Real Estate, M.S.

FOX SCHOOL OF BUSINESS AND MANAGEMENT

Learn more about the Master of Science in Real Estate.

About the Program

Real estate is the currency for inclusive economic development, navigation of rapid technological and social change, and reconfiguration of built space that determines the future prosperity of our nation. The Master of Science in Real Estate (MSRE) is designed to elevate the future success of experienced professionals, entrepreneurs, and business leaders as they gain new insights into creating value and “blue ocean” real estate strategies for today’s marketplace.

The MSRE program exposes students to all phases of the real estate industry, with an emphasis on optimization of assets, infrastructure development and finance, valuation, development, and advanced financial modeling skills, to provide a tangible technological and intellectual advantage in the traditional brokerage-dominated industry. Courses maximize peer-to-peer learning through case studies, class activities, and real- world case problems through collaborative experiential learning.

The MSRE program is designed for businesspeople, commercial and residential lenders, developers, industry professionals, institutional capital markets participants, and government leaders seeking to:

  • Obtain access to extraordinary networking opportunities inside and outside of the classroom with real estate professionals and business leaders from around the world.
  • Embrace the rapid pace of technological change to become leaders in the real estate industry through valuing, developing, optimizing, and delivering real estate investment returns and development impact.
  • Master skills in the use of current and future technologies adopted by the real estate industry, such as AI, AR (augmented reality), ArcGIS, Argus, and XLS.
  • Obtain a master’s degree from a leading business school, while also gaining invaluable credit toward industry designations that elevate job prospects.

The goal of the MSRE program is to develop the next generation of real estate professionals who are passionate about delivering social and economic impact, while also building more diversity and inclusion in our communities. Temple University is in an ideal market position, both geographically and strategically, to meet future diversity goals of real estate firms through mentorships and create a talent pipeline of women and persons of color for the industry.

Time Limit for Degree Completion: 6 years

Campus Location: Online. Each course is delivered online over a five-week term.

Full-Time/Part-Time Status: Part-time students are able to complete the degree program in 18 to 20 months.  

Affiliation(s): Research interests of Fox faculty are supported by numerous centers and institutes throughout the Fox School and Temple University.

Accreditation: The M.S. in Real Estate is accredited by the Association to Advance Collegiate Schools of Business (AACSB International).

Job Prospects: The Fox Center for Student Professional Development (CSPD) provides students with career coaching and professional development resources that support the job search. Graduates develop industry-matched skills in real estate that distinguish them for employment in the field. 

Licensure/Certification: The MSRE program is structured so graduates receive educational credits from their MSRE coursework toward qualifications and requirements for earning such designations as Accredited Appraiser Canadian Institute (AACI™), Certified Commercial Investment Member (CCIM), Certified Economic Developer (CEcD), Certified Property Manager® (CPM®), Counselor of Real Estate® (CRE®), Royal Institution of Chartered Surveyors Fellow (FRICS), Member of Appraisal Institute (MAI), Master of Corporate Real Estate (MCR), Society of Exchange Counselor Member (SEC), and Society of Industrial and Office Realtor (SIOR).

Non-Matriculated Student Policy: Students are not allowed to take classes under non-matriculated status unless registered for a certificate program.

Financing Opportunities: Citizens and permanent residents of the United States are considered domestic students and are typically eligible for federal student loans and alternative loans through private lenders. The Fox School grants 5% tuition scholarships to alumni who are admitted to the program.

Admission Requirements and Deadlines

Application Deadline:

Fall:

  • December 15 – Early Admissions Deadline
  • March 1 – Scholarship Deadline and International Deadline
  • June 30 – Final Deadline

Spring:

  • August 1 – Early Admissions Deadline
  • November 1 – Final Deadline

Applications are reviewed as they are received and will be considered after the deadline.

APPLY ONLINE to this Fox graduate program.

Letters of Reference:
Number Required: 2

From Whom: Academic references and/or professional references from an immediate supervisor, current or past, are accepted.

Coursework Required for Admission Consideration: Applicants must demonstrate completion of coursework in Accounting, Finance, Micro/Macroeconomics, and Statistics with a grade of "B" or better earned. 

Bachelor's Degree in Discipline/Related Discipline: The equivalent of a four-year U.S. baccalaureate degree from an accredited university or college is required. For three-year degrees, mark sheets must be evaluated by WES or another NACES organization.

Statement of Goals: Essay prompts can be found in the online application portal.

Standardized Test Scores:
GRE/GMAT: Scores may be requested based on the applicant's academic and/or professional background. Candidates with an undergraduate GPA below 3.0 are required to submit valid GMAT or GRE test scores. Consult an admissions advisor with any questions.

Applicants who earned their baccalaureate degree from an institution where the language of instruction was other than English, with the exception of those who subsequently earned a master’s degree in a country where the language of instruction is English must report scores for a standardized test of English that meet these minimums:

  • TOEFL iBT: 90
  • IELTS Academic: 7.0
  • Duolingo: 110
  • PTE Academic: 68

Resume: Current resume or CV is required.

Transfer Credit: Transfer credit is not accepted for the Real Estate M.S. degree.

Program Requirements

General Program Requirements:
Number of Credits Required Beyond the Baccalaureate: 30

Required Courses:

LGLS 5103Real Estate Law and Practice3
RE 5101Real Estate Finance and Capital Markets3
RE 5102Enterprise Real Estate Asset Optimization3
RE 5104Real Estate Development, Construction, and Design3
RE 5105Real Estate Valuation and Market Analysis3
RE 5106Infrastructure Development and Sustainability3
RE 5107Inclusive Economic Development and Place-Making/Real Estate Innovation3
RE 5108Affordable Housing Development and Finance3
RE 5109Institutional Investment Management3
RE 5151Real Estate Integrative Analysis3
Total Credit Hours30

Culminating Event: Successful completion of coursework is required to earn the M.S. in Real Estate degree.

Courses

RE 5101. Real Estate Finance and Capital Markets. 3 Credit Hours.

This course is the gateway to the other courses in the MSRE program, by providing the fundamental building blocks of knowledge and technical skills needed to understand the finance of real estate. Concepts and applications will include time value of money, discounted cash flow analysis and investment forecasting and returns. Using a live case study format, we use an actual real estate investment to apply the knowledge. Students will prepare a Discounted Cash Flow analysis to report both an unleveraged and leveraged returns analysis and joint venture returns. In addition to the learning outcomes students complete a working financial model that is then used for future courses in the program.

Level Registration Restrictions: Must be enrolled in one of the following Levels: Graduate.

Repeatability: This course may not be repeated for additional credits.

RE 5102. Enterprise Real Estate Asset Optimization. 3 Credit Hours.

Public and private enterprises in the United States control $40 trillion of real estate assets and most are not in the real estate business. An enterprise's real estate assets are either the first or second largest balance sheet item and operating expense. Despite this reality, public and private enterprises often overlook the optimization potential of their capital dedicated to real estate. Business leaders who synchronize the dynamic, ever-changing landscape of enterprise strategy with their real estate holdings enhance liquidity and shareholder value, and insure that scarce corporate capital remains dedicated to "mission critical" activities. The course is designed to provide business and real estate students with an understanding of how real estate can be optimized within enterprises through the synthesis of all the various corporate management functions and strategic planning. The course is set up as an interactive learning and classroom experience designed to create strategic insights for business students to enhance the value of real estate assets owned and leased by public and private enterprises. The focus of the course is to provide an academic context for a unique value proposition in today's business world - identification and measurement of asset optimization for enterprises from their real estate portfolios. Learning materials will include case studies, white-papers, SAP cloud-based real estate software solutions, actual management consulting projects, and case studies relating to the field of enterprise real estate.

Level Registration Restrictions: Must be enrolled in one of the following Levels: Graduate.

Repeatability: This course may not be repeated for additional credits.

RE 5104. Real Estate Development, Construction, and Design. 3 Credit Hours.

This course is designed to introduce students to the complex world of real estate development. Understanding commercial real estate property and capital markets, financing, and development dynamics requires learning about types of real estate assets and interests, conveyances, government regulations on land use and zoning, highest and best use, public and private finance, mortgage markets, and valuation and marketing of space in the context of highly competitive localized and segmented markets. This course evaluates development on vacant sites as well as rehabilitation, redevelopment, and acquisition investments. The course examines raw and developed land and the similarities and differences of traditional real estate product types including office, R & D, retail, warehouses, single family and multi-family residential, mixed use, and land as well as specialty uses like golf courses, assisted living, and fractional share ownership. Emphasis is on concise analysis and decision making. The course discusses the development process with topics including market analysis, site acquisition, due diligence, zoning, entitlements, approvals, site planning, building design, construction, financing, leasing, and ongoing management and disposition. Special topics like urban redevelopment, affordable housing, place-making economic development, infrastructure, sustainability, innovation districts, public-private partnerships (P3's), project finance, and running a development company will also be discussed.

Level Registration Restrictions: Must be enrolled in one of the following Levels: Graduate.

Repeatability: This course may not be repeated for additional credits.

RE 5105. Real Estate Valuation and Market Analysis. 3 Credit Hours.

This course focuses on the theory and techniques of real estate valuation with an in-depth exposure to market analysis, highest and best, and contemporary valuation models including the three traditional to valuation: Cost, Sales Comparison, and Income Approaches. Market analysis will include the study of commercial and residential property with special emphasis on the decision matrices and processes used in feasibility studies, site selection, and marketability studies. Students will perform individual and group case study assignments, and guest speakers will complement traditional lectures.

Level Registration Restrictions: Must be enrolled in one of the following Levels: Graduate.

Repeatability: This course may not be repeated for additional credits.

RE 5106. Infrastructure Development and Sustainability. 3 Credit Hours.

This course provides an understanding of the demand for, and supply of, sustainable infrastructure related to the pace of urbanization across the globe. The challenges for both developing and developed countries is examined from the perspective of potential new strategies, new technologies, new business models, and new financing techniques that could make a difference in addressing a full range of infrastructure needs while addressing sustainability objectives. In terms of sustainability, this will include an understanding of the demand and supply side, cultural factors, the policy framework, and the potential impact of technology and innovation.

Level Registration Restrictions: Must be enrolled in one of the following Levels: Graduate.

Repeatability: This course may not be repeated for additional credits.

RE 5107. Inclusive Economic Development and Place-Making/Real Estate Innovation. 3 Credit Hours.

Real estate is the "currency for economic development" and reimagining underutilized real estate assets and neighborhoods is one of the most under-appreciated subject areas in the real estate industry. Place-making is the process of teaching communities and their stakeholders how to "tell their market story" and create inclusive economic development and jobs through real estate innovation. This process requires a plethora of activities that includes implementing an Asset optimization plan and interacting with residents in a way that creates future demand for the commercial real estate assets within a particular location. Specifically, this experiential based course is centered on the roles of various stakeholders in the place-making process, and how they can collaborate together to transform neighborhoods, anchor properties in communities which are underutilized, or overall economic development strategies through real estate innovation.

Level Registration Restrictions: Must be enrolled in one of the following Levels: Graduate.

Repeatability: This course may not be repeated for additional credits.

RE 5108. Affordable Housing Development and Finance. 3 Credit Hours.

This course provides you with an overview of the multi-family rental housing segment within the real estate industry. Topics covered will include: market and demand analysis and their impact on product and product characteristics such as unit mix, size and amenities, construction, and development sequencing. How product influences design, construction, financing/capital stack, ownership structure. Also discussed will be regulations governing operations of low income housing, alternative financing and sources, and property operations. Students will perform individual and group case study assignments, and guest speakers will complement traditional lectures.

Level Registration Restrictions: Must be enrolled in one of the following Levels: Graduate.

Repeatability: This course may not be repeated for additional credits.

RE 5109. Institutional Investment Management. 3 Credit Hours.

This course introduces students to the concepts and discipline of Real Estate Institutional Investment Management incorporating theory, practice and outcomes executed by Real Estate Investment Managers. The course focuses on sources of capital, investment strategy and risk, return expectations and measurement, manager due diligence, documentation, and regulatory oversight. Access to organizations, publications and research in the field is an integral part of this course offering. The past several decades has seen significant growth in the real estate investment management field including the offerings brought to market by real estate managers. This course intends to demonstrate how investment managers raise capital for real estate investment and how they oversee the vehicles in which investors participate.

Level Registration Restrictions: Must be enrolled in one of the following Levels: Graduate.

Repeatability: This course may not be repeated for additional credits.

RE 5151. Real Estate Integrative Analysis. 3 Credit Hours.

The Capstone is designed to provide students with an integrative experience in real estate finance that prepares them for entry into the workplace. To this end, business cases and a Capstone project reinforce and unify the tools that students have developed in prior classes through practical application and a full exploration of real finance as it is applied in investment scenarios. This class will involve detailed study of asset valuation and investment characteristics of commercial real estate using lecture, case study analysis techniques, Capstone project paper, and formal presentation. Topics covered will include acquisition and investment analysis, discounted cash flow analysis, enterprise asset optimization, financing, strategic disposition, risk mitigation, community revitalization, market analysis, and valuation techniques for commercial real estate. Class time will be spent reviewing key real estate valuation, finance, and development topics interspersed with selected group case studies that supplement the in-class discussions. Class time will also include student interaction, presentations, and team assignments. The focus of this course will be on critical thinking, utilization of the tools of real estate finance, and development of business communication skills. Each student should leave the class with an understanding of the issues faced by public and private real estate enterprises, governments, developers, the risks and decisions unique to real estate finance and investment, and the tools used to manage those risks and decisions.

Level Registration Restrictions: Must be enrolled in one of the following Levels: Graduate.

Repeatability: This course may not be repeated for additional credits.

RE 5182. Independent Study. 1 to 3 Credit Hour.

Special study in a particular aspect of real estate under the direct supervision of an appropriate graduate faculty member.

Level Registration Restrictions: Must be enrolled in one of the following Levels: Graduate.

Repeatability: This course may be repeated for additional credit.

Contacts

Program Web Address:

https://www.fox.temple.edu/academics/degree-programs/master-of-science-in-real-estate/

Department Information:

Fox School of Business and Management

1801 Liacouras Walk

701 Alter Hall (006-22)

Philadelphia, PA 19122

foxinfo@temple.edu

215-204-5890

215-204-7678

Fax: 215-204-1632

Submission Address for Application Materials:

https://foxgraduate.force.com/ERx_Forms__Portal_Register?type=fox

Department Contacts:

Academic Director:

David Wilk, CRE, MAI, FRICS

david.wilk@temple.edu

215-204-6675

Specialized Master’s Programs Coordinator:

Rachel Carr

Associate Director for Specialized Master’s Programs

foxms@temple.edu

215-204-7678