# REALEST 851: Private Real Estate Equity Investment Ii:  Underwriting and Investment Processes | UW–Madison

[View on UW Courses](https://uwcourses.com/courses/REALEST_851)

## Dataset

### revision

e243353dcb7d79b7247ced91d69443ef4c2a6349

### repository

twangodev/uwcourses

### schema version

6

### importer version

7

### projection id

52a78527ff09011d88cb04c7d43867d9fbfec2930bf1dd2ec359ebd2844e0b07

### observed at

2026-09-07T15:55:43.033547+00:00

### built at

2026-09-10T19:50:42.743001+00:00

### courses

8951

### current instructors

5754

### limited

false

### terms

* 1272
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### term

1272

### departments

| subject   | count |
| --------- | ----- |
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| CHEM      | 101   |
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| CNP       | 10    |
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| EMERMED   | 17    |
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| FAMMED    | 22    |
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| GNS       | 38    |
| GREEK     | 27    |
| HDFS      | 41    |
| HEBR-BIB  | 13    |
| HEBR-MOD  | 10    |
| HISTORY   | 233   |
| HISTSCI   | 56    |
| HONCOL    | 13    |
| ILS       | 43    |
| INFOSYS   | 9     |
| INTEGART  | 7     |
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| INTER-AG  | 18    |
| INTER-HE  | 11    |
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| INTEREGR  | 16    |
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| LACIS     | 26    |
| LANDARC   | 61    |
| LATIN     | 24    |
| LAW       | 120   |
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| MEDICINE  | 60    |
| MEDIEVAL  | 32    |
| MEDPHYS   | 39    |
| MEDSC-M   | 29    |
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| MILSCI    | 16    |
| MM\&I     | 22    |
| MOLBIOL   | 6     |
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| NAVSCI    | 20    |
| NE        | 44    |
| NEURODPT  | 11    |
| NEUROL    | 7     |
| NEURSURG  | 4     |
| NTP       | 11    |
| NURSING   | 111   |
| NUTRSCI   | 65    |
| OBS\&GYN  | 18    |
| OCCTHER   | 39    |
| ONCOLOGY  | 14    |
| OPHTHALM  | 5     |
| OTM       | 43    |
| PATH      | 34    |
| PATH-BIO  | 29    |
| PEDIAT    | 26    |
| PHARMACY  | 31    |
| PHILOS    | 77    |
| PHMCOL-M  | 11    |
| PHMPRAC   | 45    |
| PHMSCI    | 60    |
| PHYASST   | 37    |
| PHYSICS   | 88    |
| PHYSIOL   | 3     |
| PHYTHER   | 37    |
| PLANTSCI  | 52    |
| PLPATH    | 35    |
| POLISCI   | 192   |
| POPHLTH   | 58    |
| PORTUG    | 33    |
| PSYCH     | 101   |
| PSYCHIAT  | 22    |
| PUBAFFR   | 54    |
| PUBLHLTH  | 23    |
| RADIOL    | 11    |
| REALEST   | 41    |
| RELIGST   | 90    |
| RHABMED   | 9     |
| RMI       | 24    |
| RP\&SE    | 102   |
| S\&APHM   | 17    |
| SCANDST   | 73    |
| SLAVIC    | 89    |
| SOC       | 149   |
| SOCWORK   | 87    |
| SOILSCI   | 46    |
| SPANISH   | 83    |
| SRMED     | 21    |
| STAT      | 94    |
| STDYABRD  | 52    |
| STS       | 8     |
| SURGERY   | 25    |
| SURGSCI   | 33    |
| THEATRE   | 91    |
| URBRPL    | 60    |
| UROLOGY   | 5     |
| ZOOLOGY   | 89    |

## course

### run id

20260907T155543-ce3781c4

### semester

1272

### observed at

2026-09-07 15:55:43.033547+00:00

### record version id

f84229a11400dfbd130a5be9918dd28b28c898ef6586863e1b8df115ef4ca338

### course id

REALEST 851

### course uid

course\_7799d005e43270d8b9f350d5

### catalog version id

0870eff78acd91fd608881220b734a1cd69634f707c427cbb6f24acb4ebc8248

### course number

851

### subjects

* REALEST

### title

PRIVATE REAL ESTATE EQUITY INVESTMENT II:  UNDERWRITING AND INVESTMENT PROCESSES

### description

Focuses on the real estate private equity organization through constructing investment criteria statements, vetting investment opportunities, implementing investment processes, and presenting the opportunities to the WREAA Fund Investment Committee.

### requirements text

Graduate/professional standing andREAL EST 550, or declared in graduate Business Exchange program

### credits min

6

### credits max

6

### credit offering ids

* 1272:239:026099

### llm job id

enrich-8b774950c2b6adfdc46d1b82

### llm output id

6e880381cb9829df8c2175f99b83b1b0202e6edb01b6499369e1a3be74b263d7

### llm model

nvidia/Qwen3.6-35B-A3B-NVFP4

### llm model revision

1355db6a052410cfd62085d94b58866fd0f2c3c5

### llm task version

14

### llm search status

valid

### llm summary

PRIVATE REAL ESTATE EQUITY INVESTMENT II covers underwriting and investment processes, including constructing criteria, vetting opportunities, and presenting to the WREAA Fund Investment Committee.

### llm topics

* Underwriting and investment processes.
* Real estate private equity organization.
* Investment criteria statements.
* WREAA Fund Investment Committee.

### llm skills

* Constructing investment criteria statements.
* Vetting investment opportunities.
* Implementing investment processes.
* Presenting investment opportunities to an investment committee.

### llm assumed background

* Foundations in real estate private equity investment analysis, terms, return metrics, and structures.
* Real estate valuation techniques including property, market, and legal analysis, and the three valuation approaches.

### llm search phrases

* real estate private equity underwriting
* investment criteria statements
* WREAA Fund Investment Committee
* real estate investment processes

### llm requirements status

valid

### llm student summary status

valid

### llm experience status

insufficient\_evidence

### catalog variants

None recorded.

### student summary

#### context hash

518d62192360e2e755ee47439c2599e8be5173b9ca068218cf6f8aad65a8d9a4

#### course id

REALEST 851

#### current instructors

```json
[
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    "message": "No course-specific reviews available",
    "name": "Paul Melkus",
    "review_status": "no_course_reviews",
    "rmp_instructor_id": null,
    "summary": [
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              "source": "madgrades"
            },
            "table": "section_grades_latest",
            "term_id": "1262",
            "type": "grade"
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        ],
        "text": "Recent recorded grades — Fall 2025: 3.91 GPA, 96.3% A/AB (n=27 letter grades)."
      }
    ]
  }
]
```

#### difficulty workload

None recorded.

#### errors

None recorded.

#### historical context

None recorded.

#### message

No course-specific reviews available

#### offered

true

#### profile hash

5cb4dabf887cdbcd8c00d5a1312e10828b95c63f30bc3ea76aea199565390d02

#### quick take

Recent recorded grades — Fall 2023: 3.59 GPA, 81.2% A/AB (n=32 letter grades); Fall 2024: 3.64 GPA, 81.2% A/AB (n=32 letter grades); Fall 2025: 3.91 GPA, 96.3% A/AB (n=27 letter grades).

```json
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```

#### student experience

None recorded.

#### task hash

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#### teaching history

PAUL MELKUS is recorded teaching in Fall 2025. Recorded history may be incomplete and does not establish a future schedule.

```json
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```

#### term id

1272

#### term name

2026 Fall

#### version

2

### requirements

#### nodes

```json
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```

#### notes

* Fixed self-referencing cycle from previous attempt. The typo 'andREAL' is preserved in evidence but correctly parsed as two separate conditions joined by 'and'.

#### root

n0

#### status

parsed

### instructors

| instructor\_uid                      | source     | source\_instructor\_id | identity\_basis | identity\_status   | name        | email                 | first\_observed\_at              | last\_observed\_at               | instructor\_url           |
| ------------------------------------ | ---------- | ---------------------- | --------------- | ------------------ | ----------- | --------------------- | -------------------------------- | -------------------------------- | ------------------------- |
| instructor\_120d320b4f445928036184ab | enrollment | pmelkus                | netid           | source\_identified | Paul Melkus | PAUL.MELKUS\@WISC.EDU | 2026-09-07 15:55:43.033547+00:00 | 2026-09-07 15:55:43.033547+00:00 | /instructors/PAUL\_MELKUS |

### offerings

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    "credits_max": 6,
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### sections

```json
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    "start_date": "2026-09-02 05:00:00+00:00",
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```

### grade instructors

```json
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]
```

### grades

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    "f": 0,
    "satisfactory": 0,
    "unsatisfactory": 0,
    "credit": 0,
    "no_credit": 0,
    "passed": 0,
    "incomplete": 0,
    "no_work": 0,
    "not_reported": 0,
    "other": 0,
    "total": 32,
    "source_aliases": [
      "REALEST 851"
    ]
  },
  {
    "run_id": "20260907T155543-ce3781c4",
    "semester": "1272",
    "observed_at": "2026-09-07 15:55:43.033547+00:00",
    "course_id": "REALEST 851",
    "course_uid": "course_7799d005e43270d8b9f350d5",
    "term_id": "1252",
    "term_name": "Fall 2024",
    "instructors": [
      "Mark Eppli"
    ],
    "a": 15,
    "ab": 11,
    "b": 6,
    "bc": 0,
    "c": 0,
    "d": 0,
    "f": 0,
    "satisfactory": 0,
    "unsatisfactory": 0,
    "credit": 0,
    "no_credit": 0,
    "passed": 0,
    "incomplete": 0,
    "no_work": 0,
    "not_reported": 0,
    "other": 0,
    "total": 32,
    "source_aliases": [
      "REALEST 851"
    ]
  },
  {
    "run_id": "20260907T155543-ce3781c4",
    "semester": "1272",
    "observed_at": "2026-09-07 15:55:43.033547+00:00",
    "course_id": "REALEST 851",
    "course_uid": "course_7799d005e43270d8b9f350d5",
    "term_id": "1262",
    "term_name": "Fall 2025",
    "instructors": [
      "Paul Melkus"
    ],
    "a": 23,
    "ab": 3,
    "b": 1,
    "bc": 0,
    "c": 0,
    "d": 0,
    "f": 0,
    "satisfactory": 0,
    "unsatisfactory": 0,
    "credit": 0,
    "no_credit": 0,
    "passed": 0,
    "incomplete": 0,
    "no_work": 0,
    "not_reported": 0,
    "other": 0,
    "total": 27,
    "source_aliases": [
      "REALEST 851"
    ]
  }
]
```

### statistics

#### gpa

3.746

#### graded

128

#### counts

* 78
* 37
* 11
* 2
* 0
* 0
* 0

### grade conflicts

None recorded.

### evidence

#### history

* [/data/e243353dcb7d79b7247ced91d69443ef4c2a6349/history/course\_7799d005e43270d8b9f350d5-0.json](https://uwcourses.com/data/e243353dcb7d79b7247ced91d69443ef4c2a6349/history/course_7799d005e43270d8b9f350d5-0.json)

#### traces

* [/data/e243353dcb7d79b7247ced91d69443ef4c2a6349/traces/course\_7799d005e43270d8b9f350d5-0.json](https://uwcourses.com/data/e243353dcb7d79b7247ced91d69443ef4c2a6349/traces/course_7799d005e43270d8b9f350d5-0.json)

#### meetings

* [/data/e243353dcb7d79b7247ced91d69443ef4c2a6349/meetings/course\_7799d005e43270d8b9f350d5-0.json](https://uwcourses.com/data/e243353dcb7d79b7247ced91d69443ef4c2a6349/meetings/course_7799d005e43270d8b9f350d5-0.json)

#### results

* [/data/e243353dcb7d79b7247ced91d69443ef4c2a6349/results/course\_7799d005e43270d8b9f350d5-0.json](https://uwcourses.com/data/e243353dcb7d79b7247ced91d69443ef4c2a6349/results/course_7799d005e43270d8b9f350d5-0.json)

### revision

e243353dcb7d79b7247ced91d69443ef4c2a6349

## context

### all

#### term



#### gpa

3.74609375

#### count

128

#### university

##### size

2928

##### gpa Percentile

49

##### count Percentile

53

##### median Count

115

##### histogram

| range   | count | current |
| ------- | ----- | ------- |
| 0.0–0.4 | 0     | false   |
| 0.4–0.8 | 0     | false   |
| 0.8–1.2 | 0     | false   |
| 1.2–1.6 | 0     | false   |
| 1.6–2.0 | 0     | false   |
| 2.0–2.4 | 1     | false   |
| 2.4–2.8 | 10    | false   |
| 2.8–3.2 | 180   | false   |
| 3.2–3.6 | 745   | false   |
| 3.6–4.0 | 1992  | true    |

#### departments

```json
[
  {
    "subject": "REALEST",
    "comparison": {
      "size": 21,
      "gpaPercentile": 65,
      "countPercentile": 50,
      "medianCount": 128,
      "histogram": [
        {
          "range": "0.0–0.4",
          "count": 0,
          "current": false
        },
        {
          "range": "0.4–0.8",
          "count": 0,
          "current": false
        },
        {
          "range": "0.8–1.2",
          "count": 0,
          "current": false
        },
        {
          "range": "1.2–1.6",
          "count": 0,
          "current": false
        },
        {
          "range": "1.6–2.0",
          "count": 0,
          "current": false
        },
        {
          "range": "2.0–2.4",
          "count": 0,
          "current": false
        },
        {
          "range": "2.4–2.8",
          "count": 0,
          "current": false
        },
        {
          "range": "2.8–3.2",
          "count": 1,
          "current": false
        },
        {
          "range": "3.2–3.6",
          "count": 8,
          "current": false
        },
        {
          "range": "3.6–4.0",
          "count": 12,
          "current": true
        }
      ]
    }
  }
]
```

### terms

#### 1222

##### term

1222

##### gpa

4

##### count

15

##### departments

| subject | comparison |
| ------- | ---------- |
| REALEST |            |

#### 1232

##### term

1232

##### gpa

3.75

##### count

22

##### departments

| subject | comparison |
| ------- | ---------- |
| REALEST |            |

#### 1242

##### term

1242

##### gpa

3.59375

##### count

32

##### university

###### size

1295

###### gpa Percentile

43

###### count Percentile

7

###### median Count

67

###### histogram

| range   | count | current |
| ------- | ----- | ------- |
| 0.0–0.4 | 0     | false   |
| 0.4–0.8 | 0     | false   |
| 0.8–1.2 | 0     | false   |
| 1.2–1.6 | 0     | false   |
| 1.6–2.0 | 0     | false   |
| 2.0–2.4 | 2     | false   |
| 2.4–2.8 | 11    | false   |
| 2.8–3.2 | 162   | false   |
| 3.2–3.6 | 394   | true    |
| 3.6–4.0 | 726   | false   |

##### departments

```json
[
  {
    "subject": "REALEST",
    "comparison": {
      "size": 13,
      "gpaPercentile": 67,
      "countPercentile": 8,
      "medianCount": 85,
      "histogram": [
        {
          "range": "0.0–0.4",
          "count": 0,
          "current": false
        },
        {
          "range": "0.4–0.8",
          "count": 0,
          "current": false
        },
        {
          "range": "0.8–1.2",
          "count": 0,
          "current": false
        },
        {
          "range": "1.2–1.6",
          "count": 0,
          "current": false
        },
        {
          "range": "1.6–2.0",
          "count": 0,
          "current": false
        },
        {
          "range": "2.0–2.4",
          "count": 0,
          "current": false
        },
        {
          "range": "2.4–2.8",
          "count": 0,
          "current": false
        },
        {
          "range": "2.8–3.2",
          "count": 1,
          "current": false
        },
        {
          "range": "3.2–3.6",
          "count": 8,
          "current": true
        },
        {
          "range": "3.6–4.0",
          "count": 4,
          "current": false
        }
      ]
    }
  }
]
```

#### 1252

##### term

1252

##### gpa

3.640625

##### count

32

##### university

###### size

1333

###### gpa Percentile

46

###### count Percentile

5

###### median Count

69

###### histogram

| range   | count | current |
| ------- | ----- | ------- |
| 0.0–0.4 | 0     | false   |
| 0.4–0.8 | 0     | false   |
| 0.8–1.2 | 0     | false   |
| 1.2–1.6 | 0     | false   |
| 1.6–2.0 | 0     | false   |
| 2.0–2.4 | 0     | false   |
| 2.4–2.8 | 14    | false   |
| 2.8–3.2 | 115   | false   |
| 3.2–3.6 | 431   | false   |
| 3.6–4.0 | 773   | true    |

##### departments

```json
[
  {
    "subject": "REALEST",
    "comparison": {
      "size": 13,
      "gpaPercentile": 58,
      "countPercentile": 0,
      "medianCount": 120,
      "histogram": [
        {
          "range": "0.0–0.4",
          "count": 0,
          "current": false
        },
        {
          "range": "0.4–0.8",
          "count": 0,
          "current": false
        },
        {
          "range": "0.8–1.2",
          "count": 0,
          "current": false
        },
        {
          "range": "1.2–1.6",
          "count": 0,
          "current": false
        },
        {
          "range": "1.6–2.0",
          "count": 0,
          "current": false
        },
        {
          "range": "2.0–2.4",
          "count": 0,
          "current": false
        },
        {
          "range": "2.4–2.8",
          "count": 0,
          "current": false
        },
        {
          "range": "2.8–3.2",
          "count": 0,
          "current": false
        },
        {
          "range": "3.2–3.6",
          "count": 7,
          "current": false
        },
        {
          "range": "3.6–4.0",
          "count": 6,
          "current": true
        }
      ]
    }
  }
]
```

#### 1262

##### term

1262

##### gpa

3.9074074074074074

##### count

27

##### departments

| subject | comparison |
| ------- | ---------- |
| REALEST |            |

### benchmarks

#### all

##### school

###### size

2928

###### gpa

3.6868346571627475

###### top Share

83.66514315684641

###### count

115

##### REALEST

###### size

21

###### gpa

3.6261503072800982

###### top Share

80.26035751928971

###### count

128

#### terms

##### 1222

###### school

###### size

1157

###### gpa

3.563052311875811

###### top Share

76.64869058732418

###### count

64

##### 1232

###### school

###### size

1216

###### gpa

3.575457431972425

###### top Share

77.33712216234007

###### count

66

##### 1242

###### school

###### size

1295

###### gpa

3.595302892737449

###### top Share

78.36291889885307

###### count

67

###### REALEST

###### size

13

###### gpa

3.488539015225787

###### top Share

70.72937356976098

###### count

85

##### 1252

###### school

###### size

1333

###### gpa

3.619494049739118

###### top Share

79.71442190500672

###### count

69

###### REALEST

###### size

13

###### gpa

3.5824642519384393

###### top Share

79.13903612379207

###### count

120

##### 1262

###### school

###### size

1320

###### gpa

3.628825763035853

###### top Share

80.21118846327654

###### count

70

###### REALEST

###### size

11

###### gpa

3.472414253981282

###### top Share

71.10634299203417

###### count

129

## instructor Trends

```json
[
  {
    "uid": "instructor_2255a98d377dcbf609581251",
    "name": "MARK EPPLI",
    "count": 101,
    "terms": [
      {
        "term": "1222",
        "count": 15,
        "sections": 1,
        "gpa": 4
      },
      {
        "term": "1232",
        "count": 22,
        "sections": 1,
        "gpa": 3.75
      },
      {
        "term": "1242",
        "count": 32,
        "sections": 1,
        "gpa": 3.59375
      },
      {
        "term": "1252",
        "count": 32,
        "sections": 1,
        "gpa": 3.640625
      }
    ]
  },
  {
    "uid": "instructor_c931827cca8e15e43521763d",
    "name": "MICHAEL BRENNAN",
    "count": 69,
    "terms": [
      {
        "term": "1222",
        "count": 15,
        "sections": 1,
        "gpa": 4
      },
      {
        "term": "1232",
        "count": 22,
        "sections": 1,
        "gpa": 3.75
      },
      {
        "term": "1242",
        "count": 32,
        "sections": 1,
        "gpa": 3.59375
      }
    ]
  },
  {
    "uid": "instructor_295182bc32058ea5992374ec",
    "name": "PAUL MELKUS",
    "count": 27,
    "terms": [
      {
        "term": "1262",
        "count": 27,
        "sections": 1,
        "gpa": 3.9074074074074074
      }
    ]
  }
]
```

## following

| code        | title                                                                             |
| ----------- | --------------------------------------------------------------------------------- |
| REALEST 852 | PRIVATE REAL ESTATE EQUITY INVESTMENT III: GUIDELINES, GOVERNANCE, AND PORTFOLIOS |
