Milwaukee Associates in Commercial Real Estate (ACRE) is an industry-supported initiative that recruits, trains and places minorities in professional careers in commercial real estate. Through a 25-week formal curriculum in commercial real estate, several networking events and working on a “real deal,” 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 three primary student selection criteria are:

• A sincere interest in pursuing commercial real estate as a career;

• Demonstrated motivation; and

• Competency to complete a skills test.

Overall, students are selected based on their likelihood of being successful in an entry-level position in commercial real estate after completing the ACRE curriculum. Additionally, and separate from students seeking entry-level positions in commercial real estate, we also seek students who are currently employed in the commercial real estate field and would like to enhance their commercial real estate knowledge and network.

Partners

ACRE relies on a successful collaboration of education, financial, industry, community and association partners.

Marquette University is the education partner and primary sponsor and coordinator of ACRE. The program is housed in the College of Business Administration and is supervised by Dr. Mark J. Eppli, Professor and Bell Chair in Real Estate. Marquette University also provides classroom and meeting space.  The Mandel Group is the financial partner and is generously providing the financial support to administer ACRE. The Mandel Group is also active in the administration of ACRE and will provide real expertise on the “real deal” portion of the curriculum.

ACRE community partners include the Milwaukee Urban League, Wisconsin Housing and Economic Development Authority, and Hispanic Professionals of Greater Milwaukee, which provide essential contact with the minority communities and the Milwaukee community at large.

Industry partners represent a broad spectrum of commercial real estate service providers. Each industry partner will provide one or more executive(s) who will teach, mentor, attend networking events, and provide development/investment assistance for the “real deal” real estate development/investment. In addition, industry partners are expected to provide post-graduation placement assistance and development/investment advice.

ACRE looks to a variety of association partners for technical assistance, course material and financial support.

Curriculum

The ACRE program’s classroom component will meet once a week for 25 weeks at Marquette University’s College of Business Administration.

The curriculum includes six functional areas of study:

• The Commercial Real Estate Development Process

• Obtaining Municipal Development Approvals

• Managing the Construction Process

• Creating Property Proforma Income Statements

• Investment Analysis

• Property Management

Professor Eppli, Mandel Group and Industry Partners will shape the curriculum to the needs of the Milwaukee commercial real estate market.

"Real Deal"

To assist in the comprehension and application of the classroom real estate knowledge, it is the program’s expectation that the ACRE students will embark on one or more actual commercial real estate developments/investments. The details of this component of the course are currently being explored, and

the idea of a “real deal” is a departure from previous ACRE class content. It is our hope and expectation that one or more actual real estate developments will be worked on by the class, where we work hand-in-hand with skilled and seasoned commercial real estate professionals. The “real deal” may require a significant student time commitment and may have a completion time frame that is difficult to predict. Therefore, we ask that students who are interested in the program anticipate that the “real deal” portion of the program may not start on the first day of class, and may take in excess of a year to complete. That said, the actual application of classroom knowledge will provide an opportunity for hands-on commercial real estate industry experience.

Networking

ACRE and its partners will host three networking receptions during the program duration 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.

The program, partially funded by a grant from the Helen Bader Foundation, is designed to recruit and train persons of color as managers and brokers in the commercial real estate industry.  The ACRE program is a combined venture of seven local firms in the industry as well as the United Community Center, the Milwaukee Urban League and Initiative for a Competitive Milwaukee and Marquette University.

Along with a formal curriculum, the program presents those in the program opportunities to network with local leaders in the commercial real estate industry.  A strong selling point for many of the applicants is the fact that several students who finish at the top of their graduating class in April will be awarded one-year paid internships with one of the industry partners beginning later this year.  Since minorities have been extremely underrepresented in the commercial real estate industry nationally and locally, persons of color have had a hard time entering the industry, much less finding mentors to guide them into top careers.  The allure of entering the commercial real estate market and the prospect of getting a paid internship at the conclusion of the program was the spark that brought out a huge number of applicants.  Unexpectedly, instead of people early in their work force experience, many of the applicants already had a substantial amount of experience and strong qualifications in other areas of business.  Many of the nearly 35 participants selected are well aware of the risk of starting over on the ground floor of a new career path, but also see the return offered in the industry to build wealth and network into much higher positions compared to those they left.  

For more on the ARCE program’s inception, see http://www.jsonline.com/bym/biz2biz/aug04/251904.asp

and the program’s College of Business Administration web page at http://www.busadm.mu.edu/acre/index.shtml