Now accepting applications for Summer 2021

Iowa State University’s Master of Real Estate Development (MRED) prepares you for career success in today’s real estate industry. Jointly created by the College of Design, Ivy College of Business and industry leaders, the ISU MRED program offers you essential academic training, networking opportunities and collaboration with leading academics and practitioners to solve real world problems. Areas of study include real estate market analysis, finance, investments, leadership and negotiation, fundamentals of the built environment, construction science and urban planning. Offered in a convenient format of distance learning and brief campus residencies, our MRED program is ideal for the full-time working professional.

Contact the Graduate Programs Office in the Ivy College of Business or Meredith Foley with the College of Design with any questions.

Watch Our Webinar

Watch the recent Discover MRED webinar where you’ll learn about the benefits of earning an MRED degree, how the program works, and how to apply. You’ll also hear from current students and meet industry leaders who serve as mentors.

“Real estate development today relies on multidisciplinary management more than at any time in the past. Strategic planning, finance, accounting, investment, risk management, law and regulatory compliance, politics, jurisdictional approval, design, construction and marketing are all vital components in the successful execution of development projects. The ISU MRED delivers on this very important need for a curriculum that encompasses all of these fields. Focused on working professionals, the ISU MRED program ensures that participants will get the most out of this education, allowing them to adapt it immediately to real-world challenges.”

Don Young
D.R. Young Associates

Member, MRED Executive Advisory Council

“From a hiring perspective, I am seeking well-rounded candidates with a blend of industry and academic experience. The ISU MRED program has a solid cross-section of finance, design, and construction learning and presents a unique opportunity to blend a variety of expertise, filling a skill gap in the industry and creating highly skilled candidates for employment. “


Brandt C. Foster | Director
Northwestern Mutual Real Estate

Member, MRED Executive Advisory Council

“There are a myriad of specializations involving the development and management of real property investments. A well rounded professional in real estate should have a skill set based in both “real world” experiences and the solid, multidisciplinary academic foundation, which the ISU MRED provides. Such an opportunity to broaden my knowledge of the real estate industry through a formalized, comprehensive curriculum would have been of great value to me, and would have amplified my career trajectory.”

Niki DePhillips, Senior Vice President of Store Development
Kum & Go

Member, MRED Executive Advisory Council

Curriculum Overview

The program, which can be completed in 21 months, is especially suited for professionals with work experience in a real estate-related field. GRE and GMAT are not required.

  • 33 credit hours of cohort-based learning, no thesis required
    • Eight courses are online distance courses delivered asynchronously, and three courses are taught in a one-week, campus residency format and synchronous, as prescribed below
    • Ten required core courses and an elective selected from either the College of Design or the Ivy College of Business
      • Of the ten core courses, three are core competency courses, one of which may be waived at the discretion of the Director of Graduate Education if a student has had previous extensive undergraduate or graduate coursework in that field
      • Some courses count toward Iowa Real Estate Commission continuing education requirements
AUGUST: Real Estate Market Analysis Workshop 3 On-campus
FALL: Real Estate Finance 3 Online
  Construction Basics, Building Systems, & Project Management 3 Online
SPRING: Real Estate Investments 3 Online
  Architecture & Sustainable Design 3 Online
AUGUST: Leadership and Conflict Resolution Workshop 3 On-campus
FALL: Real Estate Law 3 Online
  Real Estate Development 3 Online
SPRING: Sustainable Community Development 3 Online
  Elective Choice: Historic Preservation OR Real Estate Securitization 3 Online
MAY: Capstone Course Workshop 3 On-campus


Michael Bootsma is the Dean’s Teaching Fellow in Accounting at Iowa State University.

Angela Christensen is a student in the Civil Engineering doctoral program at Iowa State University.

Ted Grevstad-Nordbrock is an Assistant Professor in Community and Regional Planning.

Daniel Kuhlmann is an Assistant Professor in the Department of Community and Regional Planning at Iowa State University.

Jennifer Shane is an Associate Professor in the Department of Civil, Construction, and Environmental Engineering at Iowa State University.

Jim Summers is the Max J. Wortman, Jr. professor and associate professor of management at Ivy College of Business at Iowa State University.

Hua Sun is an Associate Professor of Finance at Iowa State University where he teaches courses on real estate finance and investments.

Tracy M. Turner is an Associate Professor of Finance and Hunziker Graduate Director Master of Real Estate Development at Iowa State University.

Andrea Wheeler is an Associate Professor in the Department of Architecture at Iowa State University.

MRED Advisory Council

The Ivy MRED program integrates academic training in market analysis, business finance, fundamentals of the built environment and urban planning with innovative industry practices. The MRED executive advisory council provides a critical role as a partnering entity, providing advice on recruitment of students, the shaping of the curriculum, trends in the industry, and other priorities set by members of the council. They also serve as a resource for our Ivy MRED students and participate in events throughout the course of the program.

  • Current Role: Senior VP of Store Development
Niki DePhillips leads the Store Development Department as the Senior Vice President of Store Development at Kum & Go. Niki also sits on the Senior Leadership Team for both Kum & Go and Krause Group. A dedicated community and business leader, Niki is a Certified Commercial Investment Member (CCIM) and received her Six Sigma Greenbelt Certification. Niki’s community involvement includes serving on the board for the State of Iowa Renewable Fuels Infrastructure and is involved with United Way Emerging Leaders, Iowa Commercial Real Estate Association, and the International Council of Shopping Centers. Niki was honored as a “Forty Under 40” by the Business Record in 2014 and in 2016, she received recognition as “Woman of the Year” by TWIC and “Top Women in Convenience” by NACS. Niki has a Bachelor of Science in Marketing from Iowa State University and a Master of Business Administration from the University of Iowa.

  • Current Role: Vice President
Rachel Flint serves as the Vice President of Hubbell Homes where she provides strategic leadership, planning, and oversight of the home building operations in Iowa, Nebraska, and Florida. She leads all planning, development, and implementation for the division, including construction, warranty, design, estimating, and sales. Rachel was named 2016 Builder of the Year and a 2016 Member of the Year by the Greater Des Moines Home Builders Association. She was also honored as a “Forty Under 40” by the Business Record in 2007 and was a part of the 2010 Greater Des Moines Leadership Institute. Rachel has a Bachelor of Arts from the University of Northern Iowa, a Master of Communication from Drake University, and also holds certifications from the National Association of Home Builders as a Certified Marketing and Certified Sales Professional.

  • Current Role: Director
Brandt Foster is a Director at Northwestern Mutual Real Estate, responsible for originating Debt and Equity Investments in the Southeast United States. In this role he leads all deal structuring, underwriting, and negotiating on loan and equity opportunities across the Southeast US.  Northwestern Mutual Real Estate is responsible for investing and managing the $43 billion real estate portfolio of Life Insurance company general account.  Previously, Brandt was Head of Underwriting and managed all recruiting efforts for the department. He specialises in investment analysis, developing relationships with debt and equity clients, and evaluating new opportunities.  Brandt received his Bachelor of Science in Finance and International Business from Iowa State University, and then a Master of Business Administration from Marquette University.

  • Current Role: CEO
Steve Foutch is the CEO and co-founder of Foutch Brothers, LLC, a diversified set of companies that re-purpose Historic and under-utilized properties into new concepts and multi-purpose environments. Steve is in charge of all divisions within the company, such as Strategic Real Estate Planning and Development, Architecture, Construction, Finance, and Property Management. Within the community, Steve is also a Governor for the Iowa State University Foundation, and won the recognition as their 2016 Emerging Philanthropist. He also serves as an Advisor for the Kansas City chapter of the Urban Land Institute and an advisor to UMKC’s Athletic Director. Steve received his Bachelor of Arts in Architecture in 1988 from Iowa State University, and then a Master of Architecture and an MBA from the University of Illinois in 1991.

  • Current Role: President & Broker

Troy Hansen currently serves as the President of Hansen Real Estate Services where his company provides real estate development, brokerage, and property management services. During his time at Hansen Real Estate Services, Troy has been able to hone his skills for a wide variety of projects including new construction, adaptive re-use, commercial, mixed-use, multi-family and hospitality.

  • Current Role: Owner & President
Dean Hunziker is the President and Broker of Hunziker and Associates Inc. and has been working with the company since 1974. He has been a licensed broker since 1965 and has worked in residential sales, land development, and in forming joint ventures. He holds CRB, CRS, and GRI Professional Designations and also serves as a partner or president at 31 LLCs/Co-ops. In addition to this position with Hunziker & Associates Inc., he is also very involved in the local community where he serves as a Director of the Ames Seed Capital Fund and the Ames Economic Development group.

  • Current Role: President, Management Professionals
Joe Price currently serves as the President of Management Professionals, Inc. at R&R Realty. He is responsible for the management of nearly 9 million square feet of office, flex, industrial, and multifamily property. In their projects, Management Professionals strives to promote energy efficiency, LEED, and green practices as well as overall best industry practices. Joe Price also serves on the Board of Directors at Youth Emergency Services & Shelter, the Board at Ingersoll Grand SSMID & Restoration Grand Avenue, and the Holy Family Catholic School Foundation. Joe received his Bachelor of Science from Iowa State University and is an active licensed Real Estate Broker in the state of Iowa.

  • Current Role: Senior Vice President
Bryan is senior vice president for Neumann Brothers, Inc., a leading general contractor in the Des Moines area that has shaped the Des Moines skyline since 1912. He has also held positions as Field Engineer and Project Manager as well as National Chief Estimator and Vice President of Operations and Preconstruction. Currently, he is in charge of the office construction operations staff along with business development, marketing, and their Design Build Services. Bryan is active in the community as well as industry associations, including Board of Trustees for West Des Moines Library, coordinator for the Central Iowa Region of MATHCOUNTS, past board member at the Des Moines Community Playhouse, Civic Music Association, and the Iowa Engineering and Land Surveying Examining Board. He is a graduate from the Community Leadership Program at the Greater Des Moines Leadership Institute and ABI’s Leadership Iowa Program. Bryan received a BS degree in Construction Engineering from Iowa State, and a juris master from Drake University Law School.

  • Current Role: President, Midwest Region
Brad Schoenfelder currently serves as the President of the Midwest Region at Ryan Construction. In this role, he provides leadership and direction to the development, design, construction, and real estate management teams throughout the Midwest. Brad also serves as a Board Member for the American Heart Association and as a Campaign Co-Chair for United Way of central Iowa. Brad received his Bachelor of Science in Mechanical Engineering from the South Dakota School of Mines and Technology.

  • Current Role: Investment Director
Mary Scott is a Director at Principal Real Estate Investors, the dedicated real estate investment group within Principal Global investors. Mary has more than 30 years of experience working at Principal Real Estate Investors and is responsible for managing more than $2 billion within their loan portfolios. In addition to her position at Principal Real Estate Investors, Mary also serves on the Alumni Foundation Board of Governors at Iowa State and on the Advisory Board for the Ivy College of Business.  Mary received her bachelor degree in Finance from Iowa State University with a minor in Speech Communications.

Current Role: Director of Design

o Expertise: Adaptive Reuse, Multi-family and Mixed-use Development, and Architecture background

James Spiller, AIA is the Director of Design at Blackbird Investments, a commercial real estate development firm in Des Moines, IA, where he works to execute projects built on the principles of excellent design, sustainable growth, and responsible urban environments. James is a registered architect, and prior to joining Blackbird Investments, he developed an expertise in

historic and adaptive reuse projects during his time at HLKB Architecture and Knowles Blunck Architecture. James also taught Architecture and Interdisciplinary Design at Iowa State University for six years, where his research addressed beginning design education and adaptive reuse structures. He is an avid advocate for aspiring architects, serving as the architect licensing advisor with the National Council of Architectural Registration Boards for the state of Iowa, the Architectural Experience Program coordinator at the American Institute of Architects of Iowa, and a nationwide instructor for Architecture Registration Exam candidates with Black Spectacles. James received a Bachelor of Arts at Washington University in St. Louis and a Master of Architecture from the School of the Art Institute of Chicago.

  • Current Role: Vice President and Director of Development
Aimee Staudt serves as the Vice President and Director of Development for Knapp Properties, Inc. In her role she works to develop business strategies for their portfolios, perform visioning and market research, and lead project teams in the process of designing, entitling, constructing, marketing, and managing development projects. Aimee has overseen development of more than $85 million in infrastructure, new construction, and tenant improvement construction. She is also actively involved in the community as a member of the Developers’ Council of the Home Builder’s Association and as a founding board member for the Iowa Chapter of Urban Land Institute. Additionally, she serves as a Court Appointed Special Advocate for children in need of assistance, as a board member and youth mentor for the ACE (Architecture, Construction, and Engineering) Mentor Program and as a volunteer at the YMCA of Greater Des Moines. Aimee received her bachelor in Construction Science from Iowa State University, an MBA from the University of Iowa, and has achieved her LEED AP BD+C certification.

Michele Stevens is a Senior Vice President, Commercial Real Estate for Central Bank. Michele has her undergrad business degree and MBA from York University in Toronto, Canada and CCIM designation (Oct/17). Over her +30 year banking career, Michele has worked for the Toronto-Dominion Bank in Toronto as Manager Commercial Services/deputy branch manager, Norwest/Wells Fargo in special assets and commercial real estate, NationsBank/Bank of America in institutional commercial real estate and Liberty Bank/Central Bank in special assets, commercial lending and commercial real estate. Michele currently oversees Central Bank’s commercial real estate exposure throughout the state and is a member of the executive loan committee and ALCO committee. Michele has a passion for assisting individuals and companies achieve their goals with sound financial planning, management and responsible lending. Roll up your sleeves and tour the construction project or production facilities and crunch the numbers. That is where you will find Michele. Michele is Past President and current Treasurer of CREW Iowa, finance committee member for CREW Network, member of the Board of Adjustments for the City of West Des Moines and a volunteer with Give Grace Give Hope and YESS. Financial literacy and advancing women’s careers in banking and commercial real estate are two of Michele’s passions. Most weekend mornings, Michele is with her rescue 10-year-old black labs, Gomez and Fester, at the Raccoon River Dog Park.

  • Current Role: Business Development Director
Vince Ward works as a Business Development Director at the Weitz Company where he works with teams and clients to navigate the complexities of the building process. Vince’s background as a licensed architect enables him to bring additional insight to the overall opportunities in both design and construction for their clients. Within the industry, Vince is a member of the American Institute of Architects, the Design Build Institute of Iowa, and the Iowa Commercial Real Estate Association. He is also very involved in the community and serves on the Altoona Campus Board, the Team Kelsey Foundation Board, the Waukee APEX Advisory Board, and serves on the Des Moines Partnership’s Development Council. Vince received his Bachelor of Science in Architectural Studies from the University of Nebraska-Lincoln and is a LEED accredited professional.

  • Current Role: Principal
Don Young is founder and principal of D. R. Young Associates, a consulting practice offering professional services in real estate development, corporate and institutional real estate and project management. His expertise includes project organization and control, direction of the entitlement and approval process as well as design and construction management. Don is also involved as an active member of Lamda Alpha International, the Urban Land Institute, and the San Francisco Urban Planning and Research Institute. He has been awarded for his contributions to the industry and received the 2011 distinguished Design Achievement Award from Iowa State University. Don received a Bachelor of Science in Landscape Architecture from Iowa State University and went on to get a Master of Environmental Planning from the University of California, Berkeley.


$890 per credit hour plus fees