Honoring the Runstad Class of 2025

With graduation behind us, the Runstad Department of Real Estate takes a moment to reflect on the extraordinary accomplishments of the Class of 2025—students who have left a lasting mark on our community and the future of the built environment.

This year’s Runstad Graduation Celebration, held on June 13, 2025, marked a milestone: the largest undergraduate class in the department’s history. Nearly 140 students will have earned their Bachelor of Science in Real Estate (BSRE) by the end of the summer, representing a diverse and dynamic group of emerging professionals. Many were the first in their families to graduate from college, and their post-graduate plans span a wide range—from private development and investment firms to public sector roles and nonprofit housing work.

The Master of Science in Real Estate (MSRE) program also celebrated its largest graduating class to date. Thirty students completed the program in 2025. For some, the MSRE was a launchpad into a new career; for others, it was a way to deepen their expertise and accelerate existing paths in the field. Collectively, their stories are a testament to the global reach and interdisciplinary nature of real estate education at the College of Built Environments.

As part of this year’s celebration, the department honored five graduates with special recognition for academic achievement, leadership and service.

Academic Excellence Awards

The Runstad Department of Real Estate Academic Excellence Award is presented to graduating students who have demonstrated outstanding academic performance and received the highest cumulative marks across their UW coursework.

Undergraduate: Catherine Huang

While pursuing a B.S. in Real Estate, a B.A. in English, and a minor in Classical Studies, Catherine Huang maintained a perfect 4.0 GPA. She was named a national Top 40 CREW Network Foundation Scholar, earned multiple departmental scholarships, played for the UW Ultimate Frisbee Club team, interned at Washington Capital Management, and contributed to Off Leash, a student-run satire magazine.

Graduate: Sam Tullis

Sam Tullis served as MSRE Cohort Liaison for the Real Estate Club for the 2024-2025 academic year and represented his peers on the College of Built Environments Student Council. He previously earned a B.A. in Finance and Information Systems, graduating magna cum laude from the Foster School of Business. During his time in the MSRE program, he interned at Ironwood Commercial Real Estate and Affinius Capital, where he will soon begin a full-time role as a financial analyst.

Service Awards

The Service Award honors graduating students who have demonstrated exceptional service to their peers, the department, and the professional community.

Undergraduate: Ciara Laney

A dual major in Real Estate and Architecture, Ciara became the first undergraduate to serve as President of the Real Estate Club after rising through the ranks as Communications Manager. She represented the department at numerous info sessions, competed in national and international case competitions, and served on the CBE Diversity Council. Her leadership, energy, and commitment will have a lasting impact on the Runstad community.

Graduate: Jolin Fang

Jolin holds degrees from the University of Toronto and Harvard University, where she earned a master’s in Technology, Innovation, and Education. At UW, she supported the MSRE curriculum review process, served as a reader-grader, and built meaningful relationships with faculty, staff, and advisory board members. Professionally, she balanced graduate studies with an acquisition internship at Redfish Capital and management of her Vancouver-based development company, Absolute Life Development.
Jolin expressed:

The MSRE program equipped me with both the technical knowledge and real-world context to navigate the industry with confidence. Just as impactful was the access it provided to a network of local professionals and mentors—many of whom became trusted advocates and opened doors that would have taken years to reach on my own.

George Rolfe Award

Named in honor of the founder of real estate education at UW, the George Rolfe Award recognizes an MSRE student for academic excellence, leadership, and teamwork. George Rolfe was a visionary educator and developer who helped establish the Real Estate Certificate Program in 1988 and laid the foundation for the MSRE program that bears his legacy today.

Awardee: Caelen Ball

With more than a decade of experience as a civil engineer for the City of Seattle—and already holding a master’s in Civil Engineering from UW—Caelen joined the MSRE program to shift his focus toward real estate development. He is an award-winning program manager who helped digitize Seattle’s permit system and is known among his classmates for his warmth, thoughtfulness, and leadership.

As one peer shared:
“Caelen is truly the heart of our cohort, genuinely invested in building meaningful one-on-one relationships. He remembers details from casual conversations, making everyone feel valued and special.”

Another added:
“In every aspect—academically, socially, and personally—Caelen truly embodies the spirit and values celebrated by George Rolfe.”

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We are deeply proud of the Class of 2025. Reflecting on this past academic year, Shannon Affholter, Chair, Runstad Department of Real Estate, states:

Each year, our students demonstrate remarkable drive, creativity and commitment—but the Class of 2025 stands out. They’ve shown leadership not only in the classroom but in the way they engage real-world challenges. I’m confident this group will continue to lead with purpose and make meaningful contributions to the places we live, work and build.

Congratulations, graduates. Your ambition, resilience and dedication have shaped the Runstad Department of Real Estate for the better—and will continue to shape cities, communities and industries far beyond campus.Your future is bright, and we’re honored to have been a part of your journey.

View photos from the celebration below: