Students in Arizona State University’s Masters of Real Estate Development (MRED) program at the W.P. Carey School of Business will be competing for up to $6,000 in the inaugural REIAC/Rockefeller Group Challenge starting at 5 p.m. on Tuesday, May 13 at the Ritz-Carlton Phoenix.Three competing teams of graduating MRED students will each present a development solution for a storied asset of local Arizona commercial real estate including multi-family, retail and entertainment. MRED teams will demonstrate their strategy for the local development projects including acquisition, financing, entitlements and design.Teams will have just 10 minutes to present followed by questions, with the winning team chosen by the audience. Winning team members will each receive a $1,000 cash prize, up to $6,000.The REIAC/Rockefeller Challenge MRED case competition event is open to the public and cost is $35. The event includes a networking reception with appetizers and refreshments from 6-7 p.m. Seating is limited and reservations are required online at www.reiacsouthwest.org or call 623-581-3597.The Southwest Chapter of REIAC, an exclusive organization of top real estate executives involved in developing, acquiring and/or financing real estate recently formed a partnership with ASU’s MRED program.“REIAC is very excited to conduct this inaugural competition event for the MRED program, aligning top real estate experts and professional standards with academia for bettering the commercial real estate community as a whole,” said Todd Jarman, board president of REIAC Southwest and senior vice president, BBVA Compass.The MRED student case study competition is sponsored by The Rockefeller Group who has a longstanding history of supporting education. The future W.P. Carey Evening MBA program will be located at The Rockefeller Group’s Chandler 101, an 844,000-square-foot mid-rise office development in Chandler’s Price Corridor“We are extremely proud to be sponsoring this premier student competition of ASU’s graduate level program for demonstrating their mastery of a real estate investment and determining the feasibility of its development,” said Mark Singerman, REIAC board member and regional director-Arizona for The Rockefeller Group.“Many of Phoenix’s real estate executives have ties to ASU and a significant number are also members of REIAC. The alliance allows for the students to have access to local real estate leaders and we’re looking forward to seeing the teams showcase their talents in the annual REIAC/Rockefeller Group Challenge,” Singerman said.“The REIAC/Rockefeller Group Challenge provides students an experience that teaches them how to apply the theory of real estate in a practical way only available because of local industry support that comes from this Challenge,” said Mark Stapp, executive director of MRED, W.P. Carey School of Business at ASU.REIAC provided $5,000 in scholarships for the 2013/2014 academic year. Requirements of the scholarship program include being a full-time student, an Arizona resident and preferably, having the desire to work locally upon graduation.
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