Father-Son Duo Teach Commercial Real Estate and Development Together

Joseph (MEM '85) and Carlo Santucci (EMDC '15) take students through the process of acquiring, developing, and ultimately profiting from a commercial real estate asset.

Joseph Santucci (MEM ʼ85) is the owner and managing broker at Avalon Realty Associates L.L.C. His son, Carlo (EMDC '15), is the commercial broker at the same firm.

Commercial real estate is the Santucci family business. Joseph Santucci (MEM ʼ85) is the owner and managing broker at Avalon Realty Associates L.L.C, a construction, real estate, and development firm based in the Chicago suburb of Rolling Meadows. His son, Carlo (EMDC '15), is the commercial broker at the same firm. Together, they provide an array of solutions to clients, including property management and construction work.

The Santuccis also bring their expertise to the classroom. Joseph and Carlo are adjunct professors in Northwestern Engineering’s Master of Science in Executive Management for Design and Construction (EMDC) program, where they teach Commercial Real Estate Investment and Development. In the course, the duo explains what a career in commercial real estate is like for professionals with an engineering background. They guide students through the steps to acquire and develop a commercial real estate asset, including selection, acquiring financing, purchasing, adding value, and eventually selling. The class also highlights the choices an asset manager makes and what goes into making informed decisions that will be beneficial in both the short- and long-term. 

These are all steps and decisions the Santuccis have been personally involved with, and they share these experiences with their students.

Carlo Santucci said he and his father, both Northwestern graduates, are proud and grateful to contribute to a new generation of students. The younger Santucci spoke about why this class is important and how it prepares students for success throughout their careers. 

How did you two develop the idea for the Commercial Real Estate Investment and Development course? 

We looked at what makes us different and sets us apart from the rest of the commercial real estate world. We are successful in real estate because we have the ability to quantify our costs, thanks in large part to our knowledge of the entire process of developing and acquiring a real estate asset. We know what hurdles are still down the road. If you know your costs, then you or your client can make an informed decision and act swiftly with confidence.

The course is as close as one can come to an on-site, on-the-job apprenticeship while still being in a classroom. Why is it so vital for students to gain that experience?

The experience you gain from our course really gives you a taste of what a career in real estate would look like through the eyes of an engineer. You are given a snapshot in real-time of the commercial real estate world. Our course ultimately allows you to understand the range an engineer has and what a career in real estate entails, including negotiating techniques and how to close a deal. In this way, one might be more inclined to expand their opportunities and further pursue a career in real estate development.

Each week is a step through the process, from the selection of the property all the way through selling. Has this process evolved or changed over the years? 

Our process remains the same — know your costs and know the market. Over time, strategies have evolved depending on the economy or reasoning to acquire or dispose of an asset.  

What new challenges are professionals facing when investing in and developing commercial real estate? 

The latest challenges in investing and developing commercial real estate are always the unknowns. In this instance, we are working through a global pandemic that is heavily impacting sectors of commercial real estate. On the other hand, with uncertainty brings forth opportunities that might not typically be available otherwise.

What is it like teaching with your father?

Teaching in tandem has been a great experience. At times it can be quite entertaining as it really opens the floor for conversation. We naturally play off each other and can finish each other’s sentences while still offering different experiences and perspectives.

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