Pay & Opportunities - Mill Creek
How prestigious and how good is the pay at Mill Creek at the VP and MD titles? Do they offer a better comp package than say other top multifamily merchant builders like Greystar, Trammel Crow, Alliance, etc?
I’d be careful of taking a MD role there at the moment. Because of the corporate structure, you’ll never make as much as you think you will. A lot of higher ups recently left as it came to light. Standard boomer bullshit.
However, at the lower levels (VP or under) definitely take the job. Big name, plenty of projects.
Can you elaborate on the corporate structure? Is their long term incentive something other than just a percentage of a promote on deals you’re working on?
Agreed though great reputation in my market at least, would be a good spot for a junior/mid level.
Any insight on how VP comp compares to the others (alliance, wood, Greystar etc)?
Based on what I've heard, VPs get paid the highest salaries of the top shops. Bonus % may be slightly less considering salaries are juicer. I don't know what other comp they get though if it's carry, additional milestone bonuses during construction, etc.
Read the comment someone posted below.
It’s not just one old boomer who should be long retired with his finger still in the pot, however. It’s many.
And all of their payments take priority over yours as the MD. As of last year when a buddy of mine left (along with a horde of others including two in upper upper management higher than him even) there was far more money owed to retired founders than was projected in existing deals and pipeline. It’s going to be a long time before a MD is appropriately compensated.
My buddy left for a VP gig elsewhere and makes more now than he did running an entire Mill Creek office…
This is through the grapevine, so take it with a grain of salt, but founder, Charles Brindell, sold all/a big chunk of his equity stake in Mill Creek. Instead of a cash buyout by existing/current partners of his stake, Brindell provided seller financing at a high pref return. Would assume now given coupons to Brindell that eats into promote on deals.
Really good to know. As I understand, each MD running their region becomes a partner with ownership. I didn't know that they could be potentially paying out one of the founders potentially - good to know!
I've heard a lot of VPs and especially MDs have successfully started well backed development companies or poached to lead new shops. Seems like a great place to build a career and relationships for future opportunity.
I’m familiar with one of the their Sun Belt offices and their shit is totally fucked
As in that office is fucked or are you reiterating the broader partnership woes?
Both
Seconded. Aware of lots of turnover in one of their southeast offices.
A previous MDs in one of their sunbelt offices was one of the dumbest people I’ve ever met in the industry. Can’t even imagine what he did to the pipeline.
Naturally, he failed upward 😂
Out of curiosity, how are MDs being dinged in favor of retired partners? Partnership stake dilution? Corporate "tax" that is taken out of their top line revenue?
Lower level it's fine to get your laps in, but pay sucks. Good rep that will get you into any other shop but probably not a place you want to stick around long term.
Sounds like that is going to have major ripple effects? The current workhorses who ‘should’ be getting paid now but aren’t, are eventually going to be in that position where they are expecting what is due to them, which the next crop of younger partners are going to be out working for/earning. How would that ever catch up - is that even possible?
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