COURSE NUMBER: MBA 287.1

COURSE TITLE: Real Estate Valuation with ARGUS

UNITS OF CREDIT: 1 unit

INSTRUCTOR OF RECORD: Nancy Wallace

CO-INSTRUCTORS: Andy Zighelboim and Craig Davey

STUDENT ORGANIZER/CONTACT PERSON: Ryan Bermudez and Matthew Bernstein

E-MAIL ADDRESSES: ryan_bermudez@mba.berkeley.edu, matthew_bernstein@mba.berkeley.edu

CLASS WEB PAGE LOCATION: http://catalyst.haas.berkeley.edu

MEETING DAY(S)/TIME: Tuesdays 6:00 - 8:00PM

PREREQUISITE(S): none

CLASS FORMAT: The class will be a combination of lectures (25%) and case studies (75%).

REQUIRED READINGS: Students will need the ARGUS software on their laptops and Barron’s Dictionary of Real Estate Terms, 6^th Edition.

BASIS FOR FINAL GRADE: Weekly valuation assignments and a final presentation.

ABSTRACT OF COURSE'S CONTENT AND OBJECTIVES:

ARGUS is the real estate industry standard software for calculating commercial real estate cash flow projection, transaction analysis and asset valuation. It allows users to quickly and accurately analyze commercial real estate assets and transactions. Appraisers, brokers, developers, managers, investors, lenders and other real estate professionals rely on ARGUS software to:

• Quickly and accurately analyze commercial real estate assets and transactions

• Understand market realities and risks

• Develop leasing strategies, business and marketing plans

• Forecast property and portfolio cash flows

• Calculate investment values and returns

• Share asset and transactional data with clients, partners and colleagues

• Navigate complex international deal structures

This class is designed to equip students with the ARGUS skills that many real estate companies require for summer internships and fulltime employment. The course will first cover real estate terminology and fundamentals that will provide the foundation for the ARGUS training. Students will then value real estate assets from multiple product types, including Multifamily, Industrial, Office, and Retail properties. By the end of this course students will feel comfortable modeling and valuing real estate deals in Excel and ARGUS. The course will conclude with a “field trip” tour of the properties valued using ARGUS and a final presentation on an actual investment proposal.

BIOGRAPHICAL SKETCHES:

Andy Zighelboim is an Associate at Colliers International, a global commercial real estate firm. Mr. Zighelboim joined Colliers International's Investment Services Group in July of 2002. Since that time, he has participated in investment sale transactions totaling over 2 million square feet with an aggregate value of approximately $415,000,000. Prior to joining Colliers International, Mr. Zighelboim attended the University of California at Berkeley Walter A. Haas School of Business where he earned a Master in Business Administration with a concentration in Real Estate. Preceding his enrollment in business school, Mr. Zighelboim was a principle at Meganotions, Inc., a direct mail marketing operation which he founded upon earning a B.S. in Economics from the University of Florida in 1992. Mr. Zighelboim would subsequently design an exit strategy and negotiate the sale of the firm in 2000. Mr. Zighelboim specializes in the analysis, marketing and sale of institutional grade commercial real estate.

Craig Davey is a Managing Director at RREEF North America. RREEF North America is a full service real estate investment advisor. Five real estate practitioners founded RREEF America in 1975 in order to give institutions access to the same hands-on real estate decision-making that private owners had enjoyed and been successful with for a long time. RREEF North America has been through a number of real estate cycles and understands dealing with adversity, as well as opportunity. As RREEF North America's assets under management have grown to $27.0 billion, RREEF has worked hard to preserve an entrepreneurial approach. A small team of partners still makes all investment decisions (portfolio management, acquisition and disposition).