Terry College of Business students in the J. Wesley Rogers Real Estate Investment Fund pitched investment strategies and real estate proposals to the fund’s Investment Board during its inaugural meeting on Nov. 2.

The meeting culminated a semester of research and engagement with real estate investment professionals. Students developed a portfolio strategy, established investment benchmarks, and evaluated opportunities in public and private real estate markets.

Working with 12 sponsor firms (six connected through UGA alumni), students conducted more than 20 formal calls with sponsors and industry contacts. After reviewing 10 investments across eight states and underwriting four, the students presented three to the board.

The board approved investments in a 233-unit Class A apartment community under construction in Titusville, Florida, and a retail development near Murray State University in Kentucky. A third proposal, involving the renovation of a 209-unit apartment community in South Hamilton, Massachusetts, received preliminary support pending additional information.

The three proposals represent $160,000 in potential private real estate investments. The board also approved the students’ public real estate investment trust (REIT) strategy and $25,000 in public-equity investments.

“The students were impressive and knew more than I expected,” said Wes Rogers (BBA ’99, MBA ’04), chairman and CEO of Landmark Properties and the fund’s founder. “Ryan Dietz did a great job organizing the day, and I enjoyed working with the other board members. I’m hopeful these students learn how real estate investing works, gain some real experience, and make connections in the business. I’m grateful to Dr. Munneke for making this happen.”

The meeting introduced the fund’s Investment Board, which features five at-large members drawn from the real estate and investment industries.

Rogers was elected board chair. Andrew Costas (BBA ’09), managing director at Landmark Properties, was elected vice chair, and William (Bill) Elder, executive vice president and managing director of RXR’s New York City Division, was elected secretary.

Additional at-large members include John L. Ferguson (BBA ’87), president of Advisory Services at CBRE Atlanta, and Sydney Kennedy (BBA ’26), an analyst at Bain Capital and the board’s first recent alumni representative.

Ex officio members include Jason Bull, chief investment officer of the UGA Foundation; Henry Munneke, Terry’s associate dean for undergraduate programs and the Roy Adams Dorsey Distinguished Chair in Real Estate and Professor for the Real Estate Program; Ryan B. Dietz, senior lecturer of real estate and faculty advisor; and Rhodes Kleiber, student president of the Rogers Real Estate Investment Fund.

Eight of the nine board members attended the inaugural meeting. The board also approved operating procedures and a process for voting on investments between meetings.

Established through a $2 million gift from Rogers, the fund provides students with hands-on experience evaluating and managing real estate investments. The fund participates as a passive limited partner alongside experienced sponsors, with the UGA Foundation executing investments following board approval.

For the 2026-27 academic year, the fund has $285,000 available to invest, including $260,000 for private real estate and $25,000 for public REITs.

Joining Kleiber on the student executive committee are Claire Ivey, director of investments, and Kailey Pack, director of operations and reporting. The inaugural class includes 28 undergraduate students and one graduate student in a supporting role. Applications for the 2027-28 class will open to real estate majors in March 2027.