Degree Requirements and Curriculum

The UCLA MRED curriculum arms students with a comprehensive understanding of real estate, equipping them with the skills and knowledge needed to succeed in this rapidly growing industry.

Our core required courses emphasize both real estate development fundamentals and urban development within the larger context of urban policy, institutions, politics and outcomes that affect development.

Students develop skills in real estate finance & investment, land use law & entitlements, site planning & design, real estate economics & market analysis, building technologies & construction management, and sustainable real estate. In addition to the core, the program offers a range of electives each year, allowing students to tailor their learning experience to their interests and career goals.

Beyond-the-classroom learning is also a key component of students’ educational experience, with opportunities for site visits, guest lectures, mentorship, industry networking events, real estate competitions and engagement with the UCLA Real Estate Alumni Group (REAG). Students will also develop their “soft” skills, including communication, leadership, collaboration, negotiation and community engagement skills.

Degree Requirements

The STEM-designated UCLA MRED program can be completed in as little as 9.5 months. Including an optional 10-week full-time summer internship placement, giving UCLA MRED the advantage of an MBA but completed in a shorter duration; with the internship option, the program is completed in 12 months. Both options start in mid-September (i.e. fall quarter). The 9.5 month option finishes at the beginning of July, while the 12 month option finishes in mid-September. Both options are preceded by a one-week boot camp that provides students with a 360 view of the industry and includes instruction and workshops on ideas, acquisitions, design, entitlements, finance, construction, sale/lease-up, and operations/asset management. Students complete three 10-week quarters of coursework, each with 3 required courses and one required elective (four courses total). Some students may opt to complete an optional part-time internship in the mornings, as MRED courses are scheduled in the afternoons (no Friday classes). In the program’s fourth summer quarter, students complete an intensive 3-week capstone that immerses students in the challenges of executing a real estate development proposal, culminating in an investment committee pitch. Following capstone, students have the option of completing a 10-week full-time internship placement to gain practical hands-on skills. This can also potentially help reduce the cost of the program.

Students must complete a minimum of 52 units, including 10 required courses (40 units), including the required 3-week capstone exercise, plus 3 required electives (12 units).

Coursework

Core Required Courses

MRED coursework provides a strong grounding in urban development policies and institutional processes and calls on students to think critically about the future of cities.

RE DEV 201: Real Estate Economics, Data & Market Analysis
Fundamentals of real estate economics & market analysis, including supply, demand, finding & using data related to comps, rents, costs, absorption, and emerging analysis tools. Topics include: introduction to urban economics & basic approaches to market analysis; agglomeration economies & spatial structure; demographic & economic analysis of urban areas; data sources & analysis methods; CRE market analysis of different asset classes (residential, office, industrial, retail, niche assets); use of new data analysis tools (generative AI, prop tech).

RE DEV 202A: Real Estate Development & Finance I (Foundations) 
Core principles of and critical decisions within real estate development & finance. Creating/using proformas to understand asset value & analyze and compare real estate investments. Topics include core RE finance concepts (DCF, NPV, IRR & amortization, cap rates), fundamentals of thinking about real estate, the development process, risk/reward, opportunity costs, leases, developing pro formas from scratch in Excel, NOI / direct cap rate, RE financial modeling / DCF, the use of debt, waterfalls.

RE DEV 202B: Real Estate Development & Finance II (Capital Markets) 
Think critically about how real estate is capitalized, emphasizing real estate equity and debt markets. Topics include: real estate debt & private equity markets; banks, the GFC, & loan workouts; capital markets & investment brokerage; joint ventures, core funds, closed end funds, SMAs, & sovereign wealth funds; REITs; taxes, ordinary income, capital gains, transfer taxes, & 1031 exchanges; dealmaking and real estate transactions.

RE DEV 202C: Real Estate Development & Finance III (Applications) 
Case-driven to think critically about how real estate value is created with emphasis on acquisition, development, financing, and repositioning of real estate assets. Topics include: valuation, comp analysis, permanent loans, life companies, CMBS, & debt funds; construction loans, completion guaranties, & carry guaranties; site acquisition; options, entitlement risk, land loans & ground leases; technology & real estate; public-private partnerships; affordable housing finance / LIHTC.

RE DEV 203: Law & Regulations in Real Estate Development
Land use, zoning, entitlements, environmental regulation & legal issues relating to development. Topics include: land use & environmental regulation; planning & land use framework; zoning; GPAs, use permits & design review; the CEQA process; subdivision, development exactions, title issues, CC&Rs; brownfields & environmental remediation; public participation, development agreements, community benefits, litigation; federal environmental laws, conservation easements, mitigation agreements; due diligence & entitlement strategy; negotiation of entitlements.

RE DEV 204: Real Estate Development & Design Studio
Primer on urbanism & spatial thinking, synthesizing market, finance, policy & design. Topics include: urban form, city growth & change; urban design principles; site analysis; analyzing architectural plans, sections & elevations; product types (building typologies & sizes); introduction to SketchUp; regulatory analysis & visual communication; testing alternatives & project cost estimating; local & state density bonuses; fit testing & strategic analysis; visual communication exercises; using genAI for project representations.

RE DEV 205: Construction Management & New Building Technologies
Materials & methods of construction and key issues impacting time & money. Topics include construction types, costs, delivery methods; foundations & site work; off-site & modular construction; wood & mass timber; concrete & steel; building envelope & finishes; GC selection & criteria, GC contract types, negotiation & exhibits; CSI divisions & cost codes; construction budget & cost control; construction draw best practices; managing stakeholders, conflict resolution & risk mitigation; project closeout & final documentation.

RE DEV 206: The Politics, Institutions & Economics of Urban Development
Context of real estate, state & local policies, addressing pressing urban challenges, and emerging real estate trends. Topics include: urban poverty & economic mobility; neighborhoods & economic opportunity (people vs. place); community-driven change (CBOs, community development corps); public-private partnerships (public finance & public benefits); real estate & climate change (mitigation & adaptation); health & environmental justice; housing policy (gentrification & displacement; local vs state intervention); demographic change; post-pandemic cities.

RE DEV 207: Real Estate Professional Practice & Project Management
The “nuts & bolts” of real estate practice and managing real estate projects & teams. Topics include: deal terms & purchase structures; appraisals, escrow & title, due diligence; A&E management (DD, CDs, value eng); capital stack & waterfalls / promote; debt guarantees, deed of trust; partnership / deal structures, LP/GP roles, fundraising; contracts (clawbacks, T&M, GMP, liquidated damages, litigation); scheduling; ASIs, RFIs, change orders; accounting; construction draws, reporting; insurance (liability, builder’s risk); marketing; CofO; property management.

RE DEV 219 Capstone: Development Processes 
Two-week “ULI Hines like” synthesis working in teams on a real-world challenge. Teams complete a complete development proposal, investment committee memo, and presentation to mock investment committees.

Electives

A rotation of electives will be offered through the Luskin School of Public Affairs, Anderson School of Business, and UCLA Law, and will touch on topics including but not limited to:

RE DEV 211: Sustainable Real Estate Development
This course explores the principles, practices, challenges and opportunities of sustainable real estate development. Emphasizing innovative approaches, students will examine case studies, learn about green building technologies, and develop strategies for creating economically viable, environmentally responsible, and socially inclusive developments. The course combines theoretical frameworks with practical applications to prepare students for leadership roles in sustainable real estate. The course is organized around site, carbon, water, energy, and materials. Students will also learn how these approaches impact execution and operations and assess the financial feasibility of different strategies.

RE DEV 212: Capital Market Solutions to Housing Affordability
This course explores new  financial and capital market innovations designed to expand housing affordability beyond traditional public subsidy programs such as Low-Income Housing Tax Credits. Students will examine how private equity, debt markets, impact investing, green finance, community development financial institutions (CDFIs), and real estate investment trusts (REITs) are being leveraged to address the affordability gap at scale. Case studies will highlight how emerging models are redefining how developers, investors, and policymakers can collaborate to produce and preserve affordable housing.

RE DEV 213: Proptech & Real Estate Data Science
This course explores how technology, data science, and advanced analytics are transforming the real estate development industry. Students will examine the rise of Proptech (property technology) and its applications across the real estate lifecycle—from site selection and design to financing, construction, marketing, leasing, and operations. Emphasis is placed on how data-driven decision-making enhances efficiency, reduces risk, and creates value for developers, investors, and communities. Topics may include applications of big data, AI, and machine learning in site selection, valuation, and market forecasting; geospatial and demographic data for development strategy; case studies of successful Proptech adoption.

RE DEV 297: Real Estate Internship
Internships are off-campus experiential learning activities designed to provide students with opportunities to make connections between the theory and practice of academic study and the practical application of that study in a professional work environment. Internships offer the opportunity to experience a career while gaining relevant skills and professional connections. Internships are completed under the guidance of an on-site supervisor and a faculty sponsor, who in combination with the student will create a framework for learning and reflection.

Luskin Urban Planning Electives

Students will also be able to take urban planning electives if space is available, including but not limited to (note that some courses are not offered every year):

  • UP 206 Intro to Geographic Information Systems
  • UP 211 Law and Quality of Urban Life
  • UP M213 Urban Data Science
  • UP 218B Advanced Visual Communications
  • UP 219.1 Community Engaged Planning and Design for a More Just Public Realm
  • UP 219.1 Designing Urban Climate Change Adaptation
  • UP 221 GIS and Spatial Data Science
  • UP 222A Introduction to Planning History and Theory
  • UP 229.1 Zoning for Equity
  • UP 243 Urban Futures: Space, Ecology, Society
  • UP M256 Transportation Economics, Finance, and Policy
  • UP 260B Green Urban Studio: Designing Living Neighborhoods
  • UP M265 Environmentalisms: Climate Dimensions & Politics Past, Present, Future
  • UP 269.1 Environmental Justice
  • UP 269.1 Sea-Level Rise and Social Response
  • UP 271A Community Economic Development
  • UP 272B Advanced Real Estate Studio
  • UP 273 Site Planning
  • UP 280 Affordable Housing Development
  • UP 282 Urban Design: Theories, Paradigms, Applications

Anderson School of Business and UCLA Law School Electives

MRED students are also able to take one elective in a select number of relevant courses in either the Anderson School of Business or UCLA Law School, as outlined below (in general, 2-4 seats are available to MREDs in Law courses and 3-5 seats available to MREDs in Anderson courses).

  • LAW 285 Local Government Law
  • LAW 286 Land Use and Urban Planning Law
  • LAW 290 Environmental Law and Policy
  • LAW 526 Housing Segregation, Housing Discrimination, and Evolution of Public Policy
  • MGMT 278A Urban Real Estate Financing and Investing
  • MGMT 279A Cases in Real Estate Investments
  • MGMT 279B Entrepreneurial Real Estate Development
  • MGMT 279C Real Estate Economics, Capital Markets and Securitization
  • MGMT 298D Special Topics in Management (when focused on real estate development)
  • MGMT 298E Special Topics in Management (when focused on real estate development)

Sample Degree Curriculum

In-person In-person In-person In-person
Sep 25-Dec 12 Jan 5-Mar 20 Mar 30-Jun 12 Jun 10-July 2^
FALL* WINTER SPRING SUMMER (Session A)
RE DEV 201
Real Estate Economics & Market Analysis		 RE DEV 206
The Politics, Institutions & Economics of Urban Development		 RE DEV 205
New Building Technologies & Construction Management		 RE DEV 219
Capstone: Development Processes
RE DEV 202A
Real Estate Development & Finance 1: Foundations		 RE DEV 202B
Real Estate Development & Finance 2: Capital Markets		 RE DEV 202C
Real Estate Development & Finance 3: Applications		 Optional internship placement
^(July 6 – Sept 11)
RE DEV 203
Law & Regulations in Real Estate Development		 RE DEV 204
Real Estate Development & Design Studio		 RE DEV 207
Real Estate Professional Practice & Project Management
Elective (Choice) Elective (Choice) Elective (Choice)
In-person In-person In-person In-person
Sep 25-Dec 12 Jan 5-Mar 20 Mar 30-Jun 12 Jun 10-July 2^
FALL* WINTER SPRING SUMMER
(Session A)
RE DEV 201

Real Estate Economics & Market Analysis

 RE DEV 206

The Politics, Institutions & Economics of Urban Development

 RE DEV 205

New Building Technologies & Construction Management

 RE DEV 219

Capstone: Development Processes
RE DEV 202A

Real Estate Development & Finance 1: Foundations

 RE DEV 202B

Real Estate Development & Finance 2: Capital Markets

 RE DEV 202C

Real Estate Development & Finance 3: Applications

 Optional internship placement

^(July 6 – Sept 11)
RE DEV 203

Law & Regulations in Real Estate Development

 RE DEV 204

Real Estate Development & Design Studio

 RE DEV 207

Real Estate Professional Practice & Project Management
Elective (Choice) Elective (Choice) Elective (Choice)

Orientation and Bootcamp

The Fall 2025 quarter is preceded by a three-day orientation program (Sep 15-17) and a five-day (Sep 18-19, 22-24) boot camp. The bootcamp provides students with a 360 view of the industry and includes instruction and workshops on ideas, acquisitions, design, entitlements, finance, construction, sale/lease-up, and operations/asset management, plus a ULI Urban Plan exercise. The bootcamp is taught by industry partners specializing in the core areas of real estate development. 

Course offerings reflect the current approved curriculum. Course titles and quarters may be subject to change at the discretion of the MRED program.

Capstone

Our capstone is not a traditional research project. It is an applied synthesis of what students have learned throughout the program and is meant to simulate what real estate professionals do in practice through an immersive and intensive exercise. In the capstone, students are given 3 or 4 challenges, that include different project sites that have different forces acting upon them and which typically intersect with a broader policy challenge. Students select one of the challenges and create a development proposal for the site, but also outline broader strategies for addressing the policy issues.
The capstone concludes with a major networking events around the final capstone presentations. Along with the graduating students, invitees will include alums of the program, newly admitted students, program faculty and industry representatives, including potential employers and donors. 

MRED Soft Skills Workshops and Certificates

Wrapping around the courses is a comprehensive Career Development & Soft Skills program that includes 20 workshops over the fall, winter, and spring quarters to develop students. This series covers topics such as communication and public speaking, leadership, managing others, working in teams, work ethic & habits, time management, professional writing, and negotiation skills.

In addition to learning the fundamentals in the MRED degree, students have the opportunity to be strategic with their three required electives and earn a specialization certificate in Affordable Housing, Sustainable Development, Real Estate Development and Proptech Real Estate Data Science.

MRED Internships

Our MRED courses are strategically offered on in the afternoons, allowing students to complete optional part-time internships in the mornings. Students also have the opportunity to complete an optional full-time 10-week summer internship placement (July 5 to September 10, 2027). MRED will assist students in identifying internship opportunities through our extensive industry network. To receive academic credit for internship hour towards the MRED degree, students must complete a total of 120 hours, which equates to 4 quarter units.