I am currently in a development role. Cradle to grave responsibility with $150m currently under development delivering this year. I have come to concede that my shop is not paying anyone out soon (in terms of anything other than a salary). I think I'll be stuck in a PM position long term plugging away with no real upside. I want to move somewhere where I can actually grow. I don't know if I may need to transition roles to something else or what. I am currency a senior PM/DM at a PE shop with $4-5bn AUM.
Any insights to comp at TC as a senior development manager position? Any input on what a career is like there? Is it a salary/bonus place or can you build a nest egg here at the senior DM role, or do you need to be higher?
Are you asking about the TC that was sold to CBRE , or are you asking about the TC that is still under the family name?
If it is the TC that was sold to CBRE I can speak on one of your questions as I know a couple people over there.
Any input on what a career is like there?
From what I can gather it is legit. My contact over there basically told me that once you get a job there most people end up staying for life. That's why the job openings are so few and far between. People get on with TC and do not want to leave. From what I was able to gather it is really exciting and rewarding experience. Some times are busier than others with regard to working hours, but I am sure if you are in dev. you already know that.
No insight on comp.
Feel free to pm me.
I am able to speak about TCR (the one that was not sold to CBRE).
Very similar to what is mentioned above, but in terms of Comp (Base & Bonus), its a bit tougher. They know that their name carries a lot of weight so they don't pay their analysts and juniors as much, even after being there for 3yrs +. I think patience pays off though cause I know some people are in senior roles making a lot of money on promotes and payouts. But it takes awhile to build it up or get to that level.
Would you say the analyst and associate pay compares to other top multifamily shops?
Slightly below in terms of actual pay. But the benefits and 401k are awesome. Old Parkland is dope. You get subsidized meals. So it all evens out in the end I think. My experience is not direct, just second hand from a reputable source who works there. Either way, it's still a great resume builder.
Thanks for the insight, I'll shoot you a PM tonight.
Bump, also interested.
Alexan is a great brand and TCR are great at development and GC (maple multifamily contractors or something), but personally the investment people are some of the dumbest I've ever done a JV with.
I spoke to the CEO when I was looking for a job a year ago and he alluded to times getting tough again like 2009/2010 when he had to layoff 70-80% of his employees. Merchant build multifamily gets crushed when the cycle turns.
bump
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