Elon alumnus and faculty publish research on commercial real estate valuation | Today at Elon
Associate Professor Margarita Kaprielyan at Elon’s Business School and alumnus Angelo Boone ’20 co-authored a study on using CoStar in real estate finance education, highlighting how hands-on learning prepare students for careers in commercial real estate.
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Associate Professor Margarita Kaprielyan in the Martha and Spencer Love School of Business and alumnus Angelo Boone ’20 have co-authored a new study exploring how experiential projects can better prepare students for careers in commercial real estate.
Their paper, “Commercial Real Estate Valuation Using CoStar”, published in the Journal of Real Estate Practice and Education, introduces a structured, semester-long project designed to give students real-world experience in property investment analysis.
Key Findings:
- Hands-on Learning: The project allows students to work with real commercial real estate data instead of hypothetical scenarios, providing them with a practical, immersive experience.
- Industry-Relevant Tools: Students gain proficiency in CoStar and Excel, two essential tools used in the real estate industry, giving them a competitive edge in the job market.
- Valuable Feedback: The project incorporates structured feedback at multiple stages, with 95% of students reporting that it significantly improved their understanding of real estate finance.
“CoStar is a game-changer for real estate professionals,” Boone said. “The platform centralizes market insights, property data, and industry trends, making it an essential tool for investment analysis. Learning it in the classroom was incredibly beneficial because it gave me a strong foundation before entering the workforce. I didn’t have to spend weeks training on the job just to get comfortable with the software. Instead, I could immediately contribute and apply my knowledge in real-world scenarios.”
Looking ahead, Kaprielyan and Boone see opportunities to expand the project by incorporating advanced topics such as investment strategies and renovation cost analysis.
“This research demonstrates how structured, feedback-driven projects prepare students for real-world challenges,” Kaprielyan said. “By providing them with direct exposure to industry tools and strategies, we ensure they graduate ready to make smart investment decisions.”
Boone is currently at Blue Heron Asset Management, where he specializes in commercial real estate investment. He remains an active mentor to Elon students interested in commercial real estate, providing guidance on industry trends, career opportunities, and essential skills for success.
Kaprielyan joined Elon University in Fall 2017 and previously taught at Florida Atlantic University, as she was pursuing her PhD in Finance. She currently teaches Real Estate Finance and Financial Modeling.
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