Master of Science in International Real Estate
FlU Sponsors the Urban Land Institute, ULI 2015 Vision Awards, August 26th, 2015
Florida International University’s Masters of Science International Real Estate, MSIRE sponsored the Urban Land Institute, ULI 2015 Vision Awards.
These ULI Vision Awards honor individuals and real estate projects from our Southeast Florida/Caribbean region that exemplify the Mission of ULI and demonstrate a proactive commitment to excellence.
Alum Malcolm Butters helps MSIRE grads with debt.
Hugo R. Barragan (MSIRE ’15) and Lenny Longo (MSIRE ’15) were each awarded $12,125 as recipients of the Malcolm Butters Real Estate Scholarship Awards.
For many graduates, debt from student loans looms large. But thanks to the generosity of FIU alumnus Malcolm Butters (MSRE ’83), president and co-founder of Butters Construction & Development, Inc., the debt burden for two students who received their Master of Science in International Real Estate (MSIRE) at Florida International University (FIU) has been eased.
M.S. in International Real Estate Information Session
Prospective students are encouraged to attend an information session as their first step in learning about our program. The sessions last just under one hour and provide an overview of the program, a summary of the application process and requirements.
Date/Time: Tuesday, December 8, 2015 - 6:30pm
Location: 1101 Brickell Avenue, North Tower Room 234, Miami, FL 33131
Hollo School graduate students again capture third place in ARGUS Software university challenge.
For the second time in three years, a team of graduate students from the Hollo School of Real Estate at FIU captured third place in the ARGUS Software’s University Challenge. Winners were announced on March 16, 2015.
“When a university team scores high one time, you might think it’s luck. But when it happens again to another team from the same university, you know it’s because the academic program is strong,” said Zhonghua Wu, associate professor who served as advisor for the team. “In the Hollo School of Real Estate, we have a culture of success in place that enables students to achieve excellence.”
In The News
FIU Hollo School's Miami River Boat Tour mixes sun, fun, education and real estate.
As over 100 of her students boarded a boat in Downtown Miami on a sunny day in mid- November, Suzanne Hollander, Florida International University (FIU) College of Business faculty member, prepared them for a different kind of learning experience.
William G. Hardin speaks to the Miami Herald about South Florida real estate.
For those studying high finance, Manhattan is the place to be. For film enthusiasts, Los Angeles, of course. And for the wild and woolly world of real estate, there are few better perches than South Florida.
William G. Hardin III, Florida International University’s director of the Tibor and Sheila Hollo School of Real Estate and the Jerome Bain Real Estate Institute, brings an informed and disciplined view to a subject in which just about everyone has a strong opinion: South Florida real estate.
Master of Science in International Real Estate
Accelerate your career with the premier real estate program in South Florida
The Master of Science in International Real Estate (MSIRE) is the only program inspired by and developed with leading members of South Florida’s international real estate community. Offered by the top-ranked Chapman Graduate School of Business in the College of Business at Florida International University in Miami, Florida, our Master of International Real Estate was created expressly to meet the current and emerging needs of real estate professionals for a high caliber education in all facets of this dynamic industry, which, in this region, is both local and global.
With Miami at the center of expanding regional and international real estate opportunities, even experienced professionals are facing new and unique challenges as they undertake large and complex real estate transactions. This 10-month, accelerated, two-evenings-per-week graduate real estate program in downtown Miami provides exactly the type of in-depth knowledge and relevant skills to prepare you to understand and assemble the financial, legal, and other components for closing major real estate transactions successfully.
The MSIRE program is offered via two delivery methods, face-to-face at the Chapman Graduate School of Business’s Downtown on Brickell, or via the web using Blackboard technology.
Now and in the future, your Master of Science in International Real Estate degree is a public statement of your professional commitment and gives you a strong competitive edge in your career advancement.
In addition to the other links on this web page that address specific MSIRE requirements and the application process, more information on real estate at FIU can be found at http://realestate.fiu.edu.
Core Real Estate Courses
Real Estate Markets and Institutions
A general survey of the legal, economic, institutional, quantitative and strategic elements of real estate markets, institutions and practices. This course studies the ownership, transfer, and use of real estate. Issues addressed include, but are not limited to, valuation, brokerage, risk management, property management, diversification, investment and sources of capital. The course is both descriptive and analytical in nature with the goal of developing a body of theoretical and applied knowledge. Selected examples are employed to demonstrate traditional U.S. practices and procedure for comparative purposes.
Real Estate Finance
This course is an introduction to the fundamental concepts, principles, and analytical methods of real estate finance. The focus will be on commercial real estate capital markets, while we also discuss different aspects of residential real estate finance. Our perspective is that of "institutional" real estate investors (e.g., pension funds, REITs, commercial banks, life insurance companies) regarding large-scale commercial properties. Students are expected to learn techniques in real estate finance and develop critical understandings on the current issues of the real estate capital markets. A key objective of this course is to help students apply these techniques to analyze real estate financing decisions in the real business world.
Advanced Real Estate Investments and Valuation
This class prepares students for the evaluation of real estate as an investment. The students will be required to evidence knowledge of real estate markets and the tools used in real estate investment decision-making. The course will require students to become proficient in the generation of property cash flows and their evaluation. Emphasis is on the determination of factors impacting real estate investment returns. Students will be required to synthesize property and capital market data to assess direct and portfolio investments in real estate.
Seminar in International Real Estate
This course is the capstone course for the Master of Science in International Real Estate and focuses on the environment surrounding international real estate. Topics include, but not limited to, diversification benefits through international holdings, cultural attitudes towards ownership, value implications from varying title systems, securitized and un-securitized real estate holdings, legal constraints on land use, global strategic planning, country risk, foreign exchange risk, global financing, and a review of the basic fundamentals of real estate valuation.
Legal Environments of Real Estate
This course takes a creative interactive approach and provides lessons applicable all over the world about practical ways that real estate law impacts everyday life, from understanding what it means to sign a real estate contract like a residential lease or purchase contract, to understanding the process to buy real estate, to obtaining financing to purchase real estate and to growing wealth by managing your own real estate.
Through this course you will learn directly from various professionals involved in real estate such as attorneys, property appraisers, investors, property managers, city, county, state and federal government officials, owners and bankers. The conduct and activities of these practitioners is governed by real estate rules, laws and regulations made by federal, state, county and local governments as well as the private law of contracts.
Through this course, you will learn that knowing the law of real estate will help you understand real estate documents and better understand transactions that you may enter into and/or sell in the future. You will also gain insight into real estate career opportunities and what real estate professionals really do on a day to day basis.
Real Estate Development
This course will provide an overview of the principles of real estate development; allow the student to obtain a foundation of knowledge in real estate development; review the primary development product types, including land, residential, multi-family, industrial, office and mixed use property types. Private sector and public sector constraints to development will also be evaluated. Students will be required to apply financial evaluation tools and models to real estate projects. This will require computer skills and the use of basic financial concepts including TVM, NPV, and IRR to create decision-making frameworks. Also, sources of debt and equity for real estate development will examined. Public/private structures and other forms of co-operative structures that foster development will be assessed. The primary focus of the course remains the business decision-making processes related to successful real estate development.
Real Estate Market Analysis
This course provides an overview of basic theories and principles related to real estate market analysis. It gives a hands-on introduction to the industry-standard cash flow software (ARGUS) to assess risks and returns for income-producing real estate assets. Students will also learn how to use relevant data to conduct market research. The course can be divided into three parts. The first part is an introduction of basic theories and principles in real estate market analysis, urban growth patterns and real estate market dynamics. We will then discuss various public and proprietary data sources as well as the fundamental concepts related to commercial leases. The third part focuses on different types of real estate assets and how to use ARGUS to value these properties. A combination of lectures, case studies and guest speeches will be used to help students learn the techniques in market research and enhance their understanding on current market conditions. Students are expected to conduct market research projects using ARGUS and relevant databases, and present their work in both oral and written form.
Core Finance Courses
Corporate Financial Management
This class focuses on financial decision-making and its impact on the economic value of the firm. The course provides practical applications and is based on modern financial theory, with an emphasis on valuation and risk management. The course examines valuation concepts, capital budgeting, risk analysis, and capital structure decisions in depth. It covers the ethical and financial implications of business decisions and their impact on the value of the firm.
Financial Markets and Institutions
This course will enable a conceptual understanding of the function of financial markets of the flow of funds, of levels of interest rates and of interest rates differentials and analyzes the institutional framework and the varied factors that have an impact on the administration of the financial institutions and how effectively a financial manager can immunize the institution against varied risks.
Global Financial Strategy
This course covers aspects of strategic financial environment and management of firms that operate in a global arena; to include recent developments in financial strategy, international trade and economic decision making.
Florida International University’s College of Business’s outstanding faculty of nationally recognized real estate experts have their fingers on the pulse of the domestic and international real estate markets, bringing their real-world knowledge and a wealth of stimulating topics into the classroom. Courses address critical subject areas that include real estate markets and valuation, investment analysis and performance measurement, financing techniques, law, and accounting.
In our Master of Science in International Real Estate program, you’ll become adept at using the latest technology, including ARGUS for asset valuation and cash flow projections, GIS (Geographic Information Systems) for mapping and modeling geographical information, and other software tools for analyzing statistics, transaction history, surrounding community information, and comparable market rates.
Surrounded by fellow students already working in different realms of the real estate industry—like acquisitions, mortgage brokerage, consulting, investments, appraisal, law and development—you’ll gain from their practical experience and form a strong professional network with your peers.
The Chapman Graduate School of Business' innovative, 10-month Master of Science in International Real Estate, offered at the College of Business Downtown Center on Brickell, Miami, Florida, boasts the following features:
- Ten-month program is presented in two evenings of class per week.
- Curriculum incorporates strong international focus to position you for future opportunities.
- Faculty with national reputations impart their expertise in real estate, finance, and international transactions.
- Classmates with real estate backgrounds are your partners in learning and expand your professional network.
- Strong connections to the South Florida real estate community are your bridge between academia and industry.
- Fully-accredited degree program from top-ranked business school in the highest 15% in the U.S. provides a bona fide career credential.
- Program has one of the largest numbers of dedicated real estate faculty to place it in the top tier of real estate programs.
- Active career services office assists you with future placement needs.
- Classes are taught in our convenient, Downtown Center on Brickell in Miami, FL.
- Support services include "no-red-tape registration," catering, and more.
At the Chapman Graduate School we care very deeply about how well we are accomplishing our mission, how our programs contribute to our overarching goals and how we assure that the institution conforms to specified industry and academic norms. Consequently we are committed to measuring the effectiveness of our programs using a well-defined Assurance of Learning process that ensures “accountability and transparency”.
Student Learning Outcomes
In recent times there has been a preponderance of student learning-based models which emphasize that Faculty should model the learning process in consultation with all our stakeholders. Student Learning Outcomes (SLOs) detail what we aim for our students to know, what they can actually do, and what are their vocational attitudes. These are:
- LO 1: Students will apply best practices in accounting, taxation, and finance to make sound real estate investments nationally and internationally
- LO 2: Use financial software to solve problems in real estate financing and investment locally and abroad
- LO 3: Apply essential concepts in real estate practices and institutions.
- LO 4: Compare and contrast country specific characteristics as they impact real estate investment and financing.
Given our mission, this program has defined the benefits to students as you gain new knowledge, increase your skills, change your values, and modify your behavior through the following program outcomes:
- PO 1: Graduating students are satisfied with program value and potential for career advancement.
- PO 2: The program will admit well-qualified students who will successfully complete the program.
- PO 3: The curriculum is relevant, coherent, and improves skill development in human resource management.
- PO 4: The program will provide quality instruction.
- PO 5: The program will provide quality advising, program administration, academic and student support services, and facilities.
- PO 6: Maintain sufficient gross revenues to cover all program expenses and be self-sustainable.
- PO 7: Graduating students will see an increase in salary as a result of obtaining degree.
We admit students to the Chapman Graduate School of Business’ Master of Science in International Real Estate for Fall or Spring start in our Cohort Program, see below for details:
- Master of Science in International Real Estate requires 30 credit hours of course work to complete.
- Classes are held two evenings a week per eight-week session at our Downtown Center on Brickell in Miami, FL, and with our unique Live Classroom Capture Technology you have Internet Access for attendance flexibility
- Classes are typically scheduled on Monday and Wednesday (Fall) and Tuesday and Thursday (Spring) evenings from 5:30 p.m. to 10:00 p.m.
- Time to completion is 10 months for Fall (late August) start and 12 months for Spring (January) start.
Dr. Hardin has an extensive publication record in the top real estate journals. His work has been published in Real Estate Economics, Journal of Real Estate Finance and Economics, Journal of Real Estate Research, Journal of Real Estate Portfolio Management, Journal of Real Estate Practice and Education, Journal of Property Investment and Finance, International Real Estate Review, Journal of Property Valuation and Investment, Journal of Shopping Center Research, and Assessment Journal. He has also presented his research at major real estate and finance conferences including those of the American Real Estate Society, the Asian Real Estate Society, the American Real Estate and Urban Economics Association, the Southern Finance Association, the Eastern Finance Association and the Financial Management Association. In a recent article, he was ranked 11th globally in academic real estate research during the 2000-2006 period.
Dr. Hardin is Co-Editor of Journal of Real Estate Practice and Education and is an elected member of the board of directors of the American Real Estate Society. He is also Director of Publications for the American Real Estate Society. He also serves on the editorial board of Journal of Real Estate Research and the editorial review board of The Appraisal Journal. Four of his papers have won best manuscript awards at the annual American Real Estate Society meetings. Dr. Hardin worked in commercial banking and development prior to earning his terminal degree. Dr. Hardin received his doctorate from Georgia State University.
Dr. Beracha conducts empirical research in the areas of real estate and finance. Since he received his doctorate from the University of Kansas in 2007 he has published more than 20 academic papers in leading real estate and finance journals such as Journal of Real Estate Research, Journal of Real Estate Finance and Economics, Real Estate Economics, Financial Analysts Journal and Journal of Financial Research. Dr. Beracha’s research papers were presented in many national and international conferences, won “best paper” awards and are regularly cited by the popular press.
Dr. Beracha is the managing editor of the Journal of Real Estate Practice and Education and is an elected member of the board of directors of the American Real Estate Society. In a recent research survey Dr. Beracha was included in a short “Grand Slam Authors of Real Estate” list comprised of authors who published in all five of the leading real estate journals during the 2000-2012 time period. In addition to Dr. Beracha’s scholarly work, he also has years of practical experience in the area of real estate investments and has served as a consultant for real estate development projects.
Dr. Freybote is an assistant professor in the Tibor & Sheila Hollo School of Real Estate at Florida International University. She holds a PhD in real estate from Georgia State University in Atlanta, GA. Her research interests include: institutional investor sentiment and asset pricing in securitized and unsecuritized real estate markets; capital structure of REITs, joint ventures and mergers; sustainable urban development, green buildings and asset pricing in commercial and residential real estate markets; corporate real estate management. Her work has been published in scholarly journals such as Real Estate Economics, Journal of Real Estate Finance and Economics, Journal of Real Estate Researchand Journal of Property Research.
Prior to joining FIU, she held a position as assistant professor of real estate finance at Portland State University in Portland, OR. She also taught as senior lecturer at the University of South Africa and as lecturer at Georgia State University. Furthermore, she gained real estate industry experience in corporate real estate advisory and institutional real estate investment prior to joining academia.
Suzanne Hollander represents national and international owners with commercial property in Downtown Miami. During the real estate boom in Miami, she was corporate counsel and project developer for a Downtown Miami developer In this role, she directed the entitlement process for the large-scale development projects (50-70 stories each) and also managed government relations, tenant relations, property tax appeals and the filing of condominium documents with the State of Florida.
She provides real estate consulting services to private clients with properties in the City of Miami; has provided real estate consulting services to the City of Miami Beach Office of Real Estate, Housing and Development; and serves as the official representative to the real estate community on behalf of FIU’s Jerome Bain Real Estate Institute.
Dr. Zhenguo (Len) Lin is an Associate Professor and Hollo Research Fellow in the College of Business at Florida International University. He received his PhD from University of Wisconsin, Madison. His research is mainly focused on pricing illiquidity of private assets, mortgage markets and housing market dynamics. His research has been cited by the Federal Reserve, Department of the Treasury, Department of Housing and Urban Development and National Affairs. His work has also appeared on several prestigious financial media outlets, including MarketWatch and the Wall Street Journal – Smart Money.
In 2013, Dr. Lin received the William N. Kinnard Young Scholar Award, an international recognition for making significant contributions in his field. His recent studies include immigrants and mortgage delinquency as well as racial discrimination in mortgage costs. His work “Spillover Effects of Foreclosures on Neighborhood Property Values”, which appeared in the 2009 Journal of Real Estate Finance and Economics, has proven invaluable in predicting the recent housing crisis. The paper has been heavily cited by over 185 academic studies. It has also garnered much recognition outside of the academic community - the paper was cited by former Federal Reserve Chairman Ben Bernanke in his speech at the Global Financial Literacy Summit on June17, 2009 in Washington, DC.
Prior to joining the faculty of Florida International University, Dr. Lin was a Professor of Finance and Associate Director of Real Estate and Land Use Institute at California State University, Fullerton. He also taught at Mississippi State University and worked as Sr. Economist at Fannie Mae.
Dr. Wu’s research interests include real estate capital markets, commercial property markets, and corporate finance. He has published research articles in the top refereed academic journals includingReal Estate Economics, Journal of Real Estate Finance and Economics, and Journal of Real Estate Research. He has also published in Journal of Real Estate Portfolio Management. Dr. Wu has presented research papers at academic conferences such as the American Real Estate and Urban Economics Association Conference (AREUEA), the American Real Estate Society Meeting (ARES), and the AREUEA International Conference/Asian Real Estate Conference (AsRES).
Prior to his academic career, Dr. Wu worked as a research associate for the National Bureau of Statistics in China. He received his bachelor’s degree in China, his master’s degree from Syracuse University, and his doctorate degree from University of Wisconsin-Madison.
Real estate courses are taught by nationally and internationally recognized FIU faculty specializing in real estate and finance. Faculty members are highly published in the top journals in the field, work with industry leaders, and present cutting edge research throughout the world. In addition, the teaching mission is also enhanced by senior real estate professionals.
Sr. Program Manager
|Isabel Lopez Miranda
"MS in International Real Estate has been an exceptional program. As a young professional, working in the commercial real estate industry, I could not think of a more analytical and comprehensive way to learn about the intricacies of real estate. Professors such as Dr. Zdanowicz and Dr. Johnson have made this program challenging and enjoyable,which will certainly be advantageous for my career in real estate. For anyone interested in 'getting ahead' in the very competitive real estate world, I would certainly suggest FIU's MISRE program."
Jeb Bush, Jr. - Fairchild Partners, Commercial Real Estate Services.
"As a liberal arts undergraduate major, the MSIRE program provided the analytical skills and technical expertise needed to take my career to the next level. The faculty combines both empirical and real-world experience to deliver a worthwhile, engaging and relevant curriculum. The opportunity to obtain Argus software certification and the ability to confidently discuss the real estate market helped me land my current position"
Bill Dolan - MSIRE Alumni 2011 - Senior Financial Analyst Banyan Street Capital
In order to accommodate our MSIRE students who are working professionals a student will have the ability stream the class live from the internet, or watch the recorded class via the internet at a later date, if for any reason they can not attend class, due to their work schedule or an emergency. This flexibility ability within the MSIRE program allows our students to continue their real estate profession without interruption. Please click here to sample a brief clip of the recorded classes utilizing our new class capture technology.
The program admits students every Fall and Spring term.
Candidates applying to our Master of Science in International Real Estate program must adhere to the following deadlines:
To begin in the Fall term (August)
Last day for International and Domestic students to submit online application, and all supporting academic credentials, appropriate test scores, and Declaration and Certification of Finances.
To begin in the Spring term (January)
Last day for International and Domestic students to submit online application, and all supporting academic credentials, appropriate test scores, and Declaration and Certification of Finances.
For all applicants
- Complete the online application for admission.
- You may complete the online application and submit it, even without having taken the GMAT, GRE or TOEFL. We prefer that you mail supporting materials (essay, letters of recommendation, etc…) to us rather than uploading them onto the online application.
- Pay a $30 application fee. Most major credit cards are accepted. Checks or money orders are also accepted and should be made payable to Florida International University.
- Send official transcripts from all previously attended universities, in a sealed envelope
- A four year Bachelors Degree from an accredited institution as well as a minimum upper division grade point average (GPA) of 3.0 are required.
- The original transcripts must be submitted in an envelope sealed by the degree-granting institution.
- Students whose official transcripts are not in English will be required to submit translated transcripts. If this applies to you please ask your university to provide two original transcripts. The first set of transcripts must remain in the sealed envelope. The second set of transcripts should be sent to an official translation company for translation.
- Applicants who already possess a Masters degree from an accredited institution may be eligible for a GMAT waiver provided that the graduate degree GPA is 3.0 or better.
- Meet either one of the two:
- Achieve a minimum score of 500 on the Graduate Management Admission Test (GMAT) or a score of 297 (combination of verbal and quantitative) on the Graduate Record Exam (GRE) and have earned a minimum 3.0 grade point average (GPA) in undergraduate study. FIU university's code is: 5206.
- Have earned a minimum 3.0 grade point average(GPA) in undergraduate studies and a minimum of four years of professional business (real estate and affiliated industries such as a banking, finance, servicing, etc.) related work experience
- If you earned your Bachelor Degree in a country whose official language is not English, you must demonstrate English proficiency by taking either the TOEFL, IELTS or PTE. Minimum scores for the TOEFL are: 550 paper-based, 213 computer-based and 80 internet-based. Minimum score for the IELTS is 6.5. Minimum Score for the PTE is 53. When requesting the official scores, please refer to the Florida International University Institution code 5206.
- Submit a current resume of professional experience. (Internships and part-time employment may be included)
- Submit a statement of purpose: a one-page essay describing your professional goals and reasons for pursuing the MS in International Real Estate degree at Florida International University.
- Submit a copy of your passport or Alien card.
For international students
International students applying for the F-1 student visa will be required to submit financial documentation. Financial documents must be recent (6 months or less from the program start date).
- Request a letter from your bank or the bank of your sponsor (a parent, for example) stating that you or your sponsor have sufficient funds of at least $54,500.00 for tuition and living expenses. The types of accounts from which these bank letters are accepted are: savings, checking or money market accounts.
- If the bank account and aforementioned letter are in the name of a sponsor, the sponsor will need to submit a signed sponsor letter stating that he or she will fund your education and expenses while you are enrolled in the MS in International Real Estate program. Click here to see a sample sponsor letter.
- Submit a completed and signed Declaration of Finance (DCF) form. Please note that the minimum amount in the DCF must be at least $54,500.00 for the academic year 2013-2014.
Submit all materials to
Master of Science in International Real Estate
Chapman Graduate School of Business
Florida International University-Downtown at Brickell Center
1101 Brickell Avenue. Suite PH-S
Miami, FL 33131
Meeting the minimum admission requirements does not guarantee admissions into the program.
Tuition & Scholarships
Tuition for the 10 - month Master of Science in International Real Estate program in Downtown, Miami, Florida, is $27,500 for residents of the State of Florida and $30,000 for non-residents and international students.
The fee covers tuition, graduation dinner, networking and other student and alumni appreciation events as well as various booklets, softwares, databases and materials used in class.
A $300.00 nonrefundable professional development seminar fee is due upon acceptance into the program
Payment is due at the beginning of each semester. All fees are subject to change. Tuition changes periodically. Applicants should contact the Program Coordinator for anticipated tuition fees and charges. To view the payment schedule please click here.
We recommend that you begin thinking about your financial aid needs and options during the initial admissions process to the Chapman Graduate School of Business. Read More
Deadline for Spring 2016 Scholarship Student Submissions is December 1st, 2015.