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Building an REPE Shop
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...
Real Estate Private Equity model questions
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....
Is there an age limit for breaking into the investment side of real estate?
Is there an age limit for breaking into REPE or as an analyst at CBRE/Eastdil? Assuming you start off in a non investment role and are trying to lateral around into an investment role eventually, is there an age limit after which it becomes impossible if you don't go to a top tier MBA? I figure...
General Real Estate Discussion
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...
Commercial Mortgage Banking to Development
I have just graduated and am now an intern at a US West Coast based commercial mortgage banking firm. Working on the production side by doing some underwriting, market analysis, preparing offering memorandums; also doing some work in loan servicing. Company does deals on all kinds of commercial...
Is it worth going in debt for a masters in real estate program?
I graduated in August 2015 and am still looking for a job in real estate. I really started aggressively looking (i.e. talking to multiple people every day, sending out emails left and right) at the beginning of January. Prior to that I was taking some RE courses and teaching myself ARGUS while...
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...
Ask Me Anything: REPE Investment Professional
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...
PERE 50 2015 - Real Estate Private Equity Rankings
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...
REPE Fund Structures
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...
CMBS Origination Exit Ops
I’ve been exploring the WSO CRE forum for the past few weeks and wanted to ask a question with my first post about potential exit ops for the job I have lined up. Currently in my final year at a non-target state school on the West Coast. Interned for a top national CRE broker after my sophomore...
Life insurance company Real Estate "prestige", and exit ops
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,...
How big is your REPE?
My past experience has been in commercial brokerage at one of the top shops in a top 5 national market. I put in a few years but never really enjoyed the work I was doing. I recently fell into a nice gig working at a REPE, the REPE was actually a former client of the brokerage firm I was at and that...
Real Estate PE and Real Estate Investing
Could somebody please explain to me what the difference is between BREP and Real Estate Asset Management at Blackstone? Is it the case that BREP is involved in the acquisition of real estate and the subsequent management of it is done by RE AM? Private Equity (BREP): Blackstone’s Real Estate...
San Francisco Real Estate Professionals
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...
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.
Difference between REPE & RE Investment Management
Can someone briefly explain the difference between a REPE firm and a REIM firm? In many cases I see the same company on top PE and top investment management firms lists (PREI, clarion, etc). I assumed these two firms and others like them are investment managers not repe? Thanks.
NYU Masters Real Estate vs. Non-Ivy MBA
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...
Career Advice: Business school or continue my path (buy-side analyst)?
fdtd
Wharton for RE in Europe?
Good day fellow humans, I posted here about a year ago about real estate trying to figure out whether it would be possible to transition from my industry field into REPE, and what exactly is REPE. I have come a bit of a long way since then, and now I am even more confused.
Shaking the Real estate handle - Why is Real Estate something that needs to be Shaken off?
What's up fellas. I frequent this thread a lot but I have yet to get a solid understanding of why people say it can be tough to "shake the real estate title" especially when coming from REPE or REIT Seems like real estate would be a cool field to be in. People will always need some type of shelter...
REPE Corp-Focus vs. Asset-Focus?
For those of you in the industry -- which players focus more on buying companies versus those that focus on assets? REPE is obviously different from traditional PE in that some of these funds directly own assets instead of companies that own assets. I guess I'm trying to gauge which REPEs value more...
How REPE and RE firms invest in international markets?
In order to make good RE investments (either equity or debt), it requires a deep knowledge about the market, or even a particular asset class in a particular market, and a strong network for deals sourcing and property turnaround. So I am wondering how REPE and RE firms invest in international...
BB IB vs. REPE
I'm currently a senior analyst in a top BB investment bank and have a final round interview with a REPE (top 10 according to PERE's list). Would appreciate anybody's thoughts on the below questions: 1. What should my salary expectations for a pre-MBA Associate be (base + bonus)? 2. What is the work...
Top Real Estate Private Equity Firms
I'm familiar with the PERE 50 firms on the surface, but wanted more detailed information on comp (analyst and associate level), lifestyle and reputation for the top 10 or so firms. Anyone have any intel? Here's the list for reference (2014 Ranking / GP / Capital Raised Last Five Years / 2013...
What news sources do you use to keep up with REPE?
Don't say general sources like Fortune or Forbes.
Deal Size Matter in Real Estate?
Is deal size crucial in terms of experience quality in underwriting properties? I am assuming it is much more preferable looking at larger, sexier properties rather than class B - C properties in tertiary markets, but does it make a huge difference in terms of future opportunities in underwriting...
Skill set from REIB/REPE to Development
Why don't most people that plan to be developers start out working in REPE/REIB to build finance relationships to fund their projects later on as a developer? I hear allot that they require different skill sets, but I don't see how because it seems that if you can break down what a good investment...
Bulge Bracket Commercial Real Estate Group
This summer I'm starting work for a bb in their commercial real estate group, specifically lending. I'm looking to learn as much as I can before I start work. I have experience in commercial real estate on the buy and sell side but I've never worked in a capacity that dealt with commercial lending....
Architecture to REPE
Hello. I am a full time architect, but plan to pursue a MBA to transition in to REPE. My long term goal is to set up an institution for architecture, which will give children of third world countries an opportunity a stab at architecture. Any advice? Thank you very much in advance.
Real Estate Q&A
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...
Good Periodicals to Read
If I'm interested in working at a REIT , REIB, or REPE, what are some periodicals should I be reading to keep up with the news related to the industry?
How you got into REPE?
Hi guys. Is this track possible? What are some ways to move on to REPE without IB experience?
BB Residential Financing --> REPE
I am currently a 2nd year analyst at a BB focusing in real estate AM . We provide various financing solutions for UHNW clientele, Real estate shells & trusts. Although these deals are considered residental, the comprehensive analysis of a potential deal incorporates multifamily projects, as these...
Multifamily RE Acquisitions Analyst --> Hospitality RE: ( c a r e e r a d v i c e )
Thinking about in a broad sense of making the jump from a medium sized multifamily buy side shop to hospitality PE . No offers on the table, but thinking about future steps. What do these hospitality RE firms who are buying the big hotels, hotel portfolios look for? Am I out of my league having only...
REPE - Northwood Investors ?
Posted this in the PE forum as well - looking if maybe anyone here has some knowledge to share. Thanks Anyone know anything about the firm?...have an interview here to come in as an Analyst (post BB banking analyst). Would like to know pay (especially with the structure where post banking is an...
Unlevered and Levered IRR for Real Estate
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,...
REPE funds & carry comp
There has been plenty of discussion on carry in traditional vanilla PE jobs...however I haven't seen much on carry within REPE funds. Among the largest top 20 funds or so - at what level does carry start to kick in? Are associates getting carry - or does this not really happen until the VP level and...
REPE Dealflow
Hey RE monkeys, long-time reader first-time topic starter here. Recently joined a small REPE acquistions team on the West Coast. As I'm relatively new to the industry, I'm curious what deal flow is like at most shops and if other firms are spending money as quickly as we are (closed on three in the...
REPE debt fund - what kind of excel modelling is typical?
I'm preparing for an interview with a REPE Debt Fund (hence my prior posting regarding this topic). I was curious to know what types of financial models are typically used. The folks I'm interviewing with typically purchase portfolios of distressed assets, rarely individual properties. Does anyone...
REPE Shops in Chicago
I was trying to come up with a list of top shops in Chicago. In no particular order: Walton Street Waterton Heitman Pearlmark Blue Vista Green Courte LaSalle Investment Management Any other firms? Any thoughts on the ones above?
A More Effective Pitch To Equity Partner
Hi All, First time posting here and hoping for some helpful feedback. I have a great opportunity in front of me and I'm really trying to make sure I do everything I can to make it happen.
Benefits of Rebranding - Business School Advice Needed
Hey guys, I’m just looking for some quick advice for my own situation. I graduated this past year from what I would call a “shit state school” with mediocre-to-low grades in a non-business major (Political Science major, Economics minor) but with an awesome resume & great experiences (student...
List of repe firms
Possibly showing type of fund too (value-add, opportunity, core, etc) Rather not pay a grand for preqin report tho it does seem comprehensive
$1 trillion opportunity, or a failed housing scheme?
The US government is auctioning off 100s of thousands of foreclosed homes and some see this as the tip of a $1 trillion iceberg of foreclosed asset sales... several PE firms & hedge funds are getting ready The buyers might also get help from the government to finance their acquisitions... kinda...
REPE Investment Criteria
I'm considering joining a financial intermediary as an originator covering secondary/tertiary markets. I'll be sourcing both debt and equity for investors and developers. My understanding is that 75-90% of my time will be spent arranging first mortgages. That said, I find the the equity/mezz/bridge...
When Name Matters...When Its Stupid?
I have realized that the name of smaller re shops can be quite creative. I was recently contacted by a HH to check out what on the surface appears to be (and probably is) a legit opportunity. It would mean more money, so I have some interest. However the name of the firm is just so stupid. Using a...
Blackstone Analyst REPE Interview process in UK?
Has anyone been through the Blackstone REPE interview process in the UK for London. Naturally, as other places have mentioned, it is very quantitative in nature. Can anybody go into detail regarding the interview process?
What is real estate?
Click here for our Real Estate forums. It is where we discuss the industry as well as different firms and groups.
Distressed Debt Workout / Special Servicing vs. Mezz
How are the hours/comp/exit opps/reputation of this industry in general? how about for well known shops like cw capital, torchlight investors, LNR capital, C-III and the like? Is this generally a good launch pad for a career in real estate debt? i'm interested in how this kind of career would...
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