Prereq: 11.431 and (15.402 or 15.414). Introduces real estate capital markets for institutional investors. Topics include real estate investment trusts (REIT), commercial mortgage-backed securities (CMBS), and private equity. Concepts and techniques for investment analysis include portfolio theory and equilibrium asset pricing. Additional topics may include price indexing and derivatives. Focuses primarily on aggregates of many properties: portfolios, firms, markets, industries. Relates macro-level capital markets topics to micro-level bricks-and-mortar of real estate development projects in a direct and concrete manner.