Real Estate Development (RDEV)

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Abstract

The Graduate Programs in Real Estate Development are based in the School of Architecture, Planning & Preservation and offer a Master of Real Estate Development (MRED) degree as well as a graduate Certificate. The 33-credit MRED stresses a comprehensive and collaborative approach to real estate development, going beyond the traditional finance emphasis to address the full range of development issues--from property acquisition, to planning and permitting, law and finance, design and construction, as well as marketing, commercial leasing, property, portfolio and asset management. The program takes full advantage of the School's programs in Architecture, Historic Preservation, Smart Growth and Urban Planning all of which are dedicated to Collaborative Education for a Sustainable Future. The program aims to assure that graduates can effectively engage bankers, investors, architects, contractors, lawyers, accountants, and public officials as well as how to bring a project in on time and the ability to deliver dynamic marketing and effective property management. The program uses not only the traditional graduate reading and research mode of learning, and the popular case study review and discussion method, but embraces the studio, or practice method, engaging the development community as partners in class and in the field to enliven the concepts of the classroom lecture and discussion. Many of the instructors for the program, by design, are professionals in the real estate field. Sustainable design and green building, as well as adaptive reuse of existing structures, public/private joint venture financing, accessible housing for senior and disabled housing, join Smart Growth as signatures of the program. Graduates should be prepared to enter the real estate industry with a keen awareness of the MRED Quadruple Bottom Line in developing communities that are: Economically Viable, Environmentally Respectful, Socially Responsible and Beautifully Designed. The Programs are enhanced by the research, publications and public outreach activities, including an Annual Spring Symposium, provided by the Colvin Institute of Real Estate Development. The Institute is the home for the real estate journal, the Real Estate Review. The Institute is also actively engage in developing study abroad opportunities in China and India. Additional reduced fee courses in desirable skills are offered through the Institute, such as Preparation for LEED-AP exam, ARGUS, Co-Star, Writing and Presentation Skills, Executive Personal Skills.

Admissions Information

Acceptance to the program is on a competitive basis. Applicants are required to have a minimum undergraduate grade point average (GPA) of 3.0 on a 4.0 scale from an accredited University. Applicants who demonstrate a strong interest and aptitude with a GPA below 3.0 may be considered based on recommendations or proven success in the field. Such applicants may be admitted provisionally or conditioned on additional preparatory course work. Applicants for the MRED program are required to submit a GRE score, unless they are 5 years or more beyond the granting of their undergraduate degree. A GMAT or LSAT score may be submitted in the alternative. Students may elect to complete their degree on an accelerated (12 month), full time (18-24 months), or part-time basis (36 - 60 months). Applications are also accepted from students completing the Certificate in Real Estate Development with up to four courses applied to the MRED degree. Graduate courses taken at other institutions prior to application cannot be transferred to the Program. Students with advanced work in any area where there is a required course in the curriculum can substitute a more advanced course or an additional elective of their choice. There is no restriction on the applicants' previous field of study, and diverse applicants, in all senses, are very welcome. Students with no economics, finance or accounting background will be required to take 1 to 3 additional preparatory courses as part of the degree. Students may be required to take a non-credit, for fee short course (typically scheduled for Saturdays in the first semester) through the Colvin Institute, if they do not have sufficient familiarity or proficiency with financial calculator or Excel Spreadsheet functions. Additionally, students who demonstrate a need for increased development of professional writing and presentation skills may be required to take a non-credit, for-fee short course offered on alternate Saturdays to acquire those necessary skills for success in the program and the profession.

Application Deadlines

	Fall	Spring
Domestic Applicants: U.S. Citizens and Permanent Residents
Domestic Applicant Deadlines	Applications for the RDEV or Real Estate Certificate must be received by March 15 for Domestic Applicants, February 1st for International Applicants; February 1st is also the deadline for preferential consideration of Domestic applications. .	Applications for the RDEV and Certificate in Real Estate Programs for Spring of 2011 must be received by October 1 for Domestic applicants; June 1 for International Applicants. .
International Applicants: Applicants from Outside the U.S. or U.S. Citizens / Permanent Residents with Non-U.S. Credentials IMPORTANT:   International Applicants and U.S. Applicants with Non-U.S. Credentials must follow the domestic deadlines above if they are earlier than the deadlines listed below.
Applicants seeking admission under F (Student) or J (Exchange Visitor) visas	February 1 If Domestic Deadline is after Feb. 1	June 1 If Domestic Deadline is after Jun. 1
Applicants seeking admission under A, E, G, H, I, and L visas and immigrants	May 1 If Domestic Deadline is after May 1	October 1 If Domestic Deadline is after Jun. 1
U.S. Citizens and Permanent Residents with foreign credentials	May 15 If Domestic Deadline is after May 15	October 31 If Domestic Deadline is after Oct.31

Application Requirements

1. Complete application form (On-line version):
2. Academic credentials (official transcripts to the Admissions Office of the Graduate School):
3. Standardized test scores: GRE, GMAT or LSAT required unless undergraduate degree awarded more than 5 years ago.
4. Letters of Recommendation: Three confidential letters submitted by professors or others familiar with your capabilities. Letters from supervisors and employers are accepted.
5. Statement of Goals and Experience: 1000-2000 word statement of graduate goals, any special practice focus or research interests, and anticipated post-graduate professional expectations.
6. Resume identifying all work experience (real estate and otherwise).

7. Self-Assessment of Skill Level. Indicate whether your capability with financial calculator(s) and excel spreadsheet functions should be categorized as: non-existent, minimal, moderate/workable, or superior/excellent

Degree Requirements

Master's of Real Estate Development (MRED)
Masterof Real Estate Development (MRED) A 33 credit hour [Accelerated Path is 12 months; Full time path is 18-24 months, and Part Time can take anywhere from 24 - 60 months] program earning a Masters degree awarded by the Graduate School of the University of Maryland, Marylands flagship public university in College Park, Maryland. The program admits up to 25 new students both Fall and Spring Terms. The program is not a cohort program, and all courses are not offered every term. The curriculum has 7 core requirements, 3 electives and a required capstone course integrating knowledge from all parts of the curriculum. Graduates must have successfully completed a capstone project or research thesis and publicly presented it in order to be awarded the MRED degree. The program allows for tailoring the core courses to a students background and interest, so that students with a strong background or taking other graduate work at Maryland in an area, such as architecture, law, planning, public policy or finance, could have the core course in their area of expertise waived and additional electives or more advanced courses substituted with the advice and approval of the Director. Application fees, matriculation fees, technology fees and etc. are fixed by the Graduate School and can be viewed on the web site for the University bursar. Tuition rates for students qualifying for Maryland residency are non-standard, and are not subsidized byh the State. To view the current tuition rates, go to the admission page and click on Tuition and Fees at www.arch.umd.edu/real_estate_development Additional non-credit preparation and enhancement courses are offered by the Colvin Institute on a fee basis. Tuition costs are subject to adjustment by the Graduate School prior to the beginning of any term. Tuition rates for Summer Sessions (both I and II) are tied to the rates for the upcoming Fall term, rather than the Spring term they follow. The course work for the core courses is very intense, and off site visits are required in most courses anywhere from 2 to 3 times per semester. Students who are also working full time are advised that it is not realistic to take more than two courses in any one semester. Course offerings in the Winter and Summer term are very limited, and generally no more than one in Winter and two in Summer are offered, requiring students desiring to follow the accelerated path to seek early advising and plan carefully. Students on the full time path should not plan to work off campus more than 10 hours a week, and on campus more than 15 hours a week at maximum, given the work load. Most RDEV courses are offered from 7:00 - 9:45 pm on one weeknight a week, with courses scheduled Mondays through Thursdays. Full time and Accelerated Path students may take electives in other programs of the school, some of which meet mornings, or late afternoon. A few non-required courses are available in the 4:00 - 6:30 pm time period.

Facilities and Special Resources

The University of Maryland is an exceptional location for the pursuit of graduate studies in the field of real estate development, and graduate students are encouraged to take advantage of the opportunities. The University is eight miles from the incomparable library and research facilities of Washington, D.C. In the nation's capital, MRED graduate students have access to the Library of Congress, as well as the specialized collections of professional associations and international organizations, such as the National Association of Home Builders, the Urban Land Institute, the American Institute of Architects, the National Building Museum and agencies at all levels of government, municipal, county and state as well as the unique opportunities and challenges of the District of Columbia.

Close by are key historically important and interesting places in the development of U.S. communities, including the 4th settlement in America at Historic St. Mary's City which is undergoing reconstruction. Just 10 minutes from campus is the original new town of the 1930s in Greenbelt, Maryland, as well as the 1960's new towns of Columbia, Maryland, St. Charles, Maryland and Reston, Virginia. One of the best examples of new urbanism is the Kentlands development less than 30 minutes away. And not to be missed are the major redevelopment and urban living revivals in the Port City of Baltimore and the historic neighborhoods of Anacostia and Columbia Heights in the District of Columbia. The School of Architecture, Planning, and Preservation is also the home of the Colvin Institute of Real Estate Development, endowed by John and Karen Colvin, a key supporter of the MRED program and the home of the Real Estate Review and sponsors of the annual MRED spring symposium during the first weekend in May. Also associated with the School is the National Center for Smart Growth Research and Education, which involves faculty and graduate students from several campus units in multi-disciplinary research on the fiscal, environmental and social impacts of alternative development patterns; evaluation of growth management strategies, national and international research as well as technical assistance to state agencies and local jurisdictions. The program's location in College Park, with Metro access to downtown Washington, and easy access up the Baltimore-Washington Parkway to Baltimore City, makes field work, site visits and interaction with ongoing real estate developments one of the signature features of the MRED program. The MRED Council of Advisors, as well as adjunct faculty who are active professionals in all aspects of real estate development, are eager to engage with students in the program which offers formal and informal occasions for advice about the current trends in the industry as well as the possibility of full- or part- time employment or internships.

Financial Assistance

The MRED Program offers a very limited number of teaching and research assistantships. Work opportunities both on, and off campus, are relatively plentiful. The MRED student listserv posts known openings or those brought to the attention of the Program's Assistant Director.

Contact Information

Additional information on program offerings, degree requirements and financial aid can be obtained on the School's Web site (www.arch.umd.edu/real_estate_development) and by contacting the Program Director, Margaret McFarland, at mmcf@Umd.edu or by phone at 301-405-6790.

Margaret McFarland, JD, Director, Colvin Institute of Real Estate Development
University of Maryland, Architecture 1243, College Park
MD  20742
Telephone: 301-405-6790
mmcf@umd.edu

www.arch.umd.edu/real_estate_development

Courses: RDEV ARCH HISP URSP

Related Programs and Campus Units

Architecture
Business and Management
Civil and Environmental Engineering



Historic Preservation

National Center for Smart Growth Research and Education
R.H. Smith School of Business

Landscape Architecture
Urban and Regional Planning and Design
Urban Studies and Planning
Urban Studies and Planning