Blackwood Department of Real Estate Goes Back-to-Back at Mulroy National Real Estate Competition; Lands Two Teams in National Top Four

What happens when you combine strategic thinking, real-world application, and months of dedicated teamwork? For Virginia Tech’s Blackwood Department of Real Estate students, it results in national recognition, a $5,000 check—and another major win.

The 16th annual Mulroy Real Estate Challenge brought together 35 teams from 26 universities to develop a project plan, market analysis, and financial strategy for an urban infill site in Philadelphia, Pennsylvania. The panel of judges featured senior executives from top commercial real estate firms.

In a pool-style competition format, teams were divided into five pools of four. To advance, a team had to win its respective pool, eliminating the others in the group. Virginia Tech’s two teams each won their pools, advancing to the finals alongside the three other pool winners. Virginia Tech was the only school to have two teams advance to the final round.

Collegiate Assistant Professor of Real Estate, Dr. Jeffrey Robert, has served as the departmental representative preparing Virginia Tech’s teams for the past seven years. While Dr. Robert helps students prepare in advance, once the case is released, teams must work independently to develop their submissions. Following a thorough review process, 20 selected teams were invited to present in person in Philadelphia.

“These students have worked incredibly hard over the last six months—individually and collaboratively—on their case studies,” said Dr. Robert. “It truly showcases the level of effort required to compete at this level and reflects their passion for real estate.”

The first-place Virginia Tech team, KNIT Development Group, included seniors Katie Barnett, Ian Trainor, Kaitlyn Dubé, and Nathan Herrick. The fourth-place team, Vanguard Capital Group, consisted of Sophia Gottlieb, Daniel Bennett, Allie Richards, and Kameron Freeman. Other finalists included teams from California Polytechnic State University, Georgetown University, and the University of Tennessee.

KNIT Development Group’s proposal included 627,629 gross square feet, with an estimated development cost of $333.5 million. The site layout featured 16,500 leasable square feet of ground-floor retail, over 200,000 square feet of office space, nearly 300 multifamily units, and a wide range of amenities.

“Many competitors asked how we’ve achieved such consistent success at the Mulroy Real Estate Challenge,” Dr. Robert added. “My answer is always the same: this is what the Blackwood Department of Real Estate does. We focus on holistic project development. Our students take a wide range of courses from building construction and civil engineering to property management and market analysis, as well as traditional real estate finance. We are a truly interdisciplinary program that prepares students to understand all facets of real estate development.”

This year, the first-place team was awarded $5,000 and a commemorative plaque. Since joining the competition in 2019, students from the Blackwood Department of Real Estate have earned a total of $18,000 in prize money. The department has secured first-place finishes in 2022, 2024, and now 2025, along with two additional top-four placements.

“The success our students have had at the Mulroy Real Estate Challenge in recent years is truly remarkable,” said Dr. Dustin Read, Head of the Blackwood Department of Real Estate. “It’s a testament not only to the students’ hard work and dedication but also to the faculty who support and mentor them throughout their academic journey. It’s exciting to see what our students can achieve when equipped with the interdisciplinary training necessary for real-world challenges in the real estate industry.”