Acquisitions Analyst Offer REPE
Hello Everyone,
I need to make a decision ASAP for an Acquisitions Analyst offer I received from a small / mid sized REPE firm in a major East Coast market. I have 2.5 years of real estate experience appraising MF properties at a large publicly traded brokerage firm and working as an analyst on the debt/equity team at a capital markets shop. I am also pursuing my masters degree in real estate finance at a reputable program in the market (1 year left).
I am currently taking night classes and no longer working at the capital markets firm. My ultimate goal is to work in REPE and eventually learn how to structure my own deals. I have been interviewing for the last month and a half with the goal of ending up in REPE but also exploring CRE lending in case I don’t have the qualifications yet for REPE.
The offer I received is from a full service MF investment platform. They manage 15,000+ units and own about a third. The company targets Class B value add opportunities and expect to purchase about 3 deals in the next year. Capital includes family office and institutional $$ raised individually for each acquisition. Firm has invested ~$2 billion and sold $1 billion in the last 15 years.
This is my only offer but I have interviews at much larger insitutional REPE companies lined up and am waiting to hear back from CRE lenders and a REIT. The offer is very competitive and the team seems like a great group with plenty of room to grow in the position and earn participation in deals down the road. What are your thoughts on accepting this offer vs rolling the dice for a job at one of the large national firms? Are 2-3 deals a year enough volume/reps?
This feels like a great opportunity but I don’t want to jump at the first offer that comes my way. The commute is another factor adding 2 hours to the work day compared with many other firms located a short distance from where I live. Thoughts on this dilemma would be much appreciated.
Hard to say. If you could speak with contacts directly at the places you are thinking about rolling the dice for, that could be your best bet. You will find many analysts in here that got straight into development or REPE right out of school, I am one of them. Look through all the linkedin profiles of analysts at the places you want to be and see what they have.
Getting your masters at a reputable school, with the experience you have, seems like a pretty competitive background.
How is this relevant at all
As stated above, I’m sure you already have done this but make sure you run the current opportunity through your network to see what feedback you get on not only the firm but the particular team and individuals you would be working with.
Also make sure you discuss with any mentor you have in the industry to weigh the pros and cons with experience at a more well known but likely larger shop versus the offer you have. A good recruiter can be invaluable at this stage because they can look at your relative experience and give you perspective on the available opportunities at this time and if it’s worth waiting or taking the “bird in hand”.
Speaking from personal experience, assuming the shop has relatively strong deal flow and is somewhat organized I usually recommend the smaller shops, particularly when you are young. Learning, experience and exposure to as many elements of real estate are really important because you are likely still finding your niche and way in the industry and while large, institutional companies are great resume builders a smaller shop will give you much more autonomy and opportunity to “color outside the lines” and build a much broader knowledge base and skill set. Once you have this solid base, you can decide if you would personally benefit from refining specific skills in a larger shop or would like to venture off on your own.
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