8-WEEK ONLINE CERTIFICATE PROGRAM

Real Estate Investing

& Analysis Certificate
Program
February 10 - April 6, 2025

In collaboration with

DURATION FORMAT TUITION

8 weeks Online $4,800* USD

Recommended 8 hrs/week or $960/month

*Early Registration Ends January 13. $200 Application Fee will be added after January 13.
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Welcome
We would like to personally thank you for your interest in the Wharton and Wall Street Prep Real Estate Investing &
Analysis Certificate Program.

We created this certificate program for those pursuing careers in commercial real estate (CRE), as well as private
investors, operators, developers, brokers, and anyone that wants to develop both the foundations and practical,
analytical tools to invest in real estate.

The real estate industry is undergoing a profound transformation that has forced investors to adapt quickly. Change in
work patterns and residential preferences, ongoing changes in the interest rate and credit environment, have created
extraordinary opportunities and challenges for commercial real estate investing.

Simply put, to be a real estate investor in 2024 is to be where the action is.

To create a unique theory-meets-practice learning experience, Wharton Online has partnered with Wall Street Prep, the
training provider that nearly every major real estate investment firm brings in-house to get their team desk ready.

Over the course of eight weeks, you’ll learn the concepts and practical technical methods that investment professionals
deploy in both evaluating and executing real estate transactions. Delivered in a weekly, digestible online format that you
can complete at your own pace.

You will hear directly from the real estate industry’s top investors and voices, complete lessons, and case studies
from Wharton’s Real Estate faculty, and get your feet wet with institutional-grade real estate financial modeling, deal
structuring, and practical skills from Wall Street Prep.

Lastly, you’ll have opportunities to meet and network with fellow students, recruiters, and industry leaders both virtually,
and in person. The program culminates in a closing ceremony and the receipt of a Certificate from Wharton Online.

We hope you take this opportunity to read through our brochure and learn more about what the Wharton and Wall
Street Prep Real Estate Investing & Analysis Certificate Program can offer you. We are hoping you will join our
upcoming cohort and the thousands of other alumni who have taken part and benefited in Wharton and Wall Street
Prep programs.

Todd Sinai Aaron Hancock Daniel Mann

Professor of Real Estate, Real Estate Real Estate Program Director, Real Estate Program Director,
Department Chair, Wharton School Wall Street Prep Wall Street Prep
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Learn institutional-grade
real estate analysis and
level up your career
Real Estate is a unique asset class because professionals. It gives those pursuing careers
it’s something tangible we interact with at the most prestigious commercial real estate
daily. Unlike other asset classes, it’s easy firms as well as private investors and operators,
to understand what investors are actually the ability to apply an institutional lens and
investing in. perform rigorous investment analysis.

That high level of accessibility makes real Over the course of 8 weeks, participants will
estate investing’s barrier to entry low, but learn the concepts and practical technical
the barrier to success high. With so many methods that real estate investment
players, investors must apply a disciplined, professionals deploy in analyzing and executing
institutional-grade approach across the real estate transactions. It’s a self-paced online
investment process to keep a competitive edge. program in which students complete weekly
That’s why this program was created. video and reading assignments while attending
office hours, 1-on-1 coaching and MBA-style
The Real Estate Investing & Analysis Certificate
networking events with fellow students, faculty,
Program is a unique collaboration between
recruiters, and industry leaders.
Wharton Online and Wall Street Prep — the
training firm that the world’s leading real Upon completion of the program, students
estate investors bring in house to train their receive a certificate from Wharton Online.
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A unique collaboration
between Wharton Online
and real estate’s leading
training provider

WHARTON SCHOOL OF THE UNIVERSITY OF PENNSYLVANIA

Founded in 1881 as the first collegiate business school, the Wharton School of the
University of Pennsylvania is recognized globally for intellectual leadership and ongoing
innovation across every major discipline of business education. With a broad global
community and one of the most published business school faculties, Wharton creates
economic and social value around the world.

WALL STREET PREP

Wall Street Prep (WSP) is a globally recognized financial training provider based in
Boston, MA. The company’s programs are delivered to the world’s most recognized
private equity firms, investment banks and financial institutions to develop their
internal finance professionals. Since its founding, WSP has helped over 300,000
finance professionals bridge the gap between academia and the real world by teaching
the practical skills needed to succeed on the job.

Real Estate Investing & Analysis

Certificate Program
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Real Estate Investing &

Analysis Certificate Program
a Learn to approach real estate investing and analysis with an
institutional lens that will differentiate you as both a professional
and entrepreneur.

DURATION FORMAT TUITION

8 weeks Online $4,800* USD

Feb. 10 - Apr. 6, 2025 or $960/month

Early Registration Ends January 13. $200 Application Fee will be added after January 13.

Earn a digital certificate

from Wharton to share on WHARTON O NLINE
LinkedIn and resumes
IN COLLABORATION WITH

WALL STREET P REP

Upon successful completion of the Hereby Recognizes

program, a Wharton digital certificate Student Name

Has Successfully Completed The
with personalized details of your
achievement will be emailed to you. Real Estate Investing & Analysis
In addition to a full program certificate,
Certificate Program
you will earn shareable digital badges
along the way for completion of Patti Williams, PhD
Vice Dean, Aresty Institute of Executive Education
The Wharton School, University of Pennsylvania
Matan Feldman
Founder and CEO
Wall Street Prep, LLC

individual program modules.

Real Estate Investing & Analysis

Certificate Program
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Level up your career with the

world’s most recognized real estate
investing certificate program

“Real estate is more accessible

than other forms of investing. Large
investors like Blackstone, KKR, and
Brookfield often work alongside
smaller operators and developers
and even entrepreneurial private
investors. This program provides a
pathway for investors - regardless
of where they’re starting - to learn
how to apply the analyses and
approaches used at the world’s top
real estate investing firms.”

Jessie Handbury
Professor of Real Estate
The Wharton School
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Career-focused learning with

lifelong resources and support

A CAREER-FOCUSED, START-TO-FINISH AWARD-WINNING FACULTY

PRACTICAL CURRICULUM PROGRAM SUPPORT AND PRACTITIONERS

Lessons combine theory with Individualized support every Learn directly from the most
practical skill building so that step through the program, sought after experts in the
you can apply what you learn from enrollment to certificate. finance industry, using case
right away. studies that connect concepts
to how it’s done on the job.

EARN A CERTIFICATE FROM JOIN AN EXCLUSIVE ACCESS TO LIFELONG

WHARTON ONLINE PROFESSIONAL NETWORK LEARNING RESOURCES

At the conclusion of the Join professional network that Lifetime access to program
program, participants receive will support you through your materials and to our LinkedIn
a digital certificate from The career through continuous groups for relevant content
Wharton School to add to professional development, and career guidance at the end
LinkedIn and resumes. networking and coaching. of the program.

FOR PROGRAM ALUMNI

Meet program participants & faculty

during exclusive networking events
Pursue career opportunities and build
connections within the industry by attending
exclusive professional networking events.

Real Estate Investing & Analysis

Certificate Program
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+ Attend In-person Networking Events

Enrollees access a large and highly engaged global network of peers who are committed to give as much as they
get and to support one another. Program Alumni reinforce and strengthen connections built throughout the
program via in person and virtual meetups, discussion groups and networking events.

+ Invitation Only Group on LinkedIn

Upon completion of the program, Alumni receive an invitation to join the Wharton Online/Wall Street Prep Real
Estate Investing & Analysis Alumni Group on LinkedIn. Through this group, Alumni can directly connect with the
entire alumni network, seek advice and access alumni only online events and resources.

+ Chat on Slack with Your Local Student Group

Program alumni come from over 43 countries, so while the program is global, connection is often created
locally. Alumni gain access to their Local Alumni Slack Channel, designed to facilitate local connection for a
global certificate.

Real Estate Investing & Analysis

Certificate Program
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Who applies to the program?

The Wharton & Wall Street Prep Real Estate Investing & Analysis Certificate Program is designed for finance
professionals in their early to mid career seeking to understand institutional-grade real estate analysis.

REAL ESTATE INVESTMENT PROFESSIONALS Career Level

Early-career real estate investment professionals and operators
Very Early Career (18-24) Mid Career (30-39)
seeking to improve their real estate investment expertise.

INVESTMENT BANKERS 19% Distribution

Industry 24% 39% 18%
Investment banking analysts and associates seeking real estate
Early Career (25-29) Late Career (40+)
investment roles or those that work closely with sponsors
and operators.
Industry Distribution
BROKERS
Real Estate 1 Engineering/Non-finance Professional Services 2 Student
Brokerage analysts and associates seeking real estate investment
roles or those that work closely with sponsors and operators.
41% 31% 10% 9% 8% 8%
PRIVATE INVESTORS
Finance & Accounting Investment Professionals
Individuals investing personal capital or raising funds on
(1) Non-Investment Real Estate (2) Non-Real Estate
a deal by deal basis who are looking to learn and apply
institutional real estate best practices into their activities.
Regions Represented

PROFESSIONAL SERVICES
Consultants, lawyers, accountants and other advisors that work 16.2%
with real estate owners and support transactions.

3.1% 23.6%
FAMILY OFFICES 47.8%
Family offices and institutions looking to institutionalize their
7.2%
investment process, raise their first fund, or considering real
estate investing. 2.1%

PRIVATE LENDERS
Private lenders and credit professionals that work with real
estate owners and operators. Top Roles Applicants Hold

SUPPORT ROLES IN REAL ESTATE 1. Commercial Real Estate Analyst 6. Investment Associate

Fund management, investor relations, custodial accounting and 2. Investment Sales Associate 7. Associate (Consulting)
other support services for real estate. 3. Development Associate 8. Private Equity Analyst

4. Commercial Banking Analyst 9. Financial Analyst

CAREER SWITCHERS
5. Investment Banking Analyst 10. Investment Analyst
Early/mid career professionals seeking to transition into real estate.

Real Estate Investing & Analysis

Certificate Program
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Learning
experience
& curriculum
 LEARNING EXPERIENCE ENROLL →

How you’ll learn

8-WEEK PROGRAM 6-8 HOUR WEEKLY SELF-PACED ONLINE

FOCUSING ON REAL TIME COMMITMENT LEARNING EXPERIENCE
ESTATE A comprehensive certificate Complete the program on
Gain the skillset of an early- program designed to fit into our online learning platform
to mid-level real estate your busy schedule. at your own pace.
professional in 8 weeks.

THE SAME TRAINING LEARN DIRECTLY FROM TAILORED LEARNING

USED BY TOP REAL ESTATE INDUSTRY LEADERS THROUGH ELECTIVES
FIRMS Hear directly from the best Customize your experience
Access the same lessons and about real estate investing based on your specific
methods taught inside the and the latest industry trends learning objectives.
world’s leading real estate firms via our guest speaker series.

CASE STUDIES THAT WEEKLY OFFICE HOURS CERTIFICATION ISSUED

CAPTURE PERSPECTIVE & DEDICATED SUPPORT FROM WHARTON ONLINE

Learn how top real estate Program faculty and support Upon completion of the
firms execute deals, analyze staff is available every step program, you will receive a
properties, and evaluate of the way. Certificate of Completion
investment opportunities. from Wharton Online.

Earn 65 CPE Credits with the Real Estate Investing & Analysis Certificate Program
Wall Street Prep and Wharton Online are registered with the National Association of State Boards of Accountancy (NASBA)
as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy
have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be
Real Estate Investing & Analysis
submitted to the National Registry of CPE Sponsors through its website: www.nasbaregistry.org.
Certificate Program
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Real Estate Investing & Analysis

Certificate Program Curriculum
MODULE 1

Introduction to the Real Estate Asset Class ✓ History & Evolution of Real
Estate as an Asset Class
Module 1 serves as the cornerstone of covering the distinctions between core,
the learning journey, offering an in-depth value-add, and opportunistic strategies. ✓ Common Investment
exploration of real estate as an asset The module further delves into common Strategies & Property Types
class, the operational dynamics of real investment strategies such as buy/fix/ ✓ Various Real Estate
estate investment firms, and how to create sell, development, and sector/geographical Stakeholders & their
value in real estate. The module begins allocation, illuminating the process of Respective Roles in
by tracing the development and evolution value creation in real estate. Lastly, it Investments
of real estate as an institutional asset outlines the roles of various stakeholders
✓ Real Estate within the
class and examining the diversity across in real estate investments and explores Private Market and
sectors and geographies. It then shifts to real estate in the context of the broader Alternatives Ecosystem
examine the risk and return spectrum, private investment market.

MODULE 2

The Real Estate Investment Framework ✓ Foundations of Real

Estate Finance: NOI, Cap
Module 2 provides a comprehensive them with associated assumptions. Rates, Value, and Returns
overview of essential components in The module demystifies the intricacies
✓ Introduction to Valuation
real estate investment, focusing on the of NOI, exploring lease dynamics and
Methods: Income Cap,
investment approach, valuation methods, revenue/expense drivers. Subsequently,
DCF, Comparables, and
and various frameworks utilized in the module introduces valuation methods Replacement Cost
the industry. It starts by delving into encompassing various approaches
✓ What is a Real Estate Pro
the foundations of real estate finance, including income cap, discounted cash
Forma
covering concepts such as Net Operating flow (DCF), sales comparables and
Income (NOI), Capitalization Rates (Cap replacement cost, providing a multifaceted ✓ Measuring Investment
Rates), value, and returns. The module understanding of real estate valuation. Returns
discusses the common usage of Cap The module culminates by introducing pro
Rates, incorporating insights on estimating formas and detailing essential CONTINUES

Real Estate Investing & Analysis

Certificate Program
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return metrics such as internal rate of offering participants a robust foundation

return (IRR), multiple on invested capital for real-world application in the dynamic
(MOIC), and various yields metrics, realm of real estate investment.

MODULE 3

Financing and Taxation of Real Estate Properties

Module 3 delves into the intricacies structures, management responsibilities, ✓ Capital Structures and
of real estate structuring and financial and the nuanced relationship between Leverage
engineering, focusing on common general partners and limited partners. ✓ Tax Benefits and
capital structures, tax considerations, The module concludes by unraveling Depreciation
and performance incentives within cash the complexities of cash flow waterfalls
✓ Joint Venture
flow waterfalls. Participants will gain and performance incentives, providing
Structure, Management
insights into the significance of capital participants with a robust understanding
Responsibilities, & the
structures and leverage in real estate of the financial mechanisms shaping real GP/LP Relationship
investing, understanding how financing estate investment firms. Overall, this
✓ Cash Flow Waterfalls &
can enhance investment returns. The module equips participants with essential
Performance Incentives
module also explores the pivotal role of tax knowledge to navigate the financial
benefits and depreciation in real estate. landscape of real estate investments
Further, it dissects typical joint venture effectively.

MODULE 4 ✓ Anatomy of the Deal

Process: Stages,
The Real Estate Deal Process
Workstreams &
Module 4 immerses participants in the the critical role of third parties and their Responsibilities
real-world intricacies of the real estate functions, providing insights into deal
✓ The Role of Third Parties
deal process. The focus is on bringing documents such as NDAs, teasers, & Their Functions
to life the key stages of an investment, OMs, LOIs, PSAs, and loan documents.
from sourcing to business plan execution Additionally, it covers key terms, due ✓ Deal Docs: NDAs, Teaser,
OMs, LOIs, PSAs, & Loan
to disposition. Participants gain a diligence items, and points of negotiation
Document
comprehensive understanding of the in an acquisition, ensuring participants are
anatomy of the deal process, exploring well-equipped to navigate the complexities ✓ Key Terms, Due Diligence
stages, workstreams, and associated of real estate transactions with practical Items, and Points
of Negotiation in an
responsibilities. The module discusses knowledge and confidence.
Acquisition

Real Estate Investing & Analysis

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MODULE 5

Real Estate Investment Analysis & Financial Modeling, Part 1

Module 5 begins participant’s deep expenditures and other non-operating ✓ Property Level Financial
dive into real estate financial modeling. cash flow line items. Participants learn the Modeling Fundamentals &
This module explores how real estate essentials of calculating Net Operating Best Practices
professionals analyze and underwrite Income (NOI) and its various uses in real ✓ Multifamily, Industrial,
investment opportunities, with a specific estate analysis. The module concludes by Retail, and Office
focus on modeling property-related underwriting acquisition and disposition Operating Cash Flow Builds
cash flow proformas. Participants dive values, providing participants with a well-
✓ Capital Expenditure &
into property level financial modeling rounded understanding of the financial other Non-Operating Cash
fundamentals and best practices, gaining modeling processes essential for evaluating Flow Builds
insights into the intricacies of both real estate investments.
✓ Defining & Calculating Net
multifamily and commercial (office,
Operating Income (NOI)
industrial, and retail) operating cash flow
builds. The module also covers capital ✓ Acquisition and
Disposition Values (Direct
Capitalization Method

MODULE 6

Real Estate Investment Analysis & Financial Modeling, Part 2

Module 6 continues the focus on real estate ventures. Additionally, participants ✓ Debt Structures &
financial modeling. Students deepen their differentiate between acquisition and Levered Cash Flows
understanding of investment underwriting, development models. The module
✓ Investment Returns -
specifically focusing on financing and concludes by emphasizing the practical Internal Rate of Return,
capital structures. Participants explore application of investment models in Multiple on Invested
modeling debt structures and levered cash informing strategic investment decisions, Capital, Cash-on-Cash
flows, gaining insights into the intricacies ensuring participants are equipped with the Yield, Yield-on-Cost
of financing and its impact on investment knowledge and tools necessary to navigate ✓ Joint Venture Waterfalls
returns. The module covers joint venture the complexities of real estate investments & Promote Structures
waterfalls and promote structures, effectively.
✓ Acquisition vs.
providing a nuanced understanding
Development Models
of partnership dynamics in real estate
✓ Using an Investment
Model to Inform
Investment Decisions

Real Estate Investing & Analysis

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MODULE 7

Analyzing Market Risk Factors

Module 7 delves into the strategic thinking learn to interpret economic data, assess ✓ Supply & Demand
processes employed by real estate construction costs, and navigate market Dynamics
professionals when evaluating investment rents for effective forecasting. Participants
✓ Analyzing Economic
opportunities, focusing on both macro and gain perspective on how market dynamics Data
micro market analysis. Market dynamics inform underwriting and real estate
✓ Market Rents &
are explored, including demand drivers, investment decisions.
Forecasting Growth
supply-side considerations, and the impact
of volatility on investments. Participants ✓ Market Analysis

MODULE 8
✓ Identifying &
Analyzing Property Level Risk Factors Mitigating Micro Risk
Module 8 continues the focus on strategic mitigation, utilizing leases and mortgages Factors
thinking processes employed by real to align risk and return dynamics with ✓ Identifying &
estate professionals when evaluating investor requirements. Participants gain Mitigating Macro Risk
investment opportunities, focusing on perspective on how property-level risks Factors
property-level risks. Emphasis is placed on inform the evaluation of real estate
✓ Balancing Risk &
risk management and the concept of risk investment opportunities. Return

MODULE 9
✓ Partnership Structure &
Capstone Project: Investment Case Study Execution Plan
In the final module, participants are situations but also for the demands of the
✓ Due Diligence
immersed in the practical application real estate investment interview process.
of the entire real estate investment This hands-on exercise serves as a bridge ✓ Underwriting & Financial
Analysis (Upside, Base,
process, covering transaction structuring, between theoretical knowledge and real-
and Downside Cases)
investment underwriting, due diligence, world scenarios, equipping participants
and analysis. Participants gain valuable with the skills needed for success in the ✓ Investment Highlights
insights into transactional nuances, competitive world of commercial real & Risks
preparing them not only for real-world estate investing. ✓ Investment
Recommendation

Real Estate Investing & Analysis

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Program
leadership
& faculty
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PROGRAM DIRECTORS

Todd Sinai
Chair, Real Estate Department, Wharton School
Professor Todd Sinai has been with Wharton since 1997 and is David B. Ford Professor; Professor of Real Estate and
Business Economics and Public Policy and chair of the Real Estate Department at the Wharton School. Todd has
also served as a faculty research fellow at the National Bureau of Economic Research and a visiting scholar of the
Federal Reserve Bank of Philadelphia. His research interests include commercial real estate, real estate investment
trusts, risk and pricing in housing markets, and taxation of real estate. Todd is the recipient of several teaching and
other awards, including the Post-Doctoral Fellow award from the Homer Hoyt Institute, the Ballard Teaching Award,
and the HUD/AREUEA Best Paper Award. Todd received his PhD from the Massachusetts Institute of Technology
and his BA from Yale University.

Benjamin J. Keys
Rowan Family Foundation Professor in Real Estate and Finance, Wharton School
Benjamin J. Keys is a professor in the Real Estate and Finance Departments at the University of Pennsylvania’s
Wharton School. He is also a faculty research fellow at the National Bureau of Economic Research, an associate
editor of the Review of Financial Studies and Management Science, a member of the Academic Research Council
at the Urban Institute’s Housing Finance Policy Center, and a fellow at the Center for Financial Security at the
University of Wisconsin-Madison. Previously, Keys was an assistant professor at the University of Chicago’s Harris
School of Public Policy and an economist in the Division of Research and Statistics at the Board of Governors of the
Federal Reserve System. His research interests include household finance, mortgage finance, real estate, applied
econometrics, and urban economics. Benjamin received his BA from Swarthmore College and his MA and PhD from
the University of Michigan.

Jessie Handbury
Gilbert and Shelley Harrison Associate Professor in Real Estate, Wharton School
Jessie Handbury is an Assistant Professor at the Wharton School at the University of Pennsylvania, where she
teaches real estate investments. Her research interests lie at the intersection of urban economics, intranational
trade, and industrial organization. Her research has been published in the Review of Economic Studies, the Quarterly
Journal of Economics, and the Journal of Urban Economics. She is an NBER Faculty Research Fellow and serves on the
editorial boards of the Journal of Housing Economics and the Journal of Economic Geography. She attended Columbia
University, where she received a bachelor’s degree in economics and mathematics and a Ph.D. in economics.

Real Estate Investing & Analysis

Certificate Program
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Aaron Hancock
Real Estate Investing & Analysis Program Director, Wall Street Prep
Aaron Hancock has nearly a decade of experience in financial services and commercial real estate. He is a Vice
President at Artemis Real Estate Partners, a commercial real estate investment manager. Aaron has also held roles
at JBG Smith where he focused on digital infrastructure investments as part of the firm’s Smart Cities team, and a
family office where he focused on master-planned luxury development projects in the pacific northwest US. Aaron
began his career as a member of the Real Estate investment banking group at Morgan Stanley where he focused
on mergers and acquisitions, equity and debt financings, and strategic advisory. Aaron earned a BS in Applied
Economics and Management from Cornell University and an MBA from Harvard Business School.

Daniel Mann
Real Estate Investing & Analysis Program Director, Wall Street Prep
Daniel Mann, a seasoned real estate investor and entrepreneur, brings over a decade of experience in
commercial real estate investing and business startups. As the founder and owner of Rockwest Real Estate, he
directs an investment and management company specializing in commercial real estate across the tri-state area.
Simultaneously, Daniel serves as the CEO of First Cut Barrel Co, a boutique distillery focused on crafting limited-
release and personalized single-barrel spirits for private clients. Before Rockwest and First Cut, Daniel worked for
various premier real estate investment companies and owner-operators including Madison International Realty,
RXR Realty, and The Silverfern Group. Dan holds a BS in Hotel Administration and a Minor in Real Estate from
Cornell University.

Real Estate Investing & Analysis

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PROGRAM SPEAKERS

Dean Adler
Founder and CEO, Lubert-Adler
Dean Adler is CEO and Founder of Lubert-Adler Partner, L.P., a real estate equity firm with over $7 billion in equity
and $17 billion of assets under management. He serves as head of the investment committee and is responsible for
leading the strategic direction of the firm. Dean began his career at Ernst & Young, Baker and Hostetler and CMS.
He is an Executive Committee Member and Research Sponsor for the Zell/Lurie Real Estate Center of The Wharton
School. He has been a keynote speaker for national real estate organizations such as the Urban Land Institute and the
International Council of Shopping Centers. He has served on numerous community boards and has served on the City
of Philadelphia’s Economic Development Summit. Prior to founding Lubert-Adler, Dean graduated magna cum laude
from the Wharton School of the University of Pennsylvania. He holds a J.D. degree with honors from the University of
Pennsylvania Law School and was an instructor at the Wharton School.

Eric Bergin
Managing Member, 3E Management
Eric has over 23 years of experience in the Finance/Real Estate Industry. 3E Management provides institutional-
quality consulting services and analysis to both Private Equity companies and family offices. Prior to forming 3E,
Eric worked as a director at Rockpoint Group, leading the Finance Group, as well as managing certain acquisitions,
asset management and investor reporting activities. Prior to Rockpoint, Eric was an Associate at Pricewaterhouse
Coopers, where he had responsibilities in the financial advisory services group. He has a guest lecturer at Harvard
Business School on private equity distributions and portfolio modeling and lectured at Stanford Graduate School of
Business on portfolio waterfall calculations.

Jeff T. Blau
CEO, Related Companies
Jeff T. Blau is Chief Executive Officer and a partner of Related Companies. For the past 25+ years he has been
responsible for directing and overseeing new developments worth over $60 billion in virtually every sector of the real
estate industry. As CEO, he is responsible for the strategic direction of the company, overall management of the firm,
the pursuit of new development opportunities and corporate acquisitions and financing activities across all business
platforms. Jeff serves on the Board of Directors of Equinox Holdings, Inc., the Central Park Conservancy, the New York
City Partnership Fund, Robin Hood Foundation, Real Estate Roundtable, The Wharton Graduate School, The University
of Michigan, Lincoln Center, and The Mount Sinai Medical Center. He has received numerous honors for his business,
civic and philanthropic activities and was named to Crain’s New York’s New Influentials list of 25 leaders reshaping
New York. Jeff completed his undergraduate studies at the University of Michigan and received a Master of Business
Administration from the Wharton School of the University of Pennsylvania.

Real Estate Investing & Analysis

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Anar Chudgar
President, Artemis Real Estate Partners
As Co-President at Artemis Real Estate Partners, Anar Chudgar is responsible for developing, implementing, and
overseeing both equity and credit investing platforms. She sits on the Firm’s Investment Committee and serves as
Portfolio Manager for the Income and Growth Fund. Anar spent nine years as a Partner at GCM Grosvenor, co-
leading the creation and growth of a $5.0 billion real estate platform. Her extensive background includes roles at
Credit Suisse Group AG, Onex Real Estate Partners, iStar Financial, Inc., and JP Morgan Chase. In addition, Anar
serves as Vice Chair of the Board of the Pension Real Estate Association and as Committee Chair of the Nominating
and Governance Committee at Spark Youth. Anar is an Executive Council member of the Real Estate Finance and
Investment Center at the University of Texas at Austin, New York Women Executives in Real Estate (WX), and the
Urban Land Institute’s UDMUC Green Council.

Hal Fetner
President & CEO, Fetner Properties
Hal Fetner is President & CEO of New York City-based Fetner Properties. He serves on Syracuse University’s Board of
Trustees, is Chair of the Facilities Committee at the University, and a member of the University’s Whitman School of
Management Advisory Council and the Whitman Real Estate Advisory Board. Hal established the Fetner Program fund,
a scholarship at the Whitman School for students pursuing sustainability, and created the Fetner Sustainability Series as
well as the Fetner Prize in Sustainable Enterprise. He sits on the Board of Governors and the Executive Board of the Real
Estate Board of New York (REBNY) and is on the Board of Trustees of the Citizens Budget Commission — a nonpartisan,
nonprofit organization pursuing constructive change in the finances and services of New York City and State. Hal
graduated from the Whitman School of Management, and subsequently earned a Juris Doctor from New York Law
School. In 1988 Hal took on the role of CEO at Fetner Properties as the third generation to take the helm. Prior to joining
the firm, he served as a law clerk for the Honorable Joe Hynes, special prosecutor of the State of New York.

Deborah Harmon
Co-Founder & Co-CEO, Artemis Real Estate Partners
Deborah Harmon boasts 30+ years of experience in real estate. Harmon co-founded Artemis Real Estate Partners in
2009. Prior to co-founding Artemis, she spent 17 years establishing and leading the principal investing business at J.E.
Robert Companies, Inc., a global real estate investment firm where she was President and Chief Investment Officer.
Deborah currently serves as Chairperson of the Pension Real Estate Association Foundation, a member of the Board of
Directors of Starwood Property Trust, Urban Alliance, and Sponsors for Educational Opportunity. She was recognized
in 2020 by Barron’s on its inaugural list of the 100 Most Influential Women in U.S. Finance, and was recognized by
EY as an Entrepreneur of the Year® 2019 Mid-Atlantic Award winner and National Finalist. She was included in Real
Estate Forum’s Women of Influence Hall of Fame in 2018. Deborah holds a Bachelor of Arts degree from Johns Hopkins
University and an MBA from The Wharton School.

Real Estate Investing & Analysis

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Joshua Kahr
Principal, Kahr Real Estate Services
Joshua Kahr is the principal of Kahr Real Estate, a training and consulting company that he founded in 2002 and
that serves the commercial real estate industry. In 2009, he founded real estate investment company Metropolitan
America. Prior to this, he held positions in investment sales at a regional brokerage firm and in acquisitions at a fund
that focused on environmentally contaminated real estate. He also served for five years on the board of directors
for Monmouth Real Estate. Joshua has taught real estate finance and real estate capital markets for Columbia
University’s MS in Real Estate Development program since 2005. For corporations, he has taught over 200 two day
seminars on Excel modeling and Argus. He has a Master of Science in Real Estate from New York University and a
Bachelor of Arts in Economics from Reed College.

Bruce Kirsch
Founder & CEO, Real Estate Financial Modeling
Bruce Kirsch is the founder of Real Estate Financial Modeling. He began his real estate career at CB Richard Ellis,
where he marketed high-rise New York City office buildings for re-development in the top-producing Midtown
Manhattan Investment Properties Institutional Group. Kirsch then engaged in his own urban and suburban
condominium and single family detached housing ventures. Bruce was then selected as one of the two executives
to run New York City-based developer The Clarett Group’s Washington, DC business. He has personally trained
thousands of students and professionals across the US and and around the world in real estate and in Excel-based
modeling for commercial real estate transactions. Bruce holds an MBA in Real Estate from The Wharton School. He is
also the co-author of the leading real estate textbook, Real Estate Finance and Investments: Risks and Opportunities,
along with Dr. Peter Linneman, the founding Chairman of The Wharton School’s Real Estate Department. Bruce
graduated with a BA in Communication from Stanford University.

Chris Lee
Co-President & Partner, KKR Real Estate
Chris Lee, Co-President of KKR’s global real estate business since joining in 2012, serves as Portfolio Manager for KKR
Property Partners Americas. He is Vice Chairman of the Board of Directors for KKR Real Estate Finance Trust Inc. (NYSE:
KREF) and a key member of KKR’s committees and councils, including the Operating Committee, ESG Committee, and
Global Inclusion and Diversity Council. Formerly Head of Real Estate in the Americas, Chris’s extensive background
includes roles at Apollo Global Management and Goldman Sachs. Actively engaged in philanthropy, Lee serves on
various boards, including St. Mark’s School of Texas and Sponsors for Educational Opportunity (SEO). He is affiliated
with industry organizations like the CRE Finance Council and Urban Land Institute. Chris holds an MBA from Harvard
Business School and a Bachelor’s degree in Economics from Emory University.

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Evan Levy
Vice Chairman, The Amherst Group
Evan Levy is Vice Chairman of The Amherst Group and is based in New York. He was previously Co-Head of
Weil, Gotshal & Manges LLP’s Real Estate practice. His practice focuses on complex real estate private equity
transactions, joint ventures, acquisitions, dispositions, development projects, financing transactions, mergers and
acquisitions and workouts and restructurings. Evan has broad experience in all aspects of real estate transactions,
representing fund sponsors and investors; public and private companies; borrowers and lenders; purchasers and
sellers; debtors and creditors; developers and equity investors; and issuers and investors in all real estate asset
classes. Evan has advised some of the largest national and international real estate companies on their most
significant and complex real estate transactions. Evan regularly represents owners, equity investors and lenders in
all aspects of the structuring, capitalizing and financing of real estate transactions throughout the United States
and across the world. Prior to joining Weil, Evan was a partner Head of Real Estate Capital Markets at Skadden,
Arps, Slate, Meagher & Flom LLP.

Christopher Méndez
Managing Director, Pearlmark
Christopher S. Méndez is a Managing Director of Pearlmark based in New York, with responsibility for overseeing
the firm’s equity investment activities including sourcing, underwriting, and executing transactions for Pearlmark’s
investment vehicles. Prior to joining Pearlmark, Christopher served as Director and Co-Head of US Investments at
Madison International Realty. Christopher also worked for Morgan Stanley Real Estate, where he engaged in both
investment banking and principal investing transactions. He earned his BS from the School of Hotel Administration at
Cornell University and his MBA from the Wharton School at the University of Pennsylvania. In addition, Christopher
is a CFA charterholder, CIPM certificant, CCIM, and a member of the CFA Society New York.

Alan Ratner
Managing Director of Equity Research, Zelman & Associates
Alan Ratner is a Managing Director at Zelman & Associates. He and his team are responsible for producing
all research and financial models for the publicly traded homebuilding and land development companies
under coverage, thematic reports covering the single-family for-sale market, as well as the firm’s proprietary
homebuilding and land development surveys. He is a CFA charter holder, a member of the New York Society of
Security Analysts, and is certified with the Series 7, 24, 63, 86 and 87 licenses.rior to the founding of Zelman
& Associates, Alan was an associate analyst from 2005 to 2007 at Credit Suisse Group, serving as part of Ivy
Zelman’s Equity Research team which has consistently been recognized by Institutional Investor, Greenwich
Associates, StarMine and The Wall Street Journal for their industry-leading analysis.

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Michael Vu
Senior Managing Director, Artemis Real Estate Partners
Michael Vu is responsible for developing and implementing the acquisition and asset management activities of
Artemis. Previously, he was an associate at The Carlyle Group, where he served in the transactions group within
U.S. Real Estate. He was focused on property and portfolio acquisitions, dispositions, financings, and workouts
across all major property types. Prior to The Carlyle Group, Michael was an analyst at Lazard Frères & Co.,
where he focused on mergers and acquisitions within the U.S. Real Estate group in New York. He earned his BS
in Politics and Finance from Princeton University, graduating magna cum laude. He is the Treasurer on the board
of Horton’s Kids, a non-profit that focuses on providing holistic support through healthcare, academics, and
job assistance to underprivileged Washington, D.C. communities and is also an active council member with the
Urban Land Institute.

Simon Ziff
President, Ackman-Ziff Real Estate Group
Simon Ziff is president of Ackman-Ziff, one of the nation’s leading real estate intermediaries, headquartered in
New York City. Since joining the firm as an analyst in 1989, Simon has structured more than $30 billion of debt
and equity financings for some of the nation’s foremost real estate developers and owners while solidifying
the firm’s relationships with key capital sources. Prior to joining the firm, he was employed by Massachusetts
Mutual Life Insurance Company as an analyst. Simon has been recognized on multiple occasions by the Real
Estate Board of New York, including as its first recipient of the Most Promising Commercial Salesperson of
the Year Award. He is also the six-time recipient of the board’s Most Ingenious Deal of the Year Award. In
2002, New York University — where he earned his master’s degree in real estate finance — awarded Simon his
second-ever distinguished Real Estate Alumni Recognition Award. The Penn State Smeal College of Business
awarded him the 1999 Outstanding Young Alumnus Award. Simon is Co-Chair of the Smeal College of Business
Real Estate Advisory Board and a member of New York University’s Schack Institute of Real Estate.

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OTHER FACULTY

Aaliyah Ameer
Aaliyah Ameer has 13 years of Investment Banking and Private Equity transaction experience having worked at
Macquarie and Ernst & Young. Aaliyah held key roles at Macquarie Group, where she served as Vice President
in the Asset Management and Investment Banking divisions. She has sub sector expertise in Real Estate and
Infrastructure with significant cross border and international deal experience. Prior to Macquarie, Aaliyah was a
manager in Transaction Advisory focusing on Valuations and Due Diligence. She holds a Post Graduate Diploma in
Accounting, a Bachelor of Business Science with majors in Finance, Economics, and Marketing from The University
of Cape Town, and is a Chartered Accountant.

Karine Blanc
Karine Blanc is an experienced real estate executive and thought leader focused on building stronger, more inclusive
communities. She is the founder and CEO of Avenue Fouchard Advisors, a real estate development advisory firm
based in Philadelphia. Her areas of expertise include real estate development, capital markets, housing, and social
impact. Karine has over a decade experience in investment management, private equity, and real estate. Prior to
launching her own firm, Karine worked at various firms such as PGIM Real Estate, Lincoln Financial Group, and
Fidelity Investments. Karine holds a bachelor’s and master’s degree in Economics from Rutgers University. She
currently serves on Urban Land Institute’s Advisory Board in Philadelphia and serves as Chair of the Small Scale and
Impact Development Council.

Daniel Erb
Dan Erb brings several years of M&A experience, excelling in sell-side transactions across diverse industries. At
Brown Gibbons Lang, he contributed to the Healthcare & Lifesciences sector as an Investment Banking Associate.
His varied experience spans wealth management, deal advisory, and strategic consulting in major cities like San
Francisco, New York, and Hanoi. An Indiana University Kelley School of Business graduate, Dan earned his M.B.A,
completed his undergraduate degree with distinction, and passed all four CPA exams. Currently, Dan serves as
the managing partner of EM Capital, where he leads the acquisitions, syndications, and management of a ~$5M
portfolio of Single Family Rentals.

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Matan Feldman
Matan Feldman is founder and CEO of Wall Street Prep. Matan founded Wall Street Prep in 2004 with a simple
goal: To accelerate the learning curve for professionals entering the most competitive careers in finance through
engaging training content. Since then, Matan has steered Wall Street Prep to become the trusted destination for
financial training to individuals, as well as to the world’s leading investment banks, private equity firms and other
financial institutions. Today, Wall Street Prep trains over 50,000 professionals annually and is a global full-service
financial training firm, providing self-study programs as well as instructor-led training and e-learning services. The
company counts leading firms like Goldman Sachs, KKR, Evercore, HSBC, and Barclays as clients who partner with
Wall Street Prep to train their employees. Prior to Wall Street Prep, Matan worked as an investment banking analyst
at JP Morgan’s M&A Group, and then as an Equity Research associate. Prior to that, Matan graduated from Boston
University with a Masters Degree in Economics.

JB Gough
JB Gough has several years of experience in commercial real estate, technology, and financial services. JB is the Co-
Founder and Managing Partner of The Pinebrook Group, a private equity firm specializing in unique, sophisticated,
and strategic value-add and opportunistic investments across various asset classes in the commercial real estate
industry. Prior to founding Pinebrook, JB worked at Juniper Square, a SaaS platform for real estate private equity
firms, where he specialized in investment management and fund administration services for GPs managing
over $40 billion of investor equity and investing across a diverse spectrum of asset classes and strategies. Prior
to Juniper Square, JB worked in investment banking at Jefferies and helped execute M&A, debt, and equity
transactions in excess of $2.5 billion across the Consumer & Retail industries. JB earned a B.A. in Economics from
Davidson College and holds a Master’s Degree in Real Estate from Georgetown University.

Lindsay Tsumpes
Lindsay Tsumpes is a California real estate broker and investor with 8 years of real estate transaction experience.
Most recently, Lindsay served as Vice President of Capital Markets at Jones Lang LaSalle where she specialized in
shopping center investment sales. Prior to Jones Lang LaSalle, Lindsay began her real estate career as an analyst
and transaction manager at Colliers International, and then transitioned to a more senior role as Associate Vice
President and Director of the shopping center division at Matthews Real Estate Investment Services. Lindsay
holds an MBA from the University of Southern California Marshall School of Business and a B.S. in Business
Administration with emphasis in Cinematic Arts from the University of Southern California.

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PROGRAM TUITION

Tuition and payment options

PROGRAM TUITION

$4,800
For enrollments before January 13.
$200 Application Fee added after
January 13.

OR

$960/month
Pay 5 monthly installments of $960.

PROGRAM TUITION

$550 off
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A P P LY T O D AY

Real Estate Investing & Analysis

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Frequently asked questions
What will I learn from taking this program? How do I register for this program?
The Real Estate Investing & Analysis Certificate You can register for the program at any time through
Program will teach learners how to approach real our Enrollment Form.
estate investing and analysis with an institutional
lens that will differentiate you as both a professional How much does the program cost?
and entrepreneur. The program costs $4,800 for early enrollments
before January 13 ($200 application fee is waived)
How often are programs offered? and $5,000 for enrollments after January 13. Tuition
Programs will be offered three times each year. can be paid in full or in 5 monthly payments.
Cohorts will begin in January, May, and September.
Is tution assistance offered?
How much time will it take to complete this Tuition assistance will be available for every cohort.
certificate? Use our Tuition Assistance form to apply.
The course is designed to run for eight weeks, with a
recommended workload of 6-8 hours of lectures, live What is the program refund policy?
sessions, and assignments per week. This program is non-refundable.

What languages will the program be Who can I contact for additional questions?
offered in? If you have any additional questions, please reach
This program is offered in English only. out to our enrollment team at enrollment@wharton.
wallstreetprep.com.

Real Estate Investing & Analysis

Certificate Program