Marquette Joins with Community Partners to Launch Program for Minorities in Commercial Real Estate

Released: July 26, 2004

MILWAUKEE – Marquette University, in partnership with the Urban League of Milwaukee, the United Community Center, and the Initiative for a Competitive Milwaukee, today announced a new program beginning this September to recruit, train, and place minorities in professional careers in commercial real estate.  The Milwaukee Associates in Commercial Real Estate (ACRE) program will provide young professionals with unparalleled access to leaders in the industry, and through a formal curriculum, networking events, and a one-year paid internship, it will increase the number of African-Americans, Latinos, Native Americans, and other underrepresented groups in the field of commercial real estate.

The ACRE program is actively seeking student applicants for the program. Typical ACRE students will have some post-high school training and several years of work experience.  They will be selected from a pool of applicants following a screening, testing and interview process.  Applicants should be highly motivated and possess a sincere interest in pursuing a career in commercial real estate.  Students who finish in the top six in their class will be awarded a one-year paid internship with one of the industry partners beginning in May 2005.

The need for increased representation of minorities in commercial real estate is well documented.  According to a 2003 article in The Wall Street Journal , “Of the industry's 100,000 or so professionals – leasing brokers, asset managers, real-estate company executives – handling the $1.5 trillion of commercial real estate in the U.S. , fewer than 1% are African-Americans, according to brokers, trade groups, and labor economists.”

At the same time, minority populations locally and nationally are skyrocketing. Recent U.S. Census figures show that the Latino population in Wisconsin more than doubled from 1990 to 2000.  In Milwaukee, the Latino population increased 82% over the same decade.  Asian populations are also seeing significant rise in Wisconsin.  Providing avenues for leadership for young minority professionals will grow increasingly important to our region's economic growth.

The ACRE program will work to give young minority professionals access to the elite network of industry leaders, as well as a solid academic background and the opportunity for a productive paid internship, to launch their careers in commercial real estate.   The 25 week curriculum that will take place at Marquette University will be taught by professionals from Mandel Group, KBS Construction, Irgens Development Partners, American Appraisal, Pabst Farms Development, and WISPARK.  The same partners will host top students at their businesses for a one-year internship after completion of the academic portion of the program.

"This is exactly the kind of proactive approach we need in Milwaukee to build minority leadership in key industries in our city,” said Ralph Hollmon, President, Milwaukee Urban League. “ ACRE can create a clear path to success for our young professionals to make sure we are part of the continued economic growth that will take place here.”

"Nothing will be more important to the future of Milwaukee than economic development. Hispanic and other minority young professionals must be included in this process. ACRE is an example of Milwaukee coming together to create outlets for new leadership,” said Ricardo Diaz, Executive Director, United Community Center .

"Initiative for a Competitive Milwaukee supports new programs like ACRE that will not only provide important new opportunities for the students, but also will help us keep our most talented young people here in Milwaukee,” said Art Smith, CEO, Initiative for a Competitive Milwaukee. “They will be the future of our city, and it's great to see industry recognize that we all have a stake in seeing them prosper.”

"ACRE relies on a successful collaboration of educational, community, industry, and foundation partners.  Marquette is proud to be at the forefront of such an important effort to open the doors of opportunity where they may have otherwise been closed.   We are extremely pleased to be able to provide attractive career development programs here in Milwaukee,” said Dr. David Shrock, Dean of the College of Business Administration , Marquette University .

For more information or to apply for the ACRE program, interested students may visit http://www.busadm.mu.edu/acre , call 414-288-7337, or email acre@marquette.edu . Applications are due August 15, 2004, but will be considered on a rolling basis until the program is filled.