201 S. Calhoun
Acquired June 2021
6.3M Purchase Price
2M Equity Raised
The Asset Story
We bought this property during COVID because we deeply believed in Fort Worth and could feel where this neighborhood was headed. Sitting in the heart of South Main, the area was beginning to take off with new restaurants, creative spaces, and apartment communities, and it was clear this pocket just south of downtown was becoming one of the most exciting places in the city. The building itself was a historic warehouse full of character and stories, but it needed care, structure, and a clear vision. There were underutilized spaces, rents well below market, and a real opportunity to make it better. We saw the chance to activate unused square footage, bring a little sophistication back to the property, and transform the 14,000 square foot warehouse into an event venue that could bring people together as the neighborhood continued to grow. Add in its legacy as a creative hub, where Leon Bridges recorded his first album and still records today, and our conviction was simple: protect something special, run it well, and grow alongside one of Fort Worth’s coolest emerging districts.
Value Add Strategy
Unlock Underutilized Space
Thoughtful Rent Growth Through Improvements
Stronger Management and Operations




Why This Acquisition
Target ~12%
cash-on-cash returns beginning in Year 2
Historic designation to help stabilize property taxes for 10 years
Cash-out refinance in Year 5 with a goal of returning 100% of invested capital
