Toll Brothers Apartment Living?
anyone have intel on Toll Brothers, specifically the Apartment Living vertical? Sharp group? good reputation? Any insight on Development Associate compensation and comp up the ladder as well would be great too.
I believe they are somewhat new to multifamily space - obviously huge players in homebuilding. Has the apartment business line seen some success?
No direct intel, but this specific vertical is a partnership with EQR where EQR is 75% of the equity and has a purchase option upon stabilization. Essentially a merchant build play by TB.
Recently interviewed with them in a major city. From my interview it seems that they have a decent amount of deals in the pipeline. They are trying to expand their presence and are aiming to become a top 5 apartment developer. Team was pretty lean and they seemed to really care about fostering good culture and your growth at the company. Comp was $110k-$120k base, 10% bonus, and after 2 years you start getting carry at the company-wide level
One caveat:
The role in the group I was interviewing for was for a Development & Construction Analyst. They do not have a large in-house construction team with project managers etc, so although you are the developer and will work on usual development stuff like acquisitions, financing, entitlement, design, etc... 95% of the role is actually more construction. This may be a turn off to many people because construction isn't sexy, but in reality Development and Construction go hand in hand and honestly being able to talk construction lingo, knowing the construction process/pitfalls is more important to becoming a development manager than acquisitions/financing. But to each their own
This.
I interviewed for them awhile back. Not APT but a different department within Toll. From what I gathered, you are mostly in a project oriented role. Not saying that’s bad experience at all as I’m sure you will get tons of exposure to design, entitlements, construction, permits, etc. but if you are interested in finance as well, you probably won’t get too much aside from project tracking. Toll has a Corporate Debt & Equity Finance team based out of their HQ who does pretty much all of their initial modeling, JVs, debt, etc
Appreciate the insight. So that 110-120k and 10% bonus was for an analyst position? Any idea what Associate may look like?
Did they elaborate on carry terms at all? As in how much % wise and how it is defined? Company wide - or apartment living wide?
Not sure on associate comp. I'd imagine 130k-140k base. The carry was just for apartment living wide. I don't remember the exact % or if it was mentioned
Which do you think is a harder skill to master?
Interviewed with them about 9 months ago. As another poster mentioned, it seemed very construction-oriented which wasn't up my alley. The developers all do their own precon work. The position was "Project Manager" which is the title that comes after Development Associate in their world. I got them up to around $160K + 20% - it's hazy but that's ballpark. Ended up taking a job elsewhere with better comp and less construction focus. The team was sharp and had some very interesting projects though.
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