Building the future: Celebrating 20 years of the Master of Real Estate Development

The first class of the Master of Real Estate Development (MRED) at W. P. Carey began in 2006. Twenty years later, the program is known across the world for its unique approach to teaching the business of real estate that has created a generation of real estate leaders.

Twenty years ago, leaders at Arizona State University saw a need and an opportunity to build something innovative and influential with and for the real estate development industry.

Wellington "Duke" Reiter, dean of the College of Design at ASU at the time — and now serving as senior advisor to ASU President Michael M. Crow — has a strong background in architecture and urban design, and he took note of the incredible growth the Phoenix area was experiencing at the time.

Seeing the demand for housing and community development in the region, Reiter realized that ASU already had the resources to become a leading institution in real estate education.

"I said, 'I'm running the College of Design, and we know how to design houses and plan communities,'" says Reiter. "We have a school of construction. We have a law school, and we have a business school. You need all four of those things if you're going to be involved in development, right? So why don't we put them together and create a great program in real estate development for the people who are actually going to do it?"

The first class of the Master of Real Estate Development (MRED) at the W. P. Carey School of Business began in 2006 and graduated in 2007. Reiter has a picture of that class on his desk to this day. Twenty years later, the program is known across the world for its unique approach to teaching the business of real estate that has created a generation of real estate leaders — including more than 550 alumni.

A transdisciplinary approach

Real estate development is a very complex business, so from the beginning, Reiter, fellow deans, faculty, and a group of industry advisors helped shape the MRED program to reflect how the business really works. They knew that to create thoughtful and informed real estate developers, the curriculum would need to incorporate multiple disciplines and teach students to think strategically and become community builders to provide the complete understanding needed.

"Very few people go to college thinking, 'I want to be a developer,' unless they've had some direct experience, because it's a complicated undertaking," says Reiter. "People know what a lawyer does, or someone who's in business, or a contractor, or an architect. Development requires that you have a pretty solid understanding of every one of those professions."

He adds, "If there ever was an activity that's interdisciplinary, it's real estate development."

The MRED program has been a collaboration between four schools at ASU since its inception: the W. P. Carey School of Business, the Sandra Day O’Connor College of Law, the Herberger Institute for Design and the Arts, and the Del E. Webb School of Construction. Over the years, faculty from each institution have guided students through every stage of the development process.

There are several unique aspects of ASU’s MRED program, one being the integration of applied synthesis projects into the teaching methodology. From orientation through the last day of classes, students work with real sites, programs, and prospective clients, collaborating on the process from the beginning to the end. They immediately apply what they learn in the classroom to the kind of challenges and opportunities they will encounter in practice.

Synthesis projects expose students to the entire spectrum of development and require them to utilize their unique strengths and backgrounds in a group environment. Jamie Naudi (MRED '25) came to the program from the United Kingdom, and his perspective as an international student helped him and his classmates look at problems from different perspectives to find creative solutions.

"My instinct, shaped by a European mindset, was to prioritize walkability, pedestrian access, and cycling infrastructure as cornerstones of community design," says Naudi. "Those perspectives added something different to the conversation, and I think that diversity of thought ultimately makes the program stronger for everyone in it."

Another critical aspect of the ASU program is the involvement of industry leaders who helped build the program from the ground up and continue to provide input on courses, mentor students, evaluate synthesis project presentations, and support the program philanthropically.

"Everyone comes from a wide range of experience and specialty in the industry," says alum Julianna Jankowski née Calvin (MRED '10). "This is one of the only times in your career that you are in the same room for an extended period with people from every side of the industry at all different experience levels."

Evolving with the industry

The real estate industry has significantly evolved over the past two decades, especially in a fast-growing metropolitan area like Phoenix. Reiter has seen a shift from suburban communities towards a stronger emphasis on urban centers with high-rises and mixed-use developments.

Thanks to the strong ties between W. P. Carey and industry professionals, the MRED program has been able to reflect these changes and prepare graduates for a continuously evolving market with ever-greater emphasis on sustainability.

"The MRED network is deeply connected within the broader development community, especially in Phoenix," says alum Ryan Hilbun (MRED '20). For students like Hilbun, who came to the program seeking a career pivot, becoming part of that network is invaluable for gaining knowledge and staying up-to-date on industry changes.

Today, MRED graduates can be found in every aspect of the industry, from Arizona to across the globe. Some work for large organizations, like Jankowski, who is the vice president of risk management at Morgan Stanley.

Others are more entrepreneurial-minded, like Hilbun, who runs his own real estate development and investment firm, Ryan Scott Group. The program not only gave him the tools to be a successful developer but also helped to expand his thinking about what was possible.

"It completely reset my trajectory," he says. "Very early on, I knew I was done with traditional real estate sales and that I wanted to focus on development and larger-scale projects that have a meaningful, positive impact on communities."

Looking at the future

The real estate landscape — both figuratively and literally — is perpetually changing, and so must real estate education to prepare graduates for a varied landscape.

Issues like affordability, water availability, and energy production are more important than ever when building new developments, especially somewhere like Arizona. Reiter believes that current and future real estate professionals need to have even greater awareness of how their projects affect the communities they're in.

"Giving the people who graduate from our program the tools to understand all those factors is going to be critical," he says.

Alum Kaitlyn Fondano née Mulhollan (MRED '16) has embodied this with her work as director of development for Specialized Real Estate Group, which emphasizes connecting people and their homes to the greater community.

"From our perspective, we have a real opportunity to impact the communities in which we work," she says. "Considering place, making thoughtful design choices, and the obligations we have to each of those communities and neighborhoods comes as a responsibility of ours through each development."

As the MRED program celebrates its 20th anniversary, the goal has remained the same. "I hope we generate graduates with a greater awareness of how the entirety of the built environment comes together," says Reiter.

The program's success can be seen in how its alumni have become leaders who both meet the industry's current demands and are shaping its future in a thoughtful, responsible way.