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THE APPLICATIONS PROCESS FOR THE
2008-2009 ACRE CLASS HAS CLOSED
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ACRE Class of 2008
ACRE Class of 2005
ACRE Class of 2006
ACRE Class of 2007 |
Milwaukee Associates in Commercial Real Estate (ACRE) is an industry-supported initiative that recruits and trains minorities for professional careers in commercial real estate. Through a 26-week curriculum in commercial real estate, several networking events and working on case studies, ACRE will meet its primary goal of increasing the number of African-Americans, Latinos, American-Indians and other traditionally under-represented populations in the commercial real estate industry.
The ACRE model was developed on the premise that access to the commercial real estate industry is often achieved through informal networks — family, friends and colleagues. Without such connections, entry into the field is difficult. ACRE extends these networks to its students through education, networking, and applied project-based training and mentorship
Students
Typical ACRE students have some college training and several years of business experience. Students are selected from a pool of applicants through a rigorous process of screening, testing and interviewing. The four primary student selection criteria are:
- Completed a high school education;
- Exhibits proficient knowledge of Microsoft Excel;
- Exhibits adequate verbal and math skills (determined by skills test and writing sample critique); and
- Demonstrated interest in pursuing commercial real estate or commercial real estate investment as a career.
Overall, students are selected based on their likelihood of being successful in the commercial real estate industry after completing the ACRE curriculum. Additionally, and separate from new students, ACRE graduates are being given an opportunity to apply for this year’s program to further their knowledge in the field as well mentor new program participants. There will be a maximum of 30 students: including both ACRE alums and new students.
Partners
ACRE relies on the successful collaboration between education, financial, industry, community and association partners.
Marquette University is the education partner and coordinator of ACRE. The program is housed in the College of Business Administration and is supervised by Nicole Truog, Associate Director, Real Estate Programs. Marquette University also provides classroom and meeting space. The Mandel Group is the generous financial partner and is also active in the administration of the program. ACRE community partners provide essential networking opportunities.
The ACRE Class of 2009 will have 2 main instructors: Chris Laurent, Wisconsin Market President at Gorman & Company and Bob Lemke, Associate Professor at Milwaukee School of Engineering , LEED ® accredited professional and consultant for Local Initiative Support Corporation (LISC). Financial Partner
Mandel Group
Education Partner
Marquette University
Past Industry Partners
American Appraisal
Associated Bank
CB Richard Ellis, Inc.
Continental Properties Company, Inc.
Cross Development Group, Inc.
Irgens Development Partners, LLC
The Jansen Group, Inc.
KBS Constructions, Inc.
M & I Marshall & Ilsley Bank
M.A. Mortenson Company
Mandel Group
Pabst Farms Development
Gorman & Company, Inc.
Towne Investments
Wisconsin Housing and Economic Development Authority
WISPARK LLC
Community Partners
Hispanic Professionals of Greater Milwaukee
Local Initiative Support Corporation (LISC) Milwaukee
Milwaukee Urban League
Wisconsin Housing and Economic Development Authority
Association Partners
Institute of Real Estate Management—Milwaukee
Foundation Partner (2004-2007)
Helen Bader Foundation
Curriculum and Class Structure
The ACRE program’s classroom component meets once a week for 26 weeks at Marquette University’s College of Business Administration.
To assist in the comprehension and application of the classroom real estate knowledge, the expectation is that the class will analyze the commercial real estate development process of a Gorman & Company project. Chris Laurent will be leading the lecture and discussion on alternating Tuesday’s where the class case study will be Gorman’s Brewery Project. Topics to be covered include obtaining municipal approval, managing the construction process, creating property proforma income statements, investment analysis, and property management. On the alternate Tuesday evenings, Bob Lemke, consultant for Local Initiative Support Corporation (LISC) Milwaukee, will lead class discussions on applying commercial real estate knowledge to a series of Milwaukee commercial real estate projects. Case examples will include topics such as pre-development financing and commercial loan financing.
Student Expectations
All candidates accepted into the program are required to submit a refundable deposit of $300.00 to hold their place in the 2008-2009 ACRE class. The deposit will be returned if the candidate successfully meets the following course requirements:
- Participation in 26 weeks of classes that meet each Tuesday evening from 6:00 p.m. to 9:00 p.m. and attendance at all mandatory networking events
- Successful completion of all assignments
- Successful completion of the final exam
In addition to the course requirements the following are also expected of each candidate accepted into the 2008-2009 ACRE program:
1. Attend all classes and arrive on time. Please be advised that you may miss no more than 2 classes, or an equivalent of 2 classes.
2. Cell phones and other electronic communication devices are not to be used during class Please silence your cell phones upon entering the classroom. Students will receive 1-2 short breaks during the 3 hour session in order to check messages, etc.
3. All assignments (reading and written) are due at the beginning of the class period on the day in which the assignments are due.
4. Networking events are a critical component of the ACRE program and attendance at all is mandatory. Please note that the networking events may not be scheduled on Tuesday
evening so attendance is required at the networking event in addition to the regularly
scheduled Tuesday class.
Any candidate who does not meet the course requirements will be dropped from the program and will forfeit his or her deposit.
Networking
ACRE and its partners will host two to three networking receptions during the program so that current ACRE students and ACRE graduates can network with industry professionals and community leaders. It is also expected that ACRE students will be invited to educational and networking events sponsored by the association partners.
ACRE News
The new Associates in Commercial Real Estate (ACRE) program at Marquette University’s College of Business Administration has attracted young African American, Hispanic and Asian professionals from a variety of professions according to a recent article in the Milwaukee Journal Sentinel http://www.jsonline.com/bym/news/feb05/303960.asp.
For more on the ARCE program’s inception, see http://www.jsonline.com/bym/biz2biz/aug04/251904.asp
Other ACRE related articles
http://www.jsonline.com/story/index.aspx?id=530806
http://www.jsonline.com/story/index.aspx?id=626808
http://www.jsonline.com/story/index.aspx?id=660793
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