Lacy Rice and John Coe
Bio
Lacy Rice, Co-Founder and Managing Partner of FCP, manages the company’s for-sale and for-rent residential acquisitions. Mr. Rice has 34 years of experience in real estate investment and corporate finance and serves on FCP’s Investment Committee.
Prior to founding FCP, Mr. Rice was a Principal at The Carlyle Group. He served on the company’s real estate fund’s Investment Committee. Prior to Carlyle, Mr. Rice worked at companies including Alex. Brown, Haas & Haynie Corporation and Chemical Bank. Mr. Rice is an NMHC Board Member and member of the NMHC Affordable Housing Council and is a member of the Urban Land Institute. He serves on the Board of The Boys & Girls Clubs of Greater Washington and is a former member of the Board of Shepherd University, the BB&T Advisory Board, and the Mercersburg Academy Alumni Council. Rice was Board Chairperson of American Community Properties Trust (NYSE: APO), a public real estate company FCP purchased and took private. He received his MBA from Harvard Business School and BA from Princeton University.
Show Notes
Current Role
- Founding Partner spending time with strategic direction and residential development and debt team. Breadth of strategies within office and multifamily sectors. (6:20)
Origins & Education
- Origins- Grew up in Martinsburg, WV. Great grandfathers miners and farmers and their sons were lawyers (8:00)
- Realized that law wasn’t a good choice (8:30)
- Gateway to Shenandoah Valley (9:00)
- B&O Railroad- textile and limestone mining (9:10)
- Dad was a labor lawyer representing the companies where miners were striking (9:50)
- Interested in law going to college (10:45)
- Mother was a teacher and took care of family (11:00)
- Grandfather lived with them (11:20)
- Attended Mercersburg Academy– Coach from Martinsburg recommended him (11:50)
- Life changing experiences there (12:15)
- Incremental decision to go to Mercersburg (13:15)
- Recruited at Princeton for lacrosse and football (13:40)
- Attended Princeton University (14:00)
- Assumed he was the dumbest person that went to Princeton, but locker room in football he realized he wasn’t alone (14:45)
- Division 1 athletics and academically challenging (15:30)
- History major (16:20)
Career Trajectory
- Career- Chemical Bank training program (17:00)
- Credit training from a banker’s perspective (17:20)
- Opportunity to go to regional office- went to San Francisco (18:00)
- Two years there (18:30)
- Pursued an MBA at Harvard Business School (19:20)
- Wait listed at Stanford (19:30)
- While in China on a backpacking trip he heard he’d gotten into Stanford (had a long chat with his Dad about attending Harvard) (19:45)
- Out of HBS he had offers from investment banks, but his girlfriend wanted to out west again (21:40)
- Joined a classmate (Tad Buchanan) to look at land opportunities in the Bay Area to b...
