This module continues the instruction from 5256, module 1, and extends it to redevelopment, value-add, and ground-up development of real estate. Analytical approaches to valuation will be extended to the more complicated situation of valuing proposed development. Discounted Cash Flow analysis and related techniques will be customized to the more dynamic and variable cash flows of pre-development, construction and sale/lease-up period. Cases and assignments will extend earlier principles of strategy, management, and judgement to the less predictable process of development, construction, stabilization and disposition. Partnership structures and legal aspects of real estate will be applied to better understand common approaches to development and finance.

This course is required for GSD Master in Real Estate students. Students enrolling in 5257/Module 2 should have taken 5256/Module 1 or have the instructor’s permission to enroll. Look at the syllabus for prerequisite skills for success in this course. Contact the instructor for additional information.

Students who have previously taken 5204 cannot take this course for credit.