The National Association of Real Estate Brokers will graduate 227 emerging developers Tuesday from its Developers Academy, an initiative aimed at increasing Black representation in real estate development nationwide.
The academy addresses a stark underrepresentation in the industry: only 447 Black development firms exist among the nation’s 112,000 real estate development companies — less than half of 1 percent.
At the academy’s closing session Sunday, participants presented development proposals in a “Shark Tank”-style format to a panel of industry judges. Many participants are already real estate professionals seeking to expand into development.
The proposed projects focus on increasing housing supply, revitalizing neighborhoods and creating sustainable, inclusive living spaces.
“We witnessed groundbreaking proposals that will have a significant impact on communities,” said NAREB President Courtney Johnson Rose, who made launching the academy a top priority during her tenure. “The next step is for these brilliant entrepreneurs to obtain funding for their enterprises.”
Rose called on philanthropic organizations, private sector leaders and government officials to support the developments, which she said will help families and individuals struggling to find safe and affordable housing.
The judging panel included Gina Nisbeth of 9th&Clinton Strategic Advisory Firm; Paul MacFarlane of MacFarlane Partners; Tamara Newman of Everland Solutions; Tiara Henderson, managing director of corporate and investment banking at Wells Fargo; David Bowers, vice president of the Mid-Atlantic market at Enterprise Community Partners; Patrick Jordan of Herron Consulting; Tammy Wilson of TSW Consulting; and George Johnson of George E. Johnson Development Inc.
According to a Grove Impact report, community-based real estate developers face significant hurdles, including revenue gaps that the academy aims to address.
“At a time when communities across the country face an urgent housing crisis, we need all hands on deck to build more affordable housing,” said Bowers, whose nonprofit Enterprise Community Partners works to increase housing supply and build resilience for families and individuals.
Enterprise has partnered with NAREB on the academy, training instructors and working directly with a Los Angeles cohort formed in response to recent devastating fires.
“This collaboration is about more than education for Enterprise,” Bowers said. “It’s about attracting more mission-driven developers to the field, thereby strengthening communities and the industry.”
NAREB is expanding support for community-based developers by launching the NAREB Development Fund, a Community Development Financial Institution. These mission-driven entities create economic opportunities for individuals and small businesses while supporting affordable housing and essential community services.
The organization is recognizing the importance of developers during its 77th annual conference at the JW Marriott Hotel in LA Live this week by presenting its 2025 Impact Award to developer Victor MacFarlane, executive chairman of MacFarlane Partners.
The major Los Angeles-based development and investment firm acquires, develops and manages real estate assets for large pension plans and institutions, with projects in Los Angeles, San Francisco, Washington, D.C., and other areas.