Berkadia Investment Sales Reputation/Exit ops
Curious how IS at Berkadia would compare to JLL/CBRE multifamily in terms of reputation in the industry and exit ops, specifically to acquisitions.
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I’ve never seen a berkadia person at a good investment shop. Berkadia usually does smaller deals so you’d probably have to go to a regional smaller shop. Id say it’s a big step down from JLL and JLL wouldn’t be the greatest place to start if you want to end in acquisitions
Do you mean among the brokerages or just avoid brokerage in general?
There are plenty of decent teams at Berkadia - it just depends on what market you're targeting. They're far from being the #1 shop from a volume or name recognition perspective, but they're a solid option.
I'd also say that total volume is a bullshit statistic. The sweet spot in sales brokerage is the mid-upper private capital market ($4M - $8M deal size). I've seen brokers charge anywhere from 2% - 4% & earn higher fees than people slaving away on a 9-figure transaction. I know you were being pretty specific to exit opps, but just putting it out there.
Sorry just want to add another comment because this irks me but don’t go to Berkadia if you want to do acquisitions. And doesn’t Berkadia just do multi? There’s plenty other places with better reputations that could give you same and/or better experience than Berkadia
1) OP was specific to MF
2) The ability to exit to acquisitions will depend upon a team's interaction with sponsors. As investment sales is very market dependent, this is going to come down to which office OP has the ability to join. I know plenty of people who started at Berkadia who are now on the principal side.
3) This job market is brutal. I know that Berkadia pays a decent base salary and has teams that compete on institutional business in their markets. It's bad advice to outright say "don't go there".
Who hurt you? I've worked with plenty of good IS brokers from Berkadia on both the buy & sell side.
This is regionally dependent but to give you a data point- the DC team was pretty dominant the past year or two. Probably the top team over CBRE as of late which is tough to do in Baltimore/DC multifamily.
That may change again because of extenuating circumstances outside of Berkadia’s control- but the overall point is the company was able to attract talent and enable their success in this market.
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