GRAND FORKS — The University of North Dakota’s Nistler College of Business and Public Administration is welcoming a new major to its repertoire and has named it in honor of a special alumnus.
Interim Dean Patrick O’Neill told the Grand Forks Herald the new real estate program will meet an education need in the state and provide workforce-ready people to the industry.
“We recognized that real estate is a very important industry in general, but in particular in North Dakota,” he said. “We don’t have, in our state, any programs in real estate. … So it was an opportunity to create something.”
The State Board of Higher Education has approved the renaming of Nistler College’s Department of Economics and Finance to the Fransen Department of Real Estate, Economics and Finance in honor of Robert “Bob” Fransen, a press release from the university said. The naming also honors the addition of a new real estate major.
Fransen graduated from UND with a bachelor of science in business administration in 1977. He was a member of the Lambda Chi Alpha fraternity on campus and lettered in track and field, earning a spot in the UND Athletic Hall of Fame in 2017. He serves on the Forever UND Campaign Committee, an effort by the UND Alumni Association and Foundation.
UND’s new real estate major will be the first of its kind in the state and one of a small number of similar programs in the Midwest and Upper Plains, the release said. The real estate department will offer a curriculum to prepare students for careers across real estate, finance and government. The program will integrate economics with entrepreneurship, a move that will develop data-driven skills “needed to address real-world business challenges in the private, public and nonprofit sectors,” the release said.
O’Neill said the college does have two real estate courses that have filled to capacity every time they’ve been offered. The real estate program will introduce 10 new courses sequentially over the next few years and is in the process of hiring new faculty in addition to the adjunct professor teaching the two current real estate courses. The program will not create Realtors, he said, but people for the industry, working behind the scenes, such as bankers with expertise in real estate.
“We’re looking at providing real estate industry, development, etc., workers who are ready to go into the workforce,” he said.
The college has some alumni and donors in real estate who were excited to provide resources in helping the college add the new curriculum, including Fransen. In addition to financial support, Fransen also gave the college contacts for people who might also be interested in supporting it, as well as names for potential faculty.
“It’s been delightful having him as a partner in this endeavor,” O’Neill said.
Fransen, a native of Coleharbor, North Dakota, has been involved in real estate investment and brokerage since 1978. He is the founder and CEO of Timberland Partners, a real estate investment company based in the Twin Cities. The company owns and operates 21,500 apartment units in 18 states, the release said. Before he founded Timberland Partners in 1992, Fransen worked as an apartment sales broker with CB Richard Ellis.
In the release, DeAnna Carlson Zink, CEO of the UND Alumni Association and Foundation, said it is a joy to celebrate Fransen’s history of support for the university.
“He cares deeply about student success and gives generously of his time, talent and treasure to help students thrive. This forward-looking gift strengthens UND’s ability to develop a skilled, workforce-ready pipeline of real estate professionals while honoring Bob’s enduring legacy.”
In the release, Fransen said UND and his track and field coach, Frank Zacula, set the stage for him.
“When presented with the opportunity to help create a real estate department at UND, I was all in,” Fransen said. “Real estate has been an endlessly fascinating career for me, and I look forward to hiring UND graduates for my family business in the coming years. The real estate profession needs more UND graduates.”
The naming of the real estate department also honors Fransen’s family legacy, he said. His grandparents were Swedish immigrants who homesteaded in the U.S. Plains region.
“This department is a tribute to them, as well as to my children, Matt and Erin, who have helped build our family business and made this opportunity possible,” Fransen said.
Vice Provost Eric Link said in the release that the real estate degree is an opportunity for students that will have an impact across the region.
“Understanding real estate finance, development, operations and management is vital to our state and region,” he said. “UND will serve as the key institution training the next generation of real estate leaders and entrepreneurs.”
Department Chair Prodosh Simlai added that the designation of the department reflects UND’s academic excellence and distinguishes it from its peers.
“Inspired by Bob Fransen’s values of integrity and leadership, we are building a modern, forward-looking real estate program,” Simlai said in the release. “Our mission is to elevate the regional real estate ecosystem by developing a new class of skilled professionals. We are creating the talent pipeline needed to support investment analysis, commercial development, asset management and real estate finance.”
