Welcome to the ARGUS University Challenge

Each year ARGUS offers a “University Challenge” with dozens of universities from all over the world participating. Teams of aspiring real estate professionals, sponsored by a participating professor, are challenged to present a paper with the best investment analysis and conclusion for a fictitious real estate opportunity. Cash prizes are given to the top four teams. Our next University Challenge starts this Spring Semester. If you are interested in participating in the next ARGUS University Challenge, please visit our registration tab.

The 2019 University Challenge Author

Bruce Kellogg, MAI, FRICS

Currently serving as Managing Director of BK Consulting, LLC, responsible for developing business and establishing client relationships worldwide. Bruce has over 40 years of experience in the valuation profession, serving the real estate and related software industry. He’s an influential, collaborative relationship developer, and a visionary on a national and international scale. He has served such prominent firms as Seaman’s Bank for Savings and Manufacturers Hanover Trust Co. (both now Chase Bank) and Bankers Trust Co. (now Deutsche Bank) in New York City, CBRE, Cushman & Wakefield, ARGUS Software, BBG and MG Valuation prior to his current position.


ARGUS University Challenge

The Case

In a world where super villains and super heroes exist; this year’s case presents teams with a fictitious property in the small town of Northeasternville. Your team’s mission is to evaluate the investment potential of a multistory mixed-use structure at the intersection of Main Street and Railroad Avenue. Your team must utilize one of the three provided scenarios or construct a more marvelous one. We are thrilled to have such a high level of competition in this year’s challenge, and we bid all teams the best of luck!

Download the Case

The Judges

Gary Brown
Sr. Consultant
Altus Group Advisory

Arnold Roest
Senior Director
CBRE Global Investors

Haris Totakhail
National Managing Director
Jones Lang LaSalle
Asher Anidjar
Director of Portfolio Management
Brookfield Properties Retail
Kent Malone
University of Florida - Warrington College of Business

You are invited to participate in
the ARGUS University Challenge

This unique challenge gives students the opportunity to participate in a powerful and compelling competition to enhance their knowledge of ARGUS Enterprise to aspiring real estate professionals. The competition includes simulating a real-life investment analysis of a commercial real estate property by modeling the provided assumptions in ARGUS Enterprise and creating a paper describing the outcome of the analysis. We have invited an elite group of highly ranked universities to participate in the Challenge. The rules of engagements are outlined below. Good luck!

Rules of Engagement

    1. Each university may enter multiple teams of 3 – 5 members per team. Each team member must be currently enrolled at their university. Submit team member names and e-mail addresses on our University Challenge site by Friday, January 25, 2019.  If submitting more than one team from a university, you must indicate a team name next to the university name on the form. 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 University Challenge website by February 8, 2019. 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 25, 2019.
    6. Students will compete for scholarship awards totaling $25,000 and a chance to attend our 2019 ARGUS Connect Conference.
      1. 1st prize winner receives $15,000 and free admission to our 2019 Connect Conference which will be held April 29th-May 1st
      2. 2nd prize winner receives $6,000
      3. 3rd prize winner receives $3,000
      4. Honorable mention winner receives $1000
  1. 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 8, 2019.
  2. Announcement of the winners of this competition will be announced and published on ARGUS Software’s website in addition to their newsletter.
  3. Winners’ submissions will also be posted on the University Challenge website.
  4. Participants’ names, pictures, and school logos may also be published on the website.
  5. If you have questions pertaining to this Challenge please contact an ARGUS representative at or log onto the ARGUS Community

Thank you for your participation in our program!

The 2019 Winners

1st Place: University of San Diego - Burnham-Moores Center for Real Estate


Professor: Charles Tu, PhD

  • Alexander Dow
  • Johannes Hummel
  • Shane Isdaner
  • Tyler Jenkins
  • Theodore Kavich

2nd Place: University of Pennsylvania - Wharton School of Business


Professor: Benjamin Keys, PhD

  • Barry Chiu
  • Carol Chen
  • Alexis Lee

3rd Place: California Polytechnic State University - San Luis Obispo


Professor: Pratish Patel, PhD

  • Bailey Dawson
  • Spencer Bergthold
  • Austin Ridge
  • Abraham Ahmed
  • Will Kieckhefer

Honorable Mention: University of Melbourne


Professor: Georgia Myers, PhD

  • Yingqi Wang
  • Clarybelle Loi
  • Chengya Qian
  • Siqi Zhao

 Past Winners


2018 Winners

1st PlaceCornell.png

2nd Place

3rd PlaceChicagoBooth-SM

Honorable MentionUA-SM


2017 Winners

1st Place

2nd PlaceCornell.png

3rd PlaceLSU.jpg

Honorable MentionFIU.jpg


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