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**University of Wisconsin-Madison Wins Second Annual NYU Stern Multifamily Investment Case Competition**
Berkadia recently collaborated with the Chen Institute for Global Real Estate Finance at NYU Stern School of Business to host the second annual Multifamily Investment Case Competition. The event, held from October 16 to 18, brought together graduate student teams from top universities across the nation to tackle investment strategies for the evolving single-family rental (SFR) and build-to-rent (BTR) asset classes.
Teams were tasked with formulating high-impact hypothetical investment strategies for a potential SFR and/or BTR housing fund, designed on behalf of the State Teachers’ Retirement System.
The University of Wisconsin–Madison School of Business took first place with its “Heartland Communities Fund” strategy. The proposal aimed to raise significant capital for the development of nine BTR communities located in Kansas City, Columbus, and Indianapolis, totaling 1,800 new homes. Targeting strong Midwest submarkets, the strategy emphasized phased capital deployment and a vision of homeowner-style residences tailored for those transitioning from traditional multifamily living.
Mark Forrester, Senior Managing Director at Berkadia Phoenix and one of the competition judges, praised the students’ work. “As someone who is involved in the sale and acquisition of SFR and BTR assets nearly every day and having focused years of my career on this asset class, I was blown away by the students’ fund strategies, especially given they had only a week to develop a plan,” he said.
Columbia Business School secured second place, and the University of Florida Warrington College of Business finished third. Other participating schools included NYU Stern, UCLA Anderson, and the University of Texas at Austin McCombs.
In preparation for the case competition, Berkadia and NYU Stern organized an educational series on SFR/BTR trends. Industry professionals shared insights on development, capital allocation, and financing, including Brent Long, President of Christopher Todd Communities; Tanner Maddux, Chief Investment Officer at Sunstone Two Trees; Gentry Hoit, Chief Strategy Officer at ARK Homes for Rent; Brett Moss, Managing Director at Berkadia; Sherzod Ibragimov, Principal at SIP Ventures; Mackinley Robinson, Senior Director at Berkadia; and Rob Hodge, Senior Vice President at More Residential.
Brent Long also served as a judge, alongside Mark Forrester and other industry leaders, including Matt Blank, Co-Founder of BB Living; Darrin Rowe, President of Taylor Morrison; Ashish Karamchandani, Executive Vice President at Heitman; Sharon Wilson Geno, President of the National Multifamily Housing Council; Cameron Jones, Portfolio Manager for Nuveen US Equities Fund; and Stella Pappas, Head of Investor Relations at TruAmerica Multifamily.
“Berkadia was honored to partner with NYU Stern, highlighting our commitment to supporting young professionals and future leaders in real estate,” said Justin Wheeler, CEO of Berkadia. “Engaging with thoughtful participants and judges with deep expertise in SFR and BTR was truly exciting. This event was made possible by the dedication of university teams, fellow judges, and NYU’s continued support.”
*Pictured: The University of Wisconsin-Madison School of Business team.*
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