Capstone Competition


The Nathan S. Collier Master of Science in Real Estate students concludes the program with a challenging, real world market value scenario called the Capstone Project. The projects are typically conceived of by our UF Real Estate Advisory Members. This year’s capstone project and MSRE competition was supplied and supported by Ram Realty Services. We are grateful to Mr. Casey Cummings, Chief Executive Officer, and Mr. Jim Stine, Chief Investment Officer, for providing this unique opportunity.

The capstone project focused on Ram Realty Partners III LP (the “Fund”). This is the third real estate private equity fund raised by Ram. The specific focus of the capstone project was two properties: a grocery anchored shopping center and a 360 unit apartment complex. Working in six groups of five students, the students were required to:

  • “Abstract” two of the existing shopping center leases and calculate the effective level rental rate (ELR) for these leases.
  • Estimate the market value of both properties and provide a report. Each group summarized and defended its valuation conclusions and methodology in a 15 minute power point presentation to a panel of judges that included Mr. Don Emerson, Mr. Todd Jones, Mr. Tim Becker, and Professor David Ling.
  • Perform a Fund-level cash flow/waterfall/IRR analysis under the assumption that the two properties were the only properties owned by the Fund.
  • Act as part of Ram’s acquisition team for the Fund and make a presentation to a panel of judges acting as Ram’s investment committee. The panel consisted of Mr. Stine, Jeff McCammon, and Adam Errington (both of whom work for Mr. Stine). During these presentations, each student team defended its recommendation to the investment committee.


College Info

Warrington College of Business Administration
100 BRY
PO Box 117150
Gainesville, FL 32611-7150
Phone: 352.392.2397
Fax: 352.392.2086

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