Real Estate Boom: Alex Elbogen ’20 BSBA (Finance) and Jake Elbogen ’20 BSBA (Business Management)
Nov. 8, 2018
Alex Elbogen ’20 BSBA (Finance) and Jake Elbogen ’20 BSBA (Business Management)
When you talk with Eller students Alex Elbogen ’20 BSBA (Finance) and Jake Elbogen ’20 BSBA (Business Management) about commercial real estate, their industry knowledge and work experience defy their age.
Two of three fraternal triplets, all of whom are studying at UA, Alex and Jake received their real estate licenses by the age of nineteen. Both spent summers after their first and sophomore years working in real estate companies. And both are heavily involved in Eller’s Commercial Real Estate Club, which has given them access and exposure to dozens of commercial developers and real estate brokers in multiple, high profile markets.
This fast-paced, hard-working mindset runs in the family. The boys’ father, Gary Elbogen, is real estate lawyer turned commercial developer and property management executive with Desert Troon Companies in Scottsdale. The two grew up in North Phoenix, listening to him talk about his work.
“Real estate has always sparked our interest,” Alex says. Back then, dad couldn’t get too technical, Alex admits. “But now that Jake and I are immersed in the industry, we can sit down with him and talk about real estate in detail. It’s been a bonding experience for us.”
Alex and Jake feel they have also benefited from the mentoring received from Eller alum James Neal ‘04 BSBA. Neal’s success as president and development partner at Hinkson Company, a Scottsdale commercial development firm, came after years of hard work and tutelage from the brothers’ father.
“James worked with our dad and watched us grow up,” shares Jake. “He’s like an older brother.” Alex adds, “He took us under his wing and has been a great role model. There is a drip down effect because our father mentored him, and he has carried on the mentoring to us. It’s pretty unique.”
From the get-go, the brothers jumped in feet first to take advantage of the experiences and resources that UA and Eller have to offer. Alex is in the Honors College, Arizona Ambassadors, serves as president of the Sigma Phi Epsilon fraternity and is a member of the Commercial Real Estate Club. Jake is vice president of the club’s executive board and heads up procurement of growth and exposure as well as sponsorship funding for the club’s networking trips.
The club has boosted networking and internship opportunities for both brothers, as well as connected them with other students who are pursuing careers in commercial real estate. Earlier this year, Alex and Jake were part of a team that won the Spring 2018 CREC Case Competition, judged by the Real Estate Advisory team from EY. The team submitted an exemplary valuation analysis for an office property in Phoenix.
The executive board and alumni sponsors work hard to promote members as ideal candidates for internships. Alex secured one in Los Angeles this past summer, after the club hosted a speaker from HFF, a multinational real estate brokerage. “I didn’t know who HFF was before that,” he admits. “But after hearing the talk, I sent my information and got the internship,” which Alex says exposed him to a whole new side of the industry: capital markets.
In Spring 2018, members headed to Phoenix for two days to meet with five companies. As Jake tells it, “they invited us into their offices and shared client experiences and stories.” On these trips, students get to meet and talk with brokers and developers. “Everyone’s resume and photo are put into a book that we give to the companies we meet with,” Jake explains. The Fall 2018 CREC Networking trip took place in Dallas.
Both recognize that even though they came in to Eller with serious goals and impressive acumen, they have grown during their time here. “Especially in the first semester, I was challenged to get out of my comfort zone,” says Alex. “ And I realized in the end, it’s those kind of challenges that will make me better.”