-How is it in regards to hours/pay/exit ops? Is there travel? -I'm equally interested in debt and equity, which one is more established and has better exit ops?
03 Sep 2019
I'm currently graduating from a T20 School and looking at full-time analyst jobs with a top capital markets group (CBRE, JLL, NKF) in LA and a buy-side (dev/acquisitions) role with a T1 Developer (Tishman, Hines, TCR level) in another T1 west coast market (but not a market I have any kind of long-term interest in). I have a strong GPA and resume that would likely be competitive for a REPE10 out of school but I really like the hustle of brokerage, am very extroverted/good with people, and like that there's an opportunity to start making fees a few years in (if you perform well/network well). Is
12 May 2021
My real estate experience consists of +4 years in MF acquisitions. About 3 months ago, I left my old company on good terms and transitioned over to the development side (MF). I work for a small shop with a good group of guys who are intent on growing. Culture is good, work/life balance is good but pay is definitely on the low side with my experience. I don't have a slice of the pie and bonus is a lump sum for each deal closed. If we close any deals next year, it will be towards the very end of the year. If successful, I will be in the low 100's next year, all-in comp. Recently, I was
26 Dec 2019
Does anyone have an example of what an excel test for a multi-family investment shop (ex. Equity, GID, Avalon) would be like? Or an example would be helpful
15 May 2019
Hey Monkeys, Wondering if anyone who's been in an equity position at a lifeco can talk about culture/comp/where they exited to. I'm currently working at a sponsor as an internal capital markets guy, where I finance deals once committee has approved the deal. This is about 70% debt or structured/preferred equity and 30% JV equity. I just graduated my MSRE program a few weeks ago and am really looking to target moving back to the equity side full time and have mostly been chasing private equity acquisitions opportunities. That said, I just got a call back for a second interview for an associate
23 Jan 2021
I'm curious what you guys are seeing/assuming in underwriting these days. My shop invests, develops and manages in tier II/III markets in the Northeast. We are seeing our actual expenses across our portfolio vary widely from what the market is assuming to get deals done. The biggest variance seems to be on taxes (no one pricing in potential for revaluation to chase sale price), R&M, Reserves and Value-Add per unit renovation costs. For example, we are looking at a deal now where the brokers are representing a $900/unit R&M figure where we are seeing closer to $1500/unit based on our contracts
31 Jan 2020
Hi, I will be starting a new role as an acquisitions analyst at a REPE shop at the beginning of the new year. I have a strong background in real estate with internships and my education, but this is my first full time job. If anyone with previous experience in acquisitions has advice on how to put my best foot forward or can offer any keys to becoming a great acq. analyst, I'd really appreciate those insights. Any recommendations in terms of reading materials like real estate journals, market reports, articles, etc., that you see as useful would be great as well. Thanks,
23 Dec 2020
I am currently an underwriter for a regional bank who is a driver of CRE in the region. I make around 65k. I could be a lender in 1 year and make 80-100k. I am being poached by CBRE - a multifamily IS group - to be an analyst. They keep telling me the first couple of years will be rough but will guarantee that I make 70k the first two years. I am not sure which path to go. I want to make more money - I know that my bank is safer but the potential at CBRE is untouched. I have been wanting to get into acquisitions on the buy side but have been having a very tough time. Any advice on where the
25 Sep 2020
i submitted my second round hirevue a few weeks ago. i have heard nothing. they said we would hear back at the end of sept. at the latest.
22 Sep 2019
The following is an interview with RE Acquisitions Analyst and new WSO Blogger PinkPoloShorts (he is also available to answer your questions) Are you a professional and want to do an interview? View our interview template here and then email me your responses to [email protected]. Q&A's and "How I Work" posts are also an option. Let me know! 1) I am a financial analyst in acquisitions at a small real estate private equity firm specializing in residential land development and management. 2) This is my first finance job and I started in January of this year. Prior to working at my current
24 Nov 2020
Hello all! I am currently a graduate student working towards my master's degree (specifically, an M.A. in something akin to strategic management) from a target school while working a full time job in the tech space. I have become increasingly interested in the finance industry, particularly investment banking. I am very interested in the structure and inner workings of organizations (hence my chosen field of study) and want to apply my knowledge in the finance space to advise clients across many different industries on deals. Given my lack of finance credentials and the fact that my degree is
26 Oct 2019
I searched on here but found no commentary on USAA. They seem to have a large real estate investment arm. Can anyone shed light on the company? Pay/culture/reputation/exit opps/advancement opps. Anyone know what San Antonio is like?
02 Jun 2019
Hi folks, I am interviewing right now and would like to pick your brains. I'm broadly interested in opportunistic developments, but do not have a strong preference for a particular asset class. I am far along in my candidacy for: 1. A Land Acquisitions/Entitlements Role with an Energy Asset Developer and 2. An Analyst Role at a Full-Service Real Estate Consultancy/Advisory (they do some opportunistic work and cover every asset class) I feel alternative asset development, especially wind/solar will see incredible demand in the next decade and option 1 sounds like an opportunity to position
04 May 2021
Hey everyone, I am about to start an investment analyst internship in acquisitions and I wanted to get some knowledge from you all on the step by step process an analyst takes when put on a prospective deal. You know, you're sitting at your desk and then get an email saying, "We need you to get started on an XYZ deal". How does this process start and what steps are taken in order to create the property in Argus, then underwrite it, and lastly present the deal to your investment committee. I'm looking for some detail here to really hit the ground running when I start. I'm really interested in
10 Mar 2020
Hey guys, in the spirit of self-improvement during this Covid-19 madness, I am doing some reflecting on my career and identifying which experiences/skills I have and which I am missing at this point as an associate. I am wondering what are the essential skills/experience that you guys had before each increase in rank/title/responsibility (going from Analyst to Associate, Senior Associate, VP etc). Also would be interesting to know the generally pay bump at each of these I know the titles vary from shop to shop but I am hoping to get a general sense of what changes at each of these milestones
06 Apr 2020
Wanted to touch base and have a discussion regarding deal pipeline. How active are your groups? When was the last time your group closed a deal? If not very active, what have you been doing in your downtime? Would be helpful if you could list: 1. Are your deals debt or equity 2. Main market(s) your team is currently investing in 3. Product type(s) your team tends to focus on 4. Where on the risk spectrum you are currently seeing deals (opportunistic - core); would also be helpful to list your target return metrics (IRR, multiple, etc.) Feel free to add anything else. Would like to get a sense
14 Jul 2016
I work for a mid-size MF developer and I want to start cold calling to source off-market properties/ deals. What are some of the talking points/questions to address when first calling property owners who may or may not be looking to sell?
30 Aug 2018
I've seen a few discussions on this topic already, but most are outdated. I'm curious in Real Estate, whether commercial or a large multi-family owner (EQ, GID, etc), which typically pays more between asset management and acquisitions, starting from the analyst going all the way to an EVP etc. I've seen a few reports published by Rhodes Associates and CEL discussing this topic, and they are very different based off the numbers. But both are showing that the compensation between AM and ACQ are fairly similar, if not higher for AM. Curious to hear some of your thoughts on this topic and to hear
08 Mar 2019
Have the opportunity to join a specialized subsidiary shop of one of the larger REPEs (think BX, Brookfield, Carlyle, etc.) as an analyst. The subsidiary is very specialized imo, but I'm very interested in some of the other asset classes the parent invests in. Is it possible to jump from a subsidiary shop to the parent, especially if the asset focus is different? I think the subsidiary is pretty autonomous so I don't know if there's any interaction between them and the parent firm.
21 May 2019
UPDATED: Date: Thursday, February 11, 2016 Time: 6:30pm - TBD Location: Schroeder's (Financial District) - 240 Front Street, San Francisco, CA 94111 What: Happy Hour (no host) -------------------------------------------------------------------------------------------------- Happy New Year monkeys. As you're reviewing your accomplishments and setting your 2016 goals, I hope you're focusing on improving your network this coming year. One of my goals for this year is to improve relationships and share knowledge with fellow acquisition, Asset Management, and private equity real estate young
04 Jan 2016
Finishing up my MBA and an associate at a REPE firm in the EU. I just recently got laid off as the fund is relatively new and they aren't able to generate business until later this fall by our projections. I am able to finish my time there up to the point of graduation which is good, but not I am looking to return home and have landed an interview for a Sr. Acquisitions Analyst for a investment firm in the SF area focusing on residential, retail, and mixed properties. My previous comp: $80k, no bonus, but super flexible schedule due to my MBA What can I expect from a firm in SF? My experience
06 Apr 2020
I was wondering what the reputation of BAML's NYC M&A team is? I know the group has gotten stronger recently but how do the exit opps, hours, modeling experience, etc. compare to others specifically JPM, CS, Greenhill, and HLHZ
25 Aug 2017
I have a question regarding what kind of returns I can expect from underwriting multi-family value add acquisitions at a 5 cap. I am typically in the neighborhood of low double-digits IRR, CoC mid-single digits. Some basic assumptions: 10 year hold stabilized vacancy(5%) entry cap = exit cap Leverage - 4.5% IR, 1.25x DSCR, 5 years IO Value add program post stabilization adds ~10 mil. in value (500k in perpetuity discounted at a 5% cap) Expense growth - min of 2% or rent growth rent growth assumptions are from REIS - typically between 2% and 4%/yr 5% vacancy What kind of returns do you guys
06 Sep 2015
I'm a broker in SoCal. Had a nice phone interview with a REIT down here. They made it pretty clear that senior level positions are something I'm going to have to prove myself to get despite my experience. Which is fine... They basically said I'd come in on the Asset Management side. I'd be working with brokers on various aspects of leasing, disposition, etc. We all agreed that the goal would be to get me in to the Acq side where I'm better suited once my modeling skills are up to snuff. They're getting there. Should know by Friday if I'm getting a sit down.
01 Sep 2015
Hi All, I'm relatively new to this community, but I've been browsing for years. I guess the short version of my question is: Is the transition from Asset Management to Acquisitions difficult enough that I'd be better off waiting until some of the Acquisitions interview processes come to a close? I'm very confident that I have the skills for an Acquisitions position (the Acquisitions interviewers have told me as much), and I've been told that I'd be over-qualified for an Asset Management position, so I'm having trouble deciding what to do. Thanks, NB
08 Mar 2016
Hey all, I'm sure I've contacted most of you by PM in the past. I'm trying to figure out the best way to get into real estate, specially valuation, undertaking, acquisitions, etc. I currently work in middle office at a BB. Would looking into a big shop (CBRE, JLL, CushWake) make the most sense? Are there people or firms willing to take people on with limited/no experience? I just want to get my foot in the door and right now I'm spinning my wheels. Just a note: I'll also be taking the REFM courses.
26 Jan 2016
Now that Evercore's M&A NYC Analyst class is getting bigger (~50 Analysts) and they are placing Analysts into groups earlier - I was wondering what the top groups at Evercore are considered to be? I'm interested from a deal flow perspective, prestige perspective, and best exit opportunities into PE mega-funds (Blackstone, Apollo, KKR, Warburg, Carlyle, Bain, TPG). Specifically for NYC and specifically for M&A.
23 Aug 2019
Hi Guys Hope all is well. Does anyone have any insight as to what the exit opps could be for one who works in the investment team of either a hotel, co-working or co-living operator? i.e., renting out hotels, offices or co-living schemes and then subleasing to tenants. Would one be able to move into a traditional RE investment role where you purchase and then eventually sell the asset or would the differences in modelling a lease compared to a purchase be too different? Asking as I have been offered a job which runs such a model, but would not want to be unable to move back to the traditional
13 Apr 2021
Hi All, I'm still relatively new to the site though I have been lurking for a bit. Through searching on the site I was unable to find some insights or if it is possible to move from commercial property management (office/industrial) to the Asset Management/REPE/acquisition side of the industry.
25 Mar 2015
I have an offer to move back home to Miami to work with a small acquisitions shop (4 partners - each covering a different skill-set/area of expertise from finance/acquisitions, management, renovation, etc.) which was formed almost 11 months ago and has acquired +$35MM in multi-family rental assets (they seem to be focusing on the Little Havana area). The catch is that the position is no pay and is a catch-as-catch-can opportunity. Essentially, I would be calling brokers and owners all day, and researching residential property to locate acquisitions that meet their criteria. Once one meets
01 Jul 2015
Hey Guys, I have an interview for Woodbridge International in New Haven CT. I did some research and they look really interesting. Here is their website: http://woodbridgegrp.com/ Has anyone heard of them or knew someone who has worked for them? Is this a good place to start if I am targeting M&A out of college? Thanks
17 Dec 2014
The topic of transitioning over to an opportunity fund has been discussed in various forms throughout WSO but my question is more less in regards to the "ideal" MBA summer associate role and post-MBA path that would set one up best for a long career at an opportunity fund. I did not touch finance before b-school but spent 4 years in construction management at a national development firm and did my UG in architecture. Career networking starts the moment you begin school and I would like to focus on firms/roles that would best allow me to accomplish the above. Generally interested in development
27 Aug 2015
Hey guys, quick question- I was talking with someone about the continued growth of the residential sector, and he mentioned an opening on the acquisitions side with one of his contacts. What's the upside in residential acquisitions? Is there any advantage when comparing it to commercial, or will it always be small beans in comparison? What kind of exit opportunities exist for this type of position? Thanks for any insight you can help me with. By the way, this would be with a private home builder/developer.
03 Dec 2014
Hey gang - was wondering how those who work in asset underwriting predict their exit cap rates. Obviously there's a number of ways to go about it, but none I've heard of are very scientific because of the fact that such a metric is typically 5+ years out. With that said it is one of the key factors in determining deal metrics (i.e. IRR, multiple, and net profit). My rule of thumb is always underwrite 50-100bps higher than the going in cap for stabilized properties, but will use discretion depending on the age of the asset, the sub-market dynamics, etc. Curious to hear what others have to say
09 Aug 2019
Hey Guys, I was just wondering if you could help me with something. A company recently acquired another company for 50 million and is expected to generate 85million in sales per year with a profit of 7 (before interest) I was wondering if you could give me advice on what I should be looking at to determine if this is a good acquisition or not Thanks
03 Dec 2011
Does anyone have any context of pay in Asset Management positions vs acquisition positions. My gut says acquisitions positions probably have a higher potential, but asset managers drive value, so it is equally important as bringing in deals.
05 Sep 2016
Hey Everyone - I've been a long time browser on WSO and this is my first post. I'm currently a second year AM analyst a top REPE firm in NYC. I'm starting to look for new opportunities because my interest lies in a different field. Asset Management has been great with teaching me the fundamentals of property analysis, investments and value creation, but I am drawn towards acquisitions. I actually wanted to do acquisitions out of college, but that did not happen. Now that I have some experience under my belt, I figure it's a good time to take a chance. I would be seeking an acquisitions analyst position.
28 May 2014
New to WSO, Upcoming analyst interview with GID RE Investments. Just wondering if anyone has any experience working for/with them. Specifically in their Boston office. Background: 2 YR Internship with Large Northeast Brokerage Firm, (JLL, CB, NKF, CW). Graduating May 2019. Cheers
21 Feb 2019
I recently started in an acquisitions role at my family's multi-family development company in the NYC area. Before this, I was at CBRE in office leasing, so not totally related. I'm about 3 years into my commercial real estate career. I feel like I may have come into my current role too early, but it doesn't matter now since I'm here and I have to make it work. So basically I need to learn acquisitions and development while working at a small family company. Besides the obvious of learning from the guys here (all like 30 years older than me), what advice do people have for learning as quickly
16 Mar 2017
Hi, I am sourcing for services to help our company with acquisitions. We may as well need structuring/tax advice as advice when it comes to screening potential targets in the region (Asia). What do you think is best a Big 4 audit firm (they do offer these services), or an investment bank? And why? I do think investment banks are necessary for certain things, like IPO's, but in this case maybe we can do without, and not pay the expensive fees. Any comments are much appreciated.
10 Jun 2013
Hey guys, Just curious if anyone has info on comp and culture/office life at any of the firms listed below for a senior analyst/associate doing acquisitions? Interested in the LA offices if getting specific. AEW Capital Management CommonWealth Partners Clarion Partners Kennedy Wilson Any input would be appreciated. Thanks.
06 Aug 2018
At my shop we have slowed the pace of our acquisitions to a bare minimum and our only acquisition targets are heavy value add/opportunistic . We are now almost exclusively focusing on new development opportunities in the multifamily space. The few guys who are still working on acquisitions continue to complain that competition for all classes of deals in almost every market is still very competitive. We have been burned before and it seems like management has made a conscious decision to start pumping the brakes a bit. How are firms justifying acquiring properties at these historically low cap
04 Jun 2015
Alright ladies and gents - I've spent the past year trying to figure out my plan, as I'm sure many of you have done. Looking for some guidance as I'm on the fence. I'm focused on spending the next several years in transactions. There are two paths I can take: 1) Lateral into acquisitions and stay put 2) Get REIB experience with a MM bank for a few years, then transition into acquisitions This is a major decision, and I'm not sure which way to go. High level, I think having exposure in REIB would be extremely valuable. But, there are some drawbacks and want to see if you all can help prove
15 Feb 2016
I was wondering as a real estate acquisition analyst or associate how often you model jv /waterfall structures? what kind of RE companies have their analysts/associates model this? Im trying to get a sense of how many companies / what kind of companies require this for analysts. Is it expected at most shops? I see it as a requirement on a few job postings but it seems like it's company or role specific. any insight on this is greatly appreciated.
15 May 2016
What's interesting about Apple is that its known for its innovative nature, yet this has been a result of several acquisitions e.g. the touch-sensitive gesture technology that made the iPhone and iPad possible was invented and patented by FingerWorks, which Apple acquired in 2005. If you were Tim Cook, chief of Apple, and had $1 billion in cash to spend on Apple, what would you do? Hold the money, or spend the money? Some acquisition options are: [quote] 1. Nuance: provides much of the speech recognition technology behind Apple's Siri and dictation functions.
03 Aug 2012
AT&T just announced that it plants to buy DirectTV for 48.5 Billion!
I think they may possibly be following in the steps of Comcast / Time Warner, although I'm not sure if either merger will go though due to regulatory concerns. That is a lot of people impacted by a merger and I'm not quite sure for the better. Although I am currently both a DirectTV and AT&T customer so maybe AT&T Inc plans to pay $48.5 billion to buy DirecTV, in the latest sign that the wireless industry and the U.S. television market are set to converge as customers consume more video on their mobile devices.
19 May 2014
This is more directed towards those that focus on MF, specifically in CA or a top 50 MSA. Our firm is currently using Axio-Metrics and Yardi (formerly Pierce-Eislen) and have subscriptions to the LA market. We have used them for floor plan level comps, rental trends, and general market data. My issue is that Yardi is only 50+ units, and Axio is as well. Axio has only been doing 50+ unit structures for about 2-3 years now, prior they focused solely on 100+ unit buildings. I was put in charge of testing out REIS for the firm and was a big fan as they pull property level information for buildings
09 Mar 2016
Hi all, Senior from target school who received a PE analyst offer from Realterm. REPE fund investing heavily in warehouses, logistics and airport real estate. Does anybody know about this firm/how good of an offer this is? Did a quick search on WSO for both Realterm and Aeroterm which didn't yield any results. I know they are quite big in Canada in Montreal and Toronto as well.
24 Nov 2016
Fellow Monkeys, As a junior, I will be interviewing with two REITS for either Acquisitions or Asset Management. I believe that I am most interested in Real Estate Investment Banking out of college. I did equity research this past summer, and I believe that it is important to get some exposure to Real Estate before senior year recruiting. I was wondering how you might prepare for an interview at a REIT. Should I either choose Acquisitions or Asset Management if I am interested in doing REIB in the future? If you have worked at a REIT before, what kind of work did you do and how did you enjoy
22 Sep 2015