Internship REPE Fund (Mainly Invests LP/Mezz/Pref) vs Top Multifamily Debt/Equity Brokerage Team
Hey guys,
I am looking at two potential opportunities right now. Getting towards the end of one process and in the middle of another. For this conversation let's assume I received the offers.
I am in a well known masters program looking at these two internship opportunities. My end goal is an owner/developer but since this is the beginning of school year these are what I have at the moment, it seems in general there aren't a lot of Fall semester internships for grad students and if there are they will come later. Which would you choose? The REPE fund invests mostly in LP/mezz/pref on multi deals in the Sunbelt, have had a good amount of highprofile deals (5-10+) in publications where they were either the buyer or the seller ($30-$150mm+ total deal size I think they raised $1 billion min for their fund) and I am assuming I will get good experience here as an intern and learn the dynamics of a REPE fund which would add to some of the principal side experience I already have. The brokerage team is at a top 2-3 shop in their market, one of the top teams at the company and is doing $5 billion+ annually in debt/equity placement mainly in multifamily closing a deal every 1-2 weeks.
Which would be more beneficial at this point? I have brokerage and principal side experience, the brokerage is a nationwide name (CB, JLL, Newmark) while the other group is well known in our market (a Tier 1 market) where I plan to stay and it seems it's more about what you learn in a role than a brand so if I get more real experience with UW, waterfalls, reporting that seems more beneficial than a brokerage role.
too long, didn’t read but Pls don’t go to the brokerage.
Yeah, can confirm. A legit pref / mezz / equity shop is basically the best place to start if you want to learn RE investing and it’s not even close
Are these roles located in houston?
No, I said Tier 1 city lol. But no it’s not in Houston.
So.... a few points....
- The "best" internships give you legit experience doing something (i.e. underwriting or basically acting like an analyst/whatever) and the "very best" do that plus offer a great likelihood of FT return offer if you are liked and want it. If one of these fits those items, makes it tough to pass it up.
- BUT.... you should want to do that field/role.... you mention owner/developer as the end game, and one role is "buyside" the other "sellside", seems like the fund would be a smart move especially if FT was potentially on the table. However, you didn't really say if you would consider or want a brokerage career first then "go buyside". So, if you want or would consider working for this brokerage and its team..... then may be very smart.
- Bottom line...... Don't see a compelling argument one way or the other. So, unless you want to do brokerage, I'd go with the fund. A internship with a brokerage really isn't all that special even if on the "top" team for your market, you really need a few years of experience to that "bump". I'd also factor that brokerage is slowing down at the moment, but an active fund with a portfolio will have asset management challenges and probably even acq. opportunities regardless. Hard to really forward predict all that, but I'd think about it for sure!
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