29: The largest developer in LA, Rick Caruso

Nov 17, 2023

Real estate developer Rick Caruso joins Fundrise CEO Ben Miller for a behind the scenes conversation on the current status of the real estate industry. They discuss the potential recession, challenges faced by businesses due to the COVID-19 pandemic, and strategies for navigating tough times. They also talk about the growth and challenges of Los Angeles, the importance of community involvement, and lessons learned from past mistakes and successes. Additionally, they reflect on financing decisions, selling properties, and their wishes for peace and collaboration.

Ask episode

Chapters

Transcript

Episode notes

Introduction

00:00 • 3min

Navigating Economic Downturns and Real Estate Troubles

03:11 • 17min

Overcoming Challenges and Building a Better Future

20:00 • 15min

Lessons from Mistakes and Successes

35:00 • 2min

Decisions about Financing and Understanding Wall Street Execution

37:10 • 2min

Challenges of Selling Properties and Wishes for Peace

38:45 • 3min

Rick Caruso’s real estate projects have defined how a generation of LA residents live in and experience the city. When you truly collaborate with communities, Rick explains, you get more than reliable financial success — you get momentum behind your project, you get political capital, and you get the satisfaction that comes from knowing people appreciate and enjoy the spaces you’ve contributed to the city. In this latest episode of Onward, Rick joins Fundrise CEO Ben Miller for a behind the scenes conversation on the current status of the real estate industry, and how his business principles have helped him navigate multiple past industry downturns, such as the S&L and 2008 crises. Beyond that, Ben and Rick’s discussion touches on a variety of veteran real estate insights, such as why Rick is concerned that LA’s current politics could block opportunities for growth; the critical considerations that go into managing banking relationships for real estate developers; and why the 2028 Olympic Games, scheduled to take place in Los Angeles, could supercharge yet another real estate renaissance for the city. All this and more, on the latest episode of Onward.

Have questions or feedback about this episode? Drop us a note at Onward@Fundrise.com.

Onward is hosted by Ben Miller, co-founder and CEO of Fundrise, and Cardiff Garcia, co-founder of Bazaar Audio and host of the economics-focused podcast The New Bazaar (after spending many years as the co-creator and co-host of NPR's The Indicator podcast).

Podcast production by The Podcast Consultant. Music by Seaplane Armada.

About Fundrise
With over 2 million users, Fundrise is America's largest direct-to-investor alternative asset investment platform. Since 2012, our mission has been to build a better financial system by empowering the individual. We make it easier and more efficient than ever for anyone to invest in institutional-quality private alternative assets — all at the touch of a button.

Please see www.fundrise.com/oc for more information on all of the Fundrise-sponsored investment funds and products, including each fund’s offering document(s).

Want to see the specific properties that make up and power Fundrise portfolios? Check out our active and past projects at www.fundrise.com/assets.