Real Estate Investment Analyst Internships
Real estate investment analyst internships give university students, recent graduates, and early-career switchers hands-on project experience analyzing deals and modeling returns, mentorship from working real estate investment analysts, and, at many employers, a path toward a full-time offer. Openings are concentrated across {{top_industries_phrase}}, with Marcus & Millichap, Black Kanyon, and LCS among the employers posting roles now.
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Company Overview
Hillwood was founded in 1988 by Ross Perot, Jr. in association with the Alliance Texas project – a 27,000-acre master-planned community which has been hailed as one of the best mixed-use developments in the world. Today, Hillwood is consistently ranked as one of the top real estate investment firms in the world and has a strong track record of successfully developing and acquiring real estate assets throughout North America and Europe.
Position Summary:
Hillwood Properties is currently seeking an Investment Analyst Intern for Summer 2027 to join our team of real estate Analysts at our AllianceTexas office in North Fort Worth, TX. The successful candidate will be actively involved in the financial analysis and support to marketing, investments, and development group regarding proposed and existing projects to facilitate decisions regarding investment alternatives. The intern will be actively involved in that analysis, execution of both new and existing business with exposure to senior management. There will be a strong focus on quantitative analysis and modeling matched with practical business application. The position will be a vital part of the company’s ability to quickly evaluate and process the underlying economics of a variety of products.
Responsibilities:
- Preparation of sophisticated financial models and underwriting for development, acquisition, and disposition of various real estate projects across all product types
- Coordinate with the Marketing team to analyze potential leases and determine the required rental rate to achieve the desired return
- Coordinate with the Accounting and Construction groups to compile and analyze budgets on new developments and compare estimated and actual cost of each project
- Development due diligence (includes the analysis of potential tenants, construction finance market, cap rate market, property taxes, rollback taxes etc.)
- Preparation of internal Investment Memorandum and other presentation materials
- Communication with senior management regarding ongoing project status, variance reporting, and performance metrics
Required Skills/Abilities:
- High level of proficiency in Microsoft Excel; ARGUS competence a plus
- Aptitude for financial analysis, especially financial modeling skills
- Strong written, verbal, and presentation skills including the ability to summarize conclusions and make recommendations
- Strong work ethic, resourceful, with the ability to be flexible and multi-task
- Exceptional attention to detail and organizational skills; assuring accurate and timely delivery of materials to team members
- Self-motivated individual who strives for excellence in their work product
Education and Experience:
- Currently enrolled as a full-time student pursuing a bachelor’s or master’s degree in finance, Accounting, Real Estate or Engineering; other business and math focused fields will be considered.
- Minimum GPA of 3.7
- Exposure to real estate finance / underwriting experience or prior relevant internship experience required.
- Experience with legal documents associated with real estate transactions, a plus.
EEO Statement:
Hillwood is committed to providing Equal Opportunity in Employment, to all applicants and employees regardless of, race, color, religion, gender, age, national origin, military status, veteran status, handicap, physical or mental disability, sexual orientation, gender identity, genetic information or any other characteristic protected by law.
#PROP
Equal Opportunity Employer
This employer is required to notify all applicants of their rights pursuant to federal employment laws. For further information, please review the Know Your Rights (https://www.eeoc.gov/poster) notice from the Department of Labor.
Company Overview
Hillwood was founded in 1988 by Ross Perot, Jr. in association with the Alliance Texas project – a 27,000-acre master-planned community which has been hailed as one of the best mixed-use developments in the world. Today, Hillwood is consistently ranked as one of the top real estate investment firms in the world and has a strong track record of successfully developing and acquiring real estate assets throughout North America and Europe.
Position Summary:
Hillwood Properties is currently seeking an Investment Analyst Intern for Summer 2027 to join our team of real estate Analysts at our AllianceTexas office in North Fort Worth, TX. The successful candidate will be actively involved in the financial analysis and support to marketing, investments, and development group regarding proposed and existing projects to facilitate decisions regarding investment alternatives. The intern will be actively involved in that analysis, execution of both new and existing business with exposure to senior management. There will be a strong focus on quantitative analysis and modeling matched with practical business application. The position will be a vital part of the company’s ability to quickly evaluate and process the underlying economics of a variety of products.
Responsibilities:
- Preparation of sophisticated financial models and underwriting for development, acquisition, and disposition of various real estate projects across all product types
- Coordinate with the Marketing team to analyze potential leases and determine the required rental rate to achieve the desired return
- Coordinate with the Accounting and Construction groups to compile and analyze budgets on new developments and compare estimated and actual cost of each project
- Development due diligence (includes the analysis of potential tenants, construction finance market, cap rate market, property taxes, rollback taxes etc.)
- Preparation of internal Investment Memorandum and other presentation materials
- Communication with senior management regarding ongoing project status, variance reporting, and performance metrics
Required Skills/Abilities:
- High level of proficiency in Microsoft Excel; ARGUS competence a plus
- Aptitude for financial analysis, especially financial modeling skills
- Strong written, verbal, and presentation skills including the ability to summarize conclusions and make recommendations
- Strong work ethic, resourceful, with the ability to be flexible and multi-task
- Exceptional attention to detail and organizational skills; assuring accurate and timely delivery of materials to team members
- Self-motivated individual who strives for excellence in their work product
Education and Experience:
- Currently enrolled as a full-time student pursuing a bachelor’s or master’s degree in finance, Accounting, Real Estate or Engineering; other business and math focused fields will be considered.
- Minimum GPA of 3.7
- Exposure to real estate finance / underwriting experience or prior relevant internship experience required.
- Experience with legal documents associated with real estate transactions, a plus.
EEO Statement:
Hillwood is committed to providing Equal Opportunity in Employment, to all applicants and employees regardless of, race, color, religion, gender, age, national origin, military status, veteran status, handicap, physical or mental disability, sexual orientation, gender identity, genetic information or any other characteristic protected by law.
#PROP
Equal Opportunity Employer
This employer is required to notify all applicants of their rights pursuant to federal employment laws. For further information, please review the Know Your Rights (https://www.eeoc.gov/poster) notice from the Department of Labor.
Real Estate Investment Analyst Internship Market
Who's Hiring
- Marcus & Millichap36
- Black Kanyon2B
- LCS1
- Aline Capital1A
- Hillwood Development Company1
Tips for Your Real Estate Investment Analyst Internship Search
Apply in the fall for summer roles
Large investment firms and institutional real estate employers fill summer analyst cohorts months before the start date, often recruiting in September through November. Smaller firms and co-op programs post closer to their actual start dates, so new openings appear throughout the year. Check listings consistently rather than waiting for a single window.
Build a deal or model portfolio before you apply
Hiring teams at the intern level need something concrete to assess because most candidates have no professional history. Put together two or three documented projects, a discounted cash flow model, a comparable sales analysis, or a written market memo, and make them accessible with a shared link. That portfolio does more work than a list of coursework alone.
Work your campus network and apply directly at the same time
Campus career fairs surface structured programs tied to your university, and professors or career center staff often know which employers recruit from your school before roles post publicly. Apply directly to firms running smaller cohorts in parallel, since not every employer recruits on campus. Working both channels widens the pool you reach without doubling your effort.
Practice the real estate analyst interview format before you apply
Real estate investment analyst intern screens typically involve a modeling exercise or case study, sometimes sent as a take-home before the interview, plus questions on valuation concepts and your reasoning process. Practice building a simple acquisition model from scratch, out loud, explaining each assumption. Interviewers weigh how you think through uncertainty as much as whether the final number is correct.
Target structured summer analyst programs early
Many large real estate private equity firms, REITs, and investment managers run formal summer analyst cohorts designed to train candidates new to the field. These programs recruit in the fall, fill in a single wave, and rarely reopen. Identify which firms run structured programs in your target market, confirm their application windows, and submit in the first round.
Set your work-type filter before you start searching
On-site roles are 75% of the real estate investment analyst internships listed here. Decide what you can realistically commit to before you start sorting through listings, then filter by location and work type so you spend your time on roles you can actually take. Filtering first also helps you apply faster when a good match appears.
Real Estate Investment Analyst Internships: Frequently Asked Questions
How do I get a real estate investment analyst internship?
Lead with coursework and projects rather than work history, since hiring teams expect limited experience at the intern level. Build a portfolio that includes completed financial models, discounted cash flow analyses, or market research write-ups, giving recruiters a concrete artifact to assess. Apply directly to employers and attend campus career fairs, where real estate recruiters often move faster for students they meet in person.
Can a real estate investment analyst internship turn into a full-time job?
Many employers extend return offers to strong interns, but conversion is never guaranteed. What actually drives it is consistent performance on real deal work, the team's headcount at offer time, and how early return-offer decisions get made in that firm's cycle. Treat the internship as an extended audition, contribute beyond your assigned scope, and avoid counting on a return offer before it's official.
When should I apply for real estate investment analyst internships?
Earlier than most candidates expect. Large investment firms and institutional real estate employers recruit their summer intern cohorts the preceding fall, sometimes as early as September or October. Smaller firms, regional operators, and co-op programs post much closer to the start date, so openings appear year-round. Check listings regularly rather than waiting for a single recruiting season to open.
Are real estate investment analyst internships paid?
Most professional real estate investment analyst internships in the U.S. are paid. Compensation varies by company size, industry segment, and location, so there is no single standard. Where an employer discloses pay, the listing will show it. Unpaid arrangements exist mainly at very small private firms or non-profit-adjacent organizations, and they are the exception rather than the norm at the professional level.
What should a real estate investment analyst internship resume include?
Lead with projects, not work history. Include two or three complete, documented projects showing the tools you used, the question you were answering, and where the work can be seen, such as a linked financial model, a published market analysis, or a case study write-up. Add relevant coursework in real estate finance, valuation, or accounting. Keep the resume to one page.
Are there remote real estate investment analyst internships?
Yes. Remote and hybrid roles make up 25% of the real estate investment analyst internship listings here, with the rest on-site. The share shifts as employers update their policies, so the number reflects what is available now rather than a permanent industry norm. Remote cohorts fill quickly, so apply early and filter by work type to see them before they close.
What is a real estate private equity (REPE) summer analyst program?
REPE summer analyst programs are structured eight- to ten-week cohorts at private equity firms and institutional real estate managers, built specifically to train candidates with limited professional experience in acquisitions, asset management, and financial modeling. They target undergraduates in their penultimate year and recruit early in the fall, with competitive selection. Identify the firms running structured programs and apply in the first recruiting wave.
Can international students get real estate investment analyst internships?
Yes. F-1 students can intern through CPT while enrolled or through OPT work authorization after finishing a degree, and the employer does not have to file anything for either, so many companies are open to international interns. Confirm your eligibility and timing with your university's international student office before accepting an offer.
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