Does anybody know what the compensation package looks for development shops such as Mill Creek and Crescent? I would be curious to hear what roles such as a Dev associate or dev manager Comp out at. I am currently a dev associate with five years of experience in the Chicago Market. I am at 95K base plus a 15% bonus. I have extensive experience in underwriting, construction, and entitlements. I oversee Analysts and I am minimally supervised on my projects. I feel my comp should be closer to 125 base. Thoughts?
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I think your 125 assumption is about in line with market. I’m in a similar position in terms of 5 years of experience, however I have been targeting acquisitions roles in one of the larger sunbelt markets with quoted salaries between 110-135 and anywhere from 30% - 70% bonuses. Note this isn’t necessarily for development roles but I feel like we should be in the same ballpark.
When does comp on development side at these types of shops become more meaningful, or is it all about building a resume so you can do your own deals?
It really varies by firm, but it seems like you need to get to a VP or equivalent type role to really start banking it. The general consensus I have heard in CRE is that unless you’re working with a BX type firm, you’re not going to be making a crazy amount until you get past the analyst/associate years. CRE is all about the long game in my book. Put yourself in the best position to learn now. If you’re good at what you do, the chips eventually will fall in the right place.
I'll PM you with some direct knowledge
Can you share within the thread? Also interested in this
Interested also
I’m interested a as well.
Recently had a recruiter approach me about VP and MD positions at one of these firms in OC/LA area (their DM and a regional head of development positions). Broad guidance I was given:
VP at $150-195K base + 30-40% bonus + “chance at participation” for someone with 3-5 years of running deals
MD at $200-250K base + 30-40% bonus + participation for someone with 15-20 years of experience
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