Hi everyone - I am currently an analyst at a top real estate investment bank on the street. I wanted to hear everyone's opinions on what the "dream jobs" are for people interested in real estate private equity. Is it being an associate at Goldman Sachs merchant bank, associate on the buy side like Blackstone or Starwood, taking a larger role at a mom and pop shop. Etc. Obviously this is very open ended question and depends on the individual.But looking to hear what my fellow friends on the forum well generally think has the best of the best from here. I'm considering overall pay, scope of work
30 Dec 2020
-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
Wanted to do this since I have recently seen a trend of more CRE posts in general, and quite a few about REPE specifically. Brief background: -Not really sure if there's such a thing as a 'target' tranche for CRE/REPE in undergraduate schools, but I went to what would probably be grouped as a semi-target, majored in finance/econ, got a 3.6+ GPA. School didn't really have much of a RE program at the time, but did take a few classes. -CRE hiring market was not great when I graduated, so worked in F500/corp finance for a couple of years before making the jump to CRE. Was networking literally the
25 Nov 2017
Mod note: Click here to see all of our q&a's and interviews So the deal I have been working on won't close by the end of the year. This means I'm going to have a few slow weeks heading into the holidays and will need something to do. I've been getting a lot of PMs about Real Estate lately and thought it would be good to get a good Q&A going on RE. Ask anything you want about RE or RE finance and I'll do my best to answer. International Pymp, Mr1234, VT4ever and the other RE focused monkeys can also chime in to help. Thanks, RE_Banker
07 Aug 2013
I haven't seen it posted here and I used to post them annually, so here it is - the 2015 real estate private equity rankings, made up of all the names you would expect. Still, there are some newcomers (Greystar, Almanac) and a couple of big falls and rises. If nothing else, it's good to keep up with and fantastic for finding places to apply to.
22 May 2015
I work doing acquisitions, and I have recently considered applying for some Development Associate positions. Some postings at larger shops list CFA on their requirement lists, and I believe this could be the HR/recruiter/talent acquisition person just throwing a bunch of stuff at the wall, but it got me thinking: is there a strong value add case for a CFA in most REPE/Development roles? For PM, it makes sense (and I work with someone in our PM department that has a CFA), but outside that it doesn't appear to be common. Also, I have been considering going for designation, and I was told my
25 Jul 2019
Read em and weep boys. I think it was just published today. Top 50 REPE 2017 Blackstone holding the #1 rightly so with Jonathan Gray still slaying deals. Notable moves to me are PGIM, CBRE global investors, and Cerberus. I know Prudential has been recruiting hard recently for the PGIM and PMMC groups.
21 May 2017
From what I have seen, real estate modeling (at least on an asset level) seems to be relatively rudimentary in comparison to almost all other financial sectors, could anyone possibly speak to why very few firms utilize advanced modeling techniques and probabilistic modeling in real estate? Or if your firm does use these techniques, what programs are you using and in what context are you using this?
24 Dec 2018
Sup guys, trying to figure out which offer is better and will set me up better for my career aspirations. I am two years in the workforce (1.5 years since I received my degree) and have been involved in the asset management function of a brokerage (JLL/CBRE) for about 20 months. Long term career goal is ideally REPE acquisitions (of course), but have no qualms about working at a debt fund or something similar. 1st: Production Analyst - boutique CRE firm (NYC), covering all asset types with bridge, conventional, and agency debt products. Good benefits, pay in the 70-85 range, overall I think
23 Aug 2019
https://www.perenews.com/uploadedImages/Editorial… ![image][image] ... when PERE last wrapped a feature around a comprehensive piece of research on compensation levels in 2010, we did not appreciate just how loudly. It was easily the most-read article published that year. You might ask, given the popularity of Pay checking, why we did not repeat the exercise until now? Put simply: finding a recruitment firm willing to tie its colors to the mast in terms of what pay the analysts, associates, vice presidents, directors and managing directors of private equity real
08 Mar 2017
I was listening to IMN's REPE conference today and heard several people (who I would NEVER expect to be doing single-family deals or build-to-rent deals) all talking about how strong the asset class is looking and how they are looking for these types of deals. Is this market completely driven by the institutions? How are REPE firms finding and buying these deals?
08 Dec 2020
I was thinking we should have a place to bs about real estate in general - things we're working on, successes we've had lately, etc. For me - today is the last day of my pre-grad school REPE summer internship and my going away present was a return offer for next year if I want it. Not sure where I'll be mentally next year, but it's just a great feeling knowing that you were well received. I wanted to thank everyone here for all the info and discussion over the past couple years too. I've went from office broker to asset manager to acquisitions intern and WSO has been there every step of the
15 Aug 2015
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
Thoughts on Starwood (Capital Group, not the REIT/Trust)? I've heard it's a sweatshop, but the experience, compensation, and exit opps are elite. I'd love to hear some more thoughts on starting as analyst in PM/AM/Acq straight out of undergrad.
21 Dec 2020
Mod Note (Andy) - as the year comes to an end we're reposting the top Q&A from 2015, this one was originally posted 1/6/2015. Hi Guys, I've noticed there's been a lot of unanswered questions about REPE on the forums lately. Given that WSO has provided a great deal of valuable information and insight to me over the years, I'd like to give back to the community in the form of an interactive, REPE-focused Q&A. I work in acquisitions (mostly asset-level CRE) at one of the largest REPE firms according to the PERE 50 (think Blackstone, Starwood, Oaktree, Carlyle) in the firm's headquartered metro
31 Dec 2015
Debating making the move from a 100-$500m REPE Associate to REIT ER Associate role Background: Top tier university direct to current position (no IB analyst/investment sales experience) Closed >$250m total in direct property and corporate RE platform investments over ~3 years Reasons to move: No discretionary capital raising vehicle => deals raised on a deal-by-deal basis with no consistent/recurring LPs, stagnating opportunities/resume Specific niche is challenging for value-add strategies => long-term promote prospects not attractive Learn more RE asset types classes outside of niche Network
04 Jan 2021
Taking into account that my long term goal is to move to PE (or even HF), would it be better to start in an investment role, even if it is RE, or to do the traditional IB path? Both would be at well regarded BBs. Thanks
28 Nov 2020
Dear Fellow Monkeys, I wanted to reach out for advice/insights/guidance on career paths to REPE. I've been 2+ years at a RE boutique family office underwriting CRE senior/subordinate loans and some hybrid debt/preferred equity transactions, with increasing exposure to origination/deal structure work. The work itself is fun especially with more players getting into bridge debt space but it offers very limited growth progression/potential due to the size of the firm and how it's been operated so I'm currently looking for exit opportunities. Also, I wanted to point out that I'm international so
13 Jan 2020
1st year acquisitions analyst at a top REIT (PLD, SPG, SLG, etc) I'm currently at ~$100k all in but feel that the consensus is that MF REPE starts considerably higher, and wanted to confirm if that is the case? Sparse samples that I've seen peg 1st year MF REPE at 125-150k+. In addition to that are analysts at REITs known to be poached by REPE/PE or will someone like me have to be proactive in networking or emailing HHs? (side question will MF REPE be using the same HHs as MF PE more or less? CPI, SG...etc) Thanks!
01 Dec 2020
I'm currently considering attending NYU's MS in Real Estate program part-time but have noticed certain job descriptions for positions within certain CRE investmente firms prefer or sometimes require either an MBA or CFA (outside of some REPE, i noticed a job for Allstate that mentioned this requirement). I have been working within CRE finance for 4 years with 3 years of experience in IB prior to that and am considering roles within certain structured capital shops (mezz, pref equity provider, etc)
04 Feb 2015
Hello fellow monkeys, Out of curiosity, which one are the best RE funds in Europe at the moment? And also, what special situations/ NPL funds are there in Europe? I was thinking along the lines of BX RE Debt, Cerberus but not many other names come to mind. If one would like to end up in a real estate fund in Europe with a very broad mandate (looking at acquisitions from debt and equity side etc.) what kind of background/programs are traditional for this? Thanks in advance!
05 Apr 2018
Hi All, I am a senior in college and I received an offer from a tier 1 REPE shop (think Blackstone, Brookfield, Starwood) in their portfolio management arm. Any thoughts on the role and career path?
19 Oct 2020
Hi Guys, i will have an acquisition case study at a REPE this week and a short excel test with a time limit of 1h. What can i expect to see here? 1h seems short so how deeply can it get? Probably no Waterfall model. Any tips for preparation? Thank you
10 Jan 2021
Figured it'd be nice to set up a thread dedicated to posting good REPE or related roles that we come across. First one, looks like Ares is hiring an equity analyst in NYC: https://ares.taleo.net/careersection/ex/jobdetail…
11 Nov 2017
It's been a while since the last post on Starwood Capital Group (non-interview related) ... I'd love to hear thoughts about the firm, as well as its opportunities REPE funds, culture, exit opportunities, etc.
02 Dec 2020
I work for a large REPE firm that primarily invests in industrial but also a few other asset classes. I'm a recent graduate/first year analyst and am working in capital markets right now, and am wondering how difficult (or not difficult) it would be to transition to acquisitions at a REPE firm that has a broader focus of asset types. Thanks!
20 Jan 2021
Came across an Analyst job posting for Cain International. They're opening an office in Los Angeles and they currently have an office in NY and London. Anyone know anything about Cain? It's a "partnership-centric firm that focuses on gateway cities." Some of their US investments include the Waldorf Astoria & Beverly Hilton in Beverly Hills, a development site in Beverly Hills, and a large condo development in Miami. They also have some assets in London, Paris, and Spain. Just curious at what your thoughts are on this company and how reputable they are if at all. I believe they're more well
24 Jul 2019
Hey all, wanted to hear about Marcus Partners reputation and if anyone has had experience with them or has any knowledge of their operations? Group is based out of Boston, with a couple sat offices down the east coast.
28 Apr 2021
I recently was accepted into the ESCP Business School Masters in Real Estate (currently ranked #3 in the world by QS) and Cass Business School's Master in Real Estate Investment. My long term goal is to work for a global REPE firm in London, but am having a tough time deciding which is the better choice. ESCP is ranked much higher in the global rankings, and the program itself is spread between Madrid and London. Although Cass doesn't seem to rank very highly, it has an incredibly impressive alumni presence in London. Any ideas on which would lead to better opportunities? Thanks!
24 Dec 2020
I'm going to have to complete a case study/modeling exam for a small repe firm. The firm invests in hospitality, office, condos, and mixed-use assets. I was told the exam isn't very complicated, that i should build a cash flow and be familiar with return multiples, and i don't need to do a waterfall. Any idea what to expect? For something like this -- is it expected that you do a monthly cash flow or is yearly acceptable? I ask this because in my current role, I am not underwriting anything as most of the work I do is post-transaction/advisory/financial reporting work and all of our cash flows
13 Aug 2019
Background: I'm originally from NYC, but I attended university in Ohio in 2007. While in university, I managed to buy, rehab, and flip 10 houses primarily in B and C class neighborhoods. I never finished college in Ohio, and couldn't stand to live in Ohio, so I decided to move back to NYC and finish college at Baruch College, but before doing so, I parlayed all my profits into 8 rental properties in Ohio (all distressed properties which I stabilized and am getting 20%+ caps, with pretty much no appreciation). I now live in Queens, NY and collect about 8k monthly rent from my properties in Ohio
20 Sep 2016
I'm a senior at a top tier college looking for first year analyst roles in CRE. My internship was not in real estate, but I have the REFM levels 1 and 2 certifications. I have an offer at a medium sized family office in Orange County (real estate team is ~25-30 employees, probably $1-2b range) which does acquisitions and development of large office/industrial/mixed-used properties. The firm has explicit plans to grow aggressively in the coming years. There is no formal analyst program, so my offer was as-needed to round out one of the geographic groups. Hours at the firm are very low (half day
03 Oct 2018
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
What's up WSO, I'm going to try to keep this as detailed and anonymous as possible ... For some background, I am currently a junior at top-20, elite but generally non-target for IB/PE, American university that does not have an undergraduate business school. I have a 3.9 GPA as an economics major, but broadly have very strong modeling skills from multiple buy-side internships at prominent firms. Though I have no experience in real estate, I landed an offer for a summer internship at a top REPE shop (think Blackstone / Starwood / Brookfield / Lone Star) in their Portfolio Management group
25 Nov 2020
Hey everyone, I've been reading WSO for a while now but first time posting here. I am looking to pursue a career in REPE out of college (previous internship experience in RE) and wanted to know what good full-time opportunities there are out there, preferably in Acquisitions (aside from BX, Starwood, MS). Would appreciate any help with this, as well as any other advice regarding FT RE investing recruiting you might have. Thanks!
29 Dec 2018
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
Hi guys, I have a modeling test for the RE team of a SWF coming up and I was wondering if someone could clear up something for me....I know it sounds very simple but I think there is just a gap in my knowledge. Could someone walk me through how one might find the levered and unlevered IRR of, say, an office acquisition? Of course one of them removes the effect of debt, but in a modeling context, how exactly does that work? The internet is less than forthcoming so far so I thought I would float the question to you guys. Thanks in advance guys! What is the Internal Rate of Return? Internal Rate
26 Nov 2013
Hey everyone, I've been reading through a ton of really useful threads on WSO with regards to the various divisions and movements throughout the RE industry. However, one thing that I found that was not really discussed frequently is where life insurer real estate analysts fit in the grand spectrum, and exit ops. I'm interested in eventually making it to a large REPE firm, or potentially a top tier REIT firm. I'm curious about what potential path I might be able to take in order to get there. I'm not sure how favorably/unfavorably my resume will be looked upon, especially among the plethora of
24 Oct 2015
What's up WSO -- earlier this year, I landed a summer internship in the Portfolio Management group of a top REPE shop (think Blackstone, Brookfield, Starwood). A member of the group mentioned that exit opps were somewhat limited out of PM, despite the firm's reputation. Do you guys find this to be true, and if so, what does a typical career path look like for someone in PM coming straight out of undergrad? Super open to anything, whether that be non-RE, MBA, acq/AM/etc.
24 Dec 2020
Been thinking this for awhile. Say you are like me and a second year analyst at a lender/debt fund, and of course have a buyside goal (acquisitions / asset management). Would you go into REIB if you couldn't get into REPE? What opportunities does REIB offer that a debt/equity shop or debt fund can't offer? Would it make sense to go from d/e or debt fund --> REIB --> REPE? Is that even possible or worth it? I'm getting concerned that there are / soon to be many qualified applicants for limited CRE roles in the future and it's getting harder to stand out. The path to buyside isn't what it used
18 Apr 2020
So I've recently begun to think in more detail about how to set up my own REPE shop - realistically starting 5 to 10 years from now. One thing I am struggling with is how to finance the early days of the operation. I'm realistically going to be able to contribute say $2-$3 million of equity, but based on my assumptions for operating costs with a 7 man deal team (including me), 2 finance people and 2 admin, plus office space, travel, placement agents, legal, etc.
01 Nov 2015
Hi All, I work within a bank's CRE arm providing traditional corp banking services to large clients (most being publicly-traded REITs). Almost all deals focus on the entity, rather than the asset/portfolio they're acquiring/developing. I am brand new to the industry and feel that my interests align more closely to underwriting actual properties and would like to make an eventual transition to the buy-side in an acquisitions role (either at a REIT or REPE firm). Based on this, I was curious if anyone here had any recommendations on what to do if they were in my shoes? I plan on staying with the
30 Aug 2020
Curious if anyone has insights on Stockbridge Capital Group's SF office in terms of culture, reputation, market activity.. etc. They're a prominent SF REPE with a Core/Value Add & Opportunistic Fund, and aside from the Westcore industrial portfolio acquisition I haven't been able to get much intel on them or any recent transactions / fund raising activities in the past 5 years or so. Appreciate any insight. Thanks
10 May 2020
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
disclaimer: i like real estate generally, so this is only a what if? question but what if? i decide i want to get into more general distressed investing. can the high degree of distressed experience (albeit real estate focused) help me transition to a more general distressed debt shop, and then onward to any other kind of place? what kinds of deal experience would help me in repe?
01 Apr 2011
Anyone familiar with the Bayside Capital real estate team at H.I.G.? What do they do? Is this all asset level special sits / distress or corporate stuff as well?
27 Aug 2020