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In This Issue
Renowned Economics Expert Joins the Institute for Housing Studies
ICSC 2013 Chicago Deal Making
Faculty Activities
In the Classroom
DePaul Real Estate Club Kick Off Event
Renowned Economics Expert Joins the Institute for Housing Studies
 
Award-winning economics and finance expert Patric H. Hendershott will join DePaul University's Institute for Housing Studies (IHS) as a Senior Research Fellow, the University announced today.

Professor Hendershott currently has an honorary appointment as professor in the business school at the University of Aberdeen, Scotland, where until recently he served as part-time chair in Property Economics and Finance. In 2007, Hendershott was the recipient of the David Ricardo Medal from the American Real Estate Society. The award represents the highest recognition of scholarly work in the real estate discipline. In 1991, he received the George Bloom Award from the American Real Estate and Urban Economics Association for his outstanding contributions to the field of real estate.

Professor Hendershott will work with other affiliated research fellows at the Institute for Housing Studies, which is situated within the Real Estate Center at DePaul. His work will connect the unique datasets available within IHS's Data Clearinghouse to comprehensive academic analysis of the housing market.

"Pat Hendershott is a prodigious scholar on a broad range of subjects, including household formation and homeownership, residential housing finance, the impact of U.S. tax codes on housing, the valuation of multifamily and commercial real estate, and the securitization of mortgages and real estate," said Jim Shilling, Michael J. Horne Chair in Real Estate Studies and Academic Project Director at IHS. "We are so fortunate to have such a colleague join the Institute."       

Previously Professor Hendershott has held tenured positions at Purdue University and Ohio State University in addition to the University of Aberdeen. Additionally, he has held visiting professorships at San Diego State University, the University of Melbourne and Stanford University. He has published numerous works examining a variety of subjects pertaining to the changing dynamics of national and international housing markets. Professor Hendershott has also consulted at a wide range of for-profit research organizations and companies including Price Waterhouse and the World Bank. 
ICSC 2013 Chicago Deal Making

The Real Estate Center was one of 200 exhibitors at Navy Pier on October 2 and 3 for the ICSC Chicago Deal Making event: the largest commercial real estate convention in the Midwest attracting more than 2300 owners, developers, retailers, brokers, lenders, municipalities, property asset managers and product and service providers under one roof. 

The Center invited students, faculty and staff to work the exhibitor booth and used the opportunity to raise awareness about the real estate academic programs and student services available at DePaul University.  In addition, through the Charles H. Wurtzebach and Susan M. Marshall Endowed Travel Scholarship Fund, eight students had the opportunity to attend the convention and network with industry professionals.

Students Siqin Fu and Mahmoudreza Mahdizadeh

Faculty Activities
Charles H.Wurtzebach Wurtzebach, the George L. Ruff Professor of Real Estate Studies, attended the NCREIF Research Leadership Summit in Chicago on September 19, 2013.  This invitation only conference attracted academic and professional real estate investment researchers from around the US. 

Wurtzebach participated on a panel discussing research experiences using the NCREIF Property Index.  He also discussed the recent paper he and co-authors Jim Shilling and Shaun Bond of the University of Cincinnati completed as a result of a Research Grant Awarded by the Real Estate Research Institute.  Entitled  "Commercial Real Estate Market Property Level Capital Expenditure: An Options Analysis," the paper explored the rationale associated with capital expenditure investment decisions as indicated by 2002-2012 data from the NCREIF Property Index.

Shilling In addition, faculty member James D. Shilling has been collaborating on several projects with fellow researchers on varying topics:
The Role of Public Markets in International Real Estate Diversification

The 2005-11 Housing Boom and Bust: Impacts on Housing Turnover and Implications for the Recovery, this project received support from The Realtor University for Real Estate Studies

The Relative Performance of Private Equity Real Estate Joint Ventures
    
In the Classroom
The faculty of the Department of Real Estate often incorporate industry practitioners into the classroom environment to help students learn how the information in the textbook applies to business transactions.  Most recently, Sue Blumberg, Senior Vice President/Managing Director at NorthMarq and a DePaul alum, was a guest lecturer in the Real Estate Finance and Investment class.  Blumberg spoke with students about the current multi-family financing environment and the availability of mortgage loans. 

Sue Blumberg shares her professional experiences in the classroom
 
In addition, the course Multifamily Housing Policy and Finance featured a Saturday field trip to the Mercy Housing homeless shelter at Division and Clybourn, the Lifestyle Senior Living  assisted and an independent senior housing development at 92nd and Michigan, and Legends South, the mixed use and mixed income development at the site of the former Robert Taylor Homes. The class includes students from the College of Business, School of Public Service, and also recent architecture and engineering graduates of IIT.
Students at the Legends South site.
Peter Levavi in the classroom
Peter Levavi, Senior Vice President of Brinshore Development, lectured the class on the history and unintended consequences of housing policy and also spent an evening taking the students through the capital structure of the very complicated projects of the type his firm does such as Legends South.

 
DePaul Student Real Estate Club Kick Off Event
On Thursday, October 10, the DePaul Real Estate Club hosted the first in a series of speaker events to introduce students to the host of career possibilities available in the real estate industry.  The inaugural guest speaker was Lee Kiser, Multifamily Real Estate Broker and Co-Founder of the Kiser Group.  He spoke to students about the multi-family investment sales business and described the day to day activities involved in the business, how students could get into the business and the compensation structure of the business.

Lee Kiser and the members of the DePaul Real Estate Club
 

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Sustaining  Sponsors
KPMG LLP
Lincoln Property Co.
Marc Realty
Origin Capital
Pearlmark Real Estate
   Partners
PNC Bank
Pritzker Realty Group

Contributing Sponsors
Endowment Donors
Douglas & Cynthia Crocker
 
 Michael J. Horne Education & Healthcare Assistance Foundation
 
 Kenneth McHugh Endowment Fund

George L. Ruff

Studley Inc. Jacque
Ducharme Faculty Fellow Fund

 Robert & Howard Weitzman Endowed Scholarship

Charles H. Wurtzebach & Susan M. Marshall  
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