If one were to go to join a top MFH developer (i.e. Alliance, Wood Partners, TCR, Greystar), what does the long term upside of this gig look like? Aside from where we are at in the cycle (and how it affects development projects of all types), would this be a solid gig if owning/doing my own multifamily deals was a long term goal? It is definitely my favorite product type, but is specializing in one product type risky right now (vs. going to a shop that looks at the major food groups)? Thanks in advance.
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I think this is more of personal decision. A developer my firm has invested with started off working for a major MF developer like the ones you have mentioned and after about 10 years spun off on his own. It would appear he is doing very well for himself. If you wanted to go that route this would certainly provide you with some valuable knowledge and contacts.
I don't think specializing is a bad thing at all. Honestly, you can either be an expert in one maybe 2 assets classes but if you cover all the major real estate asset classes you'll be a jack of all trades at best.
If you really like the MF space why not make the jump and really specialize in it?
I worked at one of those firms mentioned, right out of school. I left for personal reasons as I was moving...however, outside of that, there's no reason I would ever leave a firm like that. Other than going out on your own, the best way to master the craft is to get experience. Simply, those firms have such robust pipelines, that you never get bored. Also, I found that my knowledge and understanding of the industry was growing and surpassing my friends who worked in RE at boutique firms.
From a money perspective, it's like any large company, you want to make partner or director. A development director that gets carried interest etc will do very well at a firm like this.
You made a point about risk of being with a firm that isn't diversified. That's a very good point. However, a lot of firms during tough times will shut down legs of the company and consolidate on what they know best. Take Wood for example, they just closed their acquisitions division and are doubling down on what made them WP in the first place. Also, look at firms like PGIM. Huge diversified company...but you'll work in a division that is specialized. If it makes sense tothe firm, they won't hesitate to close out that division.
lastly, respect. If you were to leave, you will have such an easier time transitioning. I found that my job search after I had that firm on my resume went much faster and better than it did the first go around.
In the end, especially starting out, sure there are intrigues working for a boutique or going out on your own. But if your young, I don't see a better path than starting out working for a reputable firm. You'll learn more and much faster. At the firm I worked at we did about 1.5B in development each year. Friends at botiques could work there their entire life and still not get that deal level experience. Now sure maybe at a boutique you follow it every step of the way whereas at a top firm you might manage and oversee the people that are at the ground level...but still, I didn't find this outweighed the robust pipeline benefits. Just my thoughts..
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I’ve heard at TCR/Greystar/Alliance roles are siloed cause they are large firms. Is this true? If so, what skill sets does one possibly gain to go off on your own. Are there any examples of people from the top ten mf developers starting their own shop in the past 5 years? I feel like this doesn’t happen anymore.
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