The competition served as the capstone project of the Real Estate Private Equity course taught by Andrew Jacobs ’96. Over the course of the semester, the participating students were divided into eight teams and worked directly with a sponsor on a real-world project, completing both quantitative and qualitative analyses, and ultimately developing a comprehensive business plan and investment committee memo. This year’s project sponsors included RangeWater, Shelter Rock, GFP Real Estate, and Workforce Partners. The top four teams, each representing a unique project, were selected to compete in the final round of the competition on May 2, 2023.
The panel of judges was comprised of a distinguished group of real estate alumni, including Matt Giammanco ’13 (Senior Director of Development, AvalonBay Communities), Jane Yang ’10 (Founder, Cooper Square), and Robert Stern ’88 (Founder & Managing Partner, Castle Hill Investors).
- 1st Place: The team of MBA students, which included Andres Arozarena ‘23, PJ Carollo ‘23, James Rowen ‘23, and Michael Palermo ‘23, helped RangeWater determine the highest and best use for a site they are evaluating in Charlotte, NC. Students conducted extensive research on the sub-market (including a site visit), underwrote the project across various property types, optimized the project’s capitalization from an equity and debt perspective, and projected potential returns. Ultimately, the students applied their creativity and methodically arrived at a final recommendation that RangeWater should develop 166 Build-to-Rent Premium Townhomes on the site. Palmer MacArthur ’14, Managing Director at RangeWater, provided students with support for this project.
- 2nd Place: The team of MBA students, which included Peter Tanico ‘23, Dani Glouberman ‘23, Ravi Shah ‘23, and Benjamin Goldberg ‘23, helped Workforce Partners to analyze various growth opportunities to expand its business beyond traditional workforce housing. The project involved a feasibility analysis and valuation of various businesses lines , including (i) development opportunities, (ii) purchasing and operating services businesses, and (iii) acquiring minority positions in properties and businesses. The team made specific recommendations across all three business lines that would put Workforce Partners on a compelling growth trajectory. Ed Gormbley, Founder & CEO of Workforce Partners, provided students with support for this project.
- 3rd Place: The team of MBA students, which included Nikola Ruddy ‘23, Danielle Greirson ‘23, Sean Spellberg ‘23, and Hiroki Komine ’23, helped Shelter Rock Capital Group to identify the highest return on investment activities in light of current market conditions and limited partner (and general partner) real estate demand/preferences. Students performed an analysis of limited partner demand drivers based on investor type, key themes prevalent in the real estate sector, and various strategies/opportunities to capitalize on the current market environment. Throughout the project, the team gained exposure to issues relevant to the marketing, structuring and closing of various investment vehicles specific to real estate strategies. The students drew on their findings to synthesize their conclusions and make a recommendation to the sponsor. Walter Stackler ’94, Managing Partner at Shelter Rock Capital Group, provided students with support for this project.
- 4th Place: The team of MBA students, which included Roberta Segarra ‘23, Diego Echeverria ‘23, Javaughn Griffin ’23 and Stephen Tsamblakos ’23, was tasked advising GFP Real Estate on an investment opportunity in Long Island City, NY, that consisted of acquiring a Class B office property and converting it to a life sciences property. Students conducted extensive research on the submarket, studied the specific requirements and demand from life sciences tenants, underwrote the project’s complex and multi-faceted redevelopment that included government incentives and air rights, and ultimately projected the project’s potential returns based on a recommended purchase price and business plan. Tom Ortinau ‘09, a Principal at GFP Real Estate, provided students with support for this project.
The Columbia Business School faculty, staff, and students extends our sincerest gratitude to Ambassador Daniele D. Bodini ’72 for graciously supporting the Alexander Bodini Foundation Prize Competition. Through the support of Ambassador Bodini and the Foundation, the competition is a highly compelling and signature offering of Columbia Business School’s MBA Real Estate Program and The Paul Milstein Center for Real Estate.
PJ Carollo ’23 is a second-year student at Columbia Business School (CBS), where he is a VP of the Real Estate Association. Prior to business school, PJ was a Director at PJT Park Hill focused on real estate private capital advisory. He was responsible for serving as point project manager for various multi-sector real estate capital raising and recapitalization mandates across Europe, Asia and North America. PJ completed his undergraduate studies at Northwestern University and is from the Chicagoland area.