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Meet Elizabeth Heredia - MRED ‘15
Meet Elizabeth Heredia - MRED ‘15

What are you working on in your current position? If there are any typical days in your job, what do they look like? 

As part of a team of 5, I am currently working on multiple ground-up retail developments in Sherwood, Salem and around the Portland area and a multifamily development in the Hollywood neighborhood.

Specifically, I am working on preparing and finalizing leases for our retail tenants, managing our contract schedules, corresponding with and updating our land sellers, setting up our projects in new software system to track our schedules, managing a retail tenant improvement in Albany, reviewing title reports, researching student housing as a possible market to break into.  Ha, I have a two page list of items I’m currently working on and it changes daily!  

As far as a typical day, it depends on the week.  Some days, 30-60% of my time is spent in meetings either within our group, or with consultants, brokers, or investors or all the above.  Overall, no, I wouldn’t say there is a typical day. 

What excites you about real estate development these days?   

The same thing that has always excited me: the ever changing environment and market. This requires figuring out how to make all the pieces fit together (i.e. financing, tenant mix, design, etc.) and each piece will most likely change throughout the process. Additionally, each project is different with new challenges so there is always a learning curve.

What were you doing before joining the MRED? 

I was working in Sales and Marketing.

What was your experience in the program? 

The students was one of the best parts of the program with such a diverse and enthusiastic  group.  Everyone was really excited about development and real estate, wanting to attend networking events, trips to tour development projects, and just learn as much as they can - that was really contagious. 

Additionally, the PSU real estate program is very well connected within the city and allows opportunities to make great connections with many of Portland’s biggest players.  I credit a connection made at a PSU event for the first job I took once I finished the program.

How are you applying what you learned in your job today? 

One great thing you get from the program is a broad overview of the different aspects of development.  I work in a group where each individual has a more specialized area. Having this broad overview allowed me to jump in and be able to provide assistance to each individual.  I would also say, financial skills are pretty key.  We are constantly evaluating and reevaluating current and prospective projects and being able to understand and know how to evaluate a project is invaluable. 

How has your career evolved since you completed the MRED? 

I returned to  real estate when I decided to enter the program.  Since then I have gone from leasing to commercial property management to development.  It has been an ideal career path with pertinent experience gained along the way.