Real Estate Funds

KFBSF Real Estate Funds

Kenan-Flagler Business School Foundation (KFBSF) Real Estate Fund I was established in 2007 with the primary objective of providing a unique educational experience for student managers and secondarily to provide investment returns to its Limited Partners. Funds I, II and III are fully invested and Fund IV (established in 2018) is currently being invested.

Tenure as a manager on the Real Estate Funds provides a select group of students with hands-on experience in the operation of a private investment fund. Concurrently, student managers have the opportunity to establish personal and professional relationships with national real estate developers and investors. The Funds’ managers work closely with the real estate faculty and friends of Kenan-Flagler Business School to identify and evaluate investment opportunities for the Real Estate Funds. Once an investment is approved and placed, the student managers provide continued surveillance, reporting, and asset management.

The Funds are diversified both geographically and across property types. Each investment opportunity is analyzed and discussed thoroughly with faculty and advisers before approval.

Managing the Fund

The student managers are responsible for the day-to-day operations and general management of the Real Estate Fund. The student management team reports to the Board of Directors of the Real Estate Fund General Partner. The Board of Directors consists of six members, four from the UNC Kenan-Flagler Business School and two from outside the school. To oversee and approve each investment, the Real Estate Fund works closely with an Executive Committee formed from three of the Directors. In addition, a Faculty Committee and an Advisory Board also guide the student managers in their investment underwriting and analysis.

Investment Team

2020-2021

Investor
William BarrettWilliam Barrett
Fund Manager, MBA Class of 2021
William Barrett is a class of 2021 MBA candidate concentrating in Real Estate and Corporate Finance. William spent his summer working with Brookfield Properties in New York, NY and Akridge in Charlotte, NC. Prior to attending Kenan-Flagler, William spent five years as an investment sales broker at Cushman & Wakefield and JLL in New York City where he was involved with $750M+ in sales transactions and 100,000 SF+ in leasing transactions. William earned his Bachelor of Business Administration from Roanoke College in 2012.
John BeckworthJohn Beckworth
Fund Manager, MBA Class of 2021
John Beckworth is a class of 2021 MBA student concentrating in Real Estate. John spent his summer interning for Hines in their New York City office where he assisted the Hudson Square Portfolio development and asset management teams. Prior to attending Kenan-Flagler Business School, John worked in commercial real estate lending for six years at Frost Bank in Austin, Texas. Most recently as an Assistant Vice President at Frost, John was responsible for originating, gaining approval for, and closing new loans to real estate developers and investors while managing an existing portfolio of commercial lending and depository relationships. John graduated from the University of Texas at Austin in 2011 with a Bachelors of Arts in History.
John BlizzardJohn Blizzard
Fund Manager, MBA Class of 2021
John Blizzard is a class of 2021 MBA candidate concentrating in Real Estate. John spent his summer on the Investments team at Welltower, a publicly-traded REIT in the healthcare real estate space, in New York, NY. Prior to attending Kenan-Flagler, John spent five years working at CSM Capital Corporation in New York, NY, a multifamily office with approximately $1.2 billion under management. While at CSM, John was a member of the Investment Committee and primarily focused on real estate investments. As an Associate, John’s responsibilities included underwriting new acquisition opportunities, preparing investment memos, asset management, fund management, sourcing operating partners, and structuring joint-venture agreements. John graduated from Washington & Lee University in 2014 with a Bachelor of Arts in Economics and in Politics.
Caroline GillCaroline Gill
Fund Manager, MBA Class of 2021
Caroline Gill is a class of 2021 MBA candidate concentrating in Real Estate. Caroline spent her summer as an Associate for Crescent Communities' Finance & Capital Markets team in Charlotte, NC. Prior to attending Kenan-Flagler Business School, Caroline spent five years working for J.P. Morgan’s Investment Bank in New York, NY. As a Debt Capital Markets banker, Caroline originated senior unsecured debt for investment grade REITs and Lodging companies. Caroline graduated from Washington and Lee University in 2014 with a Bachelor of Arts in Economics as well as a minor in Mathematics.
Caroline GillPeter McArthur
Fund Manager, MBA Class of 2021
Peter is a class of 2021 MBA student concentrating in Real Estate. This past summer, he worked at HQ Capital Real Estate where he assisted in underwriting and structuring private equity investments in multifamily development opportunities across the US. Prior to attending Kenan-Flagler Business School, Peter was an Associate at Captiala Group where his focused on direct debt and equity investments in lower middle market transactions. Prior to Capitala, he was an Investment Banking Analyst in Regions Securities’ Technology & Defense group. Peter graduated from the University of North Carolina at Chapel Hill in 2013 with a Bachelor of Science in Business Administration.
Caroline O'NeilCaroline O'Neill
Fund Manager, MBA Class of 2021
Caroline O’Neill is a class of 2021 MBA candidate concentrating in Real Estate. Caroline spent her summer at Cowan Nakios Group in Charleston, SC where she focused on acquisitions across multiple asset classes. Prior to attending Kenan-Flagler Business School, Caroline spent eight years at Wells Fargo in middle market banking and real estate banking. Most recently, Caroline was a relationship manager in Washington, D.C. and was responsible for sourcing, underwriting, closing, and managing construction and acquisition loans for private real estate developers and institutional investors across all asset types. Caroline graduated from the University of Georgia in 2011 with a Bachelor of Business Administration in International Business and a focus in Economics.
Caroline O'NeilJoseph Scalzo
Fund Manager, MBA Class of 2021
Joe Scalzo is a class of 2021 MBA student concentrating in Real Estate and Corporate Finance. Joe spent his summer at Bank of America in New York, NY where he worked as an Investment Banking Summer Associate on their Real Estate, Gaming and Lodging team. Prior to attending Kenan-Flagler Business School, Joe spent six years working for Citigroup in New York City. As an institutional salesperson, Joe covered institutional investment clients focused on US Rates products. Joe graduated from Washington and Lee University in 2013 with a Bachelor of Science in Accounting and Business Administration.
Cameron TeasterCameron Teaster
Fund Manager, MBA Class of 2021
Cameron Teaster is a class of 2021 MBA student concentrating in Real Estate and Corporate Finance. Cameron spent his summer with Welltower’s New York office, where he assisted in raising debt and equity for the firm’s investment pipeline. Prior to attending Kenan-Flagler Business School, Cameron spent two years as a Transaction Manager at Partners National Real Estate in Dallas, where he represented tenants on office and industrial leasing requirements across the US. Most recently, Cameron spent over two years with CBRE in Dallas within their Capital Markets and Global Workplace Solutions groups. At CBRE, Cameron helped senior leadership provide relationship management and advisory services for the firm’s top 50 global investors. Cameron graduated from the College of William & Mary in 2014 with a Bachelor of Science.
Emmy CrossEmmy Cross
Associate, Undergraduate Business Program Class of 2021
Emmy Cross is a member of the Undergraduate Business Program class of 2021, concentrating in Real Estate. She spent her past summer interning with Eastdil Secured in Atlanta, Georgia. Prior to interning with Eastdil Secured, Emmy worked for Bold Development Group, a brokerage and development shop in Chapel Hill.
Adam DietrichAdam Dietrich
Associate, Undergraduate Business Program Class of 2021
Adam Dietrich is a member of the Undergraduate Business Program class of 2021, concentrating in Real Estate. Adam spent his summer with JLL in New York, NY. Previously, he was an intern with Ram Realty Services in Palm Beach, FL focusing in multifamily and retail acquisition/development. After graduation, he will return to New York to work with JLL's capital markets team.
John OhmstedeJohn Ohmstede
Associate, Undergraduate Business Program Class of 2021
John Ohmstede is a member of the Undergraduate Business Program class of 2021, concentrating in Real Estate. He has held past internships with Wells Fargo, Prologis, and the Keith Corporation. He spent this past summer at Berkeley Capital Advisors, an investment sales firm in Charlotte.

Portfolio Overview

Portfolio Summary

Capital Raised in Millions12.2
Total Funds4
Fully Invested Funds3
Total Investments Funded44
Years of Investing12
States in Which We Invested21
Unique LPs104
Fund Managers Since Inception116

Portfolio by Property Type

MULTIFAMILY: 39%
RETAIL: 7%
INDUSTRIAL: 13%
HOSPITALITY: 3%
LAND: 6%
CONDO: 2%
SELF-STORAGE: 6%
OFFICE: 13%
SENIOR HOUSING: 8%
MEDICAL OFFICE: 3%

Assets by Geography

CT, NY, VA: 1%
IL, NJ, NM: 2%
MN, WI: 3%
DC, MD, OR, TN: 4%
PA, SC: 5%
CO: 7%
FL: 8%
NC: 13%
GA: 14%
TX: 16%