Why Waiting to Sell Paid Off at Curry Junction with Nic Espanet

Texas multifamily is not moving in one direction.

Nic Espanet explains why his properties in Abilene are seeing a very different market from apartments in Dallas-Fort Worth and Houston. While larger markets have dealt with more new construction, Abilene has had little new apartment supply while demand has grown from data center construction and other local projects.

Nic also shares an update on two Abilene properties that sold in September. He walks through what happens after a multifamily property closes, including how his team sets aside money for taxes, final expenses, and other possible costs before completing the remaining investor distributions.

The episode then goes inside the sale of Curry Junction, a 228-unit property purchased in September 2019. Nic explains why the team decided not to sell at the five-year mark, how the market changed during the extended hold, and what that meant for investors.

In this episode, Nic covers:

• Why his Abilene properties have waiting lists
  • How data center construction is affecting local apartment demand
  • Why Dallas-Fort Worth and Houston have faced more supply pressure
  • What happens to investor money after a property sale closes
  • Why his team keeps extra cash available while a deal is being wound down
  • Why Curry Junction was held longer than originally planned
  • How a projected roughly 1.7 equity multiple became about a 2.3 equity multiple
  • What a $100,000 investment looked like over the life of the Curry Junction deal
  • Where Nic is seeing possible distressed buying opportunities next