Senior VP Comp at large operator? Coming from REPE

In REPE right now, and looking to make the jump onto the operator side (primarily multifamily). 
 

Would be great to get some data points or what you think is market for an SVP with 10-15 years experience (heading acquisitions) in a HCOL market (NYC/LA).
 

Looking at pretty big operators, not small shops. I understand there’s a cash and carry component, but I have no idea what the splits look like or what market is. Thanks in advance.

 

Several reasons, including being closer to the asset, a day-to-day I enjoy more (sourcing direct vs filtering) etc. 

 

Probably 250-300 base for LA. NYC no idea. Bonus completely depends. Can't comment there 

 

Thank you for this. Seems very low for someone 10-15 years in. I’m assuming that you mean cash bonus. In that case I’ve seen anywhere from 50% to 125% of base, so cash comp could be upwards of $500k?

 
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Was at similar operator similar to shop you mentioned at VP level. I’d say 250-300k base plus 50-100+% bonus. And additional carry interest. It really depends on the shop’s capital structure and how much volume you can produce. But at the minimum should be the comps I mentioned. 

 

Thanks for this. Just so I understand, you are saying $375k - $600k cash (base+bonus) plus carry? This would be closer in line to what I would be expecting. 

 

So assuming a 1/1/1 structure for base/bonus/carry… that’s $750k annually. That seems high no?

 

That’s correct those are cash comps only. that’s  my understanding. 

 

Take a look at the Rhodes Associates compensation report. They have a section for operators now. Rhodes is NYC based so it probably leans to the high side, but even if you're in LA it shouldn't be that dramatic of a discount. 

The 2022 report shows SVP / Director at 10 - 15 years of experience and says $250k - $350k salary + $250k - $450k bonus for total comp of $500k - $800k. Given this was in 2022, I'm guessing these were 2021 related bonuses, so I would probably expect more like a 100% bonus target for total comp of $500k - $700k. That said, obviously some smaller operator just getting on their feet isn't going to have this kind of dough, so apply it to your own situation and whether that sounds realistic given the groups size you're talking to. You mentioned they were large so I'm guessing it does. 

 

Struggling to believe it's this simple for someone with 15 years experience moving to an operator. At this level, one would presumably be a partner/senior partner and >50% of comp would be based on promote and participation. Maybe Hines or Trammel or Tishman have a model in which a majority of comp is "fixed" (cash + bonus) but from my experience senior guys at operators are highly incentive based. 

 

Makes sense. What would you say compensation bands are for each? Unfortunately Rhodes doesn’t delineate

 

What does the work on a day-to-day basis look like for that salary and bonus? What would one's background have to look like realistically to get such a position? 

 

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