Hi all, Though I know there are various compensation threads for RE, I am specifically curious about top REPE compensation. In particular, what is compensation/work-life like at the junior level at a firm like BX or Brookfield and how much does it differ from firms such as JLL IM or CBRE Global Investors? Also, how does salary progress from analyst to associate and so on at firms like the ones mentioned above? Any insight would be great! Thank you!
19 Jun 2019
Hey there WSO community, Currently 3 years out of school. Can best be described as a "senior analyst" with a large CRE private equity shop in an asset management (with some underwriting/acquisition work) role. However, I'm looking to move into more of a development or acquisitions role, either with a REIT or mid-size real estate PE shop. Reasons why I'm considering leaving my current role: - Many of my managers/mentors were 'let go' in 2020. The team is now fundamentally different, and options for growth seem limited (although they are basically promising me an associate-level promotion at the
11 Mar 2021
Can anyone give details on what there final round interviews were like for REPE? What type of technical questions were asked. It is mostly meeting with all senior people (some investment some data people) so would love to get peoples thoughts on what they've experienced? Specifically if they were technical or more behavioral. Thanks!
22 Jun 2020
Happy Saturday all, Does anyone have a list of affordable and/or workforce housing focused REPE firms (Red Stone, Bridge, etc.)? Trying to source a few for recruiting purposes. Thanks!
08 May 2021
Hi Everyone - First off, happy New Year! I'd like to get your advice on how I should best position myself to land a role as a PERE associate/analyst (top 50). I've had the opportunity to read other threads related to the topic and was impressed by the quality of advice given by the community here. That said, I thought I'd try my hand and get some feedback as well. I am currently a student at NYU's MSRE program and have around 4-5 years' worth of work experience in various sectors of the CRE space. Work Experience (Most recent to oldest) 1) Originator (debt/equity placement) for a top-tier RE
02 Jan 2021
Hi everyone, Next week I will have to make a financial modelling test for an analyst role at a REPE boutique, though the confirmation email says that the test will take 1 hour. It does not specify what the test will comprise off, I have not made one before (I am nervous) and apart from some discussions I read here I cannot find that much information about what could be in it. Anyone has experience with these test for juniors / recent graduates, and what would likely be in a test only 1 hour? Hope you can help :)
29 Jan 2020
Does anyone have any recent information on Rockpoint Group? The forum doesn't have much mention of the firm. They recently raised their sixth fund at $5.8B, and they seem to be fairly diversified across a few different property types. Looking for any information whatsoever on culture, how it's viewed by other firms, career and salary progression, etc. etc. To my knowledge they have 3 offices in the states, so location-specific info would be fantastic as well.
09 Jan 2021
WSO Member - Anon account. Do you learn the most at a traditional capital allocator (e.g. REPE 50) or at a vertically integrated owner/operator/sponsor? Has anyone here made the switch from one to the other? What did you learn in one and not in the other? Background: Finance/Banking (2-years). Current: Associate working for a very respected and well known vertically integrated operator. Multiple vehicles with discretionary capital in a Tier 1 market. Few billion in AUM. Development and re-development. Will do JVs outside of our funds as well. I'm getting a very broad experience, but worry that
06 Oct 2018
Hello all, I have been cold emailing and organizing calls starting with alumni from my school. I am close to graduating. I would like to work as a real estate analyst. I think getting work in a development or acquisitions role would be helpful because I have no experience in real estate. It seems that many are very receptive to getting on a call. I would like to break into a good company if I am able, but I want to give myself as many chances as possible if that is possible. What companies would be best to organize calls for and try to break into? I have no experience in CRE, but my resume is
11 Mar 2021
I am an IBD associate at a low-tier BB. While I failed to land an offer of corporate PE, I may have an opportunity to join a REPE with a good brand name and solid deal flows. This REPE not only does asset-level investments but also is very proactive in corporate-level deals. These deals, though still RE-related, are like what corporate PE does (focusing on EBITDA rather than the assets). Is it possible to leverage these corporate-level deal experiences to join a corporate PE in the future? If the answer is "possible and very very difficult", how can I increase the possibilities? Any advice is
06 Apr 2021
Does anyone know where RREEF stands these days? Pre-crisis these guys crushed but I don't hear the name as often as I once did and looks like DB Asset Management is going through some sort of rebranding/restructuing. What have you been hearing WSO?
09 Oct 2018
Hey Everyone, I am look for advice on how to prepare to move from a niche asset class into other asset classes, but am worried that I need to clean up my modelling and valuation skills for the asset classes I have not practiced. Currently I work in Hotel Private Equity, but I would like to move into a position where I can evaluate all asset classes and wanted to see if anyone has advice on the best way to prep for interviews and modelling exams without prior experience. Eat your Wheaties
09 May 2019
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
Hello everyone, I've been going through the Junior year recruiting process for real estate and am wondering what your take is on my situation. I am currently a rising Junior at a target school (Harvard, Wharton) and have a internship lined up at a top 5 REPE firm (think Blackstone, Starwood etc) that I am very excited about. At the same time, I have been very fortunate to receive an offer from PJT's Park Hill Secondary advisory group for Junior Summer 2019. This opportunity is also incredibly exciting to me, particularly because of the exposure analysts get to clients and the nature of the
19 May 2018
To those senior chimps and chimpettes in RE PE, or anyone with any insight at all... hopefully any responses to this would be helpful for others looking to exit out of CRE debt. I just passed 1.5 years at a boutique (45 empls, ~$7.5BB balance sheet) debt shop and thinking of exiting to PE. I think I have enough experience to be at least somewhat attractive to most shops, and the soft feedback I've gotten from general networking has been positive. For context, I'm on a team of 3 (me, VP, MD) and we've closed a proportionately very high volume of deals in both bridge and CMBS debt in nearly
30 Dec 2019
I would like to make my way back to Texas in the next few years and currently wondering what large REPE firms have strong offices in Dallas? From my precursory research it looks like there is a lot of Asset Management presence, but having trouble determining who has acquisition roles in the area that also have a focus on investments across the U.S./internationally. So far my lists looks like this: -Lone Star - Asset Management and debt originations -Invesco - Asset management, maybe some acquisitions -Hines - not sure Dallas office focus -KKR - recently expanded in Dallas, asset management
10 Aug 2015
Burner account here. I have spoken to someone at GS regarding an open analyst position in the IMD, GSAM Private Real Estate Group essentially doing business development and investor relation duties. Job description didn't really show much analytical duties, it was a lot of creating marketing materials and being the point of contact for clients, really outward facing position. What do you guys think about the position, would you take it if offered? Also, what is the reputation of this group regarding comp, culture, duties, exit opps, etc? Will the BD/IR position pigeon hole me in the future
01 Mar 2019
Hello guys, I'm currently a graduating senior looking into REPE in the future. I currently have two options: an invesment management analyst role for a big development company(think about Hines, etc) on emerging markets and an acquisition analyst role for a boutique but fast growing fund. The problem with the first one is that I don't get to learn about the domestic market at all and nearly no chance to see the actual properties. I really hope you guys could provide me with some recommendations regarding which path to take and maybe differences btw the roles as well. Thank you!
19 Apr 2018
I'm currently working in IS at a top 3 brokerage (think CBRE, JLL, Eastdil) and am thinking about my future after doing my analyst years. My long-term vision is to have my own real estate firm (think 8-12 years from now). I'm not sure if that will be a development or private equity firm. I started two businesses while in college. One was successful and one wasn't. The successful one was a franchise. As such I'm thinking I'd rather buy an existing business with some systems already in place and add my own twist rather than start something from scratch. Initially I was thinking I'd transition
11 Sep 2021
I have lately mulled over the prospect of working in real estate private equity, and wanted to seek out some advice. What is the work life balance and comp like relative to traditional PE? I've heard off-hand that REPE associates work give-or-take 20 hrs less a week than traditional PE associates and make relatively the same – is that really the case? I'll be starting FT soon at a top LevFin group at a BB where the majority of analysts exit to traditional PE – would a REPE MF exit be plausible from my group or do they exclusively hire real estate bankers? Would REPE look better/worse for B
01 Dec 2020
I have a call scheduled with the founder of a REPE firm for next week for a Acquisitions & Dev Assoc. position and was hoping to source some "must know" or "must ask" items. The role: - help source and underwrite potential investment and development opportunities ($2-20mm) across various asset classes - conduct market, economic, and demographic research evaluating markets for potential investments as well as building financial models and pro forma projections - due diligence efforts - evaluating markets and submarkets by creating rent comp sets, sales comp sets and reviewing vacancy rates
05 Aug 2021
Hi all. I have just received an offer to join Capital One as a Business Analyst intern and also have an offer as an Intern at a great REPE firm. I'm not sure what I want to work in long term, but I like real estate but also could see myself enjoying consulting. I'm figuring capital one would be more attractive for MBB whereas the REPE would open up more PE, IB, HF ops in the future but am not sure. Is this true? Could Capital one help in PE, HF, IB recruiting? Any insight is greatly appreciated!
27 Jan 2021
Hi all, Wondered if anyone could shed some light on what WLB look like for principals & MDs at the likes of Carlyle/KKR/Blackstone in their REPE teams? Specifically, is there flexibility when one has young children, meaning can you go home to the wife and kids at 6/7 and log back in after they have gone to bed? Does anyone know any firms that do offer a better lifestyle whilst not compromising too much on experience, promotional opportunities and compensation? Thanks
29 Jul 2021
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
How would you value an office building? Or retail center, or hotel, or apartment complex? got this is an a re pe interview
16 Sep 2019
Hi all, I wanted to get opinions on Rialto Capital Management and specifically their commercial property group. I have an opportunity to intern there and I am curious about its reputation. I would mostly be doing acquisitions and some asset management. I am a sophomore, so this would be my rising junior summer internship. I would like to target large REPE firms for junior summer/out of college FT and want to set myself up well for that this summer. Thanks!
06 May 2019
Long story short, I do not know very many people in the industry especially around my age (24) or at all for that matter. I work in REPE in SF and would like to meet more people in the industry and finance in general, I think it would be nice to be able to talk to someone about what I do (and what you do) without having to explain it to you like a 5 year old (very few finance friends lol) so if you are in SF comment here or shoot me a message so we can possibly connect. Also, if you are in another industry (banking, sales, etc) and stumbled on this I'm still interested in connecting with you
20 May 2015
I have an interview coming up with the Goldman Sachs Private Real Estate group for the analyst position. Any insight into the group/interview process would be much appreciated. Any idea how to prepare for the excel modeling exam assuming I have one? And should I expect a lot of technicals?
15 Apr 2019
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
I've progressed through a few rounds of a top 40 REPE firm. I recently got an email to take an excel test and set up an interview with a few people who I would be working closely with in the role. I did not do well with the excel test, which covered basic financial modeling. I was under the impression I wasn't able to use resources as it was a test on my knowledge, and I forgot how to calculate NPV :/. I feel like I generally have relied on template models throughout my internships. My education is in urban planning, but I've had a lot of real estate internships, and recently enrolled in a
29 Oct 2020
So in an interview I was asked whether or not I should carry out the capital expenditure for this hypothetical scenario: Property purchase price : £5B Yearly Rental Income £200m Analyst said we had a 'cap rate' of 4% (which by defintion isn't strictly true but I got his drift) He then asked if the following proposal should be carried out Capital expenditure of £1B that yields an additional £70m of rental income every year This takes the yearly rental income to £270m The way I thought about this was that the annual return on capital expenditure is 7% and seeing as this exceeds our current cap
15 Jun 2021
To those at capital allocator LP's - do you share your financial models with your operating partners? I'm at a GP where we usually put up 10-15% of the equity and I've run into two scenarios: (1) total transparency where we shoot our models back and forth - usually on the development deals and (2) we share our models and the partner keeps their view almost hidden. In the latter scenario, what's the logic behind this? I've only experienced this once but there was a real aversion to showing cards. Is this strategic from a negotiation standpoint (e.g. hurdle and promote tiers)? Any clarity would
16 Nov 2018
I am a junior year student who has a interview coming up with a real estate private equity. Can someone explain the main differences between a normal private equity fund and a real estate private equity fund? Thanks.
16 Feb 2016
So I secured an REPE internship this summer at a firm with $10B AUM in two roles PM and IR. I go to a target school in the northeast, am a sophomore, and have a 3.7. A bunch of my friends were able to land sophomore summer internships at big banks, giving them solid footing for junior summer internships. What do you recommend I do to start preparing and standing out for the big bank applications? I feel as though the internship I landed this summer is not that "big" because it is not in Acquisitions (or am I wrong?). Any advice is highly appreciated
05 Feb 2018
As the title says, would I be able to switch from commercial real estate to PE or IBD? I'm in my first year out of school and long term want to get into PE but didn't get the offers I was looking for. The job description for a mid tier CRE broker seems to be a bit analytical, but primarily focuses on argus, not excel. I'd probably still have to practice some excel modeling on my own time (no problem I've taught myself most excel modeling that I know to date) Aside from the anecdotal, "my cousin did it" If I have the real estate knowledge and experience that I can bring to the table, and can
27 May 2016
Hey guys, What do you think about the type of people that work in real estate? That might be a little broad so specifically I'm interested in hearing about REPE, but would love to gain insight into all aspects. So while the work might require the same amount of heavy modeling, it seems a lot more straight forward than traditional PE. I have some experience in RE (which I enjoyed btw) so I'm not cluelessly asking. I just want to do a little bit more research to be comfortable about doing it long-term. Again, would love to hear what you all think. Thanks.
17 Aug 2015
Hey guys, wanted to get your opinion on typical REPE fund structures you have seen. Say you are a private equity fund like Greystar, you raise a multifamily fund where you have LP investors including pension funds, insurance companies etc., and Greystar itself contributes 10% to the fund. You have your typical hurdle, pref, catchup, carried interest structures where "available cash flows" are distributed as pref, catchup, carried interest etc. Now my question is, what is the source of the "available cash flows"? Say the above example, Greystar is now gonna deploy the capital from the fund
25 Nov 2015
Abingdon Square Partners LLC is a real estate investment and development company with an established record of identifying and investing in dynamic growth markets. We enhance and add value to the neighborhoods we invest in through the pairing of creative approaches to acquisitions and development with rigorous underwriting and operational procedures. ASP invests in all asset classes, including multifamily, office, industrial, land, new construction, and distressed debt. The Company currently owns properties throughout New York, Florida and Texas. Through our extensive industry relationships
13 Apr 2021
Hi all, I just got an offer from a real estate private equity but my ultimate goal is to switch to a tech private equity. I would like to know is it a good idea to accept the offer or I should switch to something else? Best regards, Miu
08 Oct 2019
What is the best way to break into REPE after undergrad? I was imagining it would entail something with: -REIT Analyst -Asset Mgmt -Investment Banking -Acquisitions -Masters in RE Is there a "preferred track" to break in to REPE after an entry-level role somewhere else? Which of these are most common?
16 Apr 2017
Hey guys, Are you guys seeing any activity or deals in value-add real estate market, specifically NYC? I've been working in this family investment office (AUM 300mm) for about 2 years and wasn't able to close any deals. It's really frustrating and scary at the same time as I have shitty base salary with bonus contingent upon getting deals done. I love the culture and what the company has done for me, but I just think the company is not aggressive enough to get anything done in NYC. So I think I should start looking aggressively for a new position before the market tanks and hiring freezes. So
08 Nov 2016
Does anyone know what the interview process is like for this group? SA/ first year Analyst role within Investment Management Division. ACM coordinates the launch and distribution of alternative investment offerings (private equity, private credit, real estate, and hedge funds investments) to PWM clients. Essentially the role involves structuring internal and external offerings, sourcing opportunities, and working closely with the PWM group/ high net worth clients to fundraise. Any insight would be greatly appreciated!
10 Sep 2019
Just reading an article about these guys. Anyone have any experience? Seems like a pretty cool REPE shop. focuses on value-add/opportunistic office deals in tech/media hubs.
12 Sep 2015
Hi Guys, I'm a junior studying finance with 2 previous internships in RE. I'm currently looking for and preparing for a summer internship in a REPE shop or REIT. I wanted to know what firms, besides big bulge banks, have positions for summer analysts. Where have you worked that you gained good experience? What did you do to prepare for the interviews? Any help is appreciated!
14 Oct 2016
I have a bunch of stuff going on with Starwood Capital in July and was wondering if anyone could shed some light on their fund quality and their reputation in the PE/REPE space. Was specifically curious as to what the mix of real estate work and non-RE would be, and how they compare to the MF RE programs, as well as Oaktree, CIM Grp, etc. I couldn't find any recent threads on this and would appreciate any info you guys have.
16 Jun 2016
Hi all, I am currently working in a generalist role working across most commercial property types. I am pretty interested in Hotel though and would love to move to a more hospitality focused firm. I have been seeing/hearing good things about MCR development lately, seems like a very smart shop. Recently were mentioned in WSJ with their redevelopment of the TWA terminal into a hotel (didn't let me post a link because this is my first post, but article title is below if you want to search it). Has anybody ever worked with them/know anything more about their reputation within the industry? Any
15 May 2019
I've been working through a few REPE modeling tests and had a few questions regarding structure 1) Is a standard sources and uses required / common? About 50% of the models I have seen have them but they don't seem to a necessary step. Coming from more corporate modeling its a habit to include one. 2) When looking at debt financing fees, is there a correct way to view the payment of these fees? I've traditionally viewed it as additional required equity (or paid via cash on BS but I have also seen models that just net out the gross proceeds against the financing fees. Both make sense, so is it
26 Apr 2016
Has anyone heard of an interim promote or waterfall. The way its been described to me is assume we buy a property with a floating rate loan for 3 years and then refinance into fixed rate debt. At the capital event, the refinance, is when we get an interim promote. I am trying to think through how to model it but drawing a blank. Any suggestions?
20 May 2020