Programme Content
Over the course of eight weeks, you will learn the concepts and practical technical methods that real estate investment professionals deploy in analyzing and executing real estate transactions. Each week’s asynchronous learning is structured the same: Begin with a conceptual lecture that introduces new frameworks, vocabulary, and intuition. This is followed by a financial modeling lecture which applies the conceptual learnings in Microsoft Excel, turning concepts into math. A guest lecture and case study discussion then provide real world context and illustrate how the week’s learnings impact decision making in real estate investing. This is all supported with live weekly 1:1 office hours, group office hours, and case study discussion. Delivered in a weekly self-paced online format, the program culminates in a closing ceremony and the receipt of a Certificate from Wharton Online.
Module 1
Module 1 builds the foundation for the program. We begin with the evolution of real estate private equity, then introduce real estate as an asset class and the core investment frameworks used by professionals. The module concludes with an introduction to financial modeling and investment memo writing to prepare participants for the case study project.
Module 2
Module 2 builds on the foundational investment framework by shifting from theory to application. Learners explore how practitioners evaluate opportunities and begin a deep dive into modeling core real estate cash flows, with a focus on revenue projections across major property types.
Module 3
Module 3 shifts from the “why” of investing to the “how” of execution. Learners are immersed in the real-world mechanics of sourcing, negotiating, and closing transactions, while completing the build-out of core and non-operating cash flows within a financial model.
Module 4
Module 4 focuses on how real estate transactions are capitalized and structured. Learners examine leverage, key tax considerations, and joint venture partnerships, then apply these concepts by modeling debt and analyzing levered returns.
Module 5
Module 5 turns to the equity side of the capital stack. Participants explore how joint venture partnerships are structured, how incentives are aligned between capital and operating partners, and how equity returns are distributed. The module culminates in modeling partnership structures and building distribution waterfalls.
Module 6
Module 6 focuses on how market fundamentals inform underwriting assumptions. Participants explore real estate cycles, supply and demand dynamics, and the interplay between macro and micro factors. The module emphasizes using the financial model as a decision-making tool by refining assumptions, summarizing outputs, and analyzing key metrics across scenarios.
Module 7
Module 7 centers on investment judgment and risk assessment. Participants examine asset-level and capital structure risks, learn how to measure and mitigate them using underwriting tools, and refine their ability to think like disciplined real estate investors. The focus shifts from building models to interpreting them in the context of real-world uncertainty.
Module 8
Module 8 shifts from acquiring existing assets to building new ones. Participants explore the unique considerations involved in underwriting development projects, including construction budgets, lease-up assumptions, and development financing. The program culminates with the submission of the Capstone Case Study, integrating concepts from across all eight modules.
Capstone Case Study
The Capstone Case Study is the culmination of the program, bringing together all technical and strategic concepts into a single, real-world investment exercise. Participants step into the role of an investment professional and execute the full process: diligence, underwriting, market research, investment thesis development, and memo writing.
Based on a real transaction, the case includes a broker call and real data room. Final deliverables include:
