1506 Hurley Avenue (The Hurley Craftsman)
Acquired February 2024
905,000 Purchase Price
975,000 Equity Raised
The Asset Story
We bought this property because it was just down the street from where it all started for us. Having already owned neighboring properties and having lived in this neighborhood for years, we knew the area well and understood exactly what this building could become. Built in the 1920s, the property had incredible Craftsman-style character, nine unique layouts, and great bones, but it was in rough shape and clearly underloved. Just two blocks from Magnolia Avenue, it sits in a walkable, tight-knit neighborhood known for its restaurants, local shops, and strong sense of community; one of the most vibrant and rapidly growing areas in Fort Worth. Our conviction was simple: restore a historic building we knew intimately and turn it into a place that felt like home, both for the residents who live there and the neighborhood that surrounds it.
Value Add Strategy
Complete Renovation of All 9 Units
Stronger Management and Day-to-Day Operations
Position for Premium Rents
Why This Acquisition
Target IRR of ~18%
Cash-out refinance in Year 2 with a goal of returning ~80% of invested capital
1.8x equity multiple over a 5-year hold