By: Eric Ruble
To succeed in the everchanging real estate landscape, a high tolerance for risk is required. Both Oscar Graham (MRED ’14) and James Walters (BRED ’18) have that in spades. The two met at the USC Sol Price School of Public Policy when Graham was a professor and Walters was his student. Now, they are both running their own companies using the skills and networks they developed there.
Launching a company in college
Alongside his brother Matt, Walters started his real estate development company, Fairbrook Communities, when he was still earning his bachelor of science in real estate development at Price. Fortunately for him, he was enrolled in Designing Livable Communities (RED 425), which was being taught by Graham, the founder and principal of Pacifica Investments.
“It was such a fun class,” said Walters. “[Graham] was able to teach and show designs and characteristics of communities that he has been involved in. It was helpful because we were actually looking at land and I was applying things that I was learning at that time.”
Graham has more than 18 years of experience in development, planning and architecture. He graduated from Price with his master’s in real estate development and decided to return to campus to instruct undergraduate courses. “Teaching is very rewarding and exciting. I love doing it,” he said.
After teaching at Price for a few semesters, Graham has turned his attention back to Pacifica, which acquires and entitles land for residential development. While Pacifica is based in Orange County, operations are largely based in burgeoning Riverside and San Bernardino counties, also known as the Inland Empire.
An unexpected reunion in Riverside
About eight months after Designing Livable Communities concluded, Graham and Walters bumped into each other in the planning office for the City of Riverside.
“I’m not expecting to see my students at the [planning] counter working so quickly after graduating,” Graham said of Walters, lauding him for starting his own business while still an undergraduate. “That says a lot about him. I really admire that quality.”
Fairbrook develops apartment complexes in the Inland Empire. The Walters brothers and their team broke ground on their first project in December 2020, and construction has started at two additional sites since then. The firm is expected to pass the 1,000-unit mark in 2022.
Currently, Walters and Graham are working on neighboring developments in Moreno Valley. They regularly communicate about their ongoing projects and let one another know when something might be of interest to the other.
“We’re looking at and working in the same markets,” Graham said. “Anytime I see a piece of land that doesn’t work for me but might work for him, we communicate.”
The two hope to work on the same project when the right opportunity arises.
“Eventually, one of those will land and we’ll set up a deal for each other,” Walters said.
Applying lessons from Price
As Graham and Walters continue to grow their businesses, they regularly encounter other Trojans doing the same.
“If you want to be in real estate in Southern California, USC is number one,” Walters said. “You see [Trojans] all over the place. It’s always a networking opportunity.”
Graham says being a member of the Trojan Family has allowed him to grow Pacifica. “It has really helped me tremendously in my deals,” he shared. “It transformed the way I do business.”
Walters said Price’s roster of faculty with real-world experience sets it apart. In addition to Graham, Walters pointed to Bret Nielsen as someone who brought firsthand knowledge of the field to the classroom. Nielsen is the senior vice president of leasing and asset management at The Grove in Los Angeles.
“You just can’t learn enough from the professors that are in the business,” Walters said. “They know what they’re doing.”
Reflecting on their Price experiences, Graham and Walters agreed the Real Estate Development program enabled them to gain a wide breadth of knowledge across all aspects of the industry.
“While in the program, we’re not specializing in one thing, but we’re in the middle of everything involving real estate development,” Graham said.
In the field, this translates to understanding the role each person plays in delivering a project from concept to completion – something that has enabled both developers to succeed.