Marquette student leads team to back-to-back victories at Eisenberg Foundation Real Estate Challenge

Two years, two case competitions, two victories.

This impressive track record belongs to Matt Waters, a recent graduate of Marquette's commercial real estate program who has played a key role in his team's repeated success at the Harold E. Eisenberg Foundation Real Estate Challenge.

One of the biggest real estate case competitions in the nation and the largest in Chicago, the challenge invites student teams from across the country to present a fully comprehensive development plan to a panel of judges including prominent Chicago developers. This year's 16th annual challenge had a record 29 universities compete, vying for a traveling trophy and champion status.

Waters' journey at Marquette started in the fall of 2022. A lifelong student of Catholic education, he was drawn to Marquette's powerful combination of Jesuit values and nationally-recognized programs.

"Early on, I knew I had an interest in real estate," Waters says. "I chose Marquette for it's Catholic identity, top 12 real estate program, and the best faculty who have been so supportive. I took the leap of faith and I can't see myself anywhere else."

After arriving on campus, Waters was quickly drawn to the commercial real estate program in Marquette's College of Business Administration.

"Everyone involved in this program dedicates so much time and energy to make it the best it can be," Waters says. "The amazing faculty quickly helped me realize this program was for me."

It wasn't long before Waters complemented his classroom learning by joining Marquette's Commercial Real Estate Club, a student organization of which he would later serve as president. By his junior year, he was recruited to join the undergraduate team preparing to compete in the 2025 Real Estate Challenge hosted by the Eisenberg Foundation. After three months of research and preparation, Marquette brought the traveling trophy home to Milwaukee.

"When I joined the team in 2025, it was my first time competing in a case competition," Waters says. "It was an incredibly immersive experience, and I learned so much about how commercial real estate works in the real world. It really takes you through the whole development process, from acquiring land, designing the site, navigating financials, and analyzing outcomes. It's the closest experience to actual development you can get."

Following the 2025 victory, Waters knew he wanted to be involved again as a senior. In 2026 he took on a leadership role, using his experience to guide the team throughout the 60+ day process.

"I knew I had to bring it," Waters says. "I kept thinking 'I am not going to lose this'. It was one of the strongest feelings of motivation I've ever had in my life. I really had a fire in me to do everything we could to win again."

Waters' unwavering determination spread to his team. In the final weeks leading up to the competition, they met every day to finalize and perfect each component of their presentation. The result? Securing a back-to-back victory at the 2026 Real Estate Challenge and being the first student win it two times in a row.

"I was ecstatic," Waters says. "I could not have done this without my team and the support we received from the Vieth Institute for Real Estate Leadership. I can confidently say no school has what we have here at Marquette, and I look forward to seeing my teammates do it again next year."

Today, Waters hopes more students will build on his team's work and continue to grow Marquette's case competition success.

"Just do it. Jump into the deep end. It's going to be hard, but you will learn and grow so much, both personally and professionally. The work pays off, and you'll see all the skills you developed - skills that simply can't be taught in a classroom."

Applied learning experiences like this exemplify Marquette Business's dedication to connecting classroom learning with industry experience. Learn more about the real estate program at Marquette University.