Local Initiatives Support Corp.’s Milwaukee office is taking the lead on redeveloping the Associates in Commercial Real Estate program to train minorities for career paths in commercial real estate and connect them to industry professionals.
The ACRE program was launched in 2005 by Marquette University’s College of Business Administration and Professor Mark Eppli, now the college’s interim dean. After serving more than 140 students through ACRE, the college temporarily discontinued the program in 2010.
“Since then, there’s been a number of people – both individuals who have been involved with the program as well as industry leaders who were familiar with the program – who were really anxious to have it re-launched,” said Leo Ries, executive director of LISC Milwaukee.
The nonprofit organization, which works to bolster and beautify central city neighborhoods, is answering the call for the program with a new structure that will expose students to property management, construction management and real estate development to prepare them for entry level positions.
ACRE will be facilitated primarily by volunteer instructors, with a 26-week curriculum encompassing site visits and networking events, as well as coursework at Marquette, Milwaukee School of Engineering and industry trade associations. LISC expects to launch the program in September with 20 to 25 students.
Marquette, MSOE, the Commercial Association of Realtors Wisconsin, the Associated General Contractors of Greater Milwaukee, the Institute of Real Estate Management Milwaukee, and the Commercial Real Estate Development Association Wisconsin chapter have provided operational support for ACRE.
Barry Mandel, president of Mandel Group Inc., CARW and NAIOP have offered financial backing to revitalize the ACRE program. The Opus Foundation has supplied a $50,000 lead sponsorship grant. Ries said LISC is currently working to raise additional funds to cover all program costs.
As the ACRE program strengthens the minority presence in the real estate industry, it will also advance LISC’s support of community development in Milwaukee.
“It’s an important part of our mission to help cultivate the leadership needed to rebuild Milwaukee’s neighborhoods,” Ries said.
