FSU Real Estate Investment Fund

Current Top 10 Holdings

1. PROLOGIS, INC. (XNYS: PLD)
2. MID-AMERICA APARTMENT COMMUNITIES, INC. (XNYS: MAA)
3. EQUITY LIFESTYLE PROPERTIES, INC. (XNYS: ELS)
4. KIMCO REALTY CORPORATION (XNYS: KIM)
5. SCHWAB US REIT ETF (ARCX: SCHH)
6. AMERICAN TOWER CORPORATION (XNYS: AMT)
7. DIGITAL REALTY TRUST, INC. (XNYS: DLR)
8. EXTRA SPACE STORAGE, INC. (XNYS: EXR)
9. REGENCY CENTERS CORPORATION (XNYS: REG)
10. IRON MOUNTAIN, INC. (XYNS: IRM)

Below are four spring 2025 REE 5209 presentations to the investment committee:

• CUBE
• First Industrial Realty Trust
• EQR
   

Faculty Advisor

Mariya Letdin
Dr. Mariya Letdin is the Kyle Riva Associate Professor of Real Estate in the Department of Risk Management/Insurance, Real Estate and Legal Studies at Florida State University’s College of Business, where she teaches undergraduate courses and in the MSF and MBA programs. Letdin is also the Ron Rayevich/NAIOP Distinguished Research Fellow. Her areas of research are commercial real estate valuation and debt utilization. Letdin’s research has appeared in the Journal of Real Estate Finance and Economics, Journal of Regional Science, Journal of Real Estate Research, Journal of Real Estate Literature and International Real Estate Review. She serves on the editorial board of the Journal of Real Estate Finance and Economics and on the boards of the Real Estate Research Institute and American Real Estate Society, as well as the American Real Estate and Urban Economics Association executive committee.

Prior to her academic career, Letdin worked in the commercial real estate industry, where her industry experience includes CMBS lending for JP Morgan; loan origination, underwriting and asset management for Tremont Capital; and debt placement for HFF.

Letdin received her bachelor’s degree in finance and her MBA from DePaul University. Her Ph.D. in finance is from Baruch College/CUNY.
 

Fund Managers

Mia Brown, originally from Pittsburgh, Pennsylvania, is pursuing her Master of Science in Finance (MSF) with a real estate specialization at FSU, where she recently completed her bachelor's degree in real estate. She serves as the co-CFO and fund manager for the FSU Real Estate Investment Fund and is continuing her summer internship as an underwriting support intern at Lucro Commercial Solutions. Mia is also an active member of the Real Estate Society at FSU. Following graduation, she is focused on building a career at the intersection of commercial real estate and finance.  

Olivia Calandra, originally from Orlando, Florida, is pursuing her MBA with a real estate specialization at FSU, where she recently completed her dual bachelor's degree in real estate and marketing. She serves as co-CFO and fund manager for the FSU Real Estate Investment Fund, works as a graduate assistant and continues her internship as an underwriting support intern at Lucro Commercial Solutions. She recently completed a summer development internship with the City of Altamonte Springs, holds her Florida Real Estate Sales Associate License, and is an active member of the FSU Real Estate Society. Following graduation, she is focused on pursuing valuation analyst and commercial brokerage opportunities.  

Hannah Malik, originally from Boca Raton, Florida, is pursuing her MBA with a real estate specialization at Florida State University, where she recently completed her bachelor’s degree in real estate. She currently serves as the co-CEO and fund manager for the FSU Real Estate Investment Fund. Hannah also serves as the vice president of Public Relations for the Real Estate Society at FSU and is a licensed Real Estate Sales Associate in the state of Florida. Following graduation, she is focused on pursuing a career in commercial real estate brokerage, particularly retail leasing or industrial, in South Florida. 

Lauren D'Onofrio, originally from Tampa, Florida, is pursuing her Master of Science in Finance (MSF) with a real estate specialization at Florida State University, having completed her bachelor's degree in real estate. She currently serves as co-CEO and fund manager for the FSU Real Estate Investment Fund and just finished a summer internship at Cushman & Wakefield, working on the firm’s global corporate services team. She is also an active member of the Real Estate Society at FSU and has participated in a couple of corporate tours. Following graduation, she hopes to pursue a career in commercial real estate brokerage, particularly retail leasing. 

Investment Committee Members

Scott Darling 
Scott Darling is the president of American Realty Advisors (ARA), where he leads the firm’s portfolio management team. He also serves as the co-portfolio manager of ARA’s largest commingled fund, for which he has overseen the creation and implementation of the investment strategy since its inception in 2003. Darling also serves as a member of the firm’s investment and leadership committees. Prior to joining ARA, he served as director of asset management and sales for Resolution Trust Corporation’s California office, where he was the senior asset officer responsible for the management and sale of more than $60 billion in assets from savings and loan institutions. Darling more than 42 years of experience and earned his bachelor’s degree in finance from Florida State University and a J.D. from the University of Southern California School of Law.

Bill Lloyd 
Bill Lloyd is the owner and president of R.K.M. Development Corp, a full-service retail development company, specializing in build-to-suit single tenant projects, neighborhood and regional retail shopping centers, with locations in St. Petersburg, Florida; Birmingham, Alabama; and Raleigh, North Carolina.  Lloyd has been with R.K.M since 1989 and became the president and partner in 1999. R.K.M. has developed more than two million square feet of retail valued at more than $1 billion. Prior to joining R.K.M., Lloyd worked with Equitec, a California-based REIT and managed the Florida portfolio, which consisted of both retail and office investments. Lloyd graduated from Florida State University with a Bachelor of Science in real estate.

Kyle Riva 
Kyle Riva is the CEO and president of Alexander Investments International. Throughout his extensive career, Riva has been responsible for the financing, construction and development of high-profile commercial real estate, which includes apartments, office buildings, retail centers, industrial properties, hotels, resorts, single-family projects and land. Prior to forming Alexander Investments, Riva was with Epoch Properties, Inc. for more than 25 years, where he led the company as president for a decade. He also served as manager of the Central Florida office of Carey, Kramer, Silvester & Associates, a commercial real estate mortgage and sales company. His experience also includes vice president/branch manager of Alliance Mortgage Company and territory manager for the Burroughs Corporation. Representing more than 20,000 multi-family living units at a value of more than $2 billion, Riva’s projects have been recognized in national publications such as Housing, Professional Builder and Florida Trend. Riva graduated Florida State University with a Bachelor of Science in management and a Master of Science in management from Rollins College.

Thekla Salzman 
Thekla Salzman, a principal with Salzman Real Estate Advisors, has more than 30 years of experience in commercial real estate, primarily focused on financial management and operations. She also was part of a senior management team that raised, invested and managed more than $3 billion in private equity funds. She has served as the chief administrative officer for Rialto Capital Management and chief financial officer for Rialto Real Estate Fund Group Part. Prior to that Salzman served as the CFO for the Miami and Europe divisions of LNR Property and the CFO for Centrum Corporation. She has extensive experience in all aspects of the investment management cycle, including fundraising, investor relations, accounting, financing, treasury, tax, legal and business systems, as well as of debt and credit products such as commercial mortgage-backed securities and mezzanine debt, distressed debt, securitized financings and special servicing operations. Salzman has a Bachelor of Science in finance and accounting from Florida State University and is a Certified Public Accountant.