Associate, Real Estate Valuation and Advisory Services - Multiple Locations

Houlihan Lokey, Inc. (NYSE:HLI) is a leading global investment bank recognized for delivering independent strategic and financial advice to corporations, financial sponsors, and governments. With deep industry expertise, broad international reach, and a partnership approach, the firm provides innovative, integrated solutions across mergers and acquisitions, capital solutions, financial restructuring, and financial and valuation advisory.

About the Role

Over the past 50+ years, Houlihan Lokey has established one of the largest worldwide financial and valuation advisory practices. The Real Estate Valuation and Advisory Services (REVS) practice brings dedicated expertise to valuing real estate assets, including companies, portfolios, and individual properties. The team consists of credentialed professionals holding designations such as MAI, CPA, ASA, MRICS, and FRICS.

REVS works alongside Houlihan Lokey’s Real Estate, Lodging & Leisure Group to provide transaction execution expertise, delivering real-time insights based on real-world experience. The team is recruiting for an Associate position in Los Angeles, Chicago, Dallas, Atlanta, or New York.

As an Associate, you will conduct financial research, analyze complex real estate models, lead client diligence calls, and collaborate with Analysts, Associates, and Officers on valuation advisory work for high-profile real estate transactions. You will work with leading REITs, real estate private equity firms, and operators, analyzing and valuing investments for various purposes.

Responsibilities

• Work alongside Analysts, Associates, and Officers valuing commercial real estate investments across asset classes (multifamily, retail, industrial, hospitality, etc.).
• Participate in client engagements, including valuation and advisory work for investor and financial reporting, due diligence, and transaction opinions.
• Collect, manipulate, and analyze property, market, and financial data.
• Utilize subscription data sources and software, including Costar, REIS, Green Street, Real Capital Analytics, Marshall Valuation Services, and ARGUS.
• Analyze historic property operating statements and leases.
• Assist Officers in preparing complex cash flow models using Excel and/or ARGUS, estimating revenues, costs, and rates of return.
• Estimate value of real estate investments at various levels of the capital stack, including asset-level, equity, preferred equity, and debt valuations.
• Prepare reports and presentations for teams and clients, including graphic and written sections.
• Review Analysts’ and Associates’ work products, providing real-time coaching on technical and market matters.
• Present modeling and valuation results directly to Officers and clients.
• Assist in marketing pitches, thought leadership articles, and other ad-hoc duties.

Requirements

• 3-5 years of direct real estate valuation experience demonstrating analytical capabilities.
• Strong interest in real estate advisory work (e.g., valuation consulting).

Qualifications

• Undergraduate coursework in real estate finance, valuation, or related fields.
• Strong understanding of real estate valuation theory, methodologies, and applications.
• Exceptional analytical abilities and strong Excel modeling skills (e.g., waterfall calculations, discounted cash flows, macros).
• Proficiency in ARGUS and PowerPoint.
• Excellent verbal and written communication skills.
• Strong work ethic, attention to detail, and ability to multi-task in a fast-paced environment.
• Possession of or progress toward real estate industry certifications (e.g., MAI, CCIM, certified general real estate appraiser) is a plus.
• CPA, CFA, or other financial credentials are advantageous.
• Active participation in real estate industry organizations (e.g., Appraisal Institute, ULI, NCREIF, NAREIT) is a plus.
• Willingness to travel.

Pay

The firm’s good faith and reasonable estimate of the possible salary range for this role at the time of posting is $125,000 - $145,000. Actual salary at the time of hire may vary based on qualifications, skills, experience, service line, and location. The position may also include discretionary incentive compensation.

Benefits

Houlihan Lokey provides a competitive benefits package. Current benefits offerings can be found here.