Summer 2014 Internship
Two years of formal real estate instruction is best complemented by real world application. By putting into practice the principles taught in the classroom, we as students truly internalize the concepts. The summer internship experience is one of the reasons I chose to attend the Baker Program in Real Estate at Cornell, and my internship experience did not disappoint. I was fortunate to spend the summer at USAA Real Estate Company (RealCo), and the experience was highly rewarding. Allow me to share several examples of what made my time there so worthwhile.
The nature of the people at USAA Real Estate Company goes beyond typical Texas hospitality. Upon arriving at RealCo, I was immediately struck by how downright friendly everyone was. People went out of their way to make me feel welcome, introducing themselves to me, inviting me to lunch, offering to help with varying tasks, and showing a genuine interest in my background. Not once did I see someone outwardly angry, berate, or unkind to another coworker. While many interns at other companies are made to feel like less important outsiders, at RealCo I was immediately made to feel like a valuable member of the team.
I arrived at USAA Real Estate Company expecting a highly hierarchical, cold, overly corporate structure. I was surprised to find a flat, entrepreneurial, collegial environment where even the most entry-level employee (see: intern) has the ear of senior management, and everyone is exceptionally open and willing to mentor, teach, and share. For example, each week, the five interns were invited to have lunch with a member of the senior team. We ate with, chatted with, and sought advice from people like the CEO, the company’s General Counsel, the managing director of investments, the managing director of asset management, and others. Also, we were regularly invited to interview and/or work with senior leaders within the organization.
I learned far more than I ever imagined I would have. I analyzed/modeled 38 institutional assets in 13 different states for potential acquisition; everything from grocery-anchored retail centers, to bulk industrial portfolios, to CBD office buildings. I built a financial model and created a presentation for senior management approval for development of an 1800+ master planned community. I worked with the Asset Management team in transitioning from ARGUS DCF 15 to ARGUS Enterprise and as part of that process, converted 55 industrial properties from the old software to the new. And I worked with the Capital Markets team to underwrite two cross-collateralized/cross-defaulted senior debt instruments for two separate commercial real estate portfolios.
Finally, I was pleasantly surprised by how many out of office activities I was able to be involved in. I was given the opportunity to tour several USAA owned assets in and around San Antonio with the properties’ respective asset and portfolio managers. I joined the company at its quarterly breakfast, and at a community awards banquet. I sat in on market updates from HFF, CBRE, and Costar. I participated in numerous non-work related activities organized by the company including trips to the Alamo Bat Cave, the Riverwalk, the Pearl, and 10 different San Antonio restaurants. Beyond the company sponsored events, I visited most of the hot tourist spots in San Antonio, went to the best waterpark in the country three times, and watched my good friend and fellow intern win an eating contest. My internship experience was second to none, thanks to the amazing people, culture, and expertise at USAA Real Estate Company.
To learn more about Spencer, visit his personal website at: www.spencerburton.org.
Frequently Asked Questions about the Summer 2014 Internship at USAA Real Estate Company
What made the internship at USAA Real Estate Company stand out?
The internship stood out due to the exceptionally friendly and inclusive culture at RealCo, hands-on learning opportunities, regular engagement with senior leadership, and a wide range of real-world real estate assignments and offsite activities.
What kind of work did the intern perform during the summer?
The intern analyzed and modeled 38 assets across 13 states, created a financial model for a master planned community, helped transition 55 industrial properties to ARGUS Enterprise, and underwrote two cross-collateralized senior debt instruments.
How did USAA Real Estate Company support intern learning and mentorship?
Interns had weekly lunches with senior executives including the CEO, received mentorship across departments, and were encouraged to participate in meetings and strategic assignments with leaders throughout the company.
What was the culture like at USAA Real Estate Company?
The culture was described as flat, entrepreneurial, and collegial. Everyone from senior leaders to staff was approachable and kind, creating an atmosphere where interns felt valued and integrated from day one.
What offsite or non-work activities were part of the internship experience?
Interns toured USAA assets, attended a quarterly company breakfast, joined market update events, and participated in social outings like visiting the Riverwalk, local restaurants, and even a bat cave and a waterpark.
What academic program was the intern enrolled in during the internship?
The intern was a student in the Baker Program in Real Estate at Cornell University, which emphasizes blending academic instruction with real-world experience.
