# Inaugural Investment Case Competition

![Participant stands with raised hand to ask a question](/sites/default/files/styles/866w/public/2025-07/950294_e53f70b76ce2421095bf10b8b2b5c6e9mv2.jpg?h=a74fdc41&itok=dck319kd)

##  2024
Inaugural Multifamily Investment Case Competition

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In November 2024, Berkadia partnered with the Chen Institute at the NYU Stern School of Business to host the inaugural Multifamily Investment Case Competition. The competition welcomed graduate student teams from six top business schools, three private and three public. The competition addressed the growing challenge of housing affordability by tasking students with developing actionable investment strategies for workforce housing funds targeting middle-income renters. Held on Stern’s campus, the event provided students with a platform to engage directly with industry leaders who shared insights into the state of the multifamily market and policy developments shaping the future of housing.

The University of Florida team emerged as the winner with their proposal for a $300 million fund—Gator Capital Workforce Housing Hybrid Fund I—which integrated debt and equity tools to support the development and preservation of affordable housing across Florida. Their approach leveraged state-level programs to maximize tax advantages and long-term affordability. Teams from the University of Wisconsin and UCLA Anderson secured second and third place, respectively, with proposals tailored to regional housing dynamics. The competition showcased the ingenuity and strategic acumen of students who represent the next generation of leaders in real estate.

All participating teams received grants to cover the cost of their travel to New York City. In addition to financial awards for the top three challengers, the University of Florida team joined leaders from Berkadia and NYU at the 2025 ULI Spring Meeting in Denver. Each team member was paired with a ULI Councilmember for sessions and meetings aligned with their career interests.

[Learn More](https://berkadia.com/blog/berkadia-nyu-stern-host-inaugural-multifamily-investment-case-competition/)

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##  Competition Hosts

![Sam Chandan](/sites/default/files/styles/866w_x_540h/public/2025-07/sam.png.webp?itok=gKEA2_5F)

##  Sam Chandan, PhD

Founding Director
Chen Institute
NYU Stern

![Mary Ann King](/sites/default/files/styles/866w_x_540h/public/2025-07/mary_ann_king_copy.png.webp?itok=HPNvMDR6)

##  Mary Ann King

Co-Head
Institutional Solutions
Berkadia

![Dori Nolan](/sites/default/files/styles/866w_x_540h/public/2025-07/dori_nolan.png.webp?itok=0XWYCRKZ)

##  Dori Nolan

Senior Vice President
Institutional Solutions
Berkadia

![Paul Shen](/sites/default/files/styles/866w_x_540h/public/2025-07/paul.png.webp?itok=b2XmjOuO)

##  Paul Shen

Vice President
Investment Sales
Berkadia

##  Competition Judges

![Greg Bates](/sites/default/files/styles/866w_x_540h/public/2025-07/greg.png.webp?itok=VQwvHX8o)

##  Greg Bates

President and
Chief Executive Officer
GID

![Kalin Bracken](/sites/default/files/styles/866w_x_540h/public/2025-07/kalin.png.webp?itok=93MjT0_f)

##  Kalin Bracken

Head of Real Estate
World Economic Forum

![Rachel Diller](/sites/default/files/styles/866w_x_540h/public/2025-07/rachel.png.webp?itok=w0N4nRNp)

##  Rachel Diller

Chief Investment Officer
Bridge Workforce and
Affordable Housing

![Sharon Wilson Géno](/sites/default/files/styles/866w_x_540h/public/2025-07/sharon.png.webp?itok=k95FGa8E)

##  Sharon Wilson Géno

President
National Multifamily
Housing Council (NMHC)

![Mary Ann King](/sites/default/files/styles/866w_x_540h/public/2025-07/mary_ann_king_copy.png.webp?itok=HPNvMDR6)

##  Mary Ann King

Co-Head
Institutional Solutions
Berkadia

![Dillon Lorda](/sites/default/files/styles/866w_x_540h/public/2025-07/dillon.png.webp?itok=mRCsKAe6)

##  Dillon Lorda

Director and Portfolio Manager
AEW Private Equity Group

![Dori Nolan](/sites/default/files/styles/866w_x_540h/public/2025-07/dori_nolan.png.webp?itok=0XWYCRKZ)

##  Dori Nolan

Senior Vice President
Institutional Solutions
Berkadia

![Stella Pappas](/sites/default/files/styles/866w_x_540h/public/2025-07/stella.png.webp?itok=pg7AocXn)

##  Stella Pappas

Senior Managing Director and Head of Investor Relations
TruAmerica

##  Competition Participants

![Warrington College of Business](/sites/default/files/styles/300w/public/2024-10/untitled-1_3.png?itok=TFQibZ9x)

##  1st Place

University of Florida

![U of Wiscon](/sites/default/files/styles/300w/public/2024-10/untitled-6_5.png?itok=kXR-vEjq)

##  2nd Place

University of Wisconsin

![UCLA Anderson School of Management](/sites/default/files/styles/300w/public/2024-10/untitled-6_3.png?itok=F5dgC9by)

##  3rd Place

University of California at Los Angeles

[      ![Columbia University](/sites/default/files/styles/300w/public/2024-10/Untitled-5%20%285%29.png?itok=nE4I6Mtl)

](https://business.columbia.edu/)

[      ![untitled-3_4.png](/sites/default/files/styles/300w/public/2024-10/untitled-3_4.png?itok=bMe01rWE)

](https://www.stern.nyu.edu/)

[      ![Wharton ](/sites/default/files/styles/300w/public/2024-10/untitled-2_5.png?itok=7h9LOBuS)

](https://www.wharton.upenn.edu/)