Take Small Retail Development Off-cycle Internship or Hold Out for Institutional Internship?
I’m currently only 2 weeks into my new MRED program and ultimately want to work in multifamily acquisitions / investment management at an institutional platform post-grad.
I have an offer for an off-cycle internship during the school year with a small retail development company. The role would include site due diligence, market research, construction costs, development meetings, and some pro forma work. The issue is that I’m not interested in retail or the construction/pre-development side long term.
I also already have prior experience working with a small developer, so I’m questioning how much incremental value another small-shop development role would add. At this point, I’d rather spend my time building stronger skills in underwriting, acquisitions, capital markets, and portfolio management and ideally land an internship with a more institutional platform.
I have upcoming coffees with people at a large brokerage and another large development/PE shop, although obviously neither is an offer yet.
Would you take the retail development internship for one semester just to keep building CRE experience, or hold out and focus aggressively on landing something more directly aligned with institutional acquisitions/investments?
My fear is taking the smaller internship and being pigeon holed into a role I dislike. My other fear is rejecting the offer in hopes I land a better one. Post-grad I'm looking at Hines, Greystar, TCC, etc., so I really just want to wait for a more institutional company for an internship.