Announcing the 2017 ARGUS University Challenge Winners

With over 30 case submissions, this year's challenge were some of the best.  But coming out on top was the University of San Diego.  They won top marks for creativity, presentation, market research, and thorough analysis.  Following them is Cornell University in second place, LSU in third and UCLA with an honorable mention.

Thank you to Keith Richards for writing the case study providing real challenges to our students in a creative way.  We also want to thank all of our judges for taking the time and care to read through these case submissions.  Finally, we thank the participating university professors for supporting their students and preparing them for a career in commercial real estate.

Congratulations to all of the participating universities and good luck next year.

This Year's Winners

1st Place: University of San Diego


Professor: Charles Tu

  • Erik Luedtke
  • Marina Koelbl
  • Nick Kolbe
  • Karamarie White
  • Adam Goff

2nd Place: Cornell University

Cornell University.png

Professor: Crocker Liu

  • Paul Heydweiller
  • Alejandro Santander
  • Yufei Wang
  • Yang Yang
  • Julin Yong

3rd Place: Louisiana State University


Professor: Justin Landry

  • Matt Hingle
  • Tyler Tamboli
  • Sophie Weber
  • Whitney Gaulter
  • Garrett Choate

Honorable Mention: University of California, Los Angeles


Professor: Randal Johnson

  • Ernesto Sanchez-Gress
  • Rafael Ferrer
  • Grant Chalmers
  • Sydney Sacker

The 2017 University Challenge

The Case

In honor of one of the most popular apps ever to be released, the theme of the case this year is going to be Pokémon Go! It will be a 5-10 page, combined portfolio-level hold/sell and investment analysis, using three scenarios to project the risk/return on each scenario and determine potential Loan to Value ratios for the refinance scenarios. It will be a small portfolio of shopping centers that present an opportunity to be sold, refinanced as-is, or refinanced with some additional funds for recommended improvement projects. Access the challenge case study below.

 Download the Case Study

The Author

Keith is the Executive Director/Clinical Faculty with the C.T. Bauer College of Business at the University of Houston where he is responsible for overall leadership and management of the Real Estate Certificate Program and spearheads the Stanford Alexander Center for Excellence in Real Estate. His last position was with Lionstone Investments where he was responsible for the management of various processes within financial reporting, analyses, communication, and data management. He is also assisting IT with the integration of the firm’s data management and reporting systems. Previously he was a Senior Financial Analyst at Parkside Capital in Houston where he managed budgeting and reporting for AUM over $200 million, among other responsibilities. He also worked in development with Mark-Dana Corporation as a project manager and was a consultant for Hines. Keith received a BA in international studies from Texas A&M University and an MBA with a Graduate Real Estate Certificate from the University of


Keith Richards

The Judges

Adam Bellefeuille.png

Adam Bellefeuille
Senior Project Accountant

Gary Brown.png
Gary Brown
Altus Group Advisory
Randal Dawson.png
Randal Dawson, MAI, FRICS
Executive Vice President
Know Your Customer
Berick Treidler
Global Director
Mike Zamora.png
Managing Director
Asia Real Estate Advisors

Rules of Engagement

  1. Each university may enter one team of 3 – 5 team members. Each team member must be currently enrolled at their university.  Submit team member names and e-mail addresses in registration section below by Friday, January 27, 2017.  Final team members may not change after this date.
  2. Each team must have a chosen faculty member of the university functioning as the advisor. The role of the faculty member is to confirm current enrollment of each team member and offer guidance prior to the distribution of the assignment.  Please note that all work for the Challenge must be completed by team members.
  3. Faculty, students, alumni, industry professionals and/or anyone outside the core team is not allowed to assist with the case.
  4. The challenge will be available on the website by February 10, 2017. The assignment includes preparing model using ARGUS Enterprise in addition to submitting a paper explaining the results of the analysis. An ARGUS Enterprise 90-day academic license will be emailed to each participant to be used during the Challenge.
  5. Teams are to submit their cases by emailing them to They will need to submit the ARGUS file/files and paper by March 27, 2017.
  6. Students will compete for cash prizes totaling $22,000.
    1. 1st prize winner receives $12,000
    2. 2nd prize winner receives $6,000
    3. 3rd prize winner receives $3,000
    4. Honorable mention winner receives $1000
  7. A panel of judges from the academic community and industry will participate in reviewing the case studies and nominating the winners. Winners will be announced April 10, 2017.
  8. Announcement of the winners of this competition will be announced and published on ARGUS Software’s website in addition to their newsletter.
  9. Winners’ submissions will also be posted on the University Challenge website.
  10. Participants’ names, pictures, and school logos may also be published on the website.
  11. If you have questions pertaining to this Challenge please contact an ARGUS representative at or log onto the ARGUS Community


 Past Winners


2016 Winners

1st Place

2nd PlaceMIT.jpg

3rd PlaceLSU.jpg

Honorable MentionFIU.jpgYork.jpg

2015 Winners

1st PlaceUniversityofSanDiego.jpg


2nd PlaceUofNewBrunswick.jpg

3rd PlaceFIU.jpg

Honorable Mention


2014 Winners


1st PlaceUniversityofSanDiego.jpg

2nd PlaceUPenn.jpg

3rd PlaceYork.jpg

Honorable MentionCovenant.jpg

2013 Winners


1st PlaceYork.jpg

2nd PlacUniversityofSanDiego.jpg

3rd PlaceFIU.jpg

Honorable MentionNYU.jpgCovenant.jpg

2012 Winners


1st PlaceYork.jpg

2nd PlaceUniversityofSanDiego.jpg

3rd PlaceNYU.jpg

Honorable MentionCovenant.jpg

2011 Winners


1st PlaceUniversityofSanDiego.jpg


2nd PlaceEmory.jpg

3rd PlaceUNC.jpg