Walker & Dunlop vs. CBRE vs. Large Developer Internship
Hello all,
I've been reading for a long time but this is the first time i'm posting to WSO. I go to a top state school--semi-target for finance, has top engineering programs. I have several opportunities and am trying to determine the best path to take to set myself up for the future.
Im studying finance with a minor in construction engineering- with the goal of working for a PERE shop in acquisitions/development after school.
I have several options this summer and am trying to evaluate the best place to spend my time. I have the opportunity to go with Walker & Dunlop on one of their multifamily debt placement teams, CBRE on a multifamily investment sales team, and a capital markets internship with a very large development shop based in a state I have little interest in moving to full time after school, but would be interested in living in for the summer.
What are your thoughts on the best route for me to take?
This is a great problem to have. I'm interested to see what others have to say as well. My opinion is debt placement with W&D is meh. I'd go with the development shop or CBRE IS. If you're more interested in an acquisitions role then CBRE would be a great way to learn the process and build relationships with brokers/sellers. One thing i've noticed in the value-add space is that when the buyer has a good relationship with the broker and seller, they have a better chance at winning the deal, or at least making it to best and final. The Capital markets internship with the developer sounds like a great way to learn both the debt and equity side of the business. you'll get to see how a capital stack is built for a large project. Just having one deal to talk about in future interviews will give you a huge advantage. If your boss is negotiating the JV docs with equity partners he will likely have contacts at several institutional investment shops, including REPE firms. Plus moving to another state is an adventure and could be used as a talking point in future interviews.
If you're set on development or acquisitions, I think this is a pretty easy call.
1) Capital Markets Internship 2) CBRE MF Investment Sales 3) W&D Debt/Equity Placement
1 and 2 could be flipped depending on what interests you most. But you're in a great spot, and can't go wrong with either given your goals.
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