The Real Estate Society ("RES" or the "Society") is a student organization that seeks to develop an enhanced understanding of real estate development and investment. Under authority delegated from the Washington and Lee University Board of Trustees, the group manages a portion of the University's endowment to make real estate investments in public equity markets. RES employs a top-down investment procedure and seeks to identify companies trading below their intrinsic value. The Society is divided into the following asset-class groups: Office/Healthcare, Industrial/Self-Storage, Retail, Residential/ Lodging, Specialized/Diversified. The group also hosts guest speakers, conducts market research, and participates in an annual case competition to utilize what members have learned over the course of their participation with the society. Real Estate Society members are selected through a competitive annual application process.