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

2018-2019

Investor
Jaime AvilaJaime Avila
Fund Manager, MBA Class of 2019
Jaime Avila is a class of 2019 MBA student concentrating in Real Estate and Corporate Finance. Prior to attending Kenan-Flagler Business School, Jaime spent 4.5 years working for Gava Capital, a real estate private equity fund based out of Monterrey, Mexico. As a financial analyst for the firm, Jaime worked on the acquisitions team, where he underwrote ground-up development deals across asset classes and recommended the closing of 27 projects, which represented $90M in committed equity. For his summer internship, Jaime worked as a Summer Associate at Admiral Capital Group in New York, NY where he underwrote potential acquisitions totaling around $1B in value. Jaime graduated from ITESM Campus Monterrey with a Bachelor of Arts in Economics.
Matthew de KlerkMatthew de Klerk
Fund Manager, MBA Class of 2019
Matthew de Klerk is a class of 2019 MBA student concentrating in Real Estate Finance. Prior to attending Kenan-Flagler Business School, Matt worked for more than 4 years at a retail-focused real estate private equity fund in Cape Town, South Africa where he was responsible for growing the portfolio from 0 to 50,000 SF. Whilst there, he was also responsible for the fund’s underwriting, due diligence and negotiations efforts in addition to helping senior management extract value from core assets. Over the summer, he worked at Stonehill Strategic Capital where he underwrote and pitched hotel deals worth more than $500m across the entire debt spectrum (Pref Equity, Mezz and Bridge). Matt graduated from the University of Cape Town in 2012, with a Bachelor of Science (Honors) degree in Property Studies.
William Duncan William Duncan
Fund Manager, MBA Class of 2020
William Duncan is a class of 2020 MBA student concentrating in Real Estate and Corporate Finance. Prior to attending business school, William spent a year working for Transwestern Development Company, a Houston-based real estate developer with a pipeline of $4B+ across more than 40 projects. In his development role, William was responsible for sourcing new development opportunities, project management, financial analysis, site selection, feasibility, due diligence, and research in the Southwest and Southeast regions. Prior to joining Transwestern, William spent two and a half years at HFF as a Real Estate Analyst for the Debt Placement and Investment Advisory departments. At HFF, William supported the underwriting, marketing, and closure of more than $450M in commercial properties and $270M in financing transactions. William graduated from The University of Texas at Austin in 2014 with a B.A. in Urban Studies and Real Estate Certificate from the McCombs School of Business.
Colin HartleyColin Hartley
Fund Manager, MBA Class of 2019
Colin Hartley is a class of 2019 MBA student concentrating in Real Estate and Corporate Finance. Colin spent his summer as an Investment Banking Associate with Citigroup’s Real Estate & Lodging group in New York, NY where he evaluated transactions on behalf of the bank’s institutional real estate clients. The previous summer he worked with Stream Data Centers in Dallas, TX studying data center development and valuation. Prior to attending Kenan-Flagler Business School, Colin worked in the Washington, DC offices of Eastdil Secured and Cushman & Wakefield in multiple research, leasing, and capital markets roles. As a licensed real estate broker, Colin supported the underwriting, marketing, and closure of more than 50 asset-level sales and finance transactions totaling over $6B in volume in tandem with the related deal teams. Colin graduated from Elon University in 2010 with a Bachelor of Arts in English.
Sam HollmanSam Hollman
Fund Manager, MBA Class of 2019
Sam Hollman is a class of 2019 MBA student concentrating in Real Estate and Corporate Finance. In 2018, Sam spent his summer in Washington DC working with Network Realty Partners. Prior to attending business school, Sam spent four years working for The JBG Companies in their Investments and Development groups. In his Investments role, Sam performed detailed acquisition and development analysis on $2.0B+ of urban residential, office, hotel, retail, and mixed-use real estate opportunities in the Washington, DC Metro area. In the Development group, he managed the due diligence, acquisition, budgeting, entitlement, design, financing, and construction of 6M+ SF of commercial density and 600 residential units. Sam graduated from Washington University in St. Louis in 2013 with a B.A. in Political Science.
Ben JustusBen Justus
Fund Manager, MBA Class of 2019
Ben Justus is a class of 2019 MBA candidate concentrating in Real Estate & Capital Markets and Investments. Ben spent his summer at South Street Partners, a private equity firm investing in opportunistic and value-add real estate in the Southeast. Prior to attending Kenan-Flagler, Ben spent two years working at The Pinkard Group, which manages a series of commingled real estate private equity funds investing in the DC Metro area. As an Investment Associate, Ben’s responsibilities included underwriting new acquisition and development opportunities, asset management, and fund administration. Prior to joining The Pinkard Group, Ben spent two years at Jefferies LLC as an Investment Banking Analyst in the Real Estate, Gaming, & Lodging Group where he evaluated strategic alternatives for public and private companies. Ben graduated from Davidson College in 2011 with a Bachelor of Arts in Economics and a Concentration in Applied Mathematics.
Veronica KleinVeronica Klein
Fund Manager, MBA Class of 2020
Veronica Klein is a class of 2020 MBA candidate concentrating in Real Estate. Prior to attending Kenan-Flagler, Veronica spent four years working with Northwestern Mutual Real Estate. During her time with NMRE Veronica held roles with the Construction and Portfolio Management teams in Milwaukee, WI and most recently with the Central Region originations team in Dallas, TX. As a Production Analyst Veronica’s responsibilities included underwriting new mortgage, equity joint venture development and acquisition opportunities across all property types, creating investment memos and committee materials, and annually valuing the region’s existing loan portfolio. Veronica graduated from Indiana University’s Kelley School of Business in 2014 with a Bachelor of Science in Finance and Real Estate.
William McGuireWilliam McGuire
Fund Manager, MBA Class of 2020
William McGuire is a class of 2020 MBA candidate concentrating in Real Estate & Corporate Finance. Prior to attending Kenan-Flagler, Will spent six years working at Iron Point Partners, LLC which manages a series of commingled closed-end real estate private equity funds totaling over $2.1B+ that invests across a variety of asset classes by taking opportunistic positions in the capital stack. As a Vice President, Will’s responsibilities included underwriting new acquisition and development opportunities, asset management, negotiating joint venture agreements, negotiating third party management agreements, and investor relations. Prior to joining Iron Point Partners, LLC, Will spent two years at Bank of America Merrill Lynch as an Investment Banking Analyst in the Real Estate, Gaming, & Lodging Group where he evaluated strategic alternatives for public and private companies and executed capital markets transactions totaling over $2.9B+ in value. Will graduated from Davidson College in 2010 with a Bachelor of Arts in History.
Josh ManningJosh Manning
Fund Manager, MBA Class of 2019
Joshua Manning is a class of 2019 MBA student concentrating in Real Estate Finance. Josh spent his summer at Metlife Real Estate’s San Francisco Regional Office, where he underwrote over $1B+ in real estate transactions and assisted both the debt and equity investment teams. Prior to attending Kenan-Flagler, Josh spent 3 years working in commercial real estate research and capital markets in Manhattan. Most recently, he was a Capital Markets Research Analyst at Newmark Knight Frank where he assisted with the underwriting process for institutional office investments and oversaw the production of quarterly market reports. Josh graduated from the University of Virginia in 2013 with a Bachelor of Arts in Economics and a Minor in Government.
Jack RyanJack Ryan
Fund Manager, MBA Class of 2020
Jack Ryan is a class of 2020 MBA student concentrating in Real Estate. Prior to attending Kenan-Flagler Business School, Jack spent two years with JLL in Minneapolis within their Investor Services platform as an Agency Leasing Associate. At JLL, Jack was on a market leading team that represented over 5.6M square feet of office space in the Twin Cities metro area. Most recently, Jack worked in the Bay Area with Boston Private on their commercial lending team focusing on commercial real estate loan transactions. Jack graduated from St. John’s University in 2013 with a Bachelor of Arts in Accounting and Finance as well as a minor in Management.
Griffin SchreaderGriffin Schreader
Fund Manager, MBA Class of 2019
Griffin Schreader is a class of 2019 MBA student concentrating in Real Estate. Griffin spent his summer with USAA Real Estate’s acquisitions and development groups where he underwrote $3B in multi-family, office, and industrial deals in primary and secondary markets across the country. Prior to attending Kenan-Flagler Business School, he spent three years working in investment management in San Francisco for Hall Capital Partners, an investment adviser with $32B under management. There he oversaw the management of investment portfolios with over $100M in assets, including positions in private equity real estate funds focusing on value-add and opportunistic multi-family and office strategies. Griffin graduated from Clemson University with a Bachelor of Science in Financial Management.
Taylor VaughnTaylor Vaughn
Fund Manager, MBA Class of 2019
Taylor Vaughn is a class of 2019 MBA student concentrating in Real Estate. Taylor spent his summer in Dallas, TX working with The Related Companies, underwriting value-add multi-family acquisition opportunities. Prior to attending Kenan-Flagler Business School, Taylor spent five years working for United Bank in Washington, D.C. As a Commercial Lender on United’s real estate and construction lending team, Taylor originated $50M in new loan commitments and managed $150M in bank assets. Taylor’s responsibilities included deal sourcing, loan structuring, portfolio management, and regulatory compliance. Taylor graduated from Washington and Lee University in 2012 with a Bachelor of Science in Accounting and Business Administration.
Cole HavertyCole Haverty
Associate, Undergraduate Business Program Class of 2019
Cole Haverty is a member of the Undergraduate Business Program class of 2019, concentrating in Real Estate and Corporate Finance. He spent his past summer working for Eastdil Secured with their debt placement and investment sales teams in New York, NY. Prior to working with Eastdil, Cole interned at MRP Realty in Washington, D.C. in their acquisitions group.
Everette LassiterEverette Lassiter
Associate, Undergraduate Business Program Class of 2020
Everette Lassiter is a member of the Undergraduate Business Program class of 2020, concentrating in Real Estate and Investment Banking. He spent his past summer working for CRC Companies, a developer based out of Arlington, Virginia. Next summer, Everette will be working at Eastdil Secured in New York, N.Y. in their Investment Banking division.
Jason OelbaumJason Oelbaum
Associate, Undergraduate Business Program Class of 2020
Jason Oelbaum is a member of the Undergraduate Business Program class of 2020. He spent his past summer working for 327 W 57th Street LLC as a property manager in New York, NY. Prior to working with 327 W 57th Street LLC, Jason interned for a luxury real estate operator in New York, NY.
Austin SchellpfefferAustin Schellpfeffer
Associate, Undergraduate Business Program Class of 2019
Austin Schellpfeffer is a member of the Undergraduate Business Program class of 2019, concentrating in Real Estate. He spent this past summer working for Morgan Stanley’s Real Estate Investing division in New York City. Prior to working with Morgan Stanley, Austin interned for Starwood Property Trust within their real estate equity team in Miami Beach, FL. Austin will be returning to Morgan Stanley for full-time employment.
Alec SelnesAlec Selnes
Associate, Undergraduate Business Program Class of 2019
Alec Selnes is a member of the Undergraduate Business Program class of 2019, concentrating in Real Estate and Multinational Finance. He spent his past summer working for Bank of America Merrill Lynch with their Real Estate Syndications team in Charlotte, NC. Prior to working with Bank of America, Alec interned for a real estate development firm in Fargo, ND. Outside of the Fund, Alec sings with the UNC Clef Hangers, and interns for Woodbourne Capital Management—a real estate private equity firm based out of Boulder, CO.

Portfolio Overview

Portfolio Summary

Capital Raised in Millions12.2
Active Funds4
Fully Invested Funds3
Total Investments39
Years of Investing11
States in Which We Invest17
Unique LPs104
Fund Managers Since Inception94

Portfolio by Property Type

MULTIFAMILY: 40%
RETAIL: 8%
INDUSTRIAL: 9%
HOSPITALITY: 8%
LAND: 1%
CONDO: 3%
SELF-STORAGE: 6%
OFFICE: 13%
SENIOR HOUSING: 10%
MEDICAL OFFICE: 3%

Assets by Geography

NY, CT, NJ, VA: 1.2%
NM: 2.5%
IL: 3.1%
MD, CO, DC, WI: 5%
TN: 5.6%
SC, PA: 6.6%
FL: 8.5%
NC: 11.1%
TX: 14.5%
GA: 16.7%