Real Estate Acquisitions Integrating ARGUS

and Excel

Cornell Course

In this course, you will apply real estate financial modeling skills to a real-world example, offering the advantages of immersive decision-making but also assessment of that decision based on the outcome of a real example. You will examine an opportunity to invest in a Class B building located within the New York City submarket of Hell's Kitchen on the west side of Manhattan. You will walk through the process of carefully underwriting the deal and, ultimately, deciding whether or not to invest.

In the process of this example transaction, you will gain experience using the industry's commonly adopted approach: utilizing widely used modeling tools including Microsoft Excel and ARGUS, which is used to model office, retail, and industrial operating cash flows. By adjusting crucial variables, you will discover new insights in the process of creating a dynamic model using these industry best practices. Finally, you will delve into the step-by-step market analysis behind each one of the tenant scenarios to inform a final recommendation. By experiencing the whole project process, you will be equipped to apply these skills to your projects across the industry.

In this course, the professor uses Microsoft Excel for Windows for all videos and exercises which is different from Microsoft Excel for iOS. If you are a Mac user, we strongly encourage you to download Parallels or an equivalent virtual machine that is compatible with Microsoft Excel in the Windows environment.

You are required to have completed the following courses or have equivalent experience before taking this course:

• Discounted Cash Flows in Real Estate
• Unlevered Real Estate Acquisitions
• Real Estate Debt Financing and Scenario Analysis
• Real Estate Development Financing
• Equity Waterfalls in Joint Ventures