The Search for Property: Institutional Investment in Real Estate

Kellogg School of Management Cases

ISSN: 2474-6568

Publication date: 20 January 2017


  • Apply modern portfolio theory to the investment decision of an institutional investor allocating its assets between stocks, bonds, and real estate

  • Understand the limits of portfolio theory in a real estate context

  • Analyze the benefits/costs of investments in both public and private real estate

  • Understand the various vehicles in which one can invest in private real estate

  • Argue for a set of investments that offer individual benefits/costs relative to a theoretically ideal investment



Furfine, C. (2017), "The Search for Property: Institutional Investment in Real Estate", Kellogg School of Management Cases.

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