The USC Price School of Public Policy announced Wednesday that it had received a $10 million gift on behalf of alumnus Wilbur H. Smith III.
According to an email sent by Dana Goldman, the interim dean of the Price School, funds from the gift will be used to finance summer research projects for faculty and create a scholarship fund for both undergraduate and graduate students in real estate.
Smith, a graduate of the Dollinger Master of Real Estate Development program, is the founder and principal of Greenlaw Partners. Since its founding in 2003, Greenlaw has been involved in over $5 billion in real estate transactions.
The donation also contributed to a new department within the Price School—the Wilbur H. Smith III Department of Real Estate. Professor Richard Green, a Price professor, was appointed the chair of the department.
With increased scholarship funds available, Green is hopeful that students from underrepresented communities will consider pursuing real estate .
“One of the issues with the real estate business is the absence of members from underrepresented communities. To have students come and study real estate at USC who wouldn’t have thought to otherwise but are now able to because of financial support we are able to provide is really important,” Green said.
In addition to recruiting talented students, these funds will provide professional development opportunities for students studying real estate.
“When COVID is not around, we like to take our students around so they can see different real estate markets in places like San Francisco and New York. We’d also like to be able to provide subscriptions to trade publications, some of which can be kind of expensive,” Green explained.
Green added that USC competes with other nationally ranked universities to recruit faculty who can bring their expertise to Price. He feels it is vital that USC is able to provide, “research support, the proper technology, funding for research assistants, and data for them.”