PLEASE HELP: Investment Management Intern in Atlanta at large company vs Development and Acquistions at small REPE company in Raleigh
I have two conflicting offers, and have no idea which one to take. I have to decide by Wednesday. The PE company would be in their new Raleigh office doing industrials. I would be the only intern and this is their first year doing an internship program. They are highly respected in the Carolinas, but I am worried about the lack of structure
At landmark I would be doing IM for student housing.
I am super conflicted, and really wanted to go to NYC this summer, but I feel like I have to accept one of these offers.
I have experience in Development, but not IM.
As someone who wants to make it to NYC for a couple years after undergrad, what would be the best option for professional growth, as I do not know which niche of real estate I want to pursue.
I’d vote for Landmark. They’re sharp folks, and their internship program is structured well. Plus, it’s a recognizable name, which would look good on your resume. Both options sound like good experience, but my hunch is that Landmark has the stronger program, a better name, and will give you solid IM exposure.
Naw, place is a shitshow
Really, it doesn't sound like you can go wrong. However, I'll counterpoint on structure and blue chip vs. small shop. In my experience, if it's a small team and you're the only intern, lack of structure is incredible leverage. If you're sharp and capable, they'll let you work on projects no intern can match - but if you'd sit and wait for them to assign you work, it'll cut the other way. This is the route I went, and it gave me resume items that got me a megafund offer I really shouldn't have gotten.
Landmark is a great SH shop and I actually just had a call with them on a deal this afternoon. I don't know anything about their internship program, but it could be a very good place to learn the ropes more institutionally on an active and in-demand asset class.
In conclusion though, if you don't know what you want to do in RE, working across complex deals with great resume points (even in one asset class/market) lets you write your ticket - if that doesn't sound like the small shop, take Landmark. You'll be in good hands either way.
How do you take advantage of working as an intern at a small shop? Any tips?
Sure thing, here are a couple notes off the top of my head:
First, you've got to know what to target. You've got to know what the best project your team is working on, that would be the most impactful to your resume. For example, as an intern my team was exploring these housing deals bought 100% with bonds issued by a public finance corp. - rare experience and I thought it was cool to be on emails from bankers about a novel and creative structure to do deals.
Second, do work on that. This is where you've got to show initiative and just do something related to the project. It can be a little thing - like if there's some deal that has to be adjusted because of a new term sheet, and you hear someone tell your boss about it on a call or in a meeting, read through that term sheet on your own and put together a little note or say "by the way, this is the answer on xyz question". I'd prioritize this over asking to help - having managed interns, coming up with tasks on a project for an intern is just more stuff to have to think about. Just do it, but be useful and don't overstep, like going to your boss's boss with the answer instead, etc. If you're helpful, they'll probably ask you to do something else or follow up that note with a formal 1pg memo or whatever, and then you have something to brag about.
Lastly, you've gotta mention it in your resume/cover letter. Show why you found it interesting and why you thought it was cool, but don't say directly, add the key facts that made that project stand out to you and why you picked it (e.g. worked on creative financing solution for all-bond acquisition - showing but not saying). Every word counts on a resume and cover letter, so this can only be the best 1 or 2 of the projects over the course of the internship. The project from item 1 became my 4th bullet on my resume after some of the more generic items like pitch decks and acquisition models (which you should make sure to quantify with #s also btw).
In summary, there's 3 parts - you've got to identify the best projects available for you, figure out a way to be useful and hopefully get asked for a little more work than your initial attempt, and lastly, brag about it in your resume. I believe resumes should be brag sheets, not boring descriptions of your work - spend the first 2 bullets on a description of your overall tasks and duties, then call out the specific work that you want to brag about. There should maybe be 2 or 3 of these over the course of an internship that you can use to differentiate yourself from everyone else in the resume pool later on.
Hope this helps.
I would lean towards Landmark unless you want to work for this shop in Raleigh post-graduation. Having a brand name on the resume pays dividends in getting interviews.
Take the better brand unless the local group has a specific style / strategy that you think is compelling.
ie they do industrial and I know I want to do it industrial.
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