Development to REPE?
I’m currently a development analyst at an institutional shop on the east coast (DC, NYC, BOS). I’d like to ultimately switch into a REPE role.
Coming from a development role how feasible is that? I currently don’t do a ton of underwriting, it’s much more execution and budget/entitlement focused but I know do how to model.
I’m willing to lateral or even potentially go from senior analyst back to analyst. Any advice for making this switch? Have you seen it done before?
Network, network, network.
This can be done.
I did this but wasn’t easy. Need to find a fund that does opportunistic deals most likely
What did you do to make it work?
I came in with 4 years of experience and started as a Senior Analyst which I think helped. Pitched myself as a bridge between Investments and Project Management who could also learn stabilized acquisitions and underwrite with the best of them. Had to pass an excel test, write a IC memo during interview process, etc. Def work on your modeling. Take classes online, make models on your own time, do something to get more reps.
Ultimately, I used a recruiter to get the role. It also helps that the firm I’m at is a REPE sponsor that develops and buys stabilized deals, backed by a discretionary fund with capital from a handful of family offices. The execution experience I came in with is more important here than it would be at a larger fund or true LP fund. No training and every associate needs to take a lot of ownership on the deals they’re on (but we get paid better than market for operators/developers, more in line with true REPE).
Most of it was probably luck, timing, and finding a place that was looking for my exact experience. Also took a while, over 7+ months to land the gig.
FYI I did it in your exact same market and in your exact same circumstances. I was more so in a middle market ish development shop as analyst mostly focused on execution + budget. I did full cycle development doing all residential. I then pivoted to a boutique super small opportunistic REPE shop (multiple asset classes) with similar comp in a more desirable area for myself within less then a month. Networking is key for sure as the rest noted. I actually never even applied anywhere and hit on my first networking convo luckily. Good luck, but definitely possible. Just spend some time brushing up on modeling skills and excel. It’ll come pretty quick once you get into the swing of things at the next gig
What was you reasoning for wanting to switch? I'm in REPE but wanna go into dev. Obviously a bunch of headwinds, but time in development can pay right?
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