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Letter from the Executive Director

Stath KarrasStath Karras

With nearly three months under my belt, I am settling in to my role as executive director of the Burnham-Moores Center for Real Estate (BMC) and am enjoying every day. I am continually impressed with the intelligence and maturity of USD's students and I have had the pleasure of interacting with our undergraduate and graduate real estate students as they consider career options upon graduation. I am very confident they will provide a high level of value to their future employers.

Breakfast at the BMCProviding excellent academic and applied education for the real estate students is at the core of the BMC’s mission. Our top priorities include: providing internship opportunities, mentoring, and shepherding students in their career pursuits.

To spearhead this aspect of our mission, we are pleased to announce the hiring of Jackie Greulich, who joined the BMC team this week as the manager of student and career services. She will be involved with student recruitment, mentor matching, internships and ultimately assisting in career placement. Jackie joins the BMC at a great time as we are in the process of working with students from our Master of Science in Real Estate and undergraduate programs to secure career opportunities upon graduating this spring.

Jackie has an extensive real estate background and is well networked within the industry. Previously, she worked with Burnham Real Estate Services (later, Cushman & Wakefield) as well as Westcore. We look forward to Jackie’s involvement in enhancing the student experience at the Burnham-Moores Center.

Stath Karras
Executive Director

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MSRE Team Wins First Place in International ARGUS University Challenge

USD 2015 ARGUS Team
USD's MSRE ARGUS Software University Challenge team accepted their trophy and check in person at the ARGUS Connect User Conference April 7–9 at the Ritz Carlton in Laguna Beach. (From left to right) Jill Newton, education manager at ARGUS Software, Glenn Murray, president and COO of Hipercept, team members Clarence Wong, Lori Malins, Luc Dreifuss, Eddie Allen, Lynn Clarke, vice president of global training and support at ARGUS Software and Charles Tu. (Team member Mike Vielma is not pictured).

A team of five Master of Science in Real Estate (MSRE) students were once again awarded first place in the 2015 ARGUS Software University Challenge, winning over 18 other schools. This is the fourth time USD placed first since the competition began in 2009; USD placed second in 2012 and 2013.

The 2015 MSRE team included: Eddie Allen, Luc Dreifuss, Lori Malins, Mike Vielma and Clarence Wong. The team was supported by the faculty and staff of the Burnham-Moores Center for Real Estate and Charles Tu, Daniel F. Mulvihill Professor of Commercial Real Estate, served as their faculty adviser.

“The talent our students showcased in this competition was impressive,” said Tu. “The MSRE program’s continuing success in the event demonstrates that our curriculum helps students develop strong analytical and technical skills, in conjunction with strategic thinking and problem-solving abilities.”

MSREThe ARGUS Software University Challenge is an international case competition, among graduate real estate programs, that gives students the unique opportunity to analyze comprehensive and complicated real estate issues. This year’s ARGUS competition theme was “Think Green 2015.” Teams analyzed a mixed-use property located in Greenville, a fictitious downtown district that had been on the upswing for the past few years. The USD team evaluated the alternatives given in the case and formulated additional strategies to maximize the investment’s potential. Their analysis covered various topics such as renovation and reposition, transit-oriented development and sustainability. ARGUS Enterprise was used to model, plan and optimize the investment scenarios to support the team’s recommendations.

“ARGUS was one of the most challenging projects I've worked on through the MSRE program,” said Malins. “It required us to work together as a team to be creative with our strategy and execute our detailed analysis and market research. It was a rewarding experience and I'm proud to carry on our national title.”

“Working with this year’s group was a truly unique experience,” said Allen. “Each of us, with our varying backgrounds, was able to bring our own ideas to the table to create what we considered to be the best use of property. It was a pleasure competing in this year’s ARGUS competition and, more importantly, defending our title and keeping the trophy in the BMC family for one more year.”

The USD team was awarded $8,000 for their first place win.

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Norm Miller Named Ernest W. Hahn Chair of Real Estate Finance and Wins Prestigious ARES Award

Norm MIller
Norm Miller

Norm Miller has been named the Ernest W. Hahn Chair of Real Estate Finance at the Burnham-Moores Center for Real Estate, within the School of Business Administration (SBA) at the University of San Diego. The University of San Diego established the Ernest W. Hahn Chair of Real Estate Finance in 1993, an endowed chair, as a lasting tribute to the late Ernie Hahn. Hahn was the former chairman of the University’s Board of Trustees and former member of the Board. Hahn had a remarkably successful career in real estate development and real property management, specializing in regional shopping centers and neighborhood convenience stores. Hahn founded his firm, The Hahn Company, in 1946 and it became a major national influence in commercial Real Estate development. The Hahn Chair is intended to serve as a perpetual testament to those highest of human qualities exhibited by Hahn―integrity, vision, dedication and concern for one’s fellow man.

Miller also was recently honored with the American Real Estate Society’s (ARES) Graaskamp Award for 2015. ARES’ Graaskamp Award is decided by a vote of no less than two-thirds of the ARES Committee and recognizes “extraordinary iconoclastic thought and/or action throughout a person’s career in the development of a multi-disciplinary philosophy of real estate.” The award is not given out every year. James A. Graaskamp was a legendary figure in real estate education. He was one of the first to discuss the concept of “affordable housing.” In the 1970s, he began to advocate for an environmental ethic in real estate proceedings, recognizing that development had considerable and nearly irreversible impacts on the land. He also believed in the need for a social component to real estate deals, appreciating that the rights of private and public property owners are inextricably linked. In 1982, Graaskamp was named a trustee of the Urban Land Institute (ULI), a nonprofit education and research institute that promotes responsible land use. In 2004, Graaskamp was one of ten “real estate legends” profiled in a ULI book called Leadership Legacies.

To read more on both announcements, view the formal press releases on the BMC's website.

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John Kilroy Keynotes Center’s 19th Annual Real Estate Conference

John Kilroy
John Kilroy presents at the Burnham-Moores Center's 19th Annual Real Estate Conference March 5

The Burnham-Moores Center (BMC) hosted its signature 19th Annual Real Estate Conference at the Manchester Grand Hyatt San Diego March 5. More than 600 audience members came to hear John B. Kilroy Jr., president, CEO and chairman of the board at Kilroy Realty Corp. Kilroy discuss national and global dynamics influencing today’s real estate market, evolving technologies changing for successful real estate projects, and his newly approved development, One Paseo, in Carmel Valley.

Kilroy’s talk was followed by a panel moderated by Jim Waring of Cleantech San Diego titled, “Transformational Technologies Impacting Commercial Real Estate.” The panel included: Gordon Feller, director, office of the executive vice president at Cisco and founder of Meeting of the Minds; Rick Lisa, director of strategy, Quark Solutions Division, Internet of Things Group at Intel Corp.; Aidoo Osei, staff manager of business and new market development at Qualcomm Technologies Inc.; and Deb Tatum, account director of transmission and distribution at GE Digital Energy. The presenters discussed smart cities, solutions for smart buildings, and the future of technologies in relation to commercial real estate.

Next, a panel moderated by Mike Neal of H.G. Fenton, discussed “Demographic Impacts on Real Estate Strategy and Design.” Panelists included: Ed Capozzoli, vice president of real estate and facilities, at Qualcomm Technologies Inc.; Brad Geier, co-managing partner of Merlone Geier Partners; and Mike Mahoney, senior vice president of development at ConAm Management Corp. The panel focused on how real estate is moving towards more of a human focus in development decisions, driven by the changing demands of millennials and baby boomers.

The event concluded with a hot topic in real estate, “Crowdfunding of Real Estate and its Future as a Viable Capital Source.” Norm Miller, Ernest W. Hahn Chair of Real Estate Finance, moderated this panel. Speakers included Lewis G. Feldman, partner at Goodwin Procter LLP’s Real Estate Capital Markets Group and Ian Formigle, vice president of investments at CrowdStreet Inc. The panel discussed current structures and uses of crowdfunding for real estate and their views of crowdfunding as a meaningful future source of capital for real estate.

The BMC received a large number of requests from those who listened to this third panel to offer a follow-up program on crowdfunding. The Burnham-Moores Center will continue the conversation at its next Breakfast at the BMC event on May 6 at the University of San Diego.

View available PowerPoint presentations from the 19th Annual Real Estate Conference on the BMC's website. View photos from the conference on the BMC's Flickr page.

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MSRE Team Attends MIPIM 2015 in Cannes, France

By Norm Miller, Ernest W. Hahn Chair of Real Estate Finance

2015 MSRE students and Norm Miller at the MIPIM conference in March

MSRE candidates Victor Alfonso, Austin Dias, Liz Henderson and Casey Fashouer accompanied Norm Miller, Ernest W. Hahn Chair of Real Estate Finance, to Cannes, France March 8-14. Approximately 21,000 commercial real estate professionals, along with local pro-development governments, gathered for four days. University of Wisconsin, New York University and Columbia University were the only other schools from the U.S. that also sent students to the conference. USD’s team was the only university working as official MIPIM bloggers, along with several professional writers. In this role, the team attended sessions on topics including: the sharing economy; investment strategies; crowdfunding; the digital revolution; new tech start-ups disrupting traditional real estate; and more. The MSRE team also visited with several companies that attended the meetings. Over the four days of the MIPIM event, over 20 blog stories were published in a daily live report that were sent to all meeting attendees and other members of various MIPIM conferences around the world. Other MIPIM meetings are held in Hong Kong, Japan and London. The USD team was asked to attend these other world-wide meetings, but time constraints prevent them from attending more than the Cannes meeting at this time, which is the largest and most global conference. View MIPIM blogs and MIPIM scoops.

In addition to blogging and scooping, the students and Miller participated in an occupiers workshop sponsored by Schneider Electric. At this invitation only workshop, participants were asked to discuss strategies for improving worker productivity and operational costs savings. The opinions were varied from “we love hot-desking and more collaborative space” to “we prefer private offices,” along with very advanced solutions to monitoring and scheduling building use, such as RFID tags on all name tags worn by employees and guests. There was an array of state-of-the-art technologies on hand in the innovation forum. Most impressive was a simple cardboard smart phone headset with a bar code to allow the user to take virtual self-directed tours of any space captured with 3D cameras by a firm called Stereograph. Other more expensive solutions were on hand but none as simple to use as this bar code directed and self-touring system.

Norm Miller at MIPIM
Norm Miller at the MIPIM Conference

The MIPIM team met with various companies during their visit. Amstar, a small investment firm, by international standards, has operations in the U.S., Turkey and Poland and is investing in distressed residential real estate in Poland and expects 25 percent plus IRRs. At the other end of the spectrum, Aberdeen, a mega firm, shoots for 5 percent returns and uses no more than 10 percent leverage. The team also held discussions with USAA on research and strategies, and with JAGA, a state of the art HVAC firm that happened to have a lovely sailing yacht the team went on. Lastly, the USD team met with Richard Barkham, CBRE’s chief economist, Bob White, CEO of Real Capital Analytics and Simon Wallace of Deutsche Assets on a mega yacht.

One of the most interesting aspects of the conference was all of the local governments promoting investment in their region and presenting pro-business platforms to attract developers and new firms. From Helsinki to Saint Petersburg to Stockholm to Paris to London to smaller cities all over Europe, there were well designed exhibits touting the benefits of investing in each region. At each booth a visitor would be warmly greeted, offered some refreshment, and then immediately immersed in all the benefits of locating or investing in each local market. A few trade associations were represented, including the CCIMs, SIORs, BOMA, and for the first time, the San Diego Association of Realtors. One city in Japan, Toshima, had their entire city hall built and paid for by putting condos on top and pre-selling the condos to cover construction costs. What a concept—using the private market, instead of tax dollars, to build a city hall and a mixed use development!

Lessons learned or concepts confirmed, along with exposure to the culture of France included:

  • There is plenty of real estate capital, both equity and debt, chasing deals. The hard part is the actual allocation of capital and this flood of capital has driven down yields.
  • No one is too scared of interest rates moving up fast and this might explain why the core real estate yields are in the five percent range, with going in cap rates under four percent in major world markets. IRR’s in the six and a half percent to seven percent range seem acceptable to conservative investors.
  • While everyone is concerned about currency fluctuations, no one hedges such risks since it is too expensive and lowers thin yields.
  • The baby boomers are shifting to more conservative investments and this could also be driving demand for conservative real estate investing.
  • The top 30 global cities contain about 80 percent of the value of all real estate transactions. Firms with mega portfolios will seldom venture outside these top tier markets even though much higher yields are available in second and third tier markets.
  • Crowdfunding has started in London and Paris, aside from the U.S., and yet no one expects it to be meaningful for larger deals for 10 to 20 years. One expert suggested that we need a full cycle with a shakeout to get rid of the marginal platform sponsors and then the intuitional players might start to pay attention to this new source or conduit of capital.
  • Occupiers are all concerned with increasing productivity, attracting and retaining workers, and operating buildings more efficiently. New virtual building operating systems are allowing everything to be connected to facilitate faster decision making and better use of space.
  • The Chinese are investing in places ignored by U.S. and European players, including Africa, where they see numerous resources and an untapped labor supply. The Chinese find the educational levels and productivity of African workers to be far behind industrialized countries. 
  • Multi-family developers all over the world seem to be focused on the upper five percent of the market. This remains the most profitable segment and the regulatory hurdles required to develop affordable housing are often an impediment. 
  • Everyone agreed that denser, mixed use development with more moderately priced housing was essential with expectations that more of it will be placed in urban areas with good walk-scores and good transport. Those pro-business regions with good public school systems and good density will be global winners in the next decade.

Next year’s MIPIM conference is scheduled for March 15-18, 2016.

View photos from the conference on the BMC's Flickr page.

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Team of Undergrad Students Compete in 2015 NAIOP University Challenge

NAIOP University Challenge 2015 Team Photo
USD's team following their presentation at the 2015 NAIOP University Challenge at the San Diego Hall of Champions Sports Museum in Balboa Park April 23.

On April 23, a team of six undergraduate real estate students, within the School of Business Administration at USD, competed in the fifth annual NAIOP University Challenge to find the highest and best use of a unique piece of land in San Diego County. The 2015 team consisted of real estate majors Will Bastien, Chelsea Mattoon, Greg Pettersen, Sam Rector, Sophia Roberts and Matt Sirianni. Charles Tu, Daniel F. Mulvihill Professor of Commercial Real Estate, served as the faculty adviser to the team.

The site for the 2015 NAIOP University Challenge was located at the northwest corner of Market and Euclid in Southeast San Diego. This 13.75 acre site is owned by the Jacobs Center for Neighborhood Innovation. Teams from USD, San Diego State and UCSD recommended a development strategy for the site that will not only be profitable for the developer, but also enhance economic growth in the local community.

After submitting their written report, the USD team made a presentation of their recommendation to the judges in a private meeting April 22. The judges included: San Diego City Councilwoman Myrtle Cole; Dennis Cruzan of Cruzan; B. Hajjar of Swinerton; Kelly Moden of Jacob’s Center for Innovation; Jim Nigro of U.S. Bank; Luaree Sahba of San Diego EBC; Kevin Heinly of Gensler; Paul Twardowski of Hines; David Thomas of LBA Realty; and Chris Wood of the Ryan Companies. During this private session with the judges, the students are peppered with tough questions from the judges about their proposal. The USD team was articulate and had excellent synergy.

The following day, the team presented before a large cheering crowd of industry executives at a NAIOP event at the San Diego Hall of Champions Sports Museum in Balboa Park. Several members of the USD cheerleading squad, approximately 30 USD students, parents and friends of the USD real estate team, and faculty and staff of the Burnham-Moores Center for Real Estate attended the NAIOP event as well to cheer the team on.

“We are so proud of how the team represented USD,” said Stath Karras, executive director of the Burnham-Moores Center. “This is an incredible experience for the students. The exposure each student receives will have positive impacts on their future. NAIOP’s University Challenge offers the students the opportunity to build a network with a number of connections the students make through this wonderful project and is an experience they will reflect back on and be extremely proud of.”

View photos from the competition on the BMC's Flickr page.

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Scholarship Donors and Recipients Meet at Annual USD Luncheon

On April 14, real estate scholarship recipients and their respective donors attended USD’s 28th Annual Scholarship Appreciation Luncheon held at the Hahn University Center on campus. The university-wide annual luncheon recognizes and thanks USD donors for their generous contributions and promotes the opportunity for both the parties to meet and get acquainted. For more on the event, go here.

View a full list of real estate scholarships.

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MSRE Students Join Beta Gamma Sigma Business Honor Society

Beta Gamma Sigma
(From left to right) Jack Britton, Lori Malins, Luc Dreifuss at the induction ceremony April 20.

Congratulations to current MSRE students, Victor Alfonso, Eddie Allen, Jack Britton, Luc Dreifuss, Lori Malins and Jon Mesa for being eligible to join Beta Gamma Sigma Business Honor Society. Several of the students attended an induction ceremony April 20 on campus. Beta Gamma Sigma is the international honor society serving business programs accredited by Association to Advance Collegiate Schools of Business (AACSB) International. Membership in Beta Gamma Sigma is the highest recognition a business student anywhere in the world can receive in a business program accredited by AACSB International.

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Real Estate Alums Speak to Undergrads at Networking Event

USD Undergrad Event
Speakers and attendees at the USD Undergrads to Real Estate Professionals Event on campus March 20.

On Friday, March 20, the Burnham-Moores Center (BMC) along with USD’s Real Estate Society hosted the first event of its kind in the history of the BMC titled “USD Undergrads to Real Estate Professionals Event.” USD’s real estate major for undergraduates was launched in 2009. The Center is very successful at placing its students in some of the top real estate firms in San Diego. The idea for hosting this event, which was spearheaded by Vivek Sah, assistant professor of real estate, and Real Estate Society co-chairs Abdullah Al-lbrahim and Amanda White, was to bring some of our recent undergraduate alumni back to campus to share experiences they had while pursuing their degree in real estate. Alums also shared key industry experiences they have had since graduating.

Some topics and questions that the alums addressed included: What classes are relevant for their functional areas?; How did they prepare for internships and jobs when they were at USD?; What were some things they did right?; What things did they do wrong?; What is a typical day at their job?; What are the key areas employers seek from candidates?

The event also offered the students a chance to mingle with the invited alumni over dinner. Students informed the alums about new developments on campus, something the alums were very nostalgic about.

The BMC hopes to continue these kind of events by engaging our undergraduate alums on a regular basis. The alums were very happy and excited to come back to campus to “give back” to the program from which they graduated.

View more photos from the event on the BMC's Flickr page.

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Real Estate Society Wraps Up Spring Semester

Jake Schwartz
Jacob Schwartz  ‘02 (BBA) speaks to students at the Feb. 24 Real Estate Society meeting on campus

Jacob Schwartz  ‘02 (BBA), vice president of development at Urban Housing Partners Inc., spoke to a group of more than 40 undergraduate students interested in real estate during the Real Estate Society meeting Feb. 24. Schwartz discussed ways to get started in the industry and shared his personal path to success in the business. As an alum of USD’s School of Business Administration (SBA), Schwartz enjoys engaging with undergrads interested in real estate.

Tim White, executive vice president and general counsel of Meritage Homes, gave a presentation to the Real Estate Society during the group’s March 24 meeting. He highlighted the current status of the homebuilding industry. White also discussed the history of Meritage Homes and the details of one of the company’s recent land acquisitions.

At the last Real Estate Society Meeting of the academic year on April 21, Ryan Martin from Building Industry Association (BIA) San Diego introduced students to the BIA Cares Scholarship program. Sean Giffin ‘11 (MSRE) represented NAIOP San Diego and introduced the students to that organization. The remainder of the meeting featured a Q&A session led by Vivek Sah, assistant professor of real estate, who also introduced some of the Burnham-Moores Center staff, ways the Center supports real estate undergraduate students and ways the students can get involved with the Center during his or her time at USD.

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Alumni Matters

Joe Anfuso
Joseph C. Anfuso ’84 (BBA), ’89 (MBA)
Rob Brown
Rob Brown ’11 (MSRE)
Kate Gillingham
Kate Gillingham ’09 (BBA)

Joseph C. Anfuso ’84 (BBA), ’89 (MBA), recently joined MG Properties Group, as the company’s chief financial officer. He is responsible for directing the financial and fiscal management of company operations, including budgeting, treasury, tax, accounting, information technology, risk management and insurance. Prior to joining MG Properties, Anfuso was the CFO and director of development with ColRich, a diversified privately held real estate company, specializing in apartment investment, ownership, construction and management (9,400 units), land development and home building in the Western U.S. Anfuso’s real estate experience also includes being the former COO/CFO of Florsheim Homes, a Northern California based homebuilder/developer, with operations in California and Nevada, from 2006-2011. He was also the CFO for Shea Homes San Diego from 2001-2006 and worked for the international firm Deloitte & Touche. Anfuso is the chairman of the Residential Real Estate Committee of the Policy Advisory Board of the Burnham-Moores Center for Real Estate.  

Rob Brown ’11 (MSRE), broker and owner of Fantastik Realty, recently announced the all cash sale of the Rush Press building near downtown San Diego for $8,336,350. The property consists of a 64,939 square foot building just north of Little Italy with prime freeway visibility and 134 parking spaces on 78,700 square feet of land. Brown represented the buyer on this building, which will be a new headquarters for a local San Diego tech company after an extensive gut remodel.

Kate Gillingham ’09 (BBA), real estate broker at Coronado Island Realty and chair of USD’s Real Estate Alumni Association, was recently selected as one of National Association of Realtor’s Realtor magazine’s “30 Under 30” award recipients. Each June, the magazine features 30 rising young stars in the real estate industry, and every year hundreds of real estate practitioners apply to be one of the 30 honorees. She is among the young entrepreneurs that uphold the highest of professional standards and present themselves as great ambassadors for the real estate industry. Join USD's Real Estate Alumni Association.

Alumni News
If you are a USD alum working in the real estate industry, we would like to hear from you. Please e-mail Joe Bertocchini with recent and significant career-related achievements and initiatives. All submissions will be considered for publication.

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California Supreme Court Makes Environmental Impact Reports More Likely for Many Projects

By Richard Schulman ’85 (JD), Hecht Solberg Robinson Goldberg and Bagley

Richard Schulman
Richard Schulman

The California Supreme Court recently made it more probable that even small development projects will need environmental impacts reports (“EIRs”).

Berkeley Hillside Preservation v. City of Berkeley concerned “categorical exemptions” from the state’s environmental review law, the California Environmental Quality Act (“CEQA”). CEQA permits certain categories of projects not to undergo environmental analysis if regulators conclude that those categories are unlikely to cause impacts to, for example, traffic or noise. Categorical exemptions tend to be for small projects, such as accessory structures, but they can also cover large infill developments. However, another regulation functions as an exception to some categorical exemptions; it requires analysis, typically an EIR, of an otherwise exempt project when impacts would occur due to “unusual circumstances.”

The legal question in the Berkeley case was how judges should evaluate the decision of a government agency, such as a city council, in applying the exception from the categorical exemption.  Generally, courts defer to the government agency as long as its decision was supported by credible, relevant evidence, even if there was conflicting evidence. In determining whether a single-family home was categorically exempt from CEQA, the Supreme Court in the Berkeley case agreed that judges should defer to cities in deciding whether there were “unusual circumstances.” However, the Court instructed lower courts not to defer to government agencies in deciding whether impacts may occur; on that issue, judges must require EIRs if a “fair argument”—a test taken from another CEQA context—shows even a “potential” for an impact.

The case has two practical effects. The obvious effect is an increased probability that small and routine projects will require time-consuming, expensive EIRs, along with a duty to pay opponents’ attorney’s fees. The less obvious effect is an increased risk of doing business in California. CEQA, as passed by the Legislature, requires judges to defer to cities. The inverted “fair argument” test was created by courts, and what suffices as a “fair argument” to require an EIR is unpredictable.

Richard Schulman is an attorney with Hecht Solberg in San Diego, specializing in land use and municipal law. He is a USD law alum ’85 and an adjunct professor at the School of Business Administration’s MSRE program.

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National Publications List SBA in the Nation’s Top Business School Rankings

Military TimesUSD’s School of Business Administration (SBA) has ranked number 25 in the nation in the 2015 Military Times Best Business Schools for Veterans. The ranking focuses on veteran culture and curriculum, cost in the context of military and veteran benefits, overall veteran policies and publicly available quality measures. In 2014, SBA was ranked number 26 for graduate business programs.

“We have long been a premier institution for helping veterans interested in transferring their leadership skills and work ethic from the military to the business world, and we are pleased to be included on this list,” said David Pyke, dean of SBA.  

LogoSBA also ranked number 73 in the nation for part-time MBA programs in U.S. News & World Report’s 2016 Best Graduate Schools ranking. The part-time MBA ranking included 282 eligible programs. Last year, SBA was ranked number 94. The ranking was calculated through peer school assessment, the average GMAT score and average GRE quantitative and verbal scores of part-time MBA students entering in Fall 2014, the average undergraduate GPA and work experience of that same cohort and the percentage of part-time MBA enrollment.

Finally, SBA also ranked number 12 in the world for business schools to make connections and get a job by Business Insider. Online grad school guide surveyed over 10,000 current and former business school students about their programs to find which places offer the strongest networks, even after graduating.

Over the past decade, SBA has gone from being unranked and largely unknown outside of Southern California to being recognized as one of the top programs in the country. With this success has come a sharp rise in interest in USD among college applicants and transfer students.

Given this exciting news, the Burnham-Moores Center expects increased interest in our MSRE and undergraduate real estate programs. Your referrals help further the Center’s mission to create exceptional value for the real estate professionals of today and tomorrow through personalized education and career services, industry support, research and the promotion of socially responsible leadership.

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Recent Faculty Publications and Speaking Engagements

John Demas
John Demas

Norm Miller, Ernest W. Hahn Chair of Real Estate Finance, recently had his co-authored paper with Richard Parli, president of Parli Appraisal Inc., published in The Journal of Real Estate Portfolio Management, titled “Revisiting the Derivation of Equilibrium Vacancy Rate.” Their paper focuses on rental forecasts as a function of normal vacancy.

Miller also recently participated on behalf of the School of Business Administration in USD’s Research Week, a week-long celebration of the research activities in each of USD’s schools. This multi-faceted showcase from April 13-17 focused on the importance of research at USD, and included various events, open houses and demonstrations. On April 13, Miller spoke on careers in sustainability (real estate and otherwise) and the state of the art on measuring systems and impact. Miller also participated in four sessions at the American Real Estate Society’s (ARES) 2015 Annual Meeting which took place in Fort Myers, Fla. from April 14-18. The conference brings together academic and professional real estate thought leaders from throughout the world, and provides a supportive forum for presenting new research, discussing current issues and learning about new trends across the following broad spectrum of real estate related topics. Sessions Miller participated included panels titled “Sustainable Real Estate in the Curriculum,” “Big Data Now!,” and “Academic Survival and Success - Advice for New Assistant Professors,” which was a part of the Doctoral Student Consortium. He also attended the conference’s 7th Annual Critical Issues Workshop.

John Demas, clinical professor of real estate, was a featured speaker at the Apartment Owner Association of California’s “Estate Planning for Apartment Owners” seminar at the Scottish Rite Center in San Diego April 8. More than 100 apartment owners attended the seminar, which focused on tax efficiency for highly appreciated real estate. Attendees received timely advice regarding eliminating or minimizing death taxes, minimizing capital gains, maximizing depreciation and strategies to avoid property tax reassessment.

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USD Index of Leading Economic Indicators

Alan Gin
Alan Gin

Alan Gin, associate professor of economics at USD, has compiled the “USD Index of Leading Economic Indicators for San Diego County” for the Burnham-Moores Center since January 2002. The Index is a highly regarded monthly report which offers an outlook of the local economy. Gin is a popular resource for information and analyses and has given over 1,000 interviews to local and national media sources since 2002.

Gin’s most recent Index report appears monthly in The Pipeline.

To schedule a media interview with Gin, please contact Kimberly Malasky, director of communications and administration.

Back to TopIn the News

Norm Miller, Ernest W. Hahn Chair of Real Estate Finance, and Alan Gin, associate professor of economics, were included in the Feb. 13, Feb. 20, Feb. 27, March 6, March 13, March 20, April 3, April 10 and April 17 editions of U-T San Diego’s “EconoMeter.”

Articles on the Burnham-Moores Center’s 19th Annual Real Estate Conference were mentioned in The Daily Transcript on March 18 and March 25,, and the San Diego Business Journal.

An article announcing Norm Miller's new title as Ernest W. Hahn Chair of Real Estate Finance, appeared in the San Diego Business Journal, The Daily Transcript and March 5.

Alan Gin was featured in U-T San Diego (article 1, article 2, article 3), The Daily Transcript, NBC 7 San Diego, The Fallbrook/Bonsall Village News, (article 1, article 2) and Santee Patch following his two most recent releases of the USD Index of Leading Economic Indicators for San Diego County, which he compiles for the Burnham-Moores Center. Gin and the Index was also featured in the U-T San Diego March 9.

Norm Miller was quoted in a article on why developers are not considering San Diego March 13.

An article on USD’s MSRE team winning first place in the international ARGUS Software Competition appeared in The Daily Transcript March 18.

Burnham-Moores Center’s study on collaborative workspace and functional project teams was mentioned in a press release March 26.

An article on the Burnham-Moores Center’s upcoming Breakfast at the BMC event: The Growing Role of Crowdfunding in Real Estate Capital-Raising was mentioned in The Daily Transcript April 3.

An article announcing Norm Miller winning the American Real Estate Society’s Graaskamp Award for 2015 appeared The Daily Transcript April 20.

An article listing USD’s real estate graduate program as a top five program on the west coast appeared on April 21.

Media and Speaking Engagement Inquiries
The Burnham-Moores Center for Real Estate is proud to connect our world-class faculty and executive team with the media and the community to discuss a wide range of real estate related industry topics. To request an interview or speaking engagement, contact Kimberly Malasky at (619) 260-4786.

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Two-Day ARGUS Enterprise Training

The Burnham-Moores Center for Real Estate will offer a two-day workshop covering the key features of ARGUS Enterprise.


Time: 9 a.m. – 4:30 p.m.
Location: University of San Diego, Olin Hall Room 226, 5998 Alcala Park, San Diego, CA 92110
Cost: $600 registration fee plus a $99 non-refundable ARGUS Enterprise software fee. A 10 percent discount on the registration fee is available for multiple registrations, and for USD students, alumni and USD employees.


Register for the training.

For questions about workshop content, contact Charles Tu.

For registration questions, contact Diane Ice at (619) 260-2379.


Breakfast at the BMC: The Growing Role of Crowdfunding in Real Estate Capital-Raising


Time: 7:30 – 8 a.m. breakfast and networking, 8 – 9:30 a.m. program
Location: University of San Diego, Joan B. Kroc Institute for Peace & Justice, 5998 Alcala Park, San Diego, CA 92110
Cost: $50 per person, includes registration fee and breakfast
Speakers: Robert E. Lee, Director of Capital Markets, Silver Portal Capital; Tom Lockard, vice president of real estate and institutional sales, Fundrise; Richard A. Weintraub, Esq., founder and managing partner, Weintraub Law Group PC
Moderator: Norm Miller, Ernest W. Hahn Chair of Real Estate Finance at the Burnham-Moores Center for Real Estate in the School of Business Administration at the University of San Diego

Contact Diane Ice at (619) 260-2379 for more information on sponsorship opportunities.


Register for the conference.


Application Deadline for Fall 2015 MSRE Program

Apply now or refer friends and colleagues.

For more information, contact Ines Kraft at (619) 260-4150.


Real Estate Alumni Association’s Annual Bowling Tournament and Scholarship Fundraiser

Join the USD Real Estate Alumni Association for its annual bowling tournament fundraiser. Net proceeds support real estate scholarships.


Time: 6 - 9 p.m.
Location: East Village Tavern and Bowl, 930 Market St., San Diego, CA 92101
Cost: $50 per player. Includes bowling, shoe rental, appetizers and two drink tickets.


Register for the tournament.


Sponsorships are needed for this tournament. Contact Joe Bertocchini at (619) 260-4183 for more information on sponsorship opportunities.


Fifth Annual Women in Real Estate Conference – SAVE THE DATE


Time: 7:30 – 8 a.m. breakfast and networking, 8 – 10 a.m. program
Location: University of San Diego, Joan B. Kroc Institute for Peace & Justice, 5998 Alcala Park, San Diego, CA 92110

Contact Kimberly Malasky at (619) 260-4786 for more information on sponsorship opportunities.

THURSDAY, DEC. 10, 2015

15th Annual Residential Real Estate Conference: Outlook 2016 - SAVE THE DATE

Time: 7:30 – 8 a.m. breakfast and networking, 8 – 10 a.m. program
Location: University of San Diego, Joan B. Kroc Institute for Peace & Justice, 5998 Alcala Park, San Diego, CA 92110

Contact Joe Bertocchini at (619) 260-4183 for more information on sponsorship opportunities.

Back to TopContinuing Education Courses and Seminars


Legal Aspects of Real Estate


WEDNESDay, JULY 15 and 22, 2015

The Real Estate Process



*Please note: As of February 2015, The Pipeline is now being produced bi-monthly.


Learn more about the Burnham-Moores Center for Real Estate.


Learn more about the Master of Science in Real Estate program.


Join the Real Estate Alumni Association.


Make a donation to support the BMC.


Make a scholarship donation to support real estate students.