Looking for updated info/insight on Greystar, as other threads are at least a year and a half old and they've recently expanded significantly with major deals such as EDR/raising a ~$2b value-add fund right now.
What are people's opinions on starting a career at Greystar in their Investment Management division (Acquisitions and Asset Management)? How do they compare to the typical REPE firms like Blackstone/Starwood? And if anyone has info on comp?
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I've heard the work culture can be pretty tough (long hours, burdensome processes, etc.) on the investment side, but could be a good resume builder and open the doors to desireable exit opps.
Do you know if that's the same across offices? Since have a sizeable office in Newport Beach and satellite in NYC in addition to their HQ in Charleston
They are very legit. Aggressive dealmakers overall in their approach to underwriting. They put together robust analysis/investment committee packages like any public REIT/institutional shop. Very active right now with respect to development pipeline. Development teams tend to run pretty thin, which is good.
Definitely stay on the Acquisition and advisory side. I'd say they play second fiddle when compared to Blackstone/Starwood dependent on region etc. Team dependent and focus on varying asset classes.
Strong acquisitions/development platform. Dogshit third party management company.
lol +1. Their tenants always leave such horrible google and Yelp reviews.
My last apartment was GS managed.
Never again will I live in a GS managed property.
This is insulting to dogs.
Solid shop to cut your teeth with early on in your career. Interact with their West Coast guys quite a bit and bright group that always seems to find creative ways to do a deal like the EDR portfolio you mentioned. With Bob Faith behind them they are always raising money and have a warchest at the moment (but who doesn't). Bob got his start at Trammell in the early 90's then teamed up with Barry Sterlicht at Starwood who was his HBS pal so lots of upper management are MBA guys with a focus on pedigree similar to the Trammell structure. He left and bought the Greystone Group to build a sizable portfolio fast then formed Greystar. (Greystone Group + Starwood = "Greystar").
A few of the guys I know who've been there 5-6 years seem to plateau at the managing director level, which isn't a bad thing but from what I understand don't get a piece of the pie like other shops offer at the same level. I would say Blackstone and Starwood is probably a better brand name but with the volume Greystar has been doing you can't go wrong. Comp for analyst/associate is in-line based on experience/education (I interviewed with them for 1st year analyst years and years ago and comp was ~80k with 20% bonus if I remember) but again once you hit higher tiers you're expected to either go b-school route (unless you came on as an MBA) or better just be a flat out rainmaker to move-up.
To answer your question if you have the option to start out in acquisitions or development here congrats, a lot of people would love the opportunity.
starting out it's a great opportunity -- because they do a ton of deal flow...and that's the most important thing for you...no matter what side of the business you are on. You need to get exposed to as many scenarios, term sheets, problems, successes, etc., that you can get your hands on.
Whether or not you will enjoy the company culture, etc., will depend on the type of atmosphere you want to work in...hard to answer that without knowing what you're looking for. With that being said, it's a top entry opportunity and is well recognized across the country in all sectors.
Not sure where the job is...but only downside is they are headquartered in charleston, sc. should it not work out, not like there's a lot of opportunity there...very small city.
Their brand has improved the past 10 years. In another 10 years, they will be the top global multi family company and one of the best in CRE.
Hard to compare them to BX and Starwood, as they are a Sponsor with REPE capabilities, whereas mega REPEs tend to invest with sponsors and or have asset specific asset management teams. So if you want to learn the blocking and tackling of value add operations and understand the investment process, Greystar is an excellent place to work. Post-MBA associate is the best entry point, but analyst is great.
I am a bit biased towards starting as an analyst for a diversified mega REPE though, given the choice just because I felt the higher up view from the capital perspective is even more generalist and provides more optionality and deal exposure (from a breadth perspective). Depends how much you get to touch the real estate and interact with partners on the analyst level.
Great exit options. You’ll learn a lot of the technical skills to start your own shop. For some of you, that’s your goal, to be the next Bob Faith - shot caller, big baller, Mr Worldwide. Good luck.
Mind elaborating on the typical recruiting process/trajectory/comp for a post-MBA associate?
From what I know, post-MBA they do on-campus interviews. Darden MBA for example they’ve recruited out of. Not sure the oncampus recruiting for other schools, but big representation from some top schools. Bob Faith being a Harvard MBA likes to hire MBAs/graduate degree holders to grow the platform. Seems like word of mouth, selectleaders, and lateral hires are common paths in.
Start off at Associate. Either Development or Investments, also there is Capital Markets. From Associate it’s Manager, Director, Managing Director and beyond.
Comp. I don’t know. Think it’s comparable to your market.
largest owner and property manager of multifamily in the country. they hire a bunch of MBAs and it can be a frat star environment. highly recommended shop because you will work with smart driven peeps. getting carry is great but you will make enough to do very well. they are very acquisitive which is good both at the operator (buy REITs and good private firms, hence hire a bunch of former IB guys) and property level (a lot of former developers, acquisition guys at big shops). they are in different verticals of the multifamily space - senior housing, market rate, student housing, etc. and also touch core, value add and development deals in markets around the US and aboard. definitely a well capitalized shop led by a strong well connected founder, bob faith i think. THREE THINGS MATTER IN REAL ESTATE AS A JUNIOR: WELL CAPITALIZED SHOP, SMART PEOPLE AND HONEST PEOPLE THAT CARE! you will succeed if you have half a brain and you have those 3 things.
I think they are about as good as it gets for typical institutional ground-up multifamily development. We invested as the LP equity in a ground-up student housing development with them and the entire process including land acquisition, construction, leasing, and disposition was expertly managed. In fact, the partners I work for believe they are the best sponsor we have every worked with (didn't hurt that we achieved an 18%+ net IRR to the fund). Unfortunately, we had a dispute about a tax matter that blew up the relationship, which was at no fault to them.
35 on PERE 100. Right above Oaktree
https://www.perenews.com/pere-100-full-ranking-methodology/
Any additional info? They have openings in New York and LA right now
Their buses are so old and dirty. I prefer Amtrak usually
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