Industrial REPE Acquisitions Analyst Interview
I have a first-round interview with an Industrial REPE firm coming up. The interview is expected to last up to 2 hours which is long for a first-round so this has put me on edge for what I am likely to be quizzed on. What typical/ common interview questions should I expect? and what industrial specific questions are likely to be asked too? All advice greatly appreciated!
Alright this is stupid cause I’m a college student but I interviewed and later accepted an internship at a top REPE firm last summer.
Questions I remember were: which regions do you see property prices to be undervalued and why? Walk me through how a rent roll is used in property analysis? Walk me through a waterfall that “the firm” might use. How many telephone booths are there in Manhattan? All pretty easy in my opinion
And finally, “how old are you” ( I was 18 at the time just out of high school) followed by, “how did you get this interview”
Good luck, wish I could have been of more help
Also just remembered. Analysts ( I was an intern remember) had to complete a model for a pretty complicated multi family property with around 100 units. Included in this was the loan, cap rate, multiple, all that stuff. You have 2 hours to complete it and give a recommendation on if to buy or sell. This was actually pretty tough, it took me about 1.5 days of free time when I had nothing to do to get it right...
Let's walk before we run. Have your story and background spiel on point. I'm amazed at how many analyst hopefuls walk into our interview and cannot seamlessly walk through their background. Run through that in your head one hundred times. It sets the tone.
Questions you'll likely encounter: - walk me through line items of a cash flow and how they tie together - walk me through the various steps in underwriting an acquisition opportunity - walk me through mechanics of a waterfall model and general approach - features of an industrial building that the market deems important - how would you go about evaluating a market/submarket - how would you go about evaluating a new sponsor
Unsure where you are experience-wise but if you have deals under your belt then know them like the back of your hand. You are your deal experience in this industry. If your experience is something besides industrial - no big deal. Real estate is real estate at the end of the day. Just demonstrate a genuine interest in the product.
Know the firm's strategy well and be prepared to talk about a couple of their deals. This goes such a long way and it's crazy that every candidate doesn't do this. If the firm owns in your local market then go window tour their holdings. These steps demonstrate the type of person that you are and thus the type of employee you will be.
Experience so far is multi-family development, and the role is industrial with an emphasis on development. Will have a look at all the above, much appreciated!
Just work "shallow bay, last-mile, and Blackstone exit" into convo as much as possible and you'll be golden.
We're using "last touch" now, didn't you get the memo?
Yes - though that would imply industrial funds are actually doing any homework right now...
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