A team of FIU Business Master of Science in International Real Estate students placed third in the 2026 ARGUS University Challenge, earning international recognition in a case competition that asked students to evaluate a complex commercial real estate investment opportunity using industry-standard modeling tools.
The annual challenge, hosted by Altus Group, tests student teams on their ability to analyze a fictitious real estate opportunity, build a model in ARGUS Enterprise and present an investment recommendation. This year’s case focused on Station Hill, a major mixed-use development in Reading, England, where teams were asked to act as investment professionals advising the Royal Trust on whether the project should be acquired.
FIU’s team included MSIRE students Rachel Dickinson, Kevin Ewing, Vito Strehl and Jyvan Remelus.
In announcing the win, Linda Mejias, global training manager for ARGUS, told the team their submission “brought something truly exceptional to this competition.”
The students said the recognition was especially meaningful given the competition’s global reach and the caliber of participating universities, including Cornell University, the University of Notre Dame and the University of North Carolina and Chapel Hill.
“I was excited, and a bit surprised, not because I didn’t think we did a great job, but just because of the size and caliber of the competition,” Dickinson said.
The case required the team to evaluate office, retail and multifamily mixed-use assets in Reading, determine appropriate acquisition prices and assess whether the Royal Trust should acquire both properties, one property or neither. The analysis had to account for projected returns, market dynamics, risk, ESG credentials and the project’s fit within the trust’s investment objectives and portfolio.
“We were tasked with advising the Royal Family on a potential real estate acquisition,” Remelus said. “We analyzed office, retail and multifamily mixed-use asset types in Reading, UK, and determined appropriate acquisition prices for each asset.”
One of the greatest challenges for the team was adapting to an unfamiliar market. While the students had experience with U.S. real estate analysis, the United Kingdom presented different assumptions, market forces and terminology. Strehl’s European background helped the team navigate some of those differences.
Ewing said the team’s ability to combine different areas of expertise helped shape the final submission.
“We all brought different areas of expertise and put together our different perspectives to produce a well-rounded solution to the ARGUS Challenge,” Ewing said.
The students approached the case by first modeling the assets individually, then comparing assumptions and reaching consensus on key inputs. From there, they refined their ARGUS model, conducted market research and developed the final report and presentation.
Strehl said the team’s submission stood out because it combined detailed technical analysis with a clear investment narrative.
“We did not only focus on the numbers, but also on explaining the reasoning behind our recommendations in a professional and realistic way,” Strehl said.
Remelus said the team also paid close attention to presentation design, aligning the visuals with the Royal Family theme to make the report feel polished and client-specific.
The students credited FIU Business and the MSIRE program with preparing them for the challenge through coursework in real estate finance, investment analysis, market research, valuation and ARGUS modeling. Remelus pointed specifically to Dr. Wu’s Real Estate Market Analysis class, where students learned to use ARGUS and complete a final project similar to the competition.
“Placing third in this global competition not only proves the strength of FIU’s program, but underscores the value I know will come from my master’s degree,” said Dickinson.
The challenge offered a total of $25,000 in scholarship awards, including $3,000 for the third-place team.