Multifamily Housing Development and Investment

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April 24, 2013 @ 8:00 am
April 25, 2013 @ 5:00 pm
ULI Headquarters
2001 L Street
Suite 200, DC 20036 United States
David Mulvihill, Vice President, Professional Development


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As the economy continues to slowly rebound from the Great Recession, multifamily housing has been a relative bright spot in real estate industry. Buoyed by demographic shifts into urbanizing areas, an increased pool of renters in the form of displaced homeowners, and low vacancy rates, the multifamily industry has realized significant capital flows.

This intensive new program will provide participants with a deeper understanding of the unique attributes of the multifamily housing product. Using a combination of lectures, case studies, and in-class data analysis, attendees will gain a sharper insight into the many professional roles involved in the multifamily development process. Attendees will leave with a deeper understanding of how these various disciplines interact in the process and project feasibility comes into focus. Participants will begin with a simple “back of the envelope” spreadsheet that will provide a quick initial assessment of project feasibility.  As the class progresses, a more detailed development model will be developed.

 Woven throughout the program will be a case study on “The Lakes”, a parcel of land not currently zoned for multifamily use in a tertiary suburban market. The project is proposed as a walk-up with a full amenity package (washer/dryer, pool, and clubhouse).

Principal Instructor

Robert T. Rajewski
Director of Finance
Continental Realty Corporation
Baltimore, Maryland

Bob Rajewski is the director of finance with Continental Realty. He previously has held positions as an asset manager (BIT), equity syndicator, appraiser, developer (multi-family) and as an underwriter for conduit, permanent, and construction loans (commercial and multi-family for Banks of America). Previous employers include the Building Investment Trust and Bank of America.

In his current position he secures long term financing for multi-family assets using Fannie Mae, Freddie Mac as well as 3rd party banks.

Rajewski holds an MS degree in real estate development from Johns Hopkins University and a BS in finance from the University of Baltimore. He has been an adjunct professor in graduate studies at the Carey School of Business at Johns Hopkins since 1997 and in undergraduate studies at the University of Baltimore since 2008.

Multifamily Housing Development and Investment Course Outline

Guest Instructors

Jennifer Nevitt-Casey
Bravo Strategic Marketing

Roger P. Staiger
Managing Director
Stage Capital, LLC

Columbia, MD

Bill Watts
Dallas, TX


ULI Members: $650
Non-Members: $750
Non-Profit/Government: $595

Registration fee includes tuition, course materials, continental breakfast, luncheon, and refreshments.

Cancellations must be made in writing or by e-mail to ULI’s customer service department and are subject to a $100 administrative fee. Cancellations must be received at least seven days before the start of the program to be eligible for a refund. No refunds will be granted thereafter. You may transfer your registration to another member of your organization with no penalty.

Accommodations and Course Location

Hotel accommodations are not included in the registration fee. If you would like to make hotel arrangements, please contact the appropriate hotel before the date indicated. You are advised to make your reservations as early as possible. NOTE: Hotel room blocks do not exist for programs held at ULI’s offices.


ULI Headquarters
1025 Thomas Jefferson Street, N.W.,
Suite 500 W, Washington, D.C. 20007-5201
Telephone: 202.624.7000.


Holiday Inn Rosslyn at Key Bridge
1900 North Fort Myer Drive
Arlington, Virginia 22209
Reservations: 800.315.2621 or 703.807.2000

The Four Seasons Hotel
2800 Pennsylvania Avenue, N.W.,
Washington, D.C. 20007
Reservations: 877.707.0843 or 202.342.0444

The Latham Hotel (currently closed for renovations)
3000 M Street, N.W.,
Washington, D.C. 20007
Reservations: 888.587.2377 or 202.726.5000

The Melrose Hotel
2430 Pennsylvania Avenue, N.W.,
Washington, D.C. 20037
Reservations: 800.635.7673 or 202.955.6400

Georgetown Suites
1000 29th Street NW & 1111 30th Street NW
Washington, DC 20007
Reservations: 800-348-7203

Avenue Suites NW Hotel
2500 Pennsylvania Avenue
Washington, DC 20037
Reservations: 877-736-2500

Program Highlights

  • Multifamily market overview – is there a bubble?
  • Capital structure – defining the investment box
  • Due diligence for development
  • Market and feasibility analysis
  • Analyzing the “short-fuse” project
  • Unique attributes of multifamily development
  • Development case studies
  • Multifamily product types
  • Components of unit design – marketability and maintenance
  • Cash flow analysis
  • Property management and operations