The Vieth Institute for Real Estate Leadership at Marquette University has successfully closed the REAP Real Estate Investment Fund I, L.P., a closed-end real estate investment vehicle of just over $4.8 million. Backed by a significantly expanded group of investors, the fund extends the model pioneered by the Real Estate Asset Program (REAP), the first classroom-based, student-run real estate education and investment program for undergraduates in the nation.
The fund drew 22 unique investors, including Marquette University’s endowment. REAP’s investment strategy focus spans core-plus, value-add, opportunistic and development opportunities across diverse property types and markets. That consistency gives REAP the strength and scale to serve multiple student cohorts over the life of the fund.
“Our students are underwriting deals that are live in the market. This real-world experience builds classroom learning, exposing students to both theory and application before graduation. This experience sets REAP students apart and is only possible because this group of investors came together to build the fund,” said Vito Taphorn, director of the Real Estate Asset Program.
“We are focused on building outstanding, hands-on educational experiences for our students, and REAP fits perfectly into that mission,” said Andy Hunt, executive director of the Vieth Institute. “We consistently hear from employers that REAP students are better equipped to evaluate investment decisions because of what they learn and how they’re able to collaborate here at Marquette.”
What is the Real Estate Asset Program?
Launched in 2021 with its inaugural cohort in spring 2022, REAP is the nation’s first undergraduate-only, classroom-based real estate investment program. It places Marquette real estate majors inside the full institutional investment lifecycle across three consecutive semesters of instruction. Students gain experience in all of the following:
- Underwriting live transactions
- Building models and cash flow waterfalls
- Presenting recommendations to a seated investment committee of industry professionals
- Producing quarterly business plan reviews and investor reporting
- Legal partnership structures
- Capital stack
- Construction draws and development capital planning
- Acquisition and disposition processes
How does REAP help students learn?
REAP students take three specialized courses: REAL 4210 Applied Real Estate Asset Management and Modeling in the fall of junior year, REAL 4220 Intermediate Real Estate Investing in the spring of junior year, and REAL 4230 Advanced Real Estate Investing in the fall of senior year. Senior students complete unclosed transactions, transfer portfolio maintenance responsibilities and mentor the incoming cohort, ensuring continuity of the portfolio from one class to the next.
What makes the Vieth Institute for Real Estate Leadership different from its peers?
The Vieth Institute for Real Estate Leadership at Marquette University supports real estate, construction, engineering and law students and alumni, delivering deep learning experiences that prepare them for fulfilling lives and careers. This interdisciplinary structure provides a curriculum that is one-of-a-kind among American undergraduate programs.
Over the past three years, 94 percent of real estate majors were either employed or continuing their education within six months of graduation, according to Marquette’s Office of Institutional Research and Analysis. This is compared to 85.7 percent of four-year graduates in the Class of 2024 nationwide.
Marquette real estate is currently ranked No. 11 in the country by “U.S. News & World Report.”
About Andy Hunt
Andy Hunt is the inaugural executive director of the Vieth Institute for Real Estate Leadership. He collaborates closely with deans and faculty across the colleges of business, engineering, and law to advance the institute’s mission. He also leads all strategy and fundraising efforts and oversees the institute’s major annual events in Milwaukee and Chicago. Additionally, Hunt serves as the co-director of Marquette’s AI in Real Estate Lab and lead education partner for the Associates in Commercial Real Estate (ACRE) program, which is dedicated to diversifying talent in the real estate industry.
Hunt is a recipient of the 2021 Milwaukee Business Journal “40 Under 40” award and the 2021 NAIOP National Developing Leaders award, and he received both his B.S. in Business Administration (majoring in real estate and finance) and his master’s in business administration (specialization in finance) from Marquette University.
About Vito Taphorn
Vito Taphorn serves as the director of REAP and an instructor of practice in Marquette Business. In this role, Taphorn advises students in evaluating investment options, presenting opportunities to a group of outside professionals investing in real estate transactions, analyzing due diligence materials, building business plans for assets, and overseeing ongoing asset management reporting. Taphorn also helps cultivate and maintain relationships with industry partners that lead to a consistent pipeline of real estate investment opportunities for analysis by the REAP students.
Prior to joining Marquette as REAP director, Vito spent more than 20 years in various roles in commercial real estate finance, most recently as managing director at CIBC US, where he originated commercial real estate loan activity, managed customer relationships and actively monitored quarterly credit quality.
