Cornell Earns Top-Three Finish at UT Austin’s National Real Estate Challenge

Cornell’s Baker Program in Real Estate had an outstanding performance at the 23rd Annual UT Austin National Real Estate Challenge, earning third place among more than nineteen top graduate programs. Over 72 hours, Cornell’s team analyzed three private real estate funds and delivered a rigorous, well-supported portfolio recommendation to a panel of executive judges.

“Our biggest strength was the depth of our research and the diversity of perspectives on the team,” noted teammate Irina Chochua (Baker ‘26). “Each person brought something different, and that allowed us to build a recommendation that reflected how real investors think.”

 

Meet the Team

This year’s team included six members with backgrounds ranging from policy to real estate analytics. This blend of talent amped up Cornell’s recommendation, making their presentation stand out for its storytelling and thorough analysis.

Michael Chang (Baker ‘26) and Irina Chochua made up the team’s analytical foundation. Both demonstrated strong modeling skills, and when a traditional pro forma fell short for one of their case studies, they developed alternative quantitative approaches. These analyses set their recommendation apart: “Those tools gave us evidence for points we otherwise would have had to dance around,”  team member Logan Mims (Nolan ‘25) explained.

Namkyoung Lee (Baker ‘27) and Alex Sun (Baker ‘27) brought years of real estate and asset-management experience, supporting the team’s strategic decisions and final recommendations. Their insight into portfolio management was instrumental in choosing analyses that would resonate with judges, many of whom are senior executives in private equity, development, or institutional investments.

Logan Mims, who joined with a non-traditional background in commercial real estate, played a key role in shaping the team’s story. Using his communications experience, Mims helped simplify complex quantitative ideas into a clear, cohesive narrative: “I spent much of the time asking teammates to ‘explain this like I’m five,’” Logan shared. 

“Above all, remember that this is a storytelling competition. Rigorous analysis is essential, but it should support—not overshadow—the message you’re trying to sell.”

Led by team captain Aayush Kapse (Baker ‘26), the team took on a diligent approach to this year’s Challenge. Having competed in the same contest the previous year, Kapse set clear expectations early and facilitated team discussions to help the team reach a strong consensus within a tight timeline.

 

Preparing for the Challenge

Cornell’s team credits much of their success to the academic and professional instruction provided by the university’s real estate programs. Several courses directly applied to this year’s case, especially those focusing on financial modeling, investment strategies, and private equity real estate.

“The financial modeling course gave us the technical skills to quickly calculate returns and test assumptions,” Chochua noted. “Our Private Equity Real Estate class helped us evaluate fund structures and strategies with confidence.” 

The team also mentioned the Distinguished Speaker Series, a weekly event showcasing industry leaders, as inspiration for their presentation.

In addition to coursework, Professor Chris de Mestre served as a faculty advisor to the team throughout the preparation process and helped the team clarify their objectives, structure their approach, and anticipate the types of questions judges might ask. 

 

Representing Cornell 

For many real estate students, competing at the National Real Estate Challenge can be one of the most significant achievements of their graduate career. The event invites teams from the top real estate programs in the country, placing Cornell among leading MBA and MS real estate teams.

“Representing Cornell and the Baker Program was a huge honor and a big responsibility,” said Chochua. “We knew the reputation of our program and wanted to demonstrate the level of work it stands for.”

The team also benefited from Cornell’s broad network. In the weeks leading up to the competition, they consulted with alumni, past participants, and industry experts to better understand market trends, investor expectations, and analytical techniques. Logan Mims observed, “Context is everything. Knowing what might be relevant and where to find it gave us a major head start once the case came out.”

 

Acknowledgements and Support

This year’s team emphasized that their success was made possible through the support of the Cornell real estate community. In reflecting on their experiences, students shared that faculty guidance, alumni involvement, and institutional sponsorship supported their success.

“A special thank you to the Cornell Real Estate Council for empowering graduate students to compete on national platforms,” Aayush shared. “We are grateful to David Rupert, Alan Riffkin, Nala Holmes, Leah Hansen, and the entire CREC Board for backing our participation and for continuously strengthening the bridge between students and industry. CREC’s support genuinely made this possible, and it’s something we hope to pay forward as future alumni.”

The team also expressed deep appreciation to Professor de Mestre, the Texas Real Estate Center at McCombs, and their sponsors, Howard Hughes, Invesco, Hines, Maxx Properties, and Prologis, for hosting this event.

The team’s third-place achievement at the 23rd Annual Austin National Real Estate Challenge is a significant milestone for Cornell University. CREC extends its congratulations to Aayush, Irina, Logan, Namkyoung, Michael, and Alex for their exemplary performance and remains committed to supporting student endeavors that prepare them for the commercial real estate industry. 

 

Go Big Red!