Master of Real Estate Development
The Master of Real Estate Development Program offers a collaborative education towards a sustainable future. The academic program focuses on the Quadruple Bottom Line to produce projects that are not only economically viable, but also environmentally respectful, socially responsible, and beautifully designed.
The Master of Real Estate Development degree is a 33-credit hour program which can be completed in an expedited, intensive fashion for those with academic or work experience in real estate in one year, the full time program can be completed in 18 months, or part time in 24-36 months. Courses are primarily offered in a semester format, meeting once a week in the evenings in the ever lively Architecture Building on the College Park campus.
The combination of core requirements and electives is flexible enough to be tailored to the academic and/or professional knowledge that a candidate brings to the program. Students can take elective emphases in, sustainable development, law and policy, planning, affordable housing, historic preservation or design. Instruction is primarily provided by working real estate professionals with up to the minute knowledge and skills providing the highly touted instruction which has been key to student and alumni success. All students work with a development professional on a Capstone Project to complete their degree.
Click on the tabs above for admissions and more detailed curriculum information.
Tuition and Fees
The MRED degree is a Non-Standard Tuition program. Please see PDF below for more info.
Ameenah Williams relocated from Florida to Maryland. She has a Bachelors in Interior Design and a Masters in Architecture. She is an active, member of AAREP (African American Real Estate Professionals), ICSC (International Council of Shopping Centers), APX (Alpha Rho Chi – National Fraternity of Architecture and Allied Arts), and a volunteer with Habitat for Humanity. Currently Ameenah is working for The Peterson Companies coordinating Downtown Silver Spring, the Washingtonian in Gaithersburg, MD, and the Milestone in Germantown, MD. During the week, she handles everything from tenant relations, problem solving, billing, and placing work orders. Her goal in pursuing a Master of Real Estate Development is to gain a better understanding of the financial aspect of running a lifestyle center such as Downtown Silver Spring, or The Washingtonian Center. Ameenah says, "the MRED classes, definitely will help to enhance my understanding of my project's budget reports. I must really thank Professor Gomez, who helped me get the concepts of net operating income(NOI), cash flows, income and expenses, down; also kudos to my finance professors Mike Daugard and Jud Ryan now that CAM and lease assumptions are no longer foreign!"
Tatiana Nelson-Joseph is a current MRED student. She is taking classes part-time and hopes to graduate in 2 years. Tatiana is a native of Washington D.C. but spent a few years in New York City, where she earned an Associate Degree in Accessories Design from The Fashion Institute of Technology. Tatiana earned her Bachelor's degree in business from the George Washington University in 2001, and a Masters of Fine Art in Sculpture from Howard University in 2004. Tatiana has worked as a Transaction Analyst at a local utility company and taught art classes at a local college. Having once taught graphic and interior design, Tatiana looks to develop a career that "marries my interests in business and design, while making a difference in the community." She says the reputation of the MRED program brought her to the University of Maryland. Her future goal is to become a successful real estate developer and focus on the mid-atlantic region.
John Hersey, current student, grew up in Beverly, MA and until recently had never lived west of the Connecticut River. He received a B.A. in sustainable urban planning and an Master if Regional Planning from University of Massachusetts - Amherst in 2005 and 2007, respectively. John has worked in sustainable transportation planning for four years and now has experience in creating healthy, equitable, convenient, and attractive places. John believes, "transportation is at the heart of economic development, which underpins much of planning.” His goal at the Colvin Institute is to learn more about the financial mechanisms available and techniques used to build communities today in order to improve our built environment tomorrow. John values the interdisciplinary nature of the MRED program and the school's reputation. He says, "Eventually, I humbly came around to how little I knew about real estate and how important it is to not just referee the game (i.e., planning) but to actually play it (i.e. development)."
Below you will find the list of steps and information it takes to apply for admission to the graduate school as a candidate for the Master's in Real Estate Development.
|U.S. Citizens and Permanent Resident Applicants||Fall||Spring|
|Deadline for Preferred Consideration||February 1||August 15|
|Deadline *||June 1||October 1|
|Deadline *||February 1||June 1|
* If you have missed a deadline you may contact the Director up until July 1 (Fall) and November 1 (Spring) to see if the class is full and whether a waiver of the deadline may be possible.
Candidates must have earned a Bachelor's Degree from an accredited institution, with a GPA of 3.0 or better. The minimum GPA may be waived at the discretion of the Graduate School after review of all admission materials to allow for a provisional admission depending on experience or other evidence of competency and ability to complete graduate level coursework.
Students with no background in business or finance may be required to take additional introductory or leveling courses, such as Market Analysis, Tax Accounting, and Introduction to Real Estate Finance. Additional course requirements are made on a case-by-case basis, and any questions during the application process may be directed to the Director of the MRED program at email@example.com.
Online Graduate Application (Part I)
Go to the Graduate School website.
Read the latest instructions. When prompted, put in the four letter code that identifies the program for which you are applying.
The online code for the Master or Real Estate degree is RDEV
Before you submit your online application, you will be assessed a non-refundable $75 application processing fee. Applicants are responsible for paying this fee whether or not they submit any supporting materials, are offered admission, or choose to enroll.
Online Graduate Application Supplemental Form - ASF (Part II)
After electronically submitting the Online Graduate Application (Part I), applicants will receive an e-mail from graduate admissions with instructions on how to file ASF (Part II) of their application. This email usually arrives within 2 business days of submitting Part I online, but in peak times may take as long as 3-5 business days.
Applicants must request transcripts be forwarded to the Graduate Admissions Office from each institution where undergraduate or prior graduate work was undertaken. Sealed envelopes of transcripts that meet the requirements below must be submitted; copies will not suffice. Transcripts of course work and degrees from University of Maryland need not be submitted.
Transcripts must bear the signature of the registrar and seal of the granting institution and should include the years of attendance, courses taken, grades received, class standing and any degree, certificate or diploma received. If you anticipate a serious delay in official transcripts arriving, you may submit unofficial copies to the School (see submission addresses below) for review purposes only. Official admission (and registration for classes) cannot occur until all official transcripts have been received by the Graduate Admissions Office.
Letters of Recommendation
Three recommendations are required from professors or others who can assess the quality of the applicant’s potential to succeed in the graduate program they have selected.
The online ASF (Part II), provides an electronic recommendation form, which facilitates submission and receipt in most cases. Applicants can also download the Recommendation Letter Forms and add the applicant’s full name, so that the Graduate School can attach the recommendation letter upon receipt. All recommendations must be submitted directly to the Graduate School by the person providing the recommendation (online or in a sealed envelope).
Statement of Goals, Experiences and Research Interests
All programs require applicants to prepare a statement of their goals and objectives in pursuing graduate study. This should be submitted using the ASF online.
All programs require applicants to provide an up-to-date resume via the online ASF (Part II).
Graduate Record Examination
A GRE score is required to be sent directly to the University by the testing Authority. The Code for the GRE is 5814.
For more information visit:
For degrees in Real Estate Development, GRE or GMAT scores are accepted. Applicants with 5 or more years beyond their undergraduate degree may request a waiver. The waiver should be requested in the Statement of Goals.
Applicants who are not U.S. citizens or permanent residents must submit additional documents.
Updated information is available on the Graduate School website at:
Visiting the School
The best way to learn more about the University of Maryland School of Architecture, Planning and Preservation is to visit. Throughout the year, both the School and the University of Maryland invite prospective undergraduate students to "Visit Maryland Days" and prospective graduate students to attend our annual Graduate Open House. Whether you choose to visit on one of these special days and get the grand tour or you prefer to arrange an individual tour, a visit will certainly help you decide if the University of Maryland is the place to start your future. In addition, architecture studio reviews are always open to the public.
The Master of Real Estate Development (MRED) program is a sequence comprised of seven required courses, three electives and a thesis/project/capstone course. The seven required courses cover development law, finance, planning, design, construction, negotiation and property management. On a case-by-case basis, the Program Director may accept a substitute course for a required core course if justified by the student's prior educational background or work experience. No courses from prior or other degrees, may be transferred for credit toward the MRED degree.
MRED is not a cohort program with a required sequence of courses. However, RDEV 688A (Development Law, Process and Ethics) is the introductory course and will in most cases be taken in the first semester of attendance.
Many related electives are available in such focused areas as sustainability, adaptive reuse, finance, affordable housing, planning, transportation and economics. In addition, students may take relevant courses at the Smith School of Business, the Clark School of Engineering and the Department of Landscape Architecture.
Program Philosophy: Educating for The Quadruple Bottom Line
The location of the MRED program in the School of Architecture, Planning and Preservation means you will have the opportunity to study with professors and students in highly related, but often overlooked parts of the development process—the broader context of planning and politics, design and construction, and property management—as well as standard finance and investment courses.
We believe here at Maryland that this is not only the best the University and our development partners and sponsors have to offer you, but that it is also a superior preparation for entering or advancing in the development industry. Your professors will provide theoretical and academic materials as well as the practical application of theory. Most of your professors will be practitioners active in the real estate arena.
In sum, your degree from Maryland is about preparing you to build for a sustainable future. Development projects you promote and participate in or undertake yourselves will aim for a rich quadruple bottom line—one that is not only economically viable, but also environmentally respectful, socially responsible and, not to be overlooked, aesthetically pleasing.
Program Pedagogy: Collaborative, Comprehensive, Professional Education
We take an integrated, interdisciplinary and balanced approach to real estate development education. This means you take courses that address all aspects of the real estate business. Yes, real estate is a business, and finance is critical to making it work, but all the other principles and processes, and professionals from planning to property managers, are an integral part of successful development. None of those aspects are overlooked in Maryland's Master's degree in Real Estate Development.
You will take at least one course in every phase of development, plus two or more cross-cutting courses, such as development law, and at least one or more "skills" classes, such as negotiations. In addition you will have the opportunity to select several narrowly focused electives. If you are keen to start your business you can take a course in entrepreneurship (RDEV688P) to learn business plan skills and hear from local developers about the multiple paths to success.
Your professors and courses will provide both a theoretical and practical knowledge base, with site visits, practice exercises and visiting lecturers who are active in all facets of development. Textbooks, journal articles and theses, are balanced with pro formas, policy memoranda and field studies. Each student is expected to become actively engaged in the local chapter of a real estate trade association, to stay up with current business reporting on real estate in the region, the nation and the world, and to participate in the life of the community they seek to shape going forward.
By the time you complete your capstone project you should be well equipped to understand and communicate with the array of professionals who contribute to a successful real estate project—planners, politicians, policy makers, community advocates, financiers, architects, appraisers, market analysts, engineers, contractors, investment bankers and property and asset managers.
MRED Emphases / Electives
Take three courses from one or more topic areas:
Finance and Investments
RDEV 688X Introduction to Real Estate Finance
RDEV 630 Fundamentals of Development and Finance (Finance I)
RDEV 689B Finance II: Financing with Tax Credits
RDEV 689A Market Analysis and Valuation
RDEV 635 Capital Markets and Investments
RDEV 688K Tax and Accounting for Real Estate Developers
RDEV 689E Seminar in Financing with Historic and New Market Tax Credit
RDEV 688T Affordable Housing Finance
Sustainable Design and Development
RDEV 688Y Practical Issues in Sustainability for Business, Finance and Real Estate
ARCH 461 Sustainability in Architecture
URSP 640 Growth Management and Environmental Planning
HISP 619M Case Studies in Adaptive Reuse
PUAF 742 Environmental Ethics
PUAF741 Global Environmental Problems
Property and Asset Management
RDEV 688F Capital Markets and Investments
RDEV 688D Residential Property and Asset Management
RDEV 688L Commercial Leasing
RDEV 688M Commercial Property and Asset Management
RDEV 688K Tax and Accounting for Real Estate Developers
RDEV 688R Roots and Rudiments ofAffordable Housing
RDEV 689D Managing Affordable and Assisted Housing
URSP 688M Housing Policy ARCH 678M History and Design of Affordable Housing
PUAF 770 Seminar in Housing and Community Development
Historic Preservation and Adaptive Reuse
RDEV 688F Capital Markets and Investments
RDEV 689B Seminar in Financing with Historic and New Market Tax Credits
HISP 680 Preservation Economics
HISP 640 Preservation Law Advocacy and Public Policy
HISP 619M Case Studies in Adaptive Reuse
Planning and Urban Economics
URSP 603 Land Use Planning Concepts and Techniques
URSP 605 Planning History and Theory
URSP 660 Function and Structure of Metropolitan Areas
URSP 661 City and Regional Economic Development Planning
URSP 640 Growth Management and Environmental Planning URSP
688V Recent Developments in Economic Development
URSP 688T Introduction to Transportation Policy and Decision Making
International Studies and Study Abroad
URSP 688D China Development Issues, Challenges and Policy Responses
URSP662 Urban and Regional Planning in Developing Countries PUAF744 Environment and Economic International Development
PUAF781 International Economic Policy
PUAF741 Global Environmental Problems Study Abroad Tours and Studios Summer and Winter Term.
A 33-credit-hour program culminating in an MRED degree awarded by the Graduate School of the University of Maryland. Students may elect (or be advised) to follow the Accelerated (12 months) path, Full Time (18 months) path, or Part Time (24-36 months) path. Students are admitted in both the Fall (August) and Spring (January) semesters. In certain circumstances, students may take a course in the summer or winter prior to their official admission. Students may be required or advised to take credit or non-credit prerequisites that would add to the time to complete the MRED degree.
Applicants must produce a capstone project or research thesis to complete the degree. The program is not a cohort program, and not all courses will be offered every term. The program is tailored to each student's background and interest; for example, a student with a strong background or taking other graduate work in an area such as architecture or finance would have the core courses in those areas waived and additional electives or more advanced courses substituted with the advice and approval of the Director. Graduate courses taken at other institutions may not be transferred for credit toward the degree. Application fees and tuition costs are fixed per course hour depending on in-state or out-of-state status.