Webinar Replay: The Curry Junction 2.25x Case Study: A Big Win in a Tough Market
In a recent webinar, Dustin Miles, Hayden Harrington, and Nic Espanet revisited the Curry Junction investment, a 228-unit apartment community in Abilene, Texas. Purchased in 2019 and sold nearly seven years later, the property provided valuable lessons in operational improvements, property management, and navigating unexpected challenges in multifamily real estate.
The team acquired Curry Junction for $16.25 million and invested approximately $800,000 in property improvements. Their work included fresh exterior paint, replacing dry-rotted wood, updating landscaping and signage, and rethinking how shared spaces could better serve residents and generate income.
One notable improvement was converting an underused laundry room into a fitness center. The team also introduced washer-and-dryer rentals, creating a more effective income opportunity than the previous coin-operated laundry setup.
Navigating Unexpected Challenges
The investment wasn’t without its challenges. The COVID-19 pandemic disrupted operations, and a winter freeze caused more than 100 leaks, resulting in approximately $40,000 in repairs.
The team also recognized the need to change property management companies after experiencing issues with delinquency and unit upkeep. Nic emphasized the importance of staying involved in day-to-day property performance and visiting the property regularly rather than relying solely on reports from a management company.
Following the management change, occupancy improved and exceeded 98% in the months leading up to the sale. The experience reinforced how property management and consistent oversight can directly influence an asset’s performance.
Knowing When to Sell
Despite the setbacks, the team continued improving operations and positioning Curry Junction for a successful exit.
With the Abilene market performing well, the team ultimately decided to sell and return capital to investors rather than continue holding the property through the remainder of its loan term.
Choosing the right buyer was another important decision. Rather than simply accepting the highest offer, the team prioritized certainty of closing. A delayed or failed transaction could have jeopardized the exit and risked losing experienced onsite staff during the process.
The decision reflected a broader lesson in real estate investing: the best offer isn’t always the one with the highest price. Execution, timing, and the likelihood of closing can be just as important.
Key Takeaways From Curry Junction
Curry Junction demonstrated that successful multifamily investing requires more than a solid acquisition and an initial business plan. Unexpected events can affect performance, and operators need to be prepared to adjust their strategies as conditions change.
The team’s experience highlighted several important principles: make improvements that serve residents and support income growth, stay actively involved in property operations, address management issues when they arise, and remain flexible when evaluating an exit.
Ultimately, Curry Junction’s story illustrates how hands-on oversight, thoughtful improvements, strong partnerships, and disciplined decision-making can help a multifamily investment navigate challenges and reach a successful outcome.