Does REPE pay well in Miami?
Looking at Miami to move, do they pay well? Who are some of the top shops. Curious about development as well
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If you did any research on this you’d know there’s almost no REPE in Miami proper
OP also asked about development.
I’m also asking you to do some research before spamming threads. Do you know any large developers in Miami that hire analysts other than Related?
LOL
Was recruited by a few small firms out there but didn’t look as extensively as I’ve liked. Pay seemed competitive but I’m not too familiar with their cost of living. Here’s some shops in no order below.
This is exactly what I was talking about. Half of these aren’t even REPE or based in Miami. Miami has a weak institutional REPE scene. Sheep on WSO will SB a nice, neat list like this even when it’s bad info.
Related is development. They have REPE group but it’s out of NYC.
Starwood is debt (Starwood property trust). They have REPE but it’s out of NYC / SF / DC primarily
Rialto is all debt in Miami office. They have REPE but it’s in NYC, Atlanta and LA.
HIG… you guessed it. Their REPE arm is almost entirely out of NYC. One guy in LA. They’re HQ’d in Miami and that’s where their corporate PE folks sit, but real estate is non existent in the Miami office.
Lennar is development and pays shit.
Nuveen is like PGIM, I guess that’s cool. But they don’t pay like REPE funds
Rest are small enough that I’ve never heard of them. Except for maybe Banyan
Now go ahead and MS me even though I’m right ;)
Can confirm, there are names in miami but nothing of actual substance when it comes to jobs at big firms...
The poster very clearly states “curious about development as well,” so maybe read next time instead of berate.
Rialto has a posting right now for an Equity Investment Analyst based out of Miami on their website. Starwood I may be misinformed on but have heard some equity guys have had the option to work in HQ depending on their current location.
I’m likely misinformed on HIG, so apologies.
No need to be so upset on a thread where a guy is asking for firms in a place he wants to move to.
Didn't Starwood move their HQ to Miami? I'd assume people would move over there eventually?
So, at the chance the OP meant "REPE" as in "investment management" or just all encompassing buyside CRE (they do mention development as well). I'll answer this from a "Florida pay vs. New York pay" (which could be generalized as top city NYC/LA/SF/etc vs. large secondary/primary like MIA/DAL/DEN/etc.)... as I think that is actually the spirit of this post (not the "is it REPE" fest it became). I have experience in both markets (now in NY, grew up in FL, and well let's face it NY-->FL is common discussion lol). That said..... my anecdotal data points are getting to be serval years old.... and I actually wonder if all these "moves south" by big firms is shifting it. I've "heard" from some friends recently that the gaps may be closing, but tbh, I'm not convinced....
- At the "junior", the gaps can be large for first jobs or even move up jobs.. Like (this is the data from years ago tbh).... if FL paid new analysts $45-55 base, NYC would give $70-85k. With whatever bonus multiplier, this got even larger. Now, did the higher $$$ for NY cover the higher cost of living and state/local taxes?? Debatable, but COL in FL (especially MIA) has been skyrocketing last few years... so new world of stuff to consider.
- At "mid-senior" levels.... varies wildly (small personal disclosure, I moved to NYC in this phase of career)... tbh, some people in NYC were/are making very very similar to what their FL counterparts are making. There is a lot of competition in NYC FROM talent, and frankly, it seems to compress wages. Where if you have "institutional" skills and were willing to work in FL, you could find firms more willing to "overpay". This is meant to talk about the "middle ground" of wages/firms in both FL and NY, the "top" tier of NYC firms (you can think of Blackstone, Brookfield if you like) clearly pay TONSSS more, no debate... but if you don't work at that level, harder to see.... (like does the FL based Related outpay the NY based Related.... not so sure from what I saw...).
- At "executive" levels.... a lot more parody from what I heard is possible. A person I worked for in FL who had been recruited from NY basically said headhunters call up NY talent with the pitch that goes "we pay like NY but you can live in FL, that's the attraction". From other thing I've heard/seen, this seems to be true (again, comparing "level" firm to "level" firm.... not BX vs. some avg. FL firm). However.... there is a HUGE caveat to this statement.... you had to be an "NY'er" type to get this FL based job.... or at least have the legit ability/cred/skills/background to get a similar NY based job. If you are just moving up the "FL ranks" from local type firms.... these roles will rarely get offered, and if they do... expect an FL discount (which did happen to be clear).
So, the bottom line.... the pay an individual will get in a "move to Miami" (as the OP lays out), will depend a lot on what/where they are moving from. It IS POSSIBLE to move with no pay cut, or even get a raise if the role is a promotion. It is also possible to move and take a small to meaningful pay cut, especially if you "downgrade" firm type. Thus, your pay/trajectory depends a lot if you get the "stamp" of being an NY'er type vs. an FL type, that is the biggest consistent theme I've seen.
Final anecdotal point... a few months prior to pandemic, a friend of mine in NYC left to a firm in FL (they were from S. Fla). They told me the details of the offer (I was sorta mentoring/comp checking the offer for them), and I was amazed how much it was for the firm and city (not MIA actually). Here is the thing... this person had several years of exp. with a big name NY firm (asset mngt type role, for owner/developer) and had just finished an MSRE from NYU. So, this FL based firm (the firm was def a "downgrade" but position an "upgrade"), was making the offer based on "getting an NY person to move back to FL" and I 100% think they got significantly more base + bonus as result! That is really how you "arbitrage" these market moves!
I am based in South Florida. Would add a few firms that are important down here with real investment roles and pay competitively.
1) Kayne Anderson - Boca Raton
2) Related Companies / Southeast (Development) - West Palm Beach
3) Related Fund Management - New Office in Boca Raton
4) Wexford Real Estate Investors - West Palm Beach (Smaller but smart)
5) Elion Partners - Aventura (Industrial focused)
I would add that pay has been increasing down here. It is not uncommon for analysts to get $90k-$140k and associates to get to $175k-$250k + promote all-in. This is at larger more established firms.
Can confirm, SWPT is paying analyst 140ish all in, a little higher for the high performers
Can confirm this is not true at all. Glorified loan servicer.
That is false.
Hines
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