Buenos Aires - REA Chazen Trip - May 2022
/By: Benjy Goldberg ‘23
When I was applying to MBA programs, I vividly remember speaking to CBS alum Mike Ferry (CBS ’06), and hearing how impactful it was for him to travel abroad with the Real Estate Association (REA) to learn about markets outside of the U.S. I was intrigued - from a learning perspective, but also for the opportunity to build strong relationships with fellow students and faculty. And so, when joining the REA at CBS, I took on one of the AVP of Treks roles to have a hand in planning one of these trips.
With the onset of the Omicron COVID-19 variant at the end of 2021, however, the prospect of international travel with a large group was nothing but uncertain. When our Treks team (Dani Glouberman (’23), Bryce Cason (’22), Sam Mitrani (’22), and me) finally got the green light to bring a cohort of students to Argentina in May 2022, we hit the ground running planning company visits and cultural excursions.
After months of itinerary planning, outreach to companies, and marketing to students, our trip was finalized. With the support of Chazen, the Paul Milstein Center and our trip’s faculty member, Professor Brian Lancaster, our group of 25 MBA students were off to Buenos Aires.
Argentina presented a unique opportunity for students interested in real estate to see how real estate deals came together in manners vastly different from those of the U.S. To illustrate one example, in real estate finance at CBS we learn in the first class about the power of leverage and its impact on return metrics. In Argentina, the concept of leverage is essentially non-existent. Condo development projects are financed through pre-sales. There is effectively no mortgage industry, with home buyers purchasing properties all in cash.
These differences, coupled with Argentina’s history of hyperinflation (talk about relevance), kept our group consistently curious and asking questions during company visits. We had the pleasure of being hosted by a diverse set of eight companies in the real estate industry. Their focus areas included urban/suburban development, private equity, brokerage, office & retail, co-working, government housing, and cross-border transactions.
When we weren’t learning from Argentina’s industry leaders, we made sure to make the most of Argentina’s vibrant culture. From attending a futbol match to learning Tango to experiencing traditional Asado (Argentinian barbeque) to visiting an estancia (ranch) in the countryside, there was never a dull moment. Even the process of exchanging our USD to Argentinian Pesos gave us the ultimate immersive Argentine experience.
As I look back on the experience we had in Argentina – the opportunity to learn about real estate in another market, the opportunity to build relationships with companies, peers, and faculty, and the opportunity to immerse in another culture – I feel immensely grateful to everyone that made this trip happen. This will always be a defining memory of my CBS experience.
Benjy Goldberg is a 2nd year MBA student at CBS focused on real estate. This past summer, he interned with Greystar in Atlanta on their development team. The REA’s Chazen Trek this coming Spring will be in Sydney, Australia.