Report Finds Lauded Real Estate Program Could Improve

Construction nears completion on Villard Commons in 2021. The project was an ACRE classroom project. Photo by Jeramey Jannene.

A survey and analysis of the more than 300 graduates of a highly-lauded commercial real estate training program found that extending the effort with additional training or mentorship would likely yield a greater impact.

The Associates in Commercial Real Estate (ACRE) program was created in 2004 to reduce racial dispairities in real estate in the Milwaukee area.

A newly-released report by the Wisconsin Policy Forum (WPF) found it has made inroads, but there are opportunities for improvement.

The 26-week program aims to train existing professionals for new careers in real estate development, investing or property management through a mix of classroom instruction, project-based learning and industry networking.

Its graduates represent an increasingly prominent list of real estate industry movers and shakers, and being identified as a graduate is regularly viewed as a seal of approval.

WPF relied on approximately one-sixth of program alumni taking a survey and 25 interviews with graduates. The survey found that 80% of respondents currently work in real estate, but only 21% of respondents work as real estate developers.

“A major theme of ACRE alumni who responded to our survey was that they could have benefited from more support during and after finishing the program. They suggested mentorship from experienced ACRE graduates and other industry professionals could be expanded to provide additional support, including in the form of more individualized mentorship,” says a release accompanying the 48-page report. “Alumni also would like ACRE to include more post-graduation opportunities, which could involve internships, apprenticeships, opportunities to partner with more experienced professionals on development projects, or expanded opportunities to access capital for development projects. They also would like ACRE to offer more continuing education and networking opportunities for alumni, as a consistent theme was that ACRE graduates would like to be better connected and to build on their base of knowledge post-graduation.”

The program is currently administered by LISC Milwaukee with support from Marquette University, Milwaukee School of Engineering and UW-Milwaukee. Participants pay a $300 entrance fee, with administrative costs running at approximately $150,000 annually.

Graduates include a who’s who group of real estate developers often invovled in affordable housing, including Michael Emem and Deshea Agee of Emem Group, Kevin Newell and Terrell J. Walter of Royal Capital Group,  Montavius Jones of Narvarte Development, Brandon Rule of Rule Enterprises, Melissa Allen of Maures Development Group, Que El-Amin of Scott Crawford Inc., Anthony Kazee of KG Development, Zuwena Cotton and James Phelps, Jalin Phelps and Clifton Phelps of JCP Construction.

But one thing raised by alumni was the program’s perceived over-reliance on training individuals to use low-income housing tax credits, the primary affordable housing funding source.

Within City Hall graduates of the program include Department of City Development Commissioner Lafayette Crump, Common Council President José G. Pérez and Alderwoman Milele A. Coggs.

Joaquín Altoro, an ACRE graduate, jumped from a job with Town Bank to become head of the Wisconsin Housing and Economic Development Authority and then an appointed position within the U.S. Department of Housing and Urban Development. Catrina Crane, who serves on the City Plan Commission on which Altoro previously served, is also an ACRE graduate.

The program launched in 2004 under the direction of then-Marquette professor Mark Eppli and was paused for four years during the Great Recession. It briefly operated on an every-other-year basis before returning to annual classes. Seventeen cohorts have graduated.

Seventy-three percent of the survey respondents said the training program was “very valuable” to them, but several aspects of the report touch on the need to maintain engagement after graduation.

The WPF analysis also explored how the program compares to similar efforts in other cities.

Research director Joe Peterangelo and contractor researcher Susan Lloyd authored the report alongside WPF president Jason Stein and past president Rob Henken.

The report was commissioned by the Zilber Family Foundation, Mandel Group and Bader Philanthropies. LISC Milwaukee provided a grant to support the report.