Large Apartment REIT vs. Lasalle/CBRE Global Investors vs. CRE Debt Brokerage analyst
Which of the 3 would you go with if they were all on their respective investment teams as an analyst?
Which of the 3 would you go with if they were all on their respective investment teams as an analyst?
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My end goal is to start my own fund and use that to help build my own personal portfolio (I know... how cliche)
What types of positions at REIT and CBRE/JLL?
Investment analyst on their investments teams. The JLL/CBRE one is with their global investors division
Is there a difference in comp?
Yes, but nothing significant enough to overtake the qualitative aspects of the positions.
I assume this is in Chicago... if the REIT and LIM/CBREI gigs are both acquisition focused and have the same comp, I'm inclined to tell you to go with LIM/CBREI because you'll see more than just multifamily. I think there is a lot of value in working across asset classes early in your career as it provides you greater flexibility in your next move.
My gut is that your between LIM and EQR (don't answer on here if I'm right), and both are great places to start out. The knock on LIM is that they're relatively boring and don't do too much creative stuff (mainly due to their fund types and separate account mandates) but there are a ton of smart folks there and they are able to do a few more interesting things plus their is value in the amount of permanent capital they have. EQR is obviously a really strong shop, but the knock on them is that they retrade occasionally, aren't always the best buyer, and sometimes you might get a little more ego out of them than some other folks in our business. Again, they obviously don't do that on every deal but enough to where all else equal I'd probably pick another well qualified by as a seller. That shit doesn't matter to you as an analyst because you have zero say in any of those decisions and it doesn't really affect you personally.
I appreciate the advice, I’ve been leaning towards CBRE/JLL global investment management as well.
Although not in Chicago, I still found your points helpful. I was actually really interested in the apartment reit too - large group with multiple divisions (commercial, sfr, multi). Their apartment reit is 200-500M in market cap (by the way, is the market cap equal to equity only or gross value)? They started it up recently a couple of years ago.
Will going with the brokerage IM option make it harder for me to go into multi family in the future, if I wanted?
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