The Best Ever CRE Show JF 4109: Industrial Tailwinds, Multifamily Cycles, and The Future of LP Investing ft. Soren Godbersen
Dec 4, 2025
Soren Godbersen, a real estate executive with nearly a decade of experience at EquityMultiple and now VP at Lightstone Direct, discusses the evolution of real estate crowdfunding. He shares insights on the importance of understanding platform incentives for LPs and highlights the differences between aggregator platforms and vertically integrated operators. Soren also delves into due diligence practices and red flags to watch for, emphasizing the significance of asset class selection. Tune in for a deep dive into tailoring investment strategies for today's market!
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How Crowdfunding Opened CRE To Individuals
- Crowdfunding platforms democratized access to private CRE after the JOBS Act enabled broad online marketing and fintech integrations.
- Early enthusiasm combined with fintech (Plaid, Wallet) made investing frictionless and scalable for individual LPs.
Early Days At EquityMultiple
- Soren joined EquityMultiple as employee number four and helped scale it from zero to about $1B in assets and 5,000 investors.
- He witnessed product-market fit form across diverse CRE sectors including multifamily, industrial, and niche assets.
Use Minimums To Improve Investor Quality
- Set higher minimums to force meaningful investor conversations and ensure they understand illiquidity and fees.
- Lightstone Direct raises minimums to $100K so each investor gets phone calls and in many cases in-person diligence.