Marquette University's Real Estate Asset Program closes second investment fund, expands student-led investing and interdisciplinary education

MILWAUKEE, September 24, 2026 — The Vieth Institute for Real Estate Leadership at Marquette University has announced the successful close of REAP Real Estate Investment Fund I, L.P., a closed-end real estate investment vehicle of just over $4.8 million. Backed by a significantly expanded group of investors, the fund extends the model pioneered by the Real Estate Asset Program (REAP). Founded in 2021, REAP is the nation's first classroom-based, undergraduate-only real estate student investment program, and the new fund expands the role students play in sourcing, evaluating and managing investments.

A single fund structure creates uniform operations across the program, replacing the administrative complexity of the original arrangement with a consistent framework for reporting, governance and asset management. The fund drew 22 unique investors, including Marquette University's endowment. REAP's investment strategy spans core-plus, value-add, opportunistic and development opportunities across diverse property types and markets. That consistency gives REAP the strength and scale to serve multiple student cohorts over the life of the fund, ensuring the experience is available to students for years to come.

“Our investment in REAP represents a powerful intersection of financial stewardship and social impact. We are proud to support a program that equips talented professionals with the tools to succeed, while securing a strong future for our portfolio and also investing in the next generation of industry leaders,” said Sean Gissal, Chief Investment Officer at Marquette University.

Launched in 2021 with its inaugural cohort in spring 2022, REAP places Marquette real estate majors inside the full institutional investment lifecycle across three consecutive semesters of instruction. Students underwrite live transactions, build models and cash flow waterfalls, present recommendations to a seated Investment Committee of industry professionals, and produce quarterly business plan reviews and investor reporting — all tasks reflective of the work real estate professionals manage every day.

“Our students are underwriting deals that are live in the market. This real-world experience builds on classroom learning, exposing students to both theory and application before graduation. This experience sets REAP students apart and is only possible because this group of investors came together to build the fund,” said Vito Taphorn, director of the Real Estate Asset Program.

“I am excited and proud to be part of MU's REAP program as I think it provides a terrific educational opportunity. Students evaluate investment opportunities in live deals, with deadlines. They have to think through the risks, crunch the numbers, and respond to incisive questions from an astute investment committee. Importantly, they see how deals come together, with all the industry participants. Seeing how the students mature in the program is a testament to its success. It's the real world with real money!” said John Petrovski, retired Managing Director and Head of Commercial Real Estate, BMO Harris Bank, a member of the REAP Investment Committee.

Consistent with the Vieth Institute's educational mandate, the formation of Fund I served as a classroom in itself. Marquette law students participated directly in reviewing the fund's governing documents alongside legal counsel at Barnes & Thornburg LLP, observing firsthand how limited partnership agreements, subscription documents and offering materials come together in practice. CLA (CliftonLarsonAllen LLP) serves as fund administrator for the Fund. This interdisciplinary approach, which also incorporates engineering students into the classroom experience, reflects the collaboration and complexity inherent in real-world real estate development.

“REAP shaped the direction of my career more than any other part of my Marquette education,” said Alexandra Richie, Bus Ad’27, a REAP student participant. “Actively investing in and analyzing real deals, along with following the investor reports, has given me a hands-on understanding of the industry that I now use every day in my internship, where I analyze industrial developments. It's the reason I feel prepared to step into commercial real estate full time.”

About the Real Estate Asset Program

The Real Estate Asset Program at Marquette University is the nation's first classroom-based, undergraduate-only real estate student investment program. Real estate majors apply in the spring of their sophomore year and, over three consecutive semesters, gain applied experience in real estate modeling and sensitivity analysis, legal partnership structures, the capital stack, construction draws and development capital planning, quarterly business plan reviews, asset and investor reporting, and the full acquisition and disposition process.

REAP students take three specialized courses: REAL 4210 Applied Real Estate Asset Management and Modeling in the fall of junior year, REAL 4220 Intermediate Real Estate Investing in the spring of junior year, and REAL 4230 Advanced Real Estate Investing in the fall of senior year. Senior students complete unclosed transactions, transfer portfolio maintenance responsibilities and mentor the incoming cohort, ensuring continuity of the portfolio from one class to the next.

About the Vieth Institute for Real Estate Leadership

The Vieth Institute for Real Estate Leadership at Marquette University supports real estate, construction, engineering and law students and alumni, delivering deep learning experiences that prepare them for fulfilling lives and careers. Building on the legacy of the Center for Real Estate, founded in 2004 and elevated to the Vieth Institute in 2024, the Institute is grounded in Marquette's Catholic, Jesuit mission of forming men and women for others.