COURSE NUMBER: MBA 294.1
COURSE TITLE: Commercial Real Estate Valuation and Investment Analysis
with ARGUS
UNITS OF CREDIT: 1 unit
INSTRUCTOR OF RECORD: Nancy Wallace
CO-INSTRUCTORS: Andy Zighelboim and Craig
Davey
E-MAIL ADDRESSES: andy.zighelboim@colliers.com;
cdavey@dwminvestments.com
CLASS WEB PAGE LOCATION: http://bspace.berkeley.edu
MEETING DAY(S)/TIME: Thursday, 6:00 - 8:00PM
PREREQUISITE(S): None.
CLASS FORMAT: The class will be a combination of lectures (40%) and
case studies (60%).
REQUIRED READINGS: Students will need the ARGUS software on their
laptops and Barron’s Dictionary of Real Estate Terms, 6th Edition.
BASIS FOR FINAL GRADE: Weekly valuation assignments and a final
presentation.
ABSTRACT OF COURSE'S CONTENT AND OBJECTIVES:
This class is designed to equip students with the ARGUS skills that
most real estate companies require for summer internships and fulltime
employment. The course will first cover real estate terminology and
fundamentals that will provide the foundation for the ARGUS training. Students
will then value real estate assets from multiple product types, including
Multifamily, Industrial, Office, and Retail properties. By the end of this
course, students will feel comfortable modeling and valuing real estate deals
in Excel and ARGUS. The course will conclude with a full-day (8:00am-4:00pm)
“field trip” tour of the properties valued using ARGUS and a final presentation
on an actual investment offering.
ARGUS is the real estate industry standard software for calculating
commercial real estate cash flow projections and asset valuations. Investors,
developers, brokers, appraisers, managers, lenders and other real estate
professionals rely on ARGUS software to:
• Accurately analyze commercial real estate assets and transactions
• Understand market realities and risks
• Develop leasing strategies, business and marketing plans
• Forecast property and portfolio cash flows
• Calculate investment values and returns
• Share asset and transactional data with clients, partners and
colleagues
• Navigate complex deal structures
BIOGRAPHICAL SKETCHES:
Andy Zighelboim is a Senior Vice President at
Colliers International in the Silicon Valley, a global commercial real estate
firm. Mr. Zighelboim specializes in the analysis,
marketing and sale of institutional grade commercial real estate. He joined
Colliers International's Investment Services Group in July of 2002. Since that
time, he has closed over 5 million square feet of commercial real estate with
an aggregate value of over $1,000,000,000. Prior to joining Colliers
International, Mr. Zighelboim attended the University
of California at Berkeley Walter A. Haas School of Business where he earned a
Master in Business Administration with a concentration in Real Estate.
Craig Davey's real estate experience spans over 35 years. Over this
period of time he has been directly responsible for the valuation, financing,
acquisition and disposition of approximately $20 billion of commercial and
residential real estate in ten western states. He retired from RREEF, a $60
billion real estate investment manager to coporate
and public pension funds, after 25 years where he was Managing Director of real
estate acquisitions for 22 years and Managing Director of real estate
dispositions for North America for the past 3 years. He joined RREEF in 1985 as
a Vice President. Most recently, he founded and serves as managing partner of
Diablo Wealth Management, a private equity real estate firm. He is a frequent speaker at approximately 15
conferences a year and is recognized as an expert in the field of commercial
real estate. Mr. Davey received his Master of Business Administration in
Finance from UC Berkeley.