Property Details
Below Market Rents  Below Market Occupancy  Repositioning Opportunity  NOI Growth 
Asset Profile
Value Add

LURIN: Brazos on Hulen (Fort Worth, TX)

Fort Worth, TX

Multi-Family Property
LURIN Dallas, TX
LURIN
  • IRR 24.29%
  • Equity Multiple 2.15x
  • Hold Period 5Y
  • Minimum Investment $50K
  • Year 1 Cash on Cash 1.29%
  • Stabilized Cash on Cash 5.64% Y3
  • First Distribution Nov 2023
  • Distribution Frequency Quarterly
  • Co-Investment 10% ($550K)
  • Preferred Return 9%
  • Investor Profit Share See Financials
  • Asset Profile Value Add
  • Loan-to-Value 61%
  • Current Occupancy 92%

About this Property

"LURIN plans to implement an extensive value-add strategy on its 15th asset in DFW, Brazos on Hulen. By transforming the asset into a premier Class-B property, LURIN projects it will increase rents by an average of $199/month and return a 24% Net IRR and a 2.2X equity multiple."

- Jon Venetos, LURIN

Property Address 6625 S Hulen St
# of Units 100
Square Footage 98,180 sq. ft.
Year Built 1970
Year Renovated N/A
Current Occupancy 92%
Market Occupancy 96%
Current Average Rent $1,187
Average Market Rent $1,267
Acquisition Price $11,300,000
Price/SF $115
Stabilized Loan to Value 52.85%

Top Questions

All answers are provided by the sponsor, LURIN, or its representatives.

 

Why are you buying this property?

Jon Venetos LURIN: "This acquisition represents an opportunity to acquire a workforce housing apartment community at a significant discount, in Fort Worth, TX one of the top five fastest growing cities in the US. The property will represent LURIN’s 5th transaction in Fort Worth and 15th transaction in DFW. LURIN will use its in-house operations and construction teams to implement its business plan to transform the asset into a desirable class-B property through an extensive value-add strategy. By strategically repositioning the property, LURIN will market the property’s desirable location to bring rents and occupancy in-line with properties of similar vintage in the immediate sub-market."

 

What are the most important aspects of this investment opportunity for the investors?

Jon Venetos, LURIN:

  • "Capital Investment into Submarket"
    • "Major institutional investors including Madera Residential, Tides Equities, and Crow Holdings Capital are invested in this submarket."
    • "LURIN will purchase Brazos on Hulen for ~$18,000/unit below its competitors while also having substantially larger floor plans."
  • "Economies of Scale"
    • "With the addition of Brazos on Hulen and a recently acquired property 1.5 miles away (The Mirabel), LURIN will own and operate two properties in close proximity. By way of example, LURIN previously successfully owned and operated two similar properties in tandem in Fort Worth, Estrella at Broadmoor and Villas at Cantamar. They shared leasing, maintenance, and managerial payroll expenses, which allowed for expenses and excess renter demand to be spread across properties allowing for superior performance, which is the strategy for these two properties as well."
  • "Proven Track Record"
    • "LURIN’s in-house construction and operations teams have proven track records renovating and repositioning multifamily properties while outperforming originally underwritten rents in DFW."
    • "Scale: LURIN currently owns and operates 9 assets consisting of 1,748 units across DFW."
    • "Construction Expertise: LURIN has completed over $15M of interior, exterior, and amenity improvements in the past 48 months in DFW specifically."
    • "Property Management Talent: LURIN Property Management has attracted and retained top talent for its operations team, an immense competitive advantage in today’s tight labor market."
  • "Demonstrated NOI Growth"
    • "LURIN has generated substantial rent and NOI growth through renovations, ancillary income increases, and operational efficiencies."
    • "LURIN has generated 67% rent growth on its stabilized properties in DFW."

 

What is your investment strategy/business plan?

Jon Venetos, LURIN: "LURIN’s business plan will be to transform the asset into a desirable Class-B property and improve on-site operations with its in-house operations and construction teams. LURIN’s renovation strategy will be focused on three key areas; i) interior upgrades, ii) exterior improvements, and iii) improving existing amenities and adding new amenities. LURIN believes its value-add investment of $3.4M will yield an average rental increase of $199 per month per unit."

"The business plan calls for a full rehab of all 100-unit interiors of the asset, upon which time LURIN plans to continue to operate the asset and distribute funds back to investors. The estimated timeline is planned to be between 18 and 24 months."

"It is LURIN’S intention to pursue a refinancing of the asset between month 30 and 36. The refinancing will result in a tax-free distribution of LP capital, assuming normal market conditions. Post the refinancing, LURIN intends to continue to cash flow the asset, making quarterly distributions to investors until full monetization, which is expected by month 60."

 

What are the risks and how are you mitigating those risks?

Jon Venetos, LURIN: “Part of LURIN’s integrated platform is dedicated to risk management. The Risk Management Team focuses on mitigating risk at a corporate and property level. There are several potential operational risks associated with this investment, including, but not limited to: i) expiration of leases, ii) unexpected delays and/or cost overruns in construction, iii) due diligence may not reveal all underlying property conditions, iv) financing and refinance risk, v) interest rate risk (mitigated by purchasing an interest rate hedge), and vi) general local market risk for Fort Worth, TX. Additionally, LURIN engages third party consultants to individually insure each property against unforeseen circumstances, ensuring our coverage is the best possible including storm damage and/or business interruption insurance.”

 

NOTE: All answers provided by the sponsor, LURIN, or its representatives.

About this Property

"LURIN plans to implement an extensive value-add strategy on its 15th asset in DFW, Brazos on Hulen. By transforming the asset into a premier Class-B property, LURIN projects it will increase rents by an average of $199/month and return a 24% Net IRR and a 2.2X equity multiple."

- Jon Venetos, LURIN

Property Address 6625 S Hulen St
# of Units 100
Square Footage 98,180 sq. ft.
Year Built 1970
Year Renovated N/A
Current Occupancy 92%
Market Occupancy 96%
Current Average Rent $1,187
Average Market Rent $1,267
Acquisition Price $11,300,000
Price/SF $115
Stabilized Loan to Value 52.85%

Top Questions

All answers are provided by the sponsor, LURIN, or its representatives.

 

Why are you buying this property?

Jon Venetos LURIN: "This acquisition represents an opportunity to acquire a workforce housing apartment community at a significant discount, in Fort Worth, TX one of the top five fastest growing cities in the US. The property will represent LURIN’s 5th transaction in Fort Worth and 15th transaction in DFW. LURIN will use its in-house operations and construction teams to implement its business plan to transform the asset into a desirable class-B property through an extensive value-add strategy. By strategically repositioning the property, LURIN will market the property’s desirable location to bring rents and occupancy in-line with properties of similar vintage in the immediate sub-market."

 

What are the most important aspects of this investment opportunity for the investors?

Jon Venetos, LURIN:

  • "Capital Investment into Submarket"
    • "Major institutional investors including Madera Residential, Tides Equities, and Crow Holdings Capital are invested in this submarket."
    • "LURIN will purchase Brazos on Hulen for ~$18,000/unit below its competitors while also having substantially larger floor plans."
  • "Economies of Scale"
    • "With the addition of Brazos on Hulen and a recently acquired property 1.5 miles away (The Mirabel), LURIN will own and operate two properties in close proximity. By way of example, LURIN previously successfully owned and operated two similar properties in tandem in Fort Worth, Estrella at Broadmoor and Villas at Cantamar. They shared leasing, maintenance, and managerial payroll expenses, which allowed for expenses and excess renter demand to be spread across properties allowing for superior performance, which is the strategy for these two properties as well."
  • "Proven Track Record"
    • "LURIN’s in-house construction and operations teams have proven track records renovating and repositioning multifamily properties while outperforming originally underwritten rents in DFW."
    • "Scale: LURIN currently owns and operates 9 assets consisting of 1,748 units across DFW."
    • "Construction Expertise: LURIN has completed over $15M of interior, exterior, and amenity improvements in the past 48 months in DFW specifically."
    • "Property Management Talent: LURIN Property Management has attracted and retained top talent for its operations team, an immense competitive advantage in today’s tight labor market."
  • "Demonstrated NOI Growth"
    • "LURIN has generated substantial rent and NOI growth through renovations, ancillary income increases, and operational efficiencies."
    • "LURIN has generated 67% rent growth on its stabilized properties in DFW."

 

What is your investment strategy/business plan?

Jon Venetos, LURIN: "LURIN’s business plan will be to transform the asset into a desirable Class-B property and improve on-site operations with its in-house operations and construction teams. LURIN’s renovation strategy will be focused on three key areas; i) interior upgrades, ii) exterior improvements, and iii) improving existing amenities and adding new amenities. LURIN believes its value-add investment of $3.4M will yield an average rental increase of $199 per month per unit."

"The business plan calls for a full rehab of all 100-unit interiors of the asset, upon which time LURIN plans to continue to operate the asset and distribute funds back to investors. The estimated timeline is planned to be between 18 and 24 months."

"It is LURIN’S intention to pursue a refinancing of the asset between month 30 and 36. The refinancing will result in a tax-free distribution of LP capital, assuming normal market conditions. Post the refinancing, LURIN intends to continue to cash flow the asset, making quarterly distributions to investors until full monetization, which is expected by month 60."

 

What are the risks and how are you mitigating those risks?

Jon Venetos, LURIN: “Part of LURIN’s integrated platform is dedicated to risk management. The Risk Management Team focuses on mitigating risk at a corporate and property level. There are several potential operational risks associated with this investment, including, but not limited to: i) expiration of leases, ii) unexpected delays and/or cost overruns in construction, iii) due diligence may not reveal all underlying property conditions, iv) financing and refinance risk, v) interest rate risk (mitigated by purchasing an interest rate hedge), and vi) general local market risk for Fort Worth, TX. Additionally, LURIN engages third party consultants to individually insure each property against unforeseen circumstances, ensuring our coverage is the best possible including storm damage and/or business interruption insurance.”

 

NOTE: All answers provided by the sponsor, LURIN, or its representatives.

Offered By

LURIN

LURIN

Dallas, TX

Login or Register to See More Details

Available to Registered Users

  • Get to know the sponsor behind the offering with key information
  • See an overview of their experience and success
  • Understand their investment strategies
  • Easy access to contact the sponsor directly to learn more
Assets Under
Management

Currently
$2.3B 40+ assets
Exited
$813MM 20+ assets
Portfolio LTV
59%  
Historical
Realized Returns

Total IRR
41%  
Equity Multiple
2.1x  
Annual Cash
N/R  
Years Of
Experience

As Principals
5+ years  
In Business
7 years  
Size
90 Staff * Dedicated investor relations
* All information is reported by LURIN as of 9/30/2022.
Assets Under
Management

Currently
$2.3B 40+ assets
Exited
$813MM 20+ assets
Portfolio LTV
59%  
Historical
Returns

Total IRR
41%  
Equity Multiple
2.1x  
Annual Cash
N/R  
Years Of
Experience

As Principals
5+ years  
In Business
7 years  
Size
90 Staff * Dedicated investor relations
* All information is reported by LURIN as of 9/30/2022.

Financials

Login or Register to View Financials

Available to Accredited Investors:

  • Get an overview of important financial details to make a smarter investment
  • Analyze the financial pro forma to see how projected returns are distributed over time
  • Review source and uses and other important details
Offering Financial

Sponsor Diligence Report

Login or Register to View Report

Available to Accredited Investors:

  • View principal experience
  • Review background check results
  • Track record verification
Diligence Preview

Location Details

Fort Worth, TX

Jon Venetos, LURIN: Fort Worth is the 12th largest city in the country, and one of the five fastest growing cities in the U.S. While Fort Worth has all the advantages of a major city, it still maintains a friendly, small-town feel, and it uniquely blends its western heritage with big city arts and entertainment. Fort Worth is known for an excellent quality of life, providing its residents with a strong economic base and an affordable standard of living. Brazos on Hulen is a well-maintained community located in Southwest Fort Worth. The Southwest Fort Worth submarket tends to attract workforce housing, as it offers diverse economic employment opportunities across manufacturing, distribution, medical, retail, and service occupations."

"Only 10 minutes east of the property is the Amon Carter Industrial Park. Current industrial inventory at the park sits at 15.5M SF of class-A warehouse space, with another 7M SF to be added in the next two years. Institutional tenants at the park include XPO Logistics, Tyson Foods, Anheuser-Busch, and FedEx. In addition to manufacturing and fulfillment employment, the Fort Worth Medical District is located less than eight miles from the property. The Medical District is home to six major hospitals employing over 40,000 medical professionals. Texas Christian University is just a 10-minute drive north of the property and employs over 1,500 people and is home to over 12,000 students."

"The property is conveniently located down the street from the recently completed Southern Hills Highschool and several major retail destinations like Walmart & Kroger. The property sits just south of Interstate 20 and just west of Interstate 35W. With immediate access to the primary East/West and North/South thoroughfares of the area, Brazos on Hulen residents can move throughout the metroplex quickly and easily. Historically, much of the development and population growth has been in the mid-cities area between Fort Worth and Dallas, but now the new developments are pushing farther west into Fort Worth and beyond. Several mixed-use developments are under construction that will transform the area into a dynamic live-work-play destination."

Documents

Login or Register to View Documents

Available to Accredited Investors:

  • View, download, and print the offering PPM (Private Placement Memorandum)
  • View, download, and print the detailed financial projections
  • Access all of the important documents for this offering in one place
Offering Agreement Documents

Frequently Asked Questions

Below are some of the most frequently asked questions about this offering.

RealCrowd is free for investors. RealCrowd charges a technology access fee to the operating partner for our services. We do not charge investors any upfront fees, ongoing asset management fees or promote/carried interest in the investments.

RealCrowd offerings are open to accredited investors. RealCrowd does not recommend or advise on any offering on our platform. While we have minimum history and experience threshold for sponsors who post on our platform, if you are unable to perform your own due diligence, please consult with an attorney or financial advisor prior to making an investment.

RealCrowd is a marketplace that connects investors with qualified sponsors. We strive for transparency and impartiality. For this reason, we do not participate in any offerings on our site.

Have a Question?

Send LURIN and/or RealCrowd a message. If you have a question about this offering ask LURIN. If you have a question about the transaction process or other general inquiry, RealCrowd will be happy to help.

Please resolve the captcha and submit.

We'll get back to you soon!

In the meantime, you can create an account to view detailed information about LURIN: Brazos on Hulen (Fort Worth, TX).

In the meantime, please review the offering documents and financials.