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Commercial real estate development
Would anyone be willing to share development models ? I have an upcoming case study for developer/equity group.
RE Asset Management vs. Acquisitions
I've seen a few discussions on this topic already, but most are outdated.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...
GID RE
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
Foundation Capital Partners - NYC
Does anyone know of the reputation of this firm? Website is minimal, but states they work on opportunistic deals through their vehicles of distressed, special situations, and disruptive. Curious if anyone has worked with them or interacted with them and has any insight to share. If so, would love to...
M&A Trends
With the current down tick in the economy and a shift in economic cycles do you guys see a shift in M&A multiples? Different sectors that might heat up?
Breaking into M&A from a non-target
I am writing today because I am trying to break into investment banking M&A . I did not have a summer analyst position & it is off cycle recruiting, but many middle market & regional firms are still hiring. I have a plan to apply to 100 banks (applied to 30 so far) in total - regional, boutiques,...
Holland Partners Group
Holland Partner Group (HPG) is a fully-integrated real estate investment company with two decades of experience, over 750 team members, and nearly 40,000 units built, developed, acquired, and transacted since its founding. Multifamily Owner, Operator, Developer in PNW.
Off-market properties for development- cold calling questions
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?
Comp, culture, etc at these firms for a senior analyst/associate?
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...
NYC M.S. RE candidate - summer internship search
Hey all thank you for taking a look and offering your advice. I am currently in my first semester of an M.S. in Real Estate program in NYC (one of the two top schools, do the math) and am seeking a summer internship. My previous experience includes 1.5 years in CMBS, and a recent spring associate...
BAML M&A Reputation
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
How to become acquisitions/development expert?
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...
Acquisitions Folks - How active is your current pipeline?
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...
Offer from REPE Fund: Need Advice
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...
Asset Management vs acquisitions
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.
What rule governs accuracy of reporting completed acquisitions
To create PF statements, you need new lines. But for a PF company disclosing completed transactions in the most recent period, do you just record the data as is, as if they're regular historically? What do I need to look at to complete statements with transactions in their last reported periods?
acquisition analyst/associates, how often do you do create JV/waterfalls in your modeling
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...
Balancing Asset Management, Portfolio Management, and Aquisitions
I work for a pretty lean REPE firm (5 total employees including Principals) with about $300M AUM. Some of this is in deals in which we are our own sponsor, some in more "hands-on" type JV partnerships, and about 1/3 in relatively passive JV deals. As you can imagine, in a firm this size, most...
Move from NYC RE Investment Banking to Dallas / Atlanta / Charlotte for PERE for buyside role
Hi, guys. Currently working within real estate investment banking boutique in New York (capital raising, financing, large portfolio and note sales) and am considering an offer to move to the buy side world. Real estate private equity certainly has its allure, but the company I am looking at would...
Acquisitions Analyst - FCP
To anyone currently in the market for an analyst gig in acquisitions in the DC area, just noticed a new posting for Federal Capital Partners on select leaders (sometime I just look for shits). I read about these guys before and they seem super legit (look at the four founders backgrounds - Harvard...
Yardi, Axio, REIS, etc. What do you use?
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...
How difficult or easy is it to lateral into Acquisitions from Asset Management? (Real Estate Private Equity)
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...
AM -> REIB -> Acquisitions, or, AM -> Acquisitions
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...
Let's talk refi assumptions
Trying to understand the concept a bit more, as I have limited refi modeling experience. For example, let's say you buy a property at $100m and lever up 50% floating I/O. After 5 years, you plan to refi your $50m outstanding balance through a fixed/amortizing loan. I can see this being modeled the...
Easiest way to get "in" in the NYC region?
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...
NYC Acquisitions Analyst - Resume
RE and Acquisitions Experts: I'm seeking a REPE acquisitions analyst role in NYC and wanted to get some advice on my resume before I start networking and applying. Do you have any comments? If you were screening this for an acquisitions position, which pile would you throw it in and why? What pisses...
RE Buy Side Quarterly Dinner/Drinks - San Francisco - Updated
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....
Acquisition Guidance
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...
REPE vs Brokerage Acquisition/Investment Funds (conflicts of interest?)
I've been around WSO for a while, but newly active. I have always been curious about how large commercial real estate brokerage firms start their separate investment funds and REIT 's (ie. CBRE Global Investors, JLL Investment Fund, etc) without wrecking havoc with their fiduciary responsibility to...
Real Estate Acquisitions/Asset Management Interview
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...
5 Caps - What kind of returns can I expect
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...
Had phone interview with a REIT yesterday
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...
Career outlook post-T15 MBA (RE+PE Concentrations)
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...
How would you rate this Miami opportunity? Pros and Cons?
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...
Acquisitions for Retailer?
Anyone work in acquisitions for a retailer? Would this be a good path to REPE? I'm currently interviewing for an acquisitions analyst role for a retailer and was hoping someone on here might have some insight into the space.
Effect of Takeover Rumors on Peers
Hey guys, I'd like to pose a question. In the event of circulating acquisition or merger rumors, what is the effect on the share price of the target's peer? I'd speculate that if the two companies are direct competitors, then the rumors of the takeover would cause retail (noise) investors to flock...
Moving from Property Management to REPE/Asset Management
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.
AT&T makes bet on video with $48.5 billion DirecTV bid
AT&T just announced that it plants to buy DirectTV for 48.5 Billion! 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. I think they may possibly...
Anyone Know Woodbridge International
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...
Residential Land Acquisition
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...
Tips on Deal Underwriting Organization
Hi All, I would like to start a thread that I hope will benefit everyone. I myself (like many of you I'm sure) have a hard time keeping track of notes and thoughts when I'm analyzing acquisitions. For example, if you look at my desk today, I have the following projects open: three properties in the...
Is this misleading for a description?
I work for a boutique real estate firm as an Financial Analyst focused on Acquisitions. In the description on my resume, if I put "closed transactions totaled $100 MM" and that includes properties we have bought AND sold, is that misleading? Or should I just put "closed acquisitions totaled $XX MM?"...
Lightstone group?
Does anyone work there? Looking to interview there next week. Would love to know what to expect. Thanks!
REPE Analyst Resume
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...
Acquisition Archives: Winners and Losers
In my last post, I looked at HP's disastrous acquisition of Autonomy for $11 billion in 2011 and its subsequent write off of $8.8 billion. While it stands out as a particularly egregious example of a bad deal, it is unfortunately not the exception. In fact, the evidence suggests that a growth...
Looking for M&A advisory
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...
is it ok to Leave out Future Acquisitions in a model?
Should assume future acquisitions in a model I’m showing to ER and IB professionals who request a work sample? Or leave them out since in theory they only add value if there are synergies, which I'm guessing would be a bitch to model…
RE Lending to Acquisitions/Equity - Resume
Hey guys,
Real Estate Resume - Specifically AM
I'm looking for a FT position in a variety of fields, but specifically acquisitions & Asset Management . I'm casting a wide net, however, and am including development, special servicing, mezz lending shops, MM REIB 2. I love garamond but i'm not crazy about the italics so let me know if they suck so...
Real Estate Resume - FT position in variety of fields
I'm looking for a FT position in a variety of fields, but specifically acquisitions & Asset Management . I'm casting a wide net, however, and am including development, special servicing, mezz lending shops, MM REIB 2. I love garamond but i'm not crazy about the italics so let me know if they suck so...
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