Tenth Anniversary Challenge November 9-10, 2011
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TENTH ANNIVERSARY CHALLENGE NOVEMBER 9-10, 2011 LEAD SPONSORS: CASE SPONSOR: J.P. MORGAN FIRST PRIZE SPONSOR: THE LIONSTONE GROUP IN-KIND SPONSOR: REAL ESTATE FINANCIAL MODELING LEAD SPONSOR: ROTHSCHILD REALTY MANAGERS The 2010 2011 NATIONAL REAL ESTATE CHALLENGE Wednesday-Thursday, November 9-10, 2011 Coordinating Host: The UT Real Estate Finance and Investment Center Challenge Overview: Teams of graduate students from leading business/real estate schools around the nation compete in a real estate investment case competition by providing a brief presentation to a judging panel of real estate professionals from prominent companies. Lead Sponsors: Case Sponsor: J.P. Morgan First Prize Sponsor: The Lionstone Group In-Kind Sponsor: Real Estate Financial Modeling Lead Sponsor: Rothschild Realty Managers Supporting Sponsors: Clarion Partners L& B Realty Advisors Parmenter Realty Partners Stockbridge Capital Group Stream Realty Partners Trail Creek Capital Participating Schools: Berkeley: University of California at Berkeley, Haas School of Business Chicago: University of Chicago, Booth School of Business Columbia: Columbia University, Columbia Business School Cornell: Cornell University, Program in Real Estate Duke: Duke University, Fuqua School of Business Michigan: University of Michigan, Ross School of Business Northwestern: Northwestern University, Kellogg School of Management NYU: New York University, Stern School of Business Pennsylvania: University of Pennsylvania, Wharton School of Business Texas: University of Texas at Austin, McCombs School of Business UCLA: University of California at Los Angeles, Anderson School of Management UNC: University of North Carolina, Kenan-Flagler Business School USC: University of Southern California, Marshall School of Business Vanderbilt: Vanderbilt University, Owen Graduate School of Management Virginia: University of Virginia, Darden Graduate School of Business Yale: Yale University, School of Management John B. Bartling, Jr. Global Head of Real Estate Ares Management LLC Mr. Bartling is Global Head of Real Estate for Ares Management LLC. Ares Management is a global alternative asset manager and SEC registered investment adviser with approximately $41 billion of committed capital under management and approximately 450 employees. The firm is headquartered in Los Angeles with offices across the United States and Europe. Formerly Managing Partner of AllBridge Investments and Chief Investment Officer of the firm. AllBridge was a portfolio company of Ares Capital Corporation (NYSE: ARCC), for which he was Senior Advisor to Ares Capital Markets Group. AllBridge sponsored 4 real estate investment funds, 3 of which have been round tripped, and one corporate investment, Helix Financial, which AllBridge sold to BlackRock Solutions in 2010. Previous to AllBridge, Mr. Bartling founded WMC Management Company (“WMC”), a privately held real estate operating company with over 3,000 employees and clients including Olympus Real Estate Partners, Arnold Palmer Golf Management (“APGM”), Walden Residential, and Hyphen Solutions. Most notably, took Walden Residential (NYSE: WDN) private as CEO in 2000. Walden owned and managed 142 properties with 39,640 apartment units and fee managed another 15 properties with 4,245 apartment units at the time of acquisition. Walden was headquartered in Dallas, with regional offices in Atlanta, Austin, Dallas/Fort Worth, Houston, Phoenix, and San Antonio. Walden was sold in March 2006 to a subsidiary of Dubai Investment Group. WMC Management Company, the operator of APGM and third party accounting services sold later that year to Walton Street Capital, LLC. Prior to WMC, Mr. Bartling served as the CEO and President for Lexford Residential Trust, Inc. (NYSE: LFT), a publicly held multi-family REIT. Lexford Residential Trust (fka Cardinal Realty: CRSI) was a fully integrated REIT, which owned and managed 402 apartment communities throughout the Midwest and southeast United States. The 402 apartment communities composed 36,609 residential units serving the value-conscious segment of the multifamily residential real estate industry. Located in Columbus, Ohio, the company was merged with Equity Residential Trust (NYSE: EQR) in 1999. Before LFT, Mr. Bartling served as Director of the Real Estate Products Group of Credit Suisse First Boston. Prior to CSFB, Mr. Bartling served as an Executive Vice President of NHP Incorporated. Mr. Bartling’s previous professional experience also includes Trammell Crow Residential, as a Development Principal, and Mellon Bank, NA as a Vice President of the Commercial Mortgage Banking Group. Groups and Associations Mr. Bartling has served on the Board of Directors of APGM, RockResorts, the Children’s Hospital Research for Ohio State University, the Harvard Joint Center for Housing Studies: Leadership Forum on Pension Fund and Endowment Investments in Domestic Emerging Markets, Big Brothers and Big Sisters Association of Columbus, Ohio, NMHC Board of Directors, Real Estate Round Table and Hyphen Solutions Board of Directors. Mr. Bartling has served on the Executive Council and as Chairman of the Finance Committee for the National Multi Housing Council (“NMHC”), as well as on the Board of the Multi-family Committee of the National Association of Home Builders. Honors Mr. Bartling won the BBB Business Integrity Award for Lexford, Inc in 1996 and was a judge for Ernst & Young Entrepreneur of the Year. He was the co-founder of Caring Partners for Kids, awarded the 2004 Community Service Award by Multifamily Executive, and served on the Strategic Planning Committee of Saint Michael and All Angels Episcopal Church in Dallas. Mr. Bartling received a B.S. in Marketing from Robert Morris College in Pittsburgh, Pennsylvania. Steve Bronner Managing Principal & Southwest Regional Director Parmenter Realty Partners Since joining Parmenter in 2002 Mr Bronner has been involved in the strategic Since joining Parmenter in 2002, Mr. Bronner has been involved in the strategic planning of the company as well as being presently responsible for investment acquisitions, asset management, and investment sales in the Southwest region. He has over 30 years of real estate experience including involvement in development, acquisitions and asset management. Mr. Bronner and Mr. Parmenter first worked together in 1985 at Lincoln Property Company. Mr. Bronner has structured acquisitions and/or financed transactions totaling in excess of $1.7 billion, representing separate account clients such as Stanford University, New York State Teachers Retirement Fund, The Alaska Permanent Fund, and California Public Employee Retirement System. Prior to joining Parmenter Realty Partners, he served as a senior acquisitions officer at Sarofim Realty Advisors and Kennedy Associates Realsenior acquisitions officer at Sarofim Realty Advisors and Kennedy Associates Real Estate Counsel, Inc. His previous experience also includes directing the real estate acquisition strategies at IBEX Institutional Advisors. Prior to IBEX, he held positions with The Worthing Companies, Salomon Brothers, and Lincoln Property Company. Mr. Bronner is a graduate of Concordia University and received his CCIM designation inMr. Bronner is a graduate of Concordia University and received his CCIM designation in 1980. He is a member of the National Association of Office and Industrial Properties (NAIOP). He serves on the board of directors for the North Texas Chapter of NAIOP and was President of the chapter in 2005. Mr. Bronner has been elected to the National Board of Directors for NAIOP and serves on its executive committee. John Buza Head of Asset Management – Americas Morgan Stanley Real Estate Investing John Buza is a Managing Director and Head of Asset Management in the Americas for Morgan Stanley Real Estate Investing Business which aggregates approximately $22 billion of Assets Under Management. He has 29 years of experience in all aspects of business where he is involved in the acquisition, asset management and disposition life cycles of Morgan Stanley Real Estate Funds and Prime Property Fund investments and oversees real estate in the Office, Retail, Multifamily, Hotel, Industrial and Land sectors. John sits on the Board of a number of private investments owned by the various Morgan Stanley Real Estate Funds. Prior to joining Morgan Stanley, John spent 14 months as Senior Vice President of Asset Management of MeriStar Hospitality Corporation, a hotel real estate investment trust where he was responsible for asset management and dispositions. Prior to joining MeriStar, John spent 12 years at Salomon Brothers Inc., where he served as Director and Head of Firm Investments with full responsibility for strategic asset management, disposition and financial reporting for all of Salomon’s non-security investments. Prior to Salomon Brothers Inc., John spent four years at Touché Ross & Co. as a Senior Accountant. John is an active member of the Urban Land Institute and International Council of Shopping Centers and is a licensed broker in the State of New York. He received a BA in Accounting/Business Administration from Muhlenberg College and is a Certified Public Accountant. Christopher T. Chee Managing Director The Blackstone Group Christopher T. Chee is a Managing Director in the Real Estate group and is based in Los Angeles. Since joining Blackstone in 2002, Mr. Chee has been involved in sourcing and executing transactions, including the Larkspur Hospitality Loan, Royal City Center in British Columbia, the Downing Street