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 UCLA MRED program is an 11-month, fall-start, STEM-designated program, preceded by a one-week boot camp that prepares students for success in the program in core finance, financial modeling, spatial analysis and visual communication skills. Students complete three 10-week quarters of coursework, each with 4 required courses and electives. In the program’s fourth summer quarter, students complete a practicum that immerses students in the challenges of executing a real estate development proposal. To help facilitate summer internship placements alongside their final capstone, this summer term operates remotely.
Students must complete a minimum of 52 units, including 9 required courses (36 units) and a 2-course capstone sequence (8 units). This is 44 core required course units, plus 2 electives (8 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.
MRED 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).
MRED 202A: Real Estate Development & Finance
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.
MRED 202B: Advanced Real Estate Development & Finance: 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.
MRED 202C: Sustainable Investment & Public-Private Partnerships
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.
MRED 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.
MRED 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.
MRED 205: New Building Technologies & Construction Management
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.
MRED 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.
MRED 207: Project & Asset 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.
MRED 219A Capstone: Development Processes A
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.
MRED 219B Capstone: Development Processes B
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:
- Climate adaptation
- Housing affordability
- Zoning and equity
- Age-friendly building
- Innovative financing
- Globalization
- Big data and smart cities
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
| FALL* | WINTER | SPRING | SUMMER |
|---|---|---|---|
| Sep 25-Dec 12 | Jan 5-Mar 20 | Mar 30-Jun 12 | Jun 22-Aug 28^ |
| In-person | In-person | In-person | Remote/Hybrid |
| MRED 201 Real Estate Economics & Market Analysis | MRED 205 New Building Technologies & Construction Management | MRED 207 Project & Asset Management | MRED 219B Capstone: Development Processes B |
| MRED 202A Real Estate Development & Finance | MRED 202B Advanced RE Development & Finance: Capital Markets | MRED 202C Sustainable Finance & Public-Private Partnerships | Optional internship placement |
| MRED 203 Law & Regulations in Real Estate Development | MRED 204 Real Estate Development & Design Studio | MRED 219A Capstone: Development Processes A | |
| MRED 206 Politics, Institutions & Economics of Urban Development | Elective (Choice) | Elective (Choice) |
| FALL* | WINTER | SPRING | SUMMER |
|---|---|---|---|
| Sep 25-Dec 12 | Jan 5-Mar 20 | Mar 30-Jun 12 | Jun 22-Aug 28^ |
| In-person | In-person | In-person | Remote/Hybrid |
| MRED 201 Real Estate Economics & Market Analysis | MRED 205 New Building Technologies & Construction Management | MRED 207 Project & Asset Management | MRED 219B Capstone: Development Processes B |
| MRED 202A Real Estate Development & Finance | MRED 202B Advanced RE Development & Finance: Capital Markets | MRED 202C Sustainable Finance & Public-Private Partnerships | Optional internship placement |
| MRED 203 Law & Regulations in Real Estate Development | MRED 204 Real Estate Development & Design Studio | MRED 219A Capstone: Development Processes A | |
| MRED 206 Politics, Institutions & Economics of Urban Development | Elective (Choice) | Elective (Choice) |
In-person |
In-person |
In-person |
Remote/Hybrid |
Sep 25-Dec 12 |
Jan 5-Mar 20 |
Mar 30-Jun 12 |
Jun 22-Aug 28^ |
FALL* |
WINTER |
SPRING |
SUMMER
|
MRED 201Real Estate Economics & Market Analysis |
MRED 205New Building Technologies & Construction Management |
MRED 207Project & Asset Management |
MRED 219BCapstone: Development Processes B |
MRED 202AReal Estate Development & Finance |
MRED 202BAdvanced RE Development & Finance: Capital Markets |
MRED 202CSustainable Finance & Public-Private Partnerships |
Optional internship placement |
MRED 203Law & Regulations in Real Estate Development |
MRED 204Real Estate Development & Design Studio |
MRED 219ACapstone: Development Processes A |
|
MRED 206Politics, Institutions & Economics of Urban Development |
Elective (Choice) |
Elective (Choice) |
* 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 in finance, financial modeling, spatial analysis, and visual communication skills to prepare students for the program.
^ MRED students will return to campus for their final capstone project presentations (date TBD). The MRED program will organize a major networking event around the 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.
Course offerings reflect the current approved curriculum. Course titles and quarters may be subject to change at the discretion of the MRED program.
