JP Newman of Thrive FP joins Lance once again to dive into finding purpose in real estate investing. As JP fondly calls it, “doing good and doing well.” Lance and JP discuss the importance of putting yourself in the residents’ shoes and how it takes humanity to be successful in retaining long-term happy tenants. Ultimately, it’s resident retention that creates higher returns for investors. What sets Thrive FP apart from others is their ability to listen to their tenants’ needs and deliver on their promises.
This Weeks Guest
In 2005, JP expanded the presence of Thrive, FP LLC (formerly known as Principals Capital Funding) from Los Angeles, California to Austin, Texas, as he foresaw the long-term fundamentals of the Texas economy.
In 2009, JP together with Adrian Lufschanowski, had early identified the growing demand for multifamily housing in Texas and began acquiring a portfolio of 11,000+ units with several strategic operating partners totaling over $1 billion in assets.
In addition, they created a division that provided commercial debt, Thrive Lending, which has become a preeminent real estate lending company in Central Texas, successfully funding over $400 million in loans.
Thrive, FP stands for purpose, for profit. We stand by principles of Conscious Capitalism, enabling all stakeholders in our company to “Thrive”. In 2019, the company launched a nonprofit organization, Veritas Impact Partners, to provide health, education, and financial services for the workforce housing residents living in apartments. The mission is to create connected communities and to lighten the load of these cost-burdened residents.
JP is a graduate of the University of California, Los Angeles (UCLA) and is an avid mountain biker, skier and wake-surfer. He and his wife, Janet, enjoy spending quality time with their two teenage boys.