Marquette's REAP closes $4.8M student-run real estate fund
What's the deal? Marquette University's Vieth Institute for Real Estate Leadership has closed the REAP Real Estate Investment Fund I, L.P., a closed-end vehicle of just over $4.8 million. The fund drew 22 investors, including Marquette's own endowment.
What's the endgame? The money powers the Real Estate Asset Program (REAP), which Marquette calls the nation's first classroom-based, student-run real estate investment program for undergraduates. Its strategy spans core-plus, value-add, opportunistic, and development deals across varied property types and markets.
Why now? This is the second fund built around the REAP model, launched in 2021 with its first cohort in spring 2022. The expanded investor base gives the program the scale to serve multiple student groups over the fund's life.
Students underwrite live transactions, build cash flow models, and present recommendations to an investment committee of industry professionals across three semesters. Seniors complete open deals and mentor the incoming cohort, keeping the portfolio running from one class to the next.
What they're saying: "Our students are underwriting deals that are live in the market," said Vito Taphorn, director of the program. "This experience sets REAP students apart and is only possible because this group of investors came together to build the fund."
Andy Hunt, executive director of the Vieth Institute, tied the fund to the school's teaching mission. "We consistently hear from employers that REAP students are better equipped to evaluate investment decisions because of what they learn and how they're able to collaborate here at Marquette," he said.
By the numbers: Over the past three years, 94% of Marquette real estate majors were employed or continuing their education within six months of graduation, above the 85.7% national rate for the Class of 2024. Marquette's real estate program ranks No. 11 in the country, per U.S. News & World ReportDealroom has a profile for this one. Try Dealroom → .
The signal: Universities are moving beyond simulated portfolios toward real capital that students manage under professional oversight. By pairing an endowment commitment with outside investors, Marquette is testing whether hands-on deal experience can become a durable, self-sustaining part of undergraduate education.
Read more: today.marquette.edu
Image credit: Ed Bierman
