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Real Estate Fund

KFBSF Real Estate Funds

KFBSF Real Estate Fund I was established in 2007 with the primary objective of providing a unique educational experience for student managers and secondarily to provide investment returns to its Limited Partners. Funds I, II, III, and IV are fully invested and Fund V is currently being invested.

Tenure as a manager on the Real Estate Funds provides a select group of students with hands-on experience in the operation of a private investment fund. Concurrently, student managers have the opportunity to establish personal and professional relationships with national real estate developers and investors. The Funds’ managers work closely with the real estate faculty and friends of Kenan-Flagler Business School to identify and evaluate investment opportunities for the Real Estate Funds. Once an investment is approved and placed, the student managers provide continued surveillance, reporting, and asset management.

The Funds are diversified both geographically and across property types. Each investment opportunity is analyzed and discussed thoroughly with faculty and advisers before approval.

KFBSF investor portal

For our KFBSF Fund investors, access your confidential portal. For investors who would like to arrange access to your portal, please contact KFBSF Real Estate by email.

Managing the fund

The student managers are responsible for the day-to-day operations and general management of the Real Estate Fund. The student management team reports to the Board of Directors of the Real Estate Fund General Partner. The Board of Directors consists of six members, four from the UNC Kenan-Flagler Business School and two from outside the school. To oversee and approve each investment, the Real Estate Fund works closely with an Executive Committee formed from three of the Directors. In addition, a Faculty Committee and an Advisory Board also guide the student managers in their investment underwriting and analysis.

 

2024-25 Investment Team

(Select photo to view full profile.)

Zach Buettner

Fund Manager, MBA Class of 2025

Zach Buettner

Zachary Buettner is a class of 2025 MBA student and a David and Carol Ann Flanagan Real Estate Fellow. Over the summer, Zach interned at Blue Yonder Property Group in Austin, Texas, as an investment associate, concentrating primarily on retail and industrial investments. Prior to attending UNC Kenan-Flagler Business School, Zach spent three and a half years at Capital One as an asset manager for their Freddie Mac multifamily serviced portfolio. Zach graduated from the University of Virginia in 2018 with a Bachelor of Arts in Economics and Government.

Will Christensen

Fund Manager, MBA Class of 2025

Will Christensen

Will Christensen is a class of 2025 MBA student concentrating in Real Estate. Prior to attending UNC Kenan-Flagler Business School, Will spent over 4 years at Scalar, a business valuation firm located in Salt Lake City, Utah. Prior to working for Scalar, Will interned for two summers at Cottonwood Communities, a public non-traded multifamily REIT also based in Salt Lake City. This past summer he interned for Extra Space Storage on their Real Estate Investments team. Will graduated from Brigham Young University in 2019 with a Bachelor of Science in Finance.

Natalie Flesher headshot

Natalie Flesher

Fund Manager, MBA Class of 2025

Natalie Flesher

Natalie Flesher headshot

Natalie is a class of 2025 MBA student concentrating in Real Estate at UNC Kenan-Flagler Business School, where she is also a Dearborn Family Real Estate Fellow and a Vetter Dean’s Fellow. Natalie previously spent four years in corporate finance at AvalonBay Communities, a multifamily REIT based in Arlington, VA. Prior to that, Natalie spent a year in corporate strategy at Agilysys, an Atlanta-based hospitality software firm. Natalie graduated from the University of Georgia in 2017 with a Bachelor of Arts in Economics and International Affairs.

Matt Hennessey

Fund Manager, MBA Class of 2025

Matt Hennessey

Matt Hennessey is a class of 2025 MBA student concentrating in Real Estate at UNC Kenan-Flagler Business School. Prior to attending UNC, Matt spent several years in the commercial real estate industry, most recently in Investments & Asset Management at Washington Prime Group, a retail REIT based in Columbus, OH. Before that, he worked in corporate finance at Welltower Inc., a healthcare REIT. Matt graduated from Miami University with a Bachelor of Science in Finance.

Patrick Levandoski headshot

Patrick Levandoski

Fund Manager, MBA Class of 2025

Patrick Levandoski

Patrick Levandoski headshot

Patrick Levandoski is a class of 2025 MBA student concentrating in Real Estate and Corporate Finance. Prior to attending UNC Kenan-Flagler Business School, Patrick spent 4.5 years at CBRE working across both the Debt & Structured Finance and Investment Sales platforms focusing on institutional properties at the asset and portfolio levels. Patrick brings approximately $3B of transaction experience to the team and holds two Bachelor of Business Administration degrees from the University of Georgia.

Jackson Loeb headshot

Jackson Loeb

Fund Manager, MBA Class of 2025

Jackson Loeb

Jackson Loeb headshot

Jackson Loeb is a class of 2025 MBA student concentrating in Real Estate. Prior to attending UNC Kenan-Flagler Business School, Jackson spent 6 years in the commercial real estate industry, most recently as VP of Brokerage & Development at LPI Memphis. Prior to working for LPI Memphis, Jackson worked as a Debt & Equity Analyst for JLL’s Capital Markets Team. Jackson graduated from the University of South Carolina in 2017 with a Bachelor of Science in Finance.

Vijay Mishra

Fund Manager, MBA Class of 2025

Vijay Mishra

Vijay Mishra just completed his summer Internship at Welltower, a REIT that invests in healthcare infrastructure, multifamily, and single-family asset classes. At Welltower, he served as the summer associate on the development team and worked closely with the investments team on several BTR projects. Vijay is currently concentrating in Real Estate and Investment Management at UNC. He graduated from Winthrop University with a degree in Psychology and General Science in 2020. Prior to UNC, Vijay worked with his family business in hospitality and played golf on the professional circuits. Vijay is originally from Myrtle Beach, SC, and enjoys working out, playing pickleball, and traveling.

Jacob Nelson headshot

Jacob Nelson

Fund Manager, MBA Class of 2025

Jacob Nelson

Jacob Nelson headshot

Jake Nelson is a class of 2025 MBA student and Jane and Lucien Ellison MBA Fellow concentrating in Real Estate and Entrepreneurship. Before attending UNC Kenan-Flagler Business School, Jake was an Acquisitions Associate at Havenpark Communities, an Orem, UT-based owner/operator of manufactured housing communities. Before that, Jake started his real estate career in Cincinnati, OH by co-founding Nelson Restoration Properties, a single-family home renovation company. Jake graduated from Brigham Young University in 2017 with a Bachelor of Science in Business Management-Strategy and brings 6+ years of real estate experience to the Fund.

Selden Baldwin headshot

Selden Baldwin

Fund Manager, Undergraduate Class of 2025

Selden Baldwin

Selden Baldwin headshot

Selden Baldwin is a member of the Undergraduate Business Program class of 2025, with an emphasis in Real Estate and a minor in History. Previously, Selden worked as a development analysis intern with Evolve Companies in Wilmington, North Carolina. Selden will be joining Greystar this summer as an investments intern on their acquisitions team in Charleston, South Carolina.

Sarah Crow headshot

Sarah Crow

Fund Manager, Undergraduate Class of 2025

Sarah Crow

Sarah Crow headshot

Sarah Crow is a member of the Undergraduate Business Program class of 2025, concentrating in Real Estate Finance, as well as a minor in Philosophy, Politics and Economics (PPE). Last summer, Sarah worked as an investments intern in the portfolio management group of Greystar in London, UK. This summer, Sarah will be interning at Eastdil Secured in their New York City Office.

Will Hardesty

Will Hardesty

Fund Manager, Undergraduate Class of 2025

Will Hardesty

Will Hardesty

Will Hardesty is a member of the Undergraduate Business Program class of 2025, with an emphasis in Real Estate. This past summer, Will worked for Greystar as an investments intern on their portfolio management team in Charleston, South Carolina. He is from Raleigh, NC.

Claire Lewis

Claire Lewis

Fund Manager, Undergraduate Class of 2025

Claire Lewis

Claire Lewis

Claire Lewis is a member of the Undergraduate Business Program class of 2025, concentrating in Real Estate Finance. Previously, Claire worked as an investment sales intern at Berkeley Capital Advisors in Charlotte, NC. This past summer, Claire interned at Barings in Charlotte, NC, working with both the Real Estate Debt and Equity teams. After graduation, she will be returning as a full-time analyst on the Real Estate Equity team.

Megan Vahey

Megan Vahey

Fund Manager, Undergraduate Class of 2025

Megan Vahey

Megan Vahey

Megan is a class of 2025 undergraduate student at UNC Kenan-Flagler Business School and a data science minor. Last summer, Megan was an investment banking analyst at Wells Fargo in their Real Estate, Gaming, Lodging, & Leisure group in New York City. Prior to that, Megan was a Girls Who Invest scholar and interned at Apollo Global Management in their Financial Institutions Group.

Portfolio overview

 

Portfolio summary

Capital raised in millions 18.6
Total funds 5
Fully invested funds 4
Total investments funded 68
Years of investing 16
States in which we invested 18
Unique LPs 147
Fund managers since inception 163

Portfolio by property type

45% Multifamily
12% Office
10% Self storage
7% Senior housing
7% Retail
5% Industrial
4% Hotel
4% Mixed-use
3% Condo
2% Medical Office
1% Build-For-Rent
1% Land
1% Townhome

Assets by geography

16% North Carolina
11% Texas
12% Georgia
9% Virginia
8% Florida
7% Maryland
6% New York
5% Pennsylvania
4% Colorado
4% Illinois
3% District of Columbia
3% South Carolina
3% Tennessee
3% Wisconsin
2% Minnesota
2% Oregon
1% New Mexico
1% New Jersey