners, and other friends is vital to the Wisconsin Real Estate Program as we prepare the new generation of real estate leaders. This year, more than ever, WREAA supported the Wisconsin Real Estate Program in accomplishing great things our students, alumni and board members. • Played a large roll in elevating the curriculum of the Wisconsin Real Estate Program by supporting the new Private Equity Initiative. • Contributed funds to facilitate, and we help organize, frequent student-alumni interaction and market tours. • Provided financial support for • student scholarships. Jim Roemer (BBA ‘87), • Real Estate Badgers from all over the country supported our students through participation in the Mentor Program, career activities like mock interviews, speaking in the classroom and on panels, and providing inside tracks to internships and jobs. “Our goal is to help create a program that is the industry thoughtleader, offers real estate solutions to some of the world’s problems, and whose students are sought after for not only their real estate knowledge, but also their character.” Thank you! We simply couldn’t provide the world-class teaching, in-depth industry tours, presentations, international trip tours, and Real Estate Club field trips without the time, talent, and financial support of our alumni. Real Estate Badgers mingle at a WREAA event. ׉ 7cassandra://7SXHQw_MGVQ0PvR2Z3muFhuVODD40j4ErxLg6cmlXvU `i aԉ Zi aԉ Z(בCט(u׉׉ 7cassandra://VfiJKLLFH2zoTVEAs68xqA-e9bf2KVCToxR9Nrf7ESw`׉ 7cassandra://ssGT-ynCbYNh-FvJ0QcUPYg4C3-KKESE15QF8Fv9A4ỲW`s׉ 7cassandra://ug2D24sALGsFWzmkSwOAFL5t21d3zmdswLFwWmPHFgc$`i eԉ Zט(u׉׉ 7cassandra://WUTx7UgtLqPL7c8k2NPOu3uB8wBY6EhXbjrcnlQGE20`׉ 7cassandra://qylaBJ1sgLTjTc_xOxsaRj6PteUtNPlzCUmEOSjyEbc_`s׉ 7cassandra://MIB47RwZNk2QsXuGgpYcYbL6w0lrq_HhFlKEurTRgkQ`i eԉ Zנi dԉ ZlL9׉H/https://www.linkedin.com/school/25052595/admin/Gׁ ׁ rנi eԉ Z̸9ׁHmailto:genie.trewyn@wisc.eduׁ ׁ Ј׉EAInvesting in the Wisconsin Real Estate Program The Wisconsin Real Estate Program aims to be the global leader in real estate education, which means moving beyond the basics. We recruit top students, faculty, and staff; deliver exceptional education; host premier industry conferences; advance research that impacts industry and academia; and cultivate a global network of leading alumni. “We are deeply grateful to our generous alumni, board members, and friends of the Wisconsin Real Estate Program for their financial support. Every gift creates new opportunities and fuels the momentum that sustains our top-notch curriculum, student activities, and leadership development.” Christopher Timmins, Professor and Department Chair Your Gifts Support Our Talented Students How Can You Help? Gifts from alumni and friends are among the University of Wisconsin-Madison’s most vital resources. With your help, the Wisconsin Real Estate program will continue to set the standard for excellence in teaching, research, and public service in the real estate profession. • Through a gift, invest in our strategy to be the global leader in real estate education. • Support the recruiting, hiring, and retention of the best and brightest faculty, staff, and lecturers. • Sponsor cutting-edge programs and research that benefits the real estate community at large. • Provide the financial stability to strengthen the undergraduate, MS and MBA programs. For more information on how to make a gift, contact Genie Trewyn at genie.trewyn@wisc.edu. In 2024-25, nearly $160,000 in scholarships, fellowships, and assistantships supported real estate students, including 25+ scholarships totaling $50,000. These awards attract top talent, reduce educational costs, and help develop outstanding future alumni and business leaders. Thank you to our generous donors! ׉ 7cassandra://ug2D24sALGsFWzmkSwOAFL5t21d3zmdswLFwWmPHFgc$`i aԉ Z׉E,Thank You and On, Wisconsin! Thank you to all of our loyal and passionate alumni, board members, donors and friends of the Wisconsin Real Estate Program who have shared your time, talent, and financial support over the years. Your thoughtful generosity continues to bring student opportunities to new heights. Stay Connected! Follow us on LinkedIn and sign up for The Real Estate Connection, the e-newsletter of the Graaskamp Center for Real Estate, and we'll keep you in touch with the Wisconsin Real Estate Program by bringing you the latest news and events, student and faculty accomplishments, and other important announcements. Support Our Mission. Your gifts help the Wisconsin Real Estate Program support the mission of the University of Wisconsin–Madison and the spirit of the Wisconsin Idea by providing access to educational resources to undergraduate, graduate students, as well as lifelong learners in the professional community. Real Estate graduate students and Global Real Estate Master’s students gather for a photo at the New York Stock Exchange. ׉ 7cassandra://MIB47RwZNk2QsXuGgpYcYbL6w0lrq_HhFlKEurTRgkQ`i aԉ Zi aԉ Z(,2024-25 AR (LEE )i _Hlj$S