Office Developer vs LP Shop when I'd like to do MF long-term?
I'm currently an underwriter in lending looking to make the move into the equity/developer space as an analyst. Long term, I'd like to have the experience to run my own shop one day, primarily investing in multifamily (since I believe that asset-class will be bulletproof in the West for many years to come, plus it builds generational wealth).
There's three types of firms I've been seeing out there in the job market here and there in CA: 1) Office/Mixed-use Developers (Hackman, Hines, Douglas Emmett) - which seem to be mostly acquisition jobs 2) LP Equity Firms (Barings, Ares, CBRE GI), which seem to be more-so asset management type jobs 3) Capital Markets Brokerage (Debt/equity placement - JLL, NKF, CBRE) - have heard from a few friends that you can make a ton of money if you're getting commission from a solid team, and I know the debt markets are crazy hot right now (because my firm is getting killed)
How does everyone view getting experience at a (reputable) developer vs an equity firm (which could be investing all around the country) or even a capital markets brokerage? If I'm looking to do MF mostly down to road, should I avoid going to a firm that does mostly office/mixed-use/other asset classes and wait for a job to open up at firms that do more multifamily (i.e. CIM, Carmel, Avalon, Onni).
I'm not turned off from office and other product types, I actually think it would be interesting to continue getting exposure across a broader product type, but just long term I think you can go wrong with owning multifamily units in a personal portfolio and that's something I want to pursue down the road. I also wouldn't mind only doing deals within my local market (vs my current job where we look all over or a LP firm that invests around the country).
What do y'all think? Maybe I'm overthinking things and it's more important to work for a reputable firm primarily over the exact niche I have my mind on as a long-term possibility.
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