Bursting the Real Estate Bubble: What went wrong, where's it going, and where to find opportunity?

Moderator
Karl Case
Professor of Economics
Wellesley College

Karl Case is the Katherine Coman and A. Barton Hepburn Professor of Economics at Wellesley College where he has taught for 30 years. Case is also a founding partner in the real estate research firm of Fiserv Case Shiller Weiss, Inc. and serves as a member of the Board of Directors of the Mortgage Guaranty Insurance Corporation (MGIC) and of the American Real Estate and Urban Economics Association. Professor Case received his B.A. from Miami University in 1968, spent three years on active duty in the Army, and received his Ph.D. in economics from Harvard University in 1976. Professor Case's research has been in the areas of real estate, housing and public finance. He is author or co-author of five books including Principles of Economics, Economics and Tax Policy and Property Taxation: The Need for Reform and has published numerous articles in professional journals. Principles of Economics, a basic text co-authored with Ray C. Fair, is in its eighth edition and has been adopted at more than 450 colleges and universities. For the last 25 years, his research has focused on real estate markets and prices. He has authored a number of studies that attempt to isolate the causes and consequences of boom and bust real estate cycles and their relationship to economic performance.

Frank Marro
CIO, Multifamily Managing Director North America Equity Investments
GE Real Estate

Frank Marro is CIO and most recently Multifamily Managing Director of GE Real Estate’s North America Equity Investments, which handles all joint ventures in the United States for GE Real Estate.  Frank, based in Atlanta, Georgia, joined the company in 1996 as a Senior Investment Manager for the Southeast U.S.  Prior to these positions, Frank was Managing Director of the Partners Group from 1999-2005. Previously, he was counsel and assistant general counsel in MetLife’s real estate investments division and an attorney with the law firm Paul, Hastings, Janofsky and Walker. Frank earned his B.A. degree from Hofstra University and an M.B.A. in Finance and Real Estate from Georgia State University.  He received his J.D. from the Harvard Law School. He participates in and teaches martial arts and is also a certified soccer referee.

Bret Wilkerson
CEO, Property Portfolio Research (PPR)

Bret Wilkerson is the CEO of Property & Portfolio Research (PPR). PPR is an independent real estate research and strategy development firm that works with major institutional investors in all four quadrants of the real estate capital markets. PPR offers market research, strategic advice, and sophisticated analytical tools on a global basis. The firm is based in the U.S., and has an office in London.

Bret integrates his research on macroeconomics, real estate markets, and capital markets trends into PPR's forecasts, products, and client relationships. He advises clients including pension funds, investment advisors, investment banks, developers, private investors, and commercial lenders - assisting them in the application of PPR's research to their real estate decisions.

Bret has been with PPR since 1995, serving in a number of roles. A regular speaker at industry conferences and events, he is often quoted in the media and has written for a variety of real estate publications over the last 12 years. Bret is a member of several industry associations, including PREA, NAREIT, and ULI, where he is a Trustee and serves on the Executive Committee as Chairman - Programs. Prior to PPR, he was with Sullivan and Worcester in Boston. He is a Chartered Financial Analyst and received a B.A. in Geography and Poltical Science from Dartmouth College.

Paul Donahue
Senior Vice President
CB Richard Ellis

As Senior Vice President responsible for Multifamily Investment Sales for CB Richard Ellis / New England, Mr. Donahue specializes in the marketing and sale of multifamily properties in New England.  Starting in college he managed apartment buildings, and in 1985 he focused on the multifamily business completing several hundred financings across the country and in New England. Along with originating billions of financings, he created initiatives to successfully buy several hundred  performing and non-performing loans.  In his extensive work with institutional buyers, he developed and executed unique portfolio financing structures to allow unprecedented flexibility and low cost.  In addition to his substantial market rate experience Paul has completed a myriad of affordable housing transactions with both HUD and state agencies.

Donna Arp
Vice Chairman and CEO
Realty Capital Partners

Vice Chairman of the Board and Chief Executive Officer, is responsible for managing RCP’s growth and expansion, capital markets, deal structure, external communications, client relations and strategic planning. Ms. Arp brings an extensive entrepreneurial and corporate background to RCP. She served as the President of Arp Lotter Investments, Inc., an investment company for real estate and business holdings, and as Vice President of KCB Corporation, Inc. Ms. Arp served as the District Manager for Boise Cascade Corporation, Inc., and she was Texas Unit Manager for Procter and Gamble Company.

Ms. Arp completed the Harvard Business School Real Estate Program and will complete the Harvard Business School Executive MBA for CEO's in April 2008. She graduated summa cum laude from Midwestern University with a Bachelor of Science degree and magna cum laude with a Master of Science in Counseling. In 2004, President George W. Bush presented Ms. Arp with the National Volunteer Service Award. She is the former Mayor of Colleyville, Texas, serving three terms in elected office. Ms. Arp served as chairman of the boards for the Colleyville Area Chamber of Commerce, Baylor Regional Medical Center, Big Brothers and Big Sisters of Tarrant County, Tarrant County College Foundation and many other leadership positions. She is currently on the boards of Southwest Securities Bank, Northwood University and the Texas Ballet Theatre.